Best Bank of Receiving Inward Remittance (Adsense payment) in India

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Smh

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Right now I am using Canara they charge about 200+50+50 total 300 and there is no need to visit branch or anything. HDFC & IDFC has zero charges but they may require a branch visit every time.

Comparing forex rates. To find latest rates google Bank name and forex card rates.

Below links may not be updated with latest rates.

IDFC - Forex Rates
HDFC - https://www.hdfcbank.com/content/bb...57c87f/?path=/Personal/Home/content/rates.pdf
Canara - Canara Bank
SBI - https://www.sbi.co.in/documents/16012/1400784/FOREX_CARD_RATES.pdf

USD to INR TT Buying Charges (as on 25-01-2021)
IDFC- 71.62
HDFC - 71.81
Canara - 72.6025
SBI - 72.22

Other charges

IDFC - Nil - GST
HDFC - nil - GST
Canara - Approx 300 total
SBI - 60-300 (not confirmed)

Branch visit required

IDFC - May be
HDFC - Yes
Canara - No
SBI - Rarely

Conclusion

So as there is difference of about Rs 1 in exchange rates. If you payment is below 200 USD IDFC or HDFC will be fine. For >200 USD Select Canara Bank or SBI (difference in exchange rate can be 0.4-0.5) as they have fixed charges.

Note: If HDFC or IDFC do not have any branch close to you and you have to visit them so that may nullify any advantage as you will have to spend time and money to visit branch.

Disclaimer: - This is based on my experience and research. Check with your bank for confirmation about charges.
 
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It's been couple of years since I had any foreign inward transfers, but why do you need to visit a branch? I've got inward TT to my ICICI account 10-15 years back with zero physical visits.

For what purpose is this branch visit?
 
You have to submit an application to tell the Purpose/Reason of remittance. If it has been transferred to you by your relatives or a payment made to you. There are many different codes like for freelancer a payment from your client will have a code, payment from adsense advertising will have different code.
 
Smh said:
You have to submit an application to tell the Purpose/Reason of remittance. If it has been transferred to you by your relatives or a payment made to you. There are many different codes like for freelancer a payment from your client will have a code, payment from adsense advertising will have different code.
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I have received money in my SBI account using SWIFT and I didn't had to visit the branch at all.

Can you link me to some documentation on this?
 

May be only private banks require you to visit or submit purpose code.

I can confirm for bank of india also no explanation required.

For hdfc someone on YouTube confirmed about submitting purpose application. Same is mentioned on their and IDFC website.
 
@Smh Yes, I am aware of that in paypal.. But paypal also takes ~8% in fees/charges so not much point using it. :/
 
What you said seems probable, There is no information on "Reporting inward remittances" on SBI's website or their netbanking portal. :/

I had to visit the branch once to ask them the SWIFT code.. Since the local branch doesn't have a Forex Dept. They asked me to use SWIFT code of a nearby branch that had Forex Dept. I haven't had any problems since then..
 
I was searching for best bank for getting adsense payment and most people are doing comparison based upon extra charges and time it takes for the amount to credit. 🙄

So if you are using IDFC or HDFC they don't have extra charges but the difference in conversion rate is quite a lot. If you got 2000USD bank will deduct Rs 2000 just on basis of conversion rate. With Canara or SBI charges will be Rs 300-400 only so you will instantly save about Rs1500.

And the hassle of visiting branch is another issue like if you are on vacation you cannot get the payment. Hopefully it is a one time process.
 
I get the adsense payment in hdfc. I have never visited the branch to submit anything.

I get an email when there is any inward remittance which I ignore. After 2 3 days payment is credited.

here is the relevant part of the email.

  • For Inward Remittance upto USD 10,000/- or equivalent in other currencies, request you to provide disposal instructions within 2 days from receipt of this mail. In absence of your disposal instructions, bank will convert the funds and credit it to your account, except where FEMA/Regulatory compliance is required from the clients end.
 
Checkout payoneer. They charge 2% flat on IBR. You receive funds in USD or any other currencies in your payoneer account. Then it automatically transfers to your bank account same day
 

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