Which bank is good for receiving FOREX payment ?

[Trilochan20]

I recently joined a foreign company as a web developer [ independent contractor ]. And I received a payment of rs 500$ from them on last week Friday. I received an email from Axis Bank that they are processing the funds shortly. [ 2nd email ]. Now it's Tuesday and I still haven't received the fund. I have savings account in Axis Bank, Kotak Bank, SBI, AU and IndusIND bank. Which bank will be best to receive payment in dollar or any other currency ?

- My client does wire transfer via Swift
- I am not sure If he is willing to use Wise
- I already have Paypal, but I don't want to pay so much fee.

 

[sawaisingh]

From my experience, public sector banks like SBI and Bank of Baroda (BOB) tend to have lower fees compared to private banks, especially for international payments via SWIFT. I've received payments through AdSense in both SBI and BOB accounts, and their charges were noticeably less than what I encountered with Axis Bank.

Here's a quick breakdown of what I've observed:

SBI and BOB

Lower processing fees and currency conversion charges, making them more affordable for receiving payments from abroad. They may not be the fastest, but they’re quite reliable when it comes to cost.

Axis Bank

While Axis is efficient and quicker in processing international transfers, their fees are generally higher, especially when it comes to forex conversion rates. I’ve noticed that they charge a higher margin on currency conversion compared to SBI and BOB.

If minimizing fees is a priority for you, SBI or BOB might be the best options. You can reach out to your bank’s forex department to get more details on their current charges for SWIFT transactions.If you need faster processing, you can still stick with Axis, but be prepared to pay a bit more in fees.

Hope this helps!

 

[Trilochan20]

From my experience, public sector banks like SBI and Bank of Baroda (BOB) tend to have lower fees compared to private banks, especially for international payments via SWIFT. I've received payments through AdSense in both SBI and BOB accounts, and their charges were noticeably less than what I encountered with Axis Bank.

Here's a quick breakdown of what I've observed:

SBI and BOB

Lower processing fees and currency conversion charges, making them more affordable for receiving payments from abroad. They may not be the fastest, but they’re quite reliable when it comes to cost.

Axis Bank

While Axis is efficient and quicker in processing international transfers, their fees are generally higher, especially when it comes to forex conversion rates. I’ve noticed that they charge a higher margin on currency conversion compared to SBI and BOB.

If minimizing fees is a priority for you, SBI or BOB might be the best options. You can reach out to your bank’s forex department to get more details on their current charges for SWIFT transactions.If you need faster processing, you can still stick with Axis, but be prepared to pay a bit more in fees.

Hope this helps!

Thanks for all the info.

And Axis bank is not that fast. I received the mail last week Friday, that they are processing it. Till now, they are still processing it. [ Saturday, Sunday being holidays, it's been 4 days now. I want a bank that processes these quickly. 2-3 business days.

 

[Shre]

I am using IDFC account for same and it has one of best conversion rates plus they process it within 2-3 days. I had compared conversion rates with HDFC, Axis

Apply with:
idfcfirst.ref-r.com/c/i/12572/5625678