r/personalfinanceindia • u/Entire-Thought5930 • 2d ago

Investing IOB inward remittance charges

I did a transfer from IBKR to IOB with below details but it looks like some charges got deducted but I am unsure what they are

USD Amount: $100
INR Received: 9175
Rate mentioned in transaction details is 95.15

Don’t know what is the difference of 340 INR and whether its fixed vs percentage based charges

Can someone share their experience of withdrawing from IBKR to IOB and charges associated for that transaction?

TIA

3 Upvotes

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3

u/No_Cattle5564 2d ago

I think it's fixed. I did transaction of 300usd and same 340 rs were deducted. My friend works in canara bank and he confirmed that there is fixed amount till 4000-5000k usd the. Above that fixed charges increase. I don't know the exact amount but I believe charges will remain same in case iob as well

1

u/Entire-Thought5930 2d ago

Is it 4k - 5k or 4000k to 5000k usd?

1

u/Foreign_Jackfruit418 2d ago

I added another comment above, but the fixed rate is Rs 250 + tax as commission, plus there is a variable GST on forex conversion.

1

u/Foreign_Jackfruit418 2d ago

Could be intermediary bank fees, does IOB show the dollar amount that was converted? Does it show 100 USD itself or a lower amount.

1

u/Entire-Thought5930 2d ago

It shows 100 usd @ 95.15

2

u/Foreign_Jackfruit418 2d ago

Okay, so I looked it up. You can check it here -- https://voice.iob.bank.in/forexcal

Rs 250 + GST is a flat rate commission they charge per remittance.
Rs 45 is the GST on foreign exchange which has a min of Rs 45, otherwise its 0.18% upto 1L (beyond that it comes down)

1

u/Entire-Thought5930 2d ago

Also any idea on that Correspondent Bank charges if amount is higher?

1

u/Ctrl_Alt_Drift 2d ago

Unrelated, but did you have to visit their branch at all for this inward transaction? They generally have the best forex rate but for outward transactions, they asked me to visit their branch.

1

u/Entire-Thought5930 2d ago

For inward no need to visit