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

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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. :/
 
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