[iTNerd]

Hi,

Urgent guys! Need help!

I need to open a new bank account (preferably private), for mainly receiving foreign remittance (UK mainly) and PayPal withdrawal. The monthly transaction would be around 1.5-2 lakhs. I currently have a salary account with HDFC, and though I have been happy with their service and facilities, I am thinking of separating foreign remittance/Paypal withdrawal to a different private account.

Which bank (other than HDFC) would be best for these purposes? One main requirement is that, the customer service should be exceptional and should inform me when any remittance comes in and ask for any supporting documents, if required, for that transaction..

Also, the bank should support PayPal withdrawal. ABN AMRO, YES BANK, KOTAK etc. are not listed in the Paypal website.

So far, I had contacted Standard Chartered. They require a minimum balance of 25K quarterly. I guess HSBC has the same requirement. I don't mind that requirement, as long as there is an exceptional customer friendly service and personal relationship.

Guys, please share your insights and possibly suggest a few banks.

[aditbelw]

No Doubt, for Foreign Remittance , HSBC , is the best bet.

Our company holds a Business Vantage a/c , with HSBC, and the transactions have been hyper smooth. Their services are also the best, after coming across all the major banks.

We generally have inward remittance from US running into quite huge amounts, and have not , ever , faced any issues, in regards to everything.

[iTNerd]

Originally Posted by aditbelw

No Doubt, for Foreign Remittance , HSBC , is the best bet.

Our company holds a Business Vantage a/c , with HSBC, and the transactions have been hyper smooth. Their services are also the best, after coming across all the major banks.

We generally have inward remittance from US running into quite huge amounts, and have not , ever , faced any issues, in regards to everything.

Thanks for replying! Had a talk with a HSBC staff. They are saying, RBI will charge 0.05% and HSBC will charge 2.0 % for remittance less a lac, and 2.5 % above a lac, per transaction. Is that right?

I remembered HDFC charge only a nominal amount of 200-250 bucks..

[tsk1979]

Paypal has stopped remittances for "services" to India. Only for goods it is allowed. So do check with paypal if they have resumed service.

[iTNerd]

Originally Posted by tsk1979

Paypal has stopped remittances for "services" to India. Only for goods it is allowed. So do check with paypal if they have resumed service.

Yes, that was unfortunate! But they have resumed the service on 3rd March, albiet with a requirement of a 'Purpose Code' (to comply with RBI directives) while withdrawing to local bank a/c. My withdrawal which never made it to my bank account, got reverse 2-3 days back. Will be trying another withdrawal and hoping it works with the purpose code, this time

[phamilyman]

Originally Posted by iTNerd

Hi,

Urgent guys! Need help!

I need to open a new bank account (preferably private), for mainly receiving foreign remittance (UK mainly) and PayPal withdrawal. The monthly transaction would be around 1.5-2 lakhs. I currently have a salary account with HDFC, and though I have been happy with their service and facilities, I am thinking of separating foreign remittance/Paypal withdrawal to a different private account.

Which bank (other than HDFC) would be best for these purposes? One main requirement is that, the customer service should be exceptional and should inform me when any remittance comes in and ask for any supporting documents, if required, for that transaction..

Also, the bank should support PayPal withdrawal. ABN AMRO, YES BANK, KOTAK etc. are not listed in the Paypal website.

So far, I had contacted Standard Chartered. They require a minimum balance of 25K quarterly. I guess HSBC has the same requirement. I don't mind that requirement, as long as there is an exceptional customer friendly service and personal relationship.

Guys, please share your insights and possibly suggest a few banks.

Originally Posted by aditbelw

No Doubt, for Foreign Remittance , HSBC , is the best bet.

Our company holds a Business Vantage a/c , with HSBC, and the transactions have been hyper smooth. Their services are also the best, after coming across all the major banks.

We generally have inward remittance from US running into quite huge amounts, and have not , ever , faced any issues, in regards to everything.

I have the exact same query on behalf of a close relative (whose not a BHPian).

For reasons that shall never be known, their European counter party bank has been an absolute failure remitting funds to their ICICI account, and for some reason, their system throws up no error codes, nothing for anyone to diagnose. ICICI's otherwise knowledgeable customer care has no insight to offer in this regard.

Now they need to open a new account - which other bank would have exceptional service and parent bank as counterparty (ICICI/HDFC has JPMorgan Chase Frankfurt vs SBI has SBI Paris) without charging a bomb?
- ING can open a bank account in 10k but their telephone care doesn't have a clue about remittances nor can diagnose any issues.
- Citi/HSBC require a cheque of 2/1.5 lakhs to open an account! Citi's basic account has some hassles.

Anyone with any insight?

[tsk1979]

Do not know about all banks, but for HDFC account it can be linked to paypal and then remittances come directly to account.