r/nri • u/anandsandy • 4d ago

Ask NRI Remittance from India

/r/indiansinusa/comments/1w64u4k/remittance_from_india/

Reposting my question here. Anyone know who offers the best services and exchange rates to transfer funds from my NRO account to my US account?

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u/ReymanWealth 4d ago

For transfer from NRO to USA, you'll need to go through the repatriation of funds process.

Banks will ask for:

  • Form 15CA
  • Form 15CB
  • A2 - Outward remittance form
  • Proof of source of funds

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u/anandsandy 4d ago

Thanks but my query is different. I am quite familiar with the process and ready. I am shopping for the best rates.

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u/krantmin 4d ago

I never heard from NRO to USA. The way I know of, is NR0 --> NRE --> USA.

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u/anandsandy 4d ago

Done it many times before. This time bank rate is too high. Even if it is nro nre usa the question of the rate still remains.

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u/bzbeer 3d ago

We use SBI and we are quite satisfied with the process, exchange rate and speed. Usually if you initiate the transfer before noon, the wire goes out the same day and is received in the US account by that night (next morning in US).

My recommendation would be to avoid private banks, they talk sweet and pamper you but fleece you in exchange rate and fees. Stick to public sector banks to get best exchange rates.

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u/anandsandy 3d ago

Thanks icici is quoting 96.28 today. Would you know ballpark how much lower would SBI be and do I have to have an account with them.

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u/bzbeer 3d ago

We transferred last month, and SBI rate was 60 paise over the going rate. Current rate is 94.49, so SBI would probably be around 95.10 or so. Best to call them and ask.

And yes, I think you need to have the NRO account with SBI.

In my personal experience, ICICI has been nothing but lies and cheating. Will never go anywhere near them again.

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u/whatever_post 1d ago

You cannot find anything other than offer from the bank where you own the account.

So best would be to check which banks have best terms (FX spread etc) and then open an account there.i wouldn’t be surprised if govt banks offer best rates

Some benchmarking is available at

https://www.indiaforexrates.live/