August 31, 2023 01:00 AM - edited September 14, 2023 11:40 PM
I Personally used
1. Direct bank withdrawls using HDFC.
Pros: Nothing compared to others
Cons:
* Have to wait to provide inward remittance details for get the money debited. Can take 24-upward of few days sometimes on various reasons.
* Conversion rate hasn't been great either.
* Have to pay for FIRC(technically it is not firc as bank cannot provide that)
2. Wise
Pros:
* Free FIRC
* Fast remittances, less than few hours
Cons:
* It cost 140$ for me now.
3. Payoneer
Pros:
* Free FIRC
* Fast remittances, less than few hours
Cons:
Provider Fee of 1% + lower usd conversion rate, effectively got as much as deel
4. Coinbase:
Pros:
* Fast remittances, less than few hours.
Cons: Indian taxes around crypto are a mess
PS: still looking for a better solution on withdrwals
September 02, 2023 01:25 AM
Have you/anyone tried Paypal in India?
September 02, 2023 04:08 AM
Hi Sudheer,
Thanks for starting this topic. This is very helpful and would help a lot of people including me.
I would like to add the below for Local Bank withdrawals. This is only my opinion from personal experience
Pros:
Good exchange rate
Fixed charges and you know the amount that will reach beforehand
Cons:
Exchange fees ranges from 1-2% of the transaction amount
You will get only an NOC and most likely Your bank will refuse to provide you an FIRC because it's just an INR transfer at their end
September 14, 2023 11:41 PM - edited September 14, 2023 11:42 PM
PSA: Payoneer takes 50$ as provider Fee on top when used as payment method
November 24, 2023 04:03 AM
I am currently using Skydo https://skd.ai/NZ8 - (referral link - get one transaction free)
* Fixed and flat fee from Skydo with live Forex rates
* Free and automated FIRC
Other providers here https://twitter.com/Tummala_Dhanvi/status/1712801083574399118
February 05, 2024 02:16 AM
Hi @dhanvi
how can I integrate with Skydo on deel? I do not see Skydo in the available withdrawal methods.
April 05, 2024 12:40 AM
Hi @shrutim, Skydo provides US local account which can be added as a local payment method in Deel.
February 05, 2024 02:51 AM
@shrutim Skydo gives you a Virtual bank account in USD/EURO etc.. and you add them as a bank transfer in Deel. You will also save the SWIFT fee of 5$
March 26, 2024 05:32 AM - edited March 26, 2024 05:34 AM
@dhanvi - Skydo takes additional $19/$29 as transaction fee. Are there any similar fees if we do a direct SWIFT transfer to say HDFC Bank. Because as I see, a direct transfer to HDFC only has a $5 Provider fee.
Also, did you select bank account type as personal or business? Given Skydo account is Business checking account.
March 26, 2024 01:45 PM
I too am trying to find out what does the bank charge usually. No one has shared this detail uptil now, so hoping for the same.
Though one think to look out is that skydo says it offers market rate, while HDFC seems to offer atleast 1 INR less than market rate which can get quite much based on the amount.
Though one can negotiate with the bank, and they can get ~30p less than market rate, maybe less if one can try more.
March 28, 2024 08:12 AM
with HDFC Bank you pay a $5 provider fee / SWIFT fee and then 30paisa to 2rs less than the market rate for forex conversion rate.
Skydo gives you live USD to INR rates, doesn't have a $5 provider fee from Deel and takes flat $29+GST from you.
April 04, 2024 05:15 AM
Banks may have hidden charges which is not always known and FIRC might show issue.
Based on the info @dhanvi provided as I am not aware of charges by banks to full extent, below is the comparison for skydo and IOB (offers best forex ).
Assuming $5000 transaction value.
Skydo showing around 83.41 at the 5:45 4/4/2024
5000*83.41 = 417050.00
Charges
29*83.41 = 2417.89
2,417.89*0.18 = 435.22
435.22 + 2,417.89 = 2853.11
Diff = 417050.00 - 2853.11 = 414196.89
Bank (IOB) 4/4/2024 TT Buying Rate = 83.22
5000*83.22 = 416100.00
Charges
5*83.22 = 416.10
416.10*0.18 = 74.90
74.90 + 416.10 + 250 (eFIRC) = 741.00
Diff = 416100.00 - 741.00 = 415359.00
Total Saving using IOB = 414196.89 - 415359.00 = -1162.11
So IOB can be beneficial?
Can someone confirm this and also any charges hidden or unknown ?
April 04, 2024 06:34 AM
Skydo is a virtual bank, can you store usd directly there and spend like any other bank?
and the calculation which you showed, is that when you transfer money from skydo to your bank?
April 04, 2024 11:58 PM
>Skydo is a virtual bank, can you store usd directly there and spend like any other bank?
Nope, you can't do that, amount will always be converted to INR automatically.
If you want to hold the amount in USD maybe consider an EEFC account / starting a US entity.
April 04, 2024 11:52 PM
Deel charges 5$ for SWIFT fees which will be required for IOB and not for Skydo.
for 10,000$ skydo makes more sense.
Skydo UX is better and doesn't have any manual steps.
But there is nothing wrong with a bank and feel free to use it 🙂
April 22, 2024 12:21 AM
Hey,
you should also consider the charges for FIRC. Skydo is giving for free. HDFC used to charge some money.
You are also getting a very decent conversion rate. HDFC used to give me about Rs 1.6 - Rs 1.9 lower than the market rate.
Also,
with HDFC, money used to hit my account in 2-3 days while with skydo, it comes the next day.
April 02, 2024 04:53 AM
Hi, I am really struggling to get an FIRC which I would need for tax purposes. What do you think can be done? Has anyone succeeded here to get an FIRC via a bank transfer?
If I do SWIFT transfer, the money is again coming from an intermediary bank in india and not directly into USD
April 05, 2024 12:00 AM
Consider Skydo https://skd.ai/NZ8 (referral link)
They automatically give you FIRA which is equivalent to FIRC (check with your CA)
April 25, 2024 08:45 PM
Mulya is better option than Skydo. They charge flat 1%. https://mulya.co?referredBy=6569b83902db02006c004af9 (referral link)
If you have small remittance, Skydo's charge of USD 19 per transaction will be costly for you.
May 23, 2024 02:50 AM
Recently I started using Xflow to withdrawal my salary, it's good give a try guys🙂
May 30, 2024 02:21 AM
If we withdraw in bank account using the non-SWIFT method, do we have to pay GST on it? I read a post by someone that said we would need to pay 18% GST for each invoice during tax filing.
Based on what I see right now, a local bank withdrawal seems to be the best but I'm worried about the GST etc. I'm under the 20L/year limit. Can someone help please?
June 05, 2024 03:57 PM
Hi @sudheer , I am fairly new to the deel platform and recieving my money from outside India. Could you please elaborate on how one can go about recieving FIRC for HDFC withdrawals? Also where exactly is the FIRC needed?
June 18, 2024 05:54 AM
I just started using Xflow, give it a try.
They charge around 1% for my withdrawals.
Try using the referral code "Scott" when sign up with them to get this offer.