I’ll be receiving some USD next month and the client can only do Bank Transfer.
I’ve been thinking to receive in my Jupiter Account. I had used wise.com earlier but this time it will be direct transfer.
Now, my concern is about the exchange rate jupiter will offer and any taxes or charges it’ll apply while converting the USD to INR.
Any help around this would be really appreciable.
Also, what Bank Name, and Address should I provide to make it a smooth experience?
Anyone who can explain me this?
I am not a pro in this(I dont tranfer foreign currency or anything). But i have recieved usd via swift transfer and from my experience federal bank charges are bit heavy. Did the same with SBI again and has very less charge. (I havent used wise )
How much do they charge?
I asked to the support chat on jupiter app and the support executive told me that there are no charges.
For around 100$:
SBI - 95Rs
Customer care told me the same too. But how will there be such a difference?
Indeed, they make most of if by offering less exchange rate than actual.
The information is purely based on experience and not mentioned anywhere right?
Is there any upper cap for the charges?
I’ll be getting nearly 2k usd and will die with 7k approc difference xD
@Shawnpinto, I would like to have a transparency around this,.
I have no explanation how these charges are calculated
Hello @lazycipher , I work with the banking and payments team in Jupiter. As mentioned here in the thread by @Aswin_Benny (thank you), Federal bank charges a fixed fee of Rs. 350 + GST for inward foreign remittances. However, the exchange rate at which the conversion will happen can be negotiated with the bank. I request you to share the details (amount, expected date of transfer, purpose and any other additional details) of the transfer with either me or @Shawnpinto. We’ll take it up with the bank and get back to you on the expected total charges. Hope this helps!