Every month i invest 100k inr in us stocks, weirdly today after deduction of the amount, indmoney wants my itr. Wth is kyc then for? You have my kyc linked with pan card. I always buy on dips and today due to this fuckery, missed on it.
EDIT : Money deposited today at 1pm
Hey folks,
I'm considering allocating a part of my portfolio to US stocks and tech ETFs via INDmoney. Before I transfer money, I want to understand the ground reality and pain points from people already doing this.
Why aren’t more people in this sub using Interactive Broker?
It’s only $1 commission per order, and pre-market, post-market, and overnight orders execute pretty smoothly for me.
Am I missing something? Is there a downside to IBKR that I’m not aware of?
Hi Team
I was evaluating INDmoney vs vested. Wanted to transfer funds from fidelity/morgan Stanley in order to diversify but wanted to confirm the withdrawal process from both
I mainly wanted to know how do you guys negotiate rates when you withdraw money from INDmoney ?
In vested, we have option to withdraw money in USD and then we can negotiate with our RM on the conversion rates. But INDmoney doesn’t seem to have that option
Has anybody evaluated this before ?
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Added ₹20,000 last month and pulled out similar amount on same week, mainly to see both rates next to each other.
Deposit landed about 1.1% worse than the market rate that day. Withdrawal was about 1.1% worse the other way.
₹435 gone on ₹20,000 with the stock price flat. Brokerage on the same trade was ₹50.
Charges page lists forex conversion at 0.5% to 1.2%, charged by the bank. Mine sat near the top of that range on HDFC. Five partner banks and a spread that wide means the bank is deciding more of my cost than the broker is.
On ₹20,000 the distance between the two ends of that range is about ₹280.
Raised a ticket. Got the usually answer about market rates and partner bank rates.
Small amount sitting on Bloom now to compare rates, 90% still here.
The thing I changed is frequency. Cost is percentage based, and it applies on both legs, so money going in and out often is what bleeds, and I have stopped the monthly top-up habit and moved to larger transfers a few times a year.
What I want is the markup shown in rupees on the confirm screen, same as brokerage. Till then I am checking against Google before every transfer.
I withdraw a small amount $4 from IndMoney to HDFC account.
The FX rate I got while withdrawing was 94.6 .
While depositing, the rate is coming at 97.5 .
Why so much difference? Am I doing something wrong?
I need to understand this, indmoney created fed account for me, which I could access I think two years ago, then suddenly it has been blocked, I can't access on federal bank mobile app anymore with new guidelines that you can use it on indmoney app for adding money from ur other bank when buying us stalk and withdraw to ur main bank with ind app but fed is texting me that I also need to maintain fed account monthly balance to avoid charges like?