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Are you an Indian investor looking to invest in US stocks? Diversifying your portfolio by investing in US stocks is a great choice to beat the Indian Rupee(INR) inflation. It’s also much easier than you think.
In this blog, we’ll break down the simple steps to transfer USD from your HDFC bank account to your Vested Brokerage account. Let’s dive in!
How to transfer USD from HDFC Bank to Vested Brokerage account
Step 1: Log in to the HDFC NetBanking portal.
Figure 1
Step 2: Select “Pay” and then Select “Remit Now (Foreign Outward remittance)”
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Step 3: Select “Add New Payee”.
Note: This is a one-time process if you are funding through HDFC NetBanking for the first time. If you have previously transferred with HDFC NetBanking, skip this and go to Step 9.
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Step 4: Add beneficiary details (refer to figure 5).
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| Payee Nickname: | DW Broker |
| Account: | Account Outside India |
| Name on Account: | DriveWealth |
| Payee Address: | 15 Exchange Place, 10th Floor, Jersey City, NJ |
| Payee Contact Details: | 8004612680 |
| Account Number: | Please do not share this number with others. This account number is unique to you.
To get the account number:
|
| Re-enter Account Number: | Enter the beneficiary account number again. |
| Country: | United States |
| Currency: | USD |
Figure 5
Step 5: Add remaining beneficiary details (refer to figure 7).
Figure 6
| Bank Name: | JPMorgan Chase Bank |
| Bank Address: | 1111 Polaris Pkwy, Columbus, OH, 43240 |
| SWIFT Code: | CHASUS33 |
| Re-enter SWIFT Code: | CHASUS33 |
| ABA Number: | 021000021 |
Figure 7
Step 6: Confirm beneficiary details.
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Step 7: An OTP will be sent to your mobile number. Enter the OTP and select “Continue”. After this step, it will take ~30 mins for the beneficiary to be added to your account.
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Step 8: Once your beneficiary is successfully added, select DriveWealth as the beneficiary and fill in the rest of the details
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Step 9: Enter the rest of the details
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Step 10: Enter the details of any past remittances done in the Financial year here.
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Step 11: Once done, verify details and select “Confirm”.
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Step 12: An OTP will be sent to your mobile number. Enter the OTP and select “Continue” to complete the remittance.
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What happens after you initiate a USD transfer to your Vested Brokerage with HDFC Bank?
Once you submit the transaction, HDFC Bank will review it. Once approved, your funds will be transferred via international SWIFT. It may take 2-3 business days before the funds are reflected in your Vested Brokerage account. Once the funds are available, you can start investing in US stocks, ETFs, and other securities through the Vested platform.
It may take 2-3 business days before the funds are reflected in your Vested Brokerage account.
Conclusion
Investing in the US stock market through Vested is one of the easiest ways to diversify your portfolio. The process of transferring funds from HDFC Bank to your Vested Brokerage account is simple and straightforward. By following the above steps, you can transfer funds to your Vested Brokerage account and start investing in US stocks. And finally, always remember to review the investment risks before making any investment decisions.
Frequently Asked Questions (FAQs)
1. What is the minimum amount I can transfer to my Vested Brokerage account from HDFC Bank?
The minimum amount for transferring funds from HDFC Bank to your Vested Brokerage account is $100. This is a requirement from HDFC Bank.
2. Can I transfer funds to a Vested Brokerage account using any other bank than HDFC Bank?
Yes, you can transfer funds to your Vested Brokerage account from any bank that allows international transfers. You can transfer using other banks such as SBI, Axis Bank, ICICI Bank, Kotak Bank, and IDFC First Bank. The process and fees may vary depending on the different banks and the transfer modes.
To download USD transfer instructions for banks other than HDFC Bank:
- Log in to your Vested Brokerage account, select the following: Transfer > Add funds > Indian Banks > Select Bank > Download Instructions. You can also watch this video where we break down the process for you
