Indian investors seeking to diversify their portfolios may consider investing in the US stock market. To invest in US equities, you must transfer USD to your Vested Brokerage account. In this article, we will explain how to transfer US dollars from your HDFC Bank account to your Vested Brokerage account (or more commonly known as your Vested Invest account).
How to transfer USD from HDFC Bank to Vested Brokerage account
- Step 1: Visit the HDFC Bank NetBanking portal and log in to your account using your customer ID or user ID (see Figure 1).
- Step 2: Select “Funds Transfer” to initiate the process of funds transfer (see Figure 2).
Please note that Steps 3 through 8 apply only if this is your first time adding US dollars to your Vested Brokerage account via HDFC Bank. Steps 3–8 can be skipped for subsequent transfers.
- Step 3: Go to the “Transfer Money” tab and select “Add a Beneficiary” under the “Request” dropdown (see Figure 3 and Figure 3a).
- Step 4: Under “RemitNow” section, select “Go” (see Figure 4).
- Step 5: Add beneficiary details as shown below (see Figure 5). This is our custodian’s bank account information where the USD will be sent to.
Please enter the following beneficiary details
|Transaction Type||Foreign Outward Remittance|
|Beneficiary Name||DriveWealth LLC|
|Beneficiary Address||15 Exchange Place, 10th Floor, Jersey City, NJ|
|Beneficiary Contact Number||8004612680|
|Beneficiary Bank Name||JPMorgan Chase Bank|
|Beneficiary Bank Address||1111 Polaris Pkwy, Columbus, OH, 43240|
|Enter Beneficiary Account Number||Please do not share this number with others. This account number is unique to you.|
To get the account number: Log into your Vested Brokerage account (via the app or the web application. Then go to the “Transfer” tab > “Add funds” > “Indian Banks” > View “General bank instructions” > see “Account number” (see Figure 5a)
|Re-Enter Beneficiary Account Number||Enter the beneficiary account number again.|
|Enter SWIFT code of Beneficiary Bank (8 or 11 characters)||CHASUS33|
|ABA Number (9 characters)||021000021|
|CHIP UID (6 characters)||Leave blank|
|IBAN Number (up to 34 characters)||Leave blank|
|Intermediary Bank Details||Leave blank|
- Step 6: Verify the details, check the checkbox and select “Confirm” (see Figure 6).
- Step 7: Verify your mobile number, check the checkbox and select “Continue” (see Figure 7).
- Step 8: Enter the OTP (One Time Password) sent to your registered mobile number and select “Continue” (see Figure 8).
Note: After adding a beneficiary for the first time, there is a 30-minute cooling period before you can remit USD. Please return to the platform to continue with the USD fund transfer in 30 minutes.
- Step 9: After you have added the beneficiary, you can now initiate the USD transfer. Go to the “Transfer Money” tab and select “Go” under the “RemitNow” transaction type. (see Figure 9)
- Step 10: Under “From Account,” select your personal account from the dropdown. Select “Beneficiary” and choose DriveWealth LLC as a beneficiary (the beneficiary you added in Step 5 (see Figure 10).
- Step 11: Add other transaction details (see Figure 11).
Figure 11: Add details about the transfer
Note: If your account is less than 1 year old, then you are required to email your 12-month statement of an existing account held by you with any other bank or the latest IT assessment order or returns filed with Income Tax authorities to email@example.com within 24 hrs after submitting the funds transfer request.
Add the following details to the page
|Transfer Amount (in terms of foreign currency)||The amount you wish to transfer in USD. Example: 1,000|
|Mode of Remittance||SWIFT-Wire Transfer|
|Purpose of Remittance||Indian Portfolio Investment Abroad – in Equities|
|Source of Funds||Own Funds|
|I accept and agree to self declare the conditions under the capital account transactions under Liberalised Remittance Scheme (LRS)||Check the checkbox|
(Note: You will not be able to proceed unless you click on the terms and conditions.)
|Email ID||The email address associated with your account will be automatically retrieved by the bank|
|Correspondent Bank Charges to be borne by||Self|
|Send to Receiver Info||This is your DriveWealth ID. It is a 10 digit serial number that starts with a ‘V’ (for example: VSGD102XXX)|
You can get your DriveWealth ID from the Profile section in the app
|I have read and accepted all the Terms & Conditions of the Bank and agree with Charges & Deductions||Check the checkbox|
(Note: You will not be able to proceed unless you click on the terms and conditions.)
|I confirm that I am Resident Individual as per the provision of Income Tax Act, 1961.||Select “Yes”|
- Step 12: Select “Confirm” to approve the transaction (see Figure 12).
- Step 13: Download the transaction confirmation and send a copy to firstname.lastname@example.org (see Figure 13).
What happens after you initiate 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.
Using Vested to invest in the US stock market is one of the simplest ways to diversify your portfolio. Transferring funds from HDFC Bank to your Vested Brokerage account is a simple and straightforward process. You can begin investing in US stocks by transferring funds to your Vested Brokerage account and following the steps outlined above. Finally, before making any investment decisions, always review and understand the investment risks.
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, and 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.
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Our team members at Vested may own investments in some of the aforementioned companies/assets. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment or strategy will be suitable or profitable for an investor’s portfolio. Note that past performance is not indicative of future returns. Investing in the stock market carries risk; the value of your investment can go up, or down, returning less than your original investment. Tax laws are subject to change and may vary depending on your circumstances.
This article is meant to be informative and not to be taken as an investment advice, and may contain certain “forward-looking statements,” which may be identified by the use of such words as “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” “potential” and other similar terms. Examples of forward-looking statements include, without limitation, estimates with respect to financial condition, market developments, and the success or lack of success of particular investments (and may include such words as “crash” or “collapse”). All are subject to various factors, including, without limitation, general and local economic conditions, changing levels of competition within certain industries and markets, changes in interest rates, changes in legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors that could cause actual results to differ materially from projected results.
This video is meant to be informative and not to be taken as an investment advice and may contain certain “forward-looking statements” which may be identified by the use of such words as “believe”, “expect”, “anticipate”, “should”, “planned”, “estimated”, “potential” and other similar terms. Examples of forward-looking statements include, without limitation, estimates with respect to financial condition, market developments, and the success of or lack of success of particular investments (and may include such words as “crash” or “collapse”.) All are subject to various factors, including, without limitation, general and local economic conditions, changing levels of competition within certain industries and markets, changes in interest rates, changes in legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors that could cause actual results to differ materially from projected results.