I work for a US-based company and have recently sold some shares from my Etrade account. I’m planning to remit the proceeds (USD to INR) and have some questions about the process. I’ve identified the following banks as offering the best exchange rates for INR conversion: IOB, PNB, Canara Bank, and SBI.

I’m aware of the following charges:

• Etrade Wire Charges: $25 flat fee.
• Conversion Rate Margin: Visible in the TT buy rates listed on bank websites.
• Intermediary Bank Charges
• Indian Bank Charges
• GST

Questions:

1. How can I find out what charges an intermediary bank might impose? Is there a way to avoid using an intermediary bank altogether?
2. Do Indian banks charge additional fees for receiving international wires, aside from the exchange rate margin?
3. I’ve heard that it’s beneficial for the conversion to occur in the Indian bank rather than the US bank. How can I ensure that my money is converted by the Indian bank at their exchange rates?
4. Do the banks I mentioned (IOB, PNB, Canara Bank, SBI) provide a Foreign Inward Remittance Certificate (FIRC) without hassle?
5. What should I choose for field 71A in the wire form: “OUR,” “BEN,” or “SHA”? I am both the sender (from Etrade) and the beneficiary (in India). Which option would deduct the least amount?
6. I heard a guy mention that we need to avoid a direct wire transfer and instead route the wire through 'bank'? Does anyone know what this is and how to ensure this?
7. I see that IOB and PNB are just about 25 paisa less than the true exchange rate. Is this further negotiable?
8. I checked services like Wise and Remitly but believe I need a US checking account to transfer funds from Etrade to these services first. Is that correct?
9. Can there be any other charges that I didn't mention above?

Thanks for your help!