Location: God's own country
Posted on: 16-05-06 10:05:03
Just to clarify, the indian Rupee against the CAD crossed rs. 40 mark a week back. The exchange rate to the CAD WRT US$ was 0.9120 or around that range. Today it is 0.9031 or yesterday (which is today's rate was 0.8997
TK
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I am a Gents and not a Ladies.
Quote:
Originally posted by Magcanada
Hi Kunesh
The exchange rate is reasonably higher in ICICI Bank than the other financial institutions in Canada
An unwanted myth...for a $500 transfer, a few cents of exchange rate different, how much is the net difference in transferred amount? Even a Rs.0.50 difference amounts to Rs.250 in Rs.19,000 amount...
The preference should be convienence, services charges and time frame.
Just my 2 paise..
Hiren
i have been using citibank service ,they do not charge u for the draft u can send anywhere and also
their account is zero balance account
go to their website and get more information if u want to send to place of your
choice.
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akkiluck
Location: Mississuauga, Brampton
Posted on: 16-05-06 15:49:41
I think Rs.39.72 is the highest rate offered by ICICI against the Canadian Dollar so far
Better exchange rate and even the special rates are offered by ICICI for a high amount. The rates could be negotiated with ICICI Bank Canada and State Bank of India (Canada) if the money transfer is more; which is above the Forex rate. For a $500, this may not be applicable.
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mag
Ashwani - how much does Citibank charge? I mean any hidden charges, or do they give a very low rate of exchange, any idea how long will the transfer take?
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Hi !
As far as I know there has been no hidden charges .. Abt the rae of exchange I blv you can always negotiate .. As of me I prefered the convinience that I am getting from them . I had a outstanding instructions of issuing a X amount of draft to my parents on every first of month ..They issue it and deliver it ..Secondly I can c my balance online ...So far I am quite happy even if I lose some cents in lower rates ..
The transfer usually takes 1 working day ...If i issue a instruction on 2nd generally a draft is issued and delivered by 4th.
Cheers
Ashwani
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Growing Old Is Mandatory ..Growing UP is Optional
Dear CDs,
What's the most economical, reliable & legal way of transferring money to Australia, please....?
I didn't want to start another thread for this since it's related to money transfer, anyways.
Thanks in advance.
My suggestion to you for transfer to Australia would be to check http://www.xe.com" rel="nofollow">LINK
And to all others who say ICICI rates are competetive, that is complete BS.
When you say competetive who are you comparing against ?
I asked this same question to the NRI customer service rep. at the Scarborough ICICI bank and he could not answer.
http://www.xe.com" rel="nofollow">LINK is the world's most referred to site for exchange rate and on any given day, the rate ICICI gives is around 50 to 55 paise less than what xe shows. I just did a transfer or CAD $1500 and the rate difference was Rs. 900, that's a cool CAD $20.
Any the online checking account linking does not work, because money2india.com (ICICI's site) uses some uncommon bill payer platform, due to which ICICI does not even show up as a biller on atleast TD Canada and President's choice bill payment system.
The easiest and cheapest way would be to send a cheque to the local toronto address of ICICI and for me it took a flat 5 calender days (including weekend) for the money to show up in my account in India.
You just register with http://www.money2india.com" rel="nofollow">LINK, initiate the cheque based transfer, give details of destination account (could be a person too) in India and it spits out a tracking number and the local PO Box address in Toronto where to send the cheque. Costs you a mere 54 cents postage to mail the cheque.
On the other hand the ICICI branch walk-in experience told me that I need to pay 10 bucks for the wire transfer. I thought the ICICI branch in Canada is affiliated with the one in India, but they are not. They are two separate entities, even though they share the ICICI name.
Unfortunately with XE.com, you cannot trade in INR, I have used it to move funds between USD and CAD and they deal in several other currencies. You can choose the instant when you want to move money, just like you day trade in stocks. So you are pretty much guranteed the rate...as you click only when you like the rate you see. The registration process with XE.com is a one time process and due to post 9/11 world that we live in, they ask good amount of documentation, but worth it, as the rates they give are the best.
