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  Canada Immigration Forum > General > Our Native Country! > Carrying money to India
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Carrying money to India




Hello All,
We are palnning to visit India for a family wedding and so have to carry some good amount of money too.This is the first time we are travelling back after coming to Canada as PR.
Looking for suggestions as to what is the best way to carry money. Draft/master card/Visa or any other? Not very keen on carrying cash and how much is allowed.
We want to carry anywhere between 5k to 10k.
Please share your preferences.


 
HelloG

Senior Desi
Member since: Jan 08
Posts: 338
Location: vasudhev kutumbkam

Post ID: 116085 19-02-08 18:07:27
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kumar_vadivelu
Senior Desi
Member since: Jul 07




Posts: 114
Location:


Do not carry Canadian Dollars $$$ to India. The reason is you will not get good exchange rates for the Canadian dollars in India; Instead send your Canadian Dollars to your Indian savings account via wire transfer or take a Demand Draft (DD) in Canada in Indian Rupees either from State Bank of India or ICICI and en cash the drafts in India.

The RBI Dollar exchange rates are different within the country and outside the country.

Also please do not buy Indian Rupees at the airports (departure and landing) because the exchange rates are so low and they take commissions. The best way send money to Indian Accounts or take an INR DD in Canada.

Bon Voyage!.

-----------------------------------------------------------------
I am new

 
Post ID: 116087 19-02-08 18:51:54
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Fido
Senior Desi
Member since: Aug 06




Posts: 5286
Location: Canada


How about Traveller Cheques ?? They are safe , fast and have a good exchange rate .
-----------------------------------------------------------------
Fido.

 
Post ID: 116099 19-02-08 20:40:17
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hchheda
Senior Desi
Member since: Aug 05




Posts: 2244
Location: Woodbridge


Quote:
Originally posted by HelloG


Hello All,
We are palnning to visit India for a family wedding and so have to carry some good amount of money too.This is the first time we are travelling back after coming to Canada as PR.
Looking for suggestions as to what is the best way to carry money. Draft/master card/Visa or any other? Not very keen on carrying cash and how much is allowed.
We want to carry anywhere between 5k to 10k.
Please share your preferences.



HelloG,

Please check your PM.

Hiren


 
Post ID: 116100 19-02-08 20:49:15
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3m
Desi
Member since: Aug 06




Posts: 65
Location:

Carrying money to India
Hi Folks,
Any good suggestions for carrying money to India . I am scheduled to visit during Dec, 08, and I need some suggestions on how best to carry money to obtain the right value of our currency?
Pls share youe experiences


 
Post ID: 131111 30-10-08 10:22:34
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ftfl
Senior Desi
Member since: Jul 06




Posts: 2335
Location:

CARRY US DOLLARS..


If you already have bought US Dollars, then it is O.K.

Some times we loose exchanging the same here and then a second time in India. So, we get beat TWICE. To avoid this, if it is Under a $1,000.00 Canadian, then take it there and Exchange it anywhere where you will get a good rate. (Here the Banks are taking 4% to convert to US, currently.)

Here is a web site that updates the EXCHANGE Rated from time to time so that you can see it from anywhere you go. It is web based. (Look for inverse quotes)

Hope this helps you a little.

Freddie.

http://www.xe.com/





 
Post ID: 131118 30-10-08 12:57:20
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3m
Desi
Member since: Aug 06




Posts: 65
Location:

Carrying money......
Hi ftfl,
Thanks for your reply, I have not brought any US $ as yet, and the amt is roughly 7-8 k,
pls share your personal experiences.


 
Post ID: 131202 31-10-08 10:24:34
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ftfl
Senior Desi
Member since: Jul 06




Posts: 2335
Location:

ALWAYS TRY TO MAINTAIN A SMALL CUSHION THAT YOU ARE COMFORTABLE W....


For your day to day living, please maintain a comfortable cushion in the form of liquid assets, in a safe place.

I converted a small sum when the Canadian dollar was gaining momentum upwards. I still hold it. Now the commodity markets are trading at a ten year low. Which means that everything will have to fall down to that level first, before it will ever recover.

Travel and its costs will also be brought to that level, as it is also slumping. But since you are about to leave for India, you will find that the seat prices will drop down to $1300 return. (Total) Once the travel and tourism takes a hit other things associated with it will also come down. (Fuel surcharges, hotel rates, etc.,)

Friday, October 31, 2008
1 Canadian Dollar = 43.33161 Indian Rupee
1 Indian Rupee (INR) = 0.02308 Canadian Dollar (CAD)
Interbank rate +/- %
This means:
You buy 1 Canadian Dollar : 43.33161 Indian Rupee
You sell 1 Canadian Dollar : 41.88783 Indian Rupee
Estimated price based on daily US dollar rates.

Currently there is a hectic demand upon the foreign currencies, thanks to Lallu Prasad and the fodder industries. (Sorry about it) Here in the official site they are quoting RUPEE 2.5 as the gap between bid and ask. It is their web site and we have no control over it. (But that is not bad only 2.5%)

But you can get Re. 43.00 +/- and change if you dicker with the local chawalas (rhymes with it,) when you are there in person. 4% charge here is murder, it is about one quarter of the ticket costs for you. (Do the mental math)

Here is a comment from one of the BUYERS: Says.
sell rate and buy rate.com

"Want to know what is sell rate and buy rate. when i went to bank today they said 1$=Rs46.64, i had to send $2500 to united states, according to this site $2500= rs 111650.1 , but i paid Rs 117256."

Here is another comment on the web site.
Friday, October 31, 2008
1 US Dollar = 52.35715 Indian Rupee
1 Indian Rupee (INR) = 0.01910 US Dollar (USD)

That is 5.5 cents or so between the two transactions. One sending and the other one receiving the Rupees, for their day to day use.

They vary from day to day. Worst so on Fridays. Try Mid week to do exchanges, unless you have to do it in a hurry. Exchange rate for US $ is Currently Re.52/- or so, is Extremely good. Expect it to drop to 50 or lower. If you transfer through the banks, they play with it and give you the lowest rates, that you will ever get, unless you have some one specific that you can deal with at the Indian End. Call a few here in Toronto and see what they have to offer.

ICICI - SBI - HSBC - In the states PNB and a few of the local chawalas, you cn see them in the Indian desi news papers.
http://www.icicibank.ca/abouticicibank/aboutus/torontoDonValley.htm
http://www.sbicanada.com/
http://www.hsbc.ca/1/2/en/personal/todays-rates/foreign-exchange-rates
http://www.hsbc.ca/1/2/en/personal/international-services
http://www.hsbc.co.in/1/2/personal/nri-services/usa?WT.srch=1
Please see if this link works. They have a service called XOOM.
http://www.indiaprwire.com/pressrelease/financial-services/20061009739.htm

Good Luck.

Freddie.



 
Post ID: 131237 31-10-08 13:12:02
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