Posted on: 14-12-17 23:46:34
So, the INR is not available on any major exchange or bank. How to change to / from the INR in Toronto? What would be the rates like? Thanks for your inputs.
Most of the third world countries and India too (Not any more a 3rd world) want to keep a check on their currency systems and so it got regulated by the Reserve Bank and Financial authorities of that country to maintain a semblance of balance. And as far as Indian Currency is concerned it has only gone down (the tube) in Value. But floats within a rupee or two off the mark. Why so? Because it is the nature of the beast.
Rupee is not a world currency and so it is not available on the International markets or in any Cambios or any Exchanges. Having said that, a few airports do sell or exchange a small amount of Rupees and LEGALLY and also provide you with a receipt, in case of swaps any where in the world.
In India inside of most of the airports, before you exit, you do have one chance of exchanging the Foreign currency at the posted rates there. Since it is not a large amount they flog you to pay their staff and the rent for that spot.(Kiosk) Generally a minimum of 5% of the total amount is charged at the exchange counters all over the world.
So, it will be a great idea to hang onto the Money that you carry and do the swap in town at a slightly better rate. All these need a little research and inquiries. {When they de-monetized a few of the bills that were floating then, your incoming money fetched rates that you don't believe you can ask for and get. Now everything is on the level. So, things have slowly but surely has settled down to normalcy.
If you have an NRE Account there in India and you want that account loaded with Indian
Rupees before you land, then there are merchants that will do that for you from here and when you land there, you can withdraw the same after you reach that place OR can use your Indian Credit Cards and Debit cards also out of that account. (A Few charge for the use of these cards)
As we speak, the rates are CAD $1 = Rs.50.25 and you only get that rate if you exchange through a few merchants. For exchanging a sum of $1000 CAD, the charges are about $11 or less. It is their fees for that. BUT, the Indian banks are charging a small levy of charges, God Knows What for, which just about equals the same amount. I have yet to inquire and get an answer after I reach the destination. Banks can't quote that rate ever and might charge you additional fees also.
Give us an idea as to what the other institutions are charging just to have it on record here and for others to get to know too.
Hope this helps.
FH.
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Quote:
Originally posted by geetakhanna
So, the INR is not available on any major exchange or bank. How to change to / from the INR in Toronto? What would be the rates like? Thanks for your inputs.
Quote:
Originally posted by geetakhanna
So, the INR is not available on any major exchange or bank. How to change to / from the INR in Toronto? What would be the rates like? Thanks for your inputs.
The cash rate for INR in Toronto will be pretty bad, as INR is still a very closed currency in spite of the stuff RBI says. Not much in INR cash can be taken out of India & into India without restrictions.
But its easy to get a demand draft in INR to carry to India with SBI, ICICI bank etc. Also easy to open a NRE & NRO account and repatriate funds electronically to & from from India.
Try the following if you really want to convert CASH into INR or vice versa into CAD.
1. http://www.roscotrading.ca/contact.html
Address
6987 Yonge Street
North York, Ontario
M2M 3X9
Phones
Tel: (416) 229-0000
Fax: (416)229-0234
E-mail:
2. http://www.sultanexchange.com/exchange-rate/
2395 Cawthra Road, Unit 101 Mississauga, Ontario L5A 2W8
(905) 897-1616
Toll Free: 1 866 641 1616
(905) 897-1617
3. http://www.jackfilled.com/index.html
UNIT 102-305 Milner Ave
Scarborough, Ontario,
M1B 3V4, Canada
Tel: 416-901-9995, 416-439-9995
Fax: 416-628-2525
If you want to electronically transfer CAD $ to India as INR , I have found Transferwise and also Money 2 India from ICICI to be quite good.
https://transferwise.com/
https://money2india.icicibank.com/newm2iNet/
You don't need an account in India. You can transfer the money to a friend or relative, who can give you INR cash on arrival in India.
Do not exchange at the airport or hotels, the rate is horrendous.
Actually the best thing is to use your Canadian Credit Card to withdraw money from a well known Indian ATM . Besides the 2.5 % exchange rate fee, they won't charge you much.
Also pay the credit card in advance so that you don't pay any interest on the cash advance you make on the credit card, as the interest on cash advance on credit card starts from Day 1 , there is NO grace period of 21 days or so on Credit card cash advance like other purchases.
So make a $ 2,000 bill payment on the Credit card even if your balance is ZERO , so you will be at
(-) $ 2,000 , and when you reach India remove $ 2,000 from the ATM machine using your Credit Card , so your balance becomes Zero. So besides the 2.5 % exchange rates , you won't really pay much.
Credit cards & Debit cards are now extensively used in India. Even digital wallets like PAYTM are extensively used, so you won't have much issues if you are willing to use them. Even roadside vendors take PAYTM now 
Also taxis like OLA , UBER etc take payments through digital wallets like OLA money, PAYTM . Also all mobile phones like Vodafone. Airtel take digital payments through digital wallets & credit cards, debit cards, NET BANKING.
Online shopping e-commerce is also huge in India now with Amazon, Flipkart etc. Lot of them accept cash on delivery or digital payments. Same goes for ordering food via restaurants.
So if you really want you can go cashless in India. But people in India are not willing to accept it and don't trust it much, so they still have the cash mentality & use cash everywhere.
They use their debit card just to withdraw cash from ATM machines, but won't use the same debit card to make a purchase in a shop as they are afraid of debit card fraud & don't trust the shop keeper and banks much, if something goes wrong.
Thanks for your detailed responses - Full House and Mitron.
A friend was asking - and I realized I had no clue whatsoever - since we don’t go to India often and when we do - we carry USD for any emergencies - but transfer INR to our Indian bank accounts before we leave.
I hear that the Indian stores in Brampton also exchange the INR?
I checked all major banks in Canada - no INR in their list of currencies- not even on ICE which is on the Pearson website.
Quote:
Originally posted by geetakhanna
Thanks for your detailed responses - Full House and Mitron.
A friend was asking - and I realized I had no clue whatsoever - since we don’t go to India often and when we do - we carry USD for any emergencies - but transfer INR to our Indian bank accounts before we leave.
I hear that the Indian stores in Brampton also exchange the INR?
I checked all major banks in Canada - no INR in their list of currencies- not even on ICE which is on the Pearson website.
Yes they do. But the exchange rate might not be that great.
Also you have to worry about Counterfeit notes. Someone who doesn't use INR cash on a day to day basis, might not be able tell the difference between the real & fake notes. Old banned 500,1000 notes - new 500, 2000 notes after demonetization is also an issue.
They will only need INR cash for the initial taxi ride from the airport, even that can be paid by credit card & debit card these days.
Afterwards they can use their Credit card, Debit Card to withdraw INR cash from any ATM in India.
You even get pre paid Rupee travel cards these days , which are just like pre paid debit cards or credit cards. You can use them at various places if you don't want to use your Canadian credit cards or debit cards and don't want to carry lot of cash with you.
Note : You can't take into or outside India more than Rs. 25,000 in cash.
Foreign currency is allowed much more than that to bring into India in cash, but not INR currency in cash.
Q 4. How much Indian currency can be brought in while coming into India?
Ans. A resident of India, who has gone out of India on a temporary visit may bring into India at the time of his return from any place outside India (other than Nepal and Bhutan), currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000. A person may bring into India from Nepal or Bhutan, currency notes of Government of India and Reserve Bank of India notes, in denomination not exceeding Rs.100. Any person resident outside India, not being a citizen of Pakistan and Bangladesh and also not a traveller coming from and going to Pakistan and Bangladesh, and visiting India may bring into India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 25,000 while entering only through an airport.
Any person resident in India who had gone to Pakistan and/or Bangladesh on a temporary visit, may bring into India at the time of his return, currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 10,000 per person.
Q 5. How much foreign exchange can be brought in while visiting India?
Ans. A person coming into India from abroad can bring with him foreign exchange without any limit. However, if the aggregate value of the foreign exchange in the form of currency notes, bank notes or travellers cheques brought in exceeds USD 10,000 or its equivalent and/or the value of foreign currency alone exceeds USD 5,000 or its equivalent, it should be declared to the Customs Authorities at the Airport in the Currency Declaration Form (CDF), on arrival in India.
