The interest rates even here in the US are a joke.
ING Direct, USA, leads the way here as well.
In regular "brick-and-mortar" banks, you will be lucky to get even close to 1% even on high balances.
But ING's rates are the best.

But compared to rates in this part of the world, the 3.5% on savings offered by Indian banks sound like a great deal !
In real terms, a 0.75% rate here is pretty much the same as a 3.5% rate there, in terms of the interest you will make at the end of the year.

Thanks again for your help.

-----------------------------------------------------------------
"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."

-- Rhett Butler in "Gone with the Wind"

Jake,
Is Ing Direct is as safe as other Major bank?
I also checked USD account interest in Ing Direct and 1% is very very good comparing .05% in TD.But is there any risk if I open an account in Ing Direct and deposit my USD there
Thanks

-----------------------------------------------------------------
ani

Hi Ani,
Isnt the 0.05% a joke? And then TD charges you a withdrawal fee of a 1USD for any withdrawal from the USD account. Anybody here know why the withdrawal fee in charged in USD for a service provided in Canada?

I have not had problems so far and have been dealing with ING for the past year. I have a cpl of friends who have been dealing with them for more than 3 years and they are very happy with the service(even for rrsps etc). A colleague has his mortgage with them too. So from my personal experiences, and those of people I know, I can say there have been no risks. The only drawback I have noticed is that the money takes upto 1 week to show up when you do transfers between ING and another bank. Also I would have liked more ATM machines. If they did have more ATM machines I would have actually closed my TD bank account.
I was wary(the whole Idea of a virtual bank) when I first opened an account, and only kept my transactions to the lower 4 digits, but now I trust them with more. I have found that their customer service is good too.
You can also meet a live person at one of their info spots...for Montreal
http://www.ingdirect.ca/en/montrealinfospot.html

-----------------------------------------------------------------
Recommended Services- Servicedomino.com
http://www.servicedomino.com

Thanks a lot Jake ..I will also call up ing direct over their 1-800 number to ask some more question.For TD USD account I am keeping a minimum 5000 USD always so they are not charging me USD 1 per transaction processing fees but you are right 0.05% is just a good joke!
Just another thought..how about converting CAD to USD as exchange rate is low is it a good idea to buy some USD?

-----------------------------------------------------------------
ani

Ani70--

You are really getting into foreign currency speculation now, eh?

Actually, the strength of the USD depends on the strength of the US economy.
The weak USD is not good news for countries like India because our export revenue falls and as you know India depends heavily on export revenue.

If or when the US economy grows stronger, the USD will rise again.
So, yes, this would seem like a good time to buy USD or keep your USD intact.
In the long run, you will benefit from the strength of the US economy, if it grows.

It may be worth looking into an offshore account somewhere in the Cayman Islands where you can park your USDs for a while.

Best wishes
-Pratick

P.S. I was kidding about the last part - don't do it

-----------------------------------------------------------------
"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."

-- Rhett Butler in "Gone with the Wind"

After landing we would need to open a bank account in Toronto for our expenses. We are planning to carry travellers cheques from India in Canadian dollars and open a C$ account to deposit the TCs.

We hold a US$ account in Alberta, which we have opened with the help of my sister who lives in Alberta. This was done around 6 months ago on the instructions of the Canadian Embassy. The amount held in this account is mentioned on our CPR form as proof of funds upon landing.

I need advice from this forum, especially those in the banking industry, on how to access these funds in Toronto with minimum loss in exchange rate. Please advise.

Thanks and regards, Margo.

-----------------------------------------------------------------
The best way to make your dreams come true is to wake up - - Paul Valery

Margo --

Quote:

---

Orginally posted by Margo
I need advice from this forum, especially those in the banking industry, on how to access these funds in Toronto with minimum loss in exchange rate. Please advise.

---

-----------------------------------------------------------------
"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."

-- Rhett Butler in "Gone with the Wind"