If I am not mistaken , you have to declare @ CBSA / Canada Customs if you are taking over CAD 5K ...

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Fido.

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but i have no desi bank in my town

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There are number of ways as suggested other CD member in this form.

You can also open regualar canadian hi-save account wiht ICICI canada bank. No minimum balance require. Paying equal or more interest in compare of other local canadian bank. Account can be open online (you just need to send first cheque to ICICI bank after opening account online). You can transfer money from ICICI bank account to anyone's account in any bank in India by calling them (It is quick and best way). Exchange rate is good too. This will be helpful in future too.

As per my knowledge Moneygram OR ICICI bank has always better exchange rate.

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Success is Never Ending and Failure is Never Final.

There is no point carrying $ to india.. This is much more riskier than sending money using money transfer. Imagine losing ur wallet in transit the money is gone..

UAExchange is the cheapest way of transferring money. They charge 4$ per transfer but their exchange rates are 10 paise below the interbank rate(Rate at which banks get to exchange).. for 20K$ the most u will lose is 50 $..
IMO their rates are much better than ICICI, western union and SBI, who charge 25 to 50 paise below interbank rate.


Money will show up in destination account in 1 day.

Even in india u will get similar rates not better..

Only way u can get better rates is u use havala, which is risky and u could even end up in prison..

So effectively ur white money has become black money.. plus there is no way to guarantee u are getting legal notes.

There is a lot of counterfeiting of large bills in india.

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Originally posted by mcg7

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Originally posted by jigz787

AFAIK, you can transfer 20 K CAD to NRE account without even converting to INR. You can hold funds in CAD currency.
Another option, if u walk into ICICI or SBI they will negotiate the exchange rate if it is over 10K. This way you will get special exchange rates. Unless you are very confident about getting better rates in Bharat.

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last time i got Rs 2.50 more than normal bank exchange rate for CAD.
but this is only happen thru small greedy travel agents in connaught place-Delhi.

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The question for which purpose you want to take oney to india ?
1. For spedning in India : You can transfer cad $ in Indian rupees . You can open NRE account and at present interest rate is 9% and this interest is non taxable . You can close your fixed deposit and withdraw money and spend it in india when ever u require . If in future if you want to bring this money to canada it is very easy just close this FD and take draft from bank .
2. Save in cad $ : You can open FCNR deposit in india . At present interest rate is above 4% for canadian dollar . For that you can take canadian dollar draft from here or take cash also . I did bot way as taking cash will be credited immidiately in bank and they can open FD immediately while for draft it will take approx. 1 month to credited and prepare FD .

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DSD

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Originally posted by rajcanada

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Originally posted by jigz787

AFAIK, you can transfer 20 K CAD to NRE account without even converting to INR. You can hold funds in CAD currency.
...

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NRE account balances are quoted in Indian rupees only. How can you hold in CAD?

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