Posted on: 02-10-09 19:58:46
Hi,
1) I am planning to open a INR rupee checking account and use ATM debit card during my one month visit to India.
I understand that it might be possible to use TD card with HFDC/Citibank machines since they both use PLUS. Has anybody used this?
2) What should i use between ICICI, SBI, HSBC and citibank?
Do I need to open a account in India ( or should I just open one here), then walk into the branch and withdrawn. [If possible I don't want to open a account in India]
I actually would like to avoid the hassle of carrying $$$ and then converting to INR and particularly poor exchange rate in the airport.
3) TD suggested using the travelers cheque - American Express. What is the AM express places that I can convert in India?
Thanks,
Rakesh
1) I am planning to open a INR rupee checking account and use ATM debit card during my one month visit to India.
I understand that it might be possible to use TD card with HFDC/Citibank machines since they both use PLUS. Has anybody used this?
I have not used this .But watch out for exorbitant fees . Best thing
to do is to buy a magnifying glass and view the fine print that came with your
bank account.
2) What should i use between ICICI, SBI, HSBC and citibank?
Try ICICI for corporate culture - sarkari service.
SBI for sarkari service - sarkari culture.
HSBC for hard to find branches in India but excellent managers (don't forget
to mention that you live in Canada !!)
Citibank for all that's wrong with American capitalism.
3) TC s are a safe way to carry money across borders and can be
cashed quite easily at least at the major metros.
Try this:
US$ and also CA $ currency commands a premium in India.
You will probably get a higher rate than the banks. A small
discount on the TC though.
Get a Citi Petro Mastercard- I used this, ( I know ,I know ,I did mention
\"Citibank for all that's wrong with American capitalism\"
good
conversion rates and most merchants in India use Mastercard. I have
used it at the pub, movie theater, cell phone to -ups, airline tickets, restaurants .....
User your canadian ATM card and you will not go wrong with excahnge rate, even if there is a fees. I had used my pcChoice ATM card and it worked. Next alternate I would suggest is to use ICICI Bank. But again using your Canadian ATM card is the best option because it give the current market exchange rate that is published on sites. Of course frequent use of ATM for small withdrawls will attract ATM surcharge by your bank. But IF you withdraw e.g. $1000 at a time that is generally the ATM limit then you will get most out of it.
Opening an INR account, using the canadian cards in India and then worrying about the fees are the hassles. Use the traveler's cheques as suggested by the bank - safest and convenient. The AMEX traveler's cheques can be cashed in any financial institution in India, they do not require any special places to cash them.
Quote:
Originally posted by rakeshToronto
Hi,
1) I am planning to open a INR rupee checking account and use ATM debit card during my one month visit to India.
I understand that it might be possible to use TD card with HFDC/Citibank machines since they both use PLUS. Has anybody used this?
2) What should i use between ICICI, SBI, HSBC and citibank?
Do I need to open a account in India ( or should I just open one here), then walk into the branch and withdrawn. [If possible I don't want to open a account in India]
I actually would like to avoid the hassle of carrying $$$ and then converting to INR and particularly poor exchange rate in the airport.
3) TD suggested using the travelers cheque - American Express. What is the AM express places that I can convert in India?
Thanks,
Rakesh
1) How much did the Indian banks charge you for withdrawing using your Scotiabank card.
2) Which Indian banks did you use?
Quote:
Originally posted by MGupta
Quote:
Originally posted by vipeen
User your canadian ATM card and you will not go wrong with excahnge rate, even if there is a fees. I had used my pcChoice ATM card and it worked. Next alternate I would suggest is to use ICICI Bank. But again using your Canadian ATM card is the best option because it give the current market exchange rate that is published on sites. Of course frequent use of ATM for small withdrawls will attract ATM surcharge by your bank. But IF you withdraw e.g. $1000 at a time that is generally the ATM limit then you will get most out of it.
I always used my scotia card in India....
much better exchange rate comp, to other money changers.
I did not have to pay any surcharge at any ATM in India. I guess HDFC and ICICI Bank would allow you to take out maximum amount allowed per day whereas some banks have restrictions that you can take max of 10K or 25K at a time from their ATM. you can use it 2 times but you will have to pay the ATM surcharge at the Canadian bank.
I think max of RS. 40K or CAD 1K withdrawl is allowed by the banks over here.
Why do I need to mention to managers that I live here in Canada?
Quote:
Originally posted by Nrthyrkr
1) I am planning to open a INR rupee checking account and use ATM debit card during my one month visit to India.
I understand that it might be possible to use TD card with HFDC/Citibank machines since they both use PLUS. Has anybody used this?
I have not used this .But watch out for exorbitant fees . Best thing
to do is to buy a magnifying glass and view the fine print that came with your
bank account.
2) What should i use between ICICI, SBI, HSBC and citibank?
Try ICICI for corporate culture - sarkari service.
SBI for sarkari service - sarkari culture.
HSBC for hard to find branches in India but excellent managers (don't forget
to mention that you live in Canada !!)
Citibank for all that's wrong with American capitalism.
3) TC s are a safe way to carry money across borders and can be
cashed quite easily at least at the major metros.
Try this:
US$ and also CA $ currency commands a premium in India.
You will probably get a higher rate than the banks. A small
discount on the TC though.
Get a Citi Petro Mastercard- I used this, ( I know ,I know ,I did mention
\"Citibank for all that's wrong with American capitalism\"
conversion rates and most merchants in India use Mastercard. I have
used it at the pub, movie theater, cell phone to -ups, airline tickets, restaurants .....
