I have 20000 in Canadian $ Looking for Indian rupee.
Which is service will give me max value?
Compare fee vs exch rate for Western Union and ICICI.
I am not sure, if it's legal, you can exchange it with somebody you know.
Location: God's own country
Posted on: 22-05-15 07:58:08
Always banned,
What is your location?
If in India, I can give you INR (cash) for the 20K Canadian dollars.
However, if you are in the GTA and want INR in draft, try some banks like SBI, TD, ICICI and they will give you the exchange rate and in draft.
If you need Hawala, try contacting your friends. They will know someone doing it.
PM me for more info (if needed).
Murali
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I am a Gents and not a Ladies.
Hi TK
Money goes to a place called Kottayam. If you can PM your number will call you.
UAE Exchange is another place, similar to Western Union. They also transfer direct to bank account in India.
ICICI Money 2 India transfer service is good.
Your Canadian bank account gets linked to M2I and then you add your Indian recipient bank account.
It could be your account in India or someone else's doesn't matter. It could be NRE , NRO or local resident account in India, doesn't matter.
When you transfer the account after 5-6 business days it arrives in India.
Whatever official exchange rate you see on the internet say RBI site , BOC site ,Major Currency exchange sites..you will get about 2 % - 2.5 % less than that..as ICICI pockets that as the difference/commission...all banks do that so its not unique to ICICI.
So if RBI site shows 1 CAD = INR 50 , expect INR 48/47.5 from ICICI, when money arrives in India. Plus they calculate the exchange rate on the day the money is deposited not the day you send. So the currency can fluctuate up or down in the 5-6 days it takes for the money to be deposited.
RBI = Reserve Bank of India
BOC = Bank of Canada
Since you say you have Canadian Dollars to part with, I looked up the charts and it says that it is currently worth 50.8 Rupees to a Canadian.
You cannot get that rate. But will have to wait for the market to close, because that is what the brokers do. They will only give you the lowest rate that they see for the day. If you can wait for a few days or weeks perhaps, you might get a better exchange rate. That is a 'wishing' that you will have to make.
If you are doing this because some one needs it in a hurry, then decide to go for it. Otherwise, wait for a few more days and see if it improves and it is in your favour.
Today, even the Canadian Dollar took a beating in the financial market and expect it to go even lower before the day ends.
FH.
