Hi
i want to transfer some big amount to india,
which is the easy way to send money??
To deposit canadian bank check in NRO account and then withdraw money OR through Hawala?
Thanks
Manoj

-----------------------------------------------------------------
BE HAPPY KEEP HAPPY

This is one way, SBI Canada. You open a Canadian account in one of the branches in GTA, move money from Canadian FI to SBI, setup beneficiaries with SBI Canada and remit money from SBI.

You also, have the option to do thos online, however, the setup takes some time.

http://www.sbicanada.com/

Also, ICICI is an option too. I am not sure if depositing Canadian FI cheque in India NRO account in India is a possible option. I have not done it, so cant comment.

Hi,

Have you looked @ Western Union option? I found their rate much better than icici/sbi.. flip side is, for large sum they issue cheque, which may take 3-4 business days in India to clear.

Hi
northyork_desi
I checked with ICICI and there rate is very low compare to other bank, so ICICI is not a good choice for example if current rate is rup 51.26 cent ICICI will give you rup 51.18 cent., I will check with SBI .
and lemon925 , i will also check western union option,
only option i can see is hawala, 3 paise lase then current rate.
still looking for some more feeedback.
Thanks
manoj

-----------------------------------------------------------------
BE HAPPY KEEP HAPPY

You should also be able to send wire transfer directly from the Canadian bank. If you have good relationships with the Canadian bank, you can try to negotiate a better rate depending on the amount you would be sending. Even in SBI, you can negotiate the rate, I have heard people call in and speak with the manager.
Before there used to be UAE exchange as well, but they closed down the operation in Canada. Sorry brother, I dont know of any other option.

NRI and RNOR.

The Canadian Dollar has taken a beating in the past three years. It will stay that way for a long while. Our economy was based upon OIL and its sale to the USA. That market dried up. There ends the Canadian aspirations.

Here is my take. You can always transfer the Canadian Dollars into an Indian Bank and keep it there in Foreign Currency and still get 2%-3% returns. There is a possibility that the CD will go down in value also. But I am sure it will stay here for a long while and IF IT GETS BETTER IN VALUE, you can always cash out a little at a time by taking a look at this chart below every day. Make a note of the value in Indian Rupees on the day that you transfer. You can always ask any bank for the exchange rate and see if it got better. The day you feel it is better, exchange a portion of it, say 3% of your holdings. That way you get 30 shots at it and average it out and if you get more than the money on the day you dropped it into that bank, then you are on the PLUS SIDE. Cash only if you need.

I do not know what your plans are for its usage, so you be the boss there.

FH.

http://www.xe.com/currencycharts/?from=CAD&to=INR&view=10Y

Alternately as an NRI, you can convert it into Rupees and get a FD rate of 8.5% and see where it ends up after that. The Rupee might drop down in value, so watch it. Even if it drops 5% you will be O.K. for the first year. If your status is RNOR, then you pay no tax on it for Two years. See an Accountant. fh


EDIT..: What exactly is RNOR? RNOR stands for Resident but not Ordinarily Resident (RNOR). This is essentially a transitional status between being an NRI and becoming a full-fledged Resident. Normally a person would be either a Resident (of India) or an NRI. However, the Indian Income Tax Act has specified this transitional status of an RNOR subject to the satisfaction of some specific conditions. Let us see what these conditions are:

Read more at: http://www.moneycontrol.com/news/nri-experts/you-can-bernor-for-3-years_208943.html?utm_source=ref_article

http://www.moneycontrol.com/news/nri-experts/you-can-bernor-for-3-years_208943.html

Good Luck.

FH.

If you use hawala to transfer large sums of money to India, remember there will be no paper trail. You will not be able to prove source of money in India. Also PAN card is required for transactions in banks above 50,000 INR in India.

-----------------------------------------------------------------
Give free food http://www.thehungersite.com ||