Any Canadian in India at the moment?

martmeteo

I'll be landing in Delhi on nov 1st for a 6 months trip. I'm concerned about the exchange rate/bank fees. Here's my question, let's say you withdraw 10 000 rs at the bank from your Royal Bank account (or any other 7 banks) - how much is withdrawn from your account in canadian $ ?

I know 1 CND$ = 37rs (http://www.xe.com/ucc/full.shtml)

what about the commission and all that stuff?

Pardon my poor English, I haven't quit school at 12 years old..., I'm a French-Quebecer...

Thank ya all, might see u in India

-m2-

Hi martmeteo, welcome to Indiamike!

This question is a bit difficult because banks have different policies and fees. If you are concerned about ATM fees, it would be best to check with RBC -- I deal with CIBC and I think their fees excessive and I believe there is also a 'hidden fee' involved which they can disguise. Many people claim that their banks charge nothing for ATM use, but I think this only means that they don't understand how the bank is compensated; since your bank is providing a service, as is the bank whose ATM is spitting out the rupees, it is not logical that this can be totally 'free'.

I still use travellers checks for the most part, but also bring along some US$ for emergencies and back-up. Travelling with CDN $ (cash or checks) can be a problem in many places -- OK in metro banks and airport exchanges where you will get a fair rate, but in many places it is only accepted by money changers who give a relatively poor rate. Only US$, Euros, and British £ are widely accepted and a fair rate given. I always bring part of my stash in $US travellers checks but most in $CDN to save the extra conversion charges. I use the CDN when I can, and the US$ when I must.

There is always a 'spread' between the buy and sell rates -- that is how the changers make money rather than by commission, although banks often have a small transaction fee. For the 'big three' currencies, the spread is generally small whether cash or TCs; one of the advantages many find with ATMs is that a rate closer to the 'true' rate is given, but do check out all the costs involved with your bank.

eater

Quote:

Originally Posted by martmeteo I'll be landing in Delhi on nov 1st for a 6 months trip. I'm concerned about the exchange rate/bank fees. Here's my question, let's say you withdraw 10 000 rs at the bank from your Royal Bank account (or any other 7 banks) - how much is withdrawn from your account in canadian $ ?

As noted by M2 depends on your account type with your own bank.

For example, Royal Bank (VIP account) if you withdraw from a cash machine in India that has the same symbol as on your card (interact) there is no withdrawal charge (for example $2 in Canada, usually, if you use Bank of Montreal cash machine but have a RBC card).

The rate you get (example $1=INR 37)is the same rate the bank will give you in Canada, again this is the policy of RBC VIP account - other banks other policy (you have to check with the bank).

I hope this helps.

__________________
Just happy to be here.........

edwardseco

Don't apologise for your English language abilities. They are better than that of most British youth..

passingby

hi,

the banking system in India is not any different than any other country in the world.
there aren't that many canadian banks in the rest of the world, nevermind quebequer banks.
anyhow, I used visa card to take out money. I don't remember ever using any canadian interact cards in any of the country I have visisted, not even in US.
so for taking out money, you are better off using your visa card. take out big sums at a time. the charges are the same as everywhere else. I don't think that Indian banks would be any different than other countries otherwise thousand of tourists that go to India every year would complain.

martmeteo

Thanks guys (and ladies!) for taking the time to answer my question. I bought my ticket 15 minutes ago - November 9 to May 8 (my birthday...)

Can't wait to get there!!

talk to you soon, thanks again

Mart

phobal

EEEEP! Visa is charging you 20% interest/year the day you take that money out! Not to mention the $5 ATM fee!!!!!! It's not the same cost at all!

Use interac if you have a choice, where you pay $2.50 ATM fee at the MOST. I wasn't charged that because I'm on a student account. Typically there's a 2 percent differential in exchange rate, that's what I experience with my credit union (first calgary). But hey, I'd pay 3-4 percent just to have the convienence of having money secured on a card that can be withdrawn securely at my convinence.