Rental: 1 Lakh Deposit Back Into Dollars? |
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Jan 25th, 2007, 20:38
| #1 |
| Member Join Date: Jan 2007 Location: Mumbai
Posts: 1
|  Rental: 1 Lakh Deposit Back Into Dollars? I've arrived from the US to live in Bombay for a year. As I'm looking for a place I'm seeing that most rentals require a Rs 1 lakh deposit. Here's the issue: In 1 year I'll be leaving the apartment to go back to the states, and getting my 100,000 rupees back. Obviously Rs100,000 will do me no good in the US, and I'll have to exchange it. This is where I'll lose money due to: inflation of rupee over the year; the bank's cut of the rupee-to-dollar conversion. For those who've paid sizable deposits before, what's the most cost-effective solution you've come across?? thank you much- N ps -- I'm not an NRI, AMEX traveler's checks won't work, I'm already in India, and I don't know anyone with both US and Indian bank accounts.  |
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Jan 25th, 2007, 21:16
| #2 |
| Senior Member  Join Date: Oct 2004 Location: goa
Posts: 195
| the way the the dollar is going I would worry mate, you will probly make on it
__________________ such is life.... |
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Jan 25th, 2007, 21:22
| #3 |
| This is just a cameo appearance  Join Date: Oct 2004 Location: Chennai, India
Posts: 38,227
| If you're here for a year, I guess you'll be having an indian bank account. Just make sure that you can show that you brought the money from US (if asked) and get your bank here to transfer it back again. Inflation, Forex rates --- that's just life, I guess! |
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Jan 25th, 2007, 23:02
| #4 |
| Senior Member Join Date: Dec 2005 Location: New Delhi- national capital region
Posts: 250
| Currencies (exchange rates) are market driven, theres little you can do about it. Even if you loose on conversion it wont be much, you can offset it as a cost for living in India  |
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