International banking in Kolkata?

cmdunn1972 · Jul 29th, 2007, 05:45

Hubby and I are Americans transitioning to our new life as expats in Kolkata. (I am still stateside while Hubby is living in India.) Meanwhile, our finances are getting pretty tricky. We opened up a US-based bank account at Citibank since we know there are branches in both countries. We're also thinking about opening a bank account in India since he'll be paid a portion of his salary in rupees. We'll be living in the Tollygunge/New Alipore area. I understand (from visiting Citibank's website) that there is a Citibank branch on Chowringhee Road and another on Brabourne Rd. Which is most convenient to where we'll be living (Prince Anwar Shah Rd.)? Are there other international banks in the area worth considering?

Help with this is appreciated. Thanks in advance!

ycl1688 · Jul 29th, 2007, 19:40

obviously the chowringhee road branch will be a lot convenient.
yet you could open a ING bank account,if possible stateside and
i believe it has lot more branches in kolkata. maybe others
can comment on ing bank.

capt_mahajan · Jul 29th, 2007, 20:00

I would stick with Citibank, since you are already using them in the US.

Chowringhee is close enough, and it is an area which you will be going to, or passing, fairly regularly; in any case, ATM's will be widespread and can be used for withdrawals and even depositing cheques much closer to your home, I am sure.

cmdunn1972 · Jul 29th, 2007, 20:35

Thanks to both of you for your replies!

I'll look at ING, though I'll give Citibank first consideration since we already bank there and you can't stretch out your legs without hitting a Citibank ATM while stateside. Of course, if ING's rates are more competitive or their fees are more reasonable, then I'm happy to consider switching. (Citibank has been charging us $10 fees for each incoming int'l wire transfer, which gets old since that's how our reimbursements come in.)

Thanks again for the help! It's tough doing this since we're oceans away right now.

ycl1688 · Jul 29th, 2007, 20:45

i have citibank account now. i am not too happy with
them. consider you have to pay fees for money transfer.

other than that citibank has the reputation of insider job
few months ago. where id theft caused a big havoc with money
illegal taken out. it is scary.

Nick-H · Jul 29th, 2007, 21:04

If you keep enough in your account, and, for an ex-pat employee, that won't be a huge sum, you don't have to worry too much about deposits and withdrawals, waiting in queues, jostling at the counter.... they'll send/collect from your home!

Check out the 'privileged customer' service, or equivalent....

Nick-H · Jul 29th, 2007, 21:06

I am no fan of either ICICI or Citibank, but...

check out ICICI's internet-based money2india transfer scheme.

I bank with UTI.

guidedeba · Jul 29th, 2007, 21:15

As a Kolkatan customer of the International Bank Standard Chartered Bank and their efficient work after merging with the Grindlays Bank. They have more Branches and more ATM's ( by the way there are ATM's for your Visa electron Debit card to use from in kind of every road corner of Kolkata - So don't worry for the withdrawl of cash anytime). Citi Bank Choringhee will be nearer of the two. but as there are SCB even closer to Prince Anwar Shah Road. I would prefer Standard Chartered (Grinlays system)

cmdunn1972 · Jul 29th, 2007, 21:16

Hmmm... ID theft is a major issue, no matter what one's socio-economic status happens to be.

I've a question for you about Citibank's money transfer fees, ycl. Do you know if they are waived if the transfer goes from a Citibank account abroad to a Citibank account in India? If the fee is waived in this case, it's incentive to stick with Citibank. If not, then it's an open playing field. TIA!

cmdunn1972 · Jul 30th, 2007, 00:18

Quote:

Originally Posted by Nick-H

I am no fan of either ICICI or Citibank, but...

check out ICICI's internet-based money2india transfer scheme.

I bank with UTI.

Nick, might you have a URL for either ICICI or UTI? Just for giggles, I'm happy to consider either alternative.

cmdunn1972 · Jul 30th, 2007, 00:19

Quote:

Originally Posted by guidedeba

As a Kolkatan customer of the International Bank Standard Chartered Bank and their efficient work after merging with the Grindlays Bank. They have more Branches and more ATM's ( by the way there are ATM's for your Visa electron Debit card to use from in kind of every road corner of Kolkata - So don't worry for the withdrawl of cash anytime). Citi Bank Choringhee will be nearer of the two. but as there are SCB even closer to Prince Anwar Shah Road. I would prefer Standard Chartered (Grinlays system)

A URL would be helpful so that I can explore their website for terms.

Nick-H · Jul 30th, 2007, 00:50

UTI bank (soon to become Axis bank)

ICICI Bank

ICICI Money2India

I have been rather shocked by a couple of news items recently concerning heavy handed action against loan defaulters by ICICI. I'm actually very unhappy (our bank investment dept did it) to have become a shareholder in the bank, as I don't want to be a part of that.

But te money2india site works well, and I don't suppose they make much money out of me on the exchange rates.

jenk · Jul 30th, 2007, 02:26

Daughter set up an HSBC account for her stay in Calcutta - thats worked out well.

cmdunn1972 · Jul 30th, 2007, 04:51

Quote:

Originally Posted by Nick-H

UTI bank (soon to become Axis bank)

ICICI Bank

ICICI Money2India

I have been rather shocked by a couple of news items recently concerning heavy handed action against loan defaulters by ICICI. I'm actually very unhappy (our bank investment dept did it) to have become a shareholder in the bank, as I don't want to be a part of that.

But the money2india site works well, and I don't suppose they make much money out of me on the exchange rates.

Thanks, Nick!

cmdunn1972 · Jul 30th, 2007, 04:54

Quote:

Originally Posted by jenk

Daughter set up an HSBC account for her stay in Calcutta - thats worked out well.

They do have lots of branches in Kolkata, but not any ATMS or branches close to our home or our parents' homes in the US.

Jul 29th, 2007, 05:45	#1
cmdunn1972 Expat Mom in Kolkata Join Date: Apr 2007 Location: PAS Road, South Kolkata Posts: 45	International banking in Kolkata? Hubby and I are Americans transitioning to our new life as expats in Kolkata. (I am still stateside while Hubby is living in India.) Meanwhile, our finances are getting pretty tricky. We opened up a US-based bank account at Citibank since we know there are branches in both countries. We're also thinking about opening a bank account in India since he'll be paid a portion of his salary in rupees. We'll be living in the Tollygunge/New Alipore area. I understand (from visiting Citibank's website) that there is a Citibank branch on Chowringhee Road and another on Brabourne Rd. Which is most convenient to where we'll be living (Prince Anwar Shah Rd.)? Are there other international banks in the area worth considering? Help with this is appreciated. Thanks in advance! __________________ Colleen Visit my Kolkata travel blog!

Jul 29th, 2007, 21:04	#6
Nick-H Loud-mouthed, Noisy Bird Join Date: Oct 2004 Location: Chennai, India Posts: 25,776	If you keep enough in your account, and, for an ex-pat employee, that won't be a huge sum, you don't have to worry too much about deposits and withdrawals, waiting in queues, jostling at the counter.... they'll send/collect from your home! Check out the 'privileged customer' service, or equivalent.... __________________ . Just one member of the IndiaMike Mod Team

Jul 29th, 2007, 21:15	#8
guidedeba Account Closed Join Date: Oct 2001 Location: Kolkata (Calcutta) Posts: 173	Standard Chartered Bank As a Kolkatan customer of the International Bank Standard Chartered Bank and their efficient work after merging with the Grindlays Bank. They have more Branches and more ATM's ( by the way there are ATM's for your Visa electron Debit card to use from in kind of every road corner of Kolkata - So don't worry for the withdrawl of cash anytime). Citi Bank Choringhee will be nearer of the two. but as there are SCB even closer to Prince Anwar Shah Road. I would prefer Standard Chartered (Grinlays system)

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Jul 29th, 2007, 19:40	#2
ycl1688 Member Join Date: Jan 2007 Location: chicago,usa Posts: 42	obviously the chowringhee road branch will be a lot convenient. yet you could open a ING bank account,if possible stateside and i believe it has lot more branches in kolkata. maybe others can comment on ing bank.

Jul 29th, 2007, 20:00	#3
capt_mahajan (in charge of navel affairs) Join Date: Sep 2005 Location: India Posts: 9,718	I would stick with Citibank, since you are already using them in the US. Chowringhee is close enough, and it is an area which you will be going to, or passing, fairly regularly; in any case, ATM's will be widespread and can be used for withdrawals and even depositing cheques much closer to your home, I am sure.

Jul 29th, 2007, 20:35	#4
cmdunn1972 Expat Mom in Kolkata Join Date: Apr 2007 Location: PAS Road, South Kolkata Posts: 45	Thanks to both of you for your replies! I'll look at ING, though I'll give Citibank first consideration since we already bank there and you can't stretch out your legs without hitting a Citibank ATM while stateside. Of course, if ING's rates are more competitive or their fees are more reasonable, then I'm happy to consider switching. (Citibank has been charging us $10 fees for each incoming int'l wire transfer, which gets old since that's how our reimbursements come in.) Thanks again for the help! It's tough doing this since we're oceans away right now.

Jul 29th, 2007, 20:45	#5
ycl1688 Member Join Date: Jan 2007 Location: chicago,usa Posts: 42	i have citibank account now. i am not too happy with them. consider you have to pay fees for money transfer. other than that citibank has the reputation of insider job few months ago. where id theft caused a big havoc with money illegal taken out. it is scary.

Jul 29th, 2007, 21:06	#7
Nick-H Loud-mouthed, Noisy Bird Join Date: Oct 2004 Location: Chennai, India Posts: 25,776	I am no fan of either ICICI or Citibank, but... check out ICICI's internet-based money2india transfer scheme. I bank with UTI.

Jul 29th, 2007, 21:16	#9
cmdunn1972 Expat Mom in Kolkata Join Date: Apr 2007 Location: PAS Road, South Kolkata Posts: 45	Hmmm... ID theft is a major issue, no matter what one's socio-economic status happens to be. I've a question for you about Citibank's money transfer fees, ycl. Do you know if they are waived if the transfer goes from a Citibank account abroad to a Citibank account in India? If the fee is waived in this case, it's incentive to stick with Citibank. If not, then it's an open playing field. TIA!

Jul 30th, 2007, 00:50	#12
Nick-H Loud-mouthed, Noisy Bird Join Date: Oct 2004 Location: Chennai, India Posts: 25,776	UTI bank (soon to become Axis bank) ICICI Bank ICICI Money2India I have been rather shocked by a couple of news items recently concerning heavy handed action against loan defaulters by ICICI. I'm actually very unhappy (our bank investment dept did it) to have become a shareholder in the bank, as I don't want to be a part of that. But te money2india site works well, and I don't suppose they make much money out of me on the exchange rates.

Jul 30th, 2007, 02:26	#13
jenk Senior Member Join Date: Aug 2006 Location: Brooklyn NY Posts: 106	Daughter set up an HSBC account for her stay in Calcutta - thats worked out well.

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