International banking in Kolkata?

shashank.aggarwal

Well there is a way out of it..it might not suit everyone..but it is something that we use to good effect..

Open two accounts...one in a private back of your choice..I prefer HDFC..people might have bad experiences but I find them reasonable...

The second one has to be in State Bank of India..(SBI)

for your routine transactions use the multinational or private back and keep some money in SBI for backup...

SBI simply has the maximum number of ATMs in India and add to that they have numerous tie ups with other banks, where even if you have to use other that SBI ATM, then either it would be free of cost or the charge would be minimal like Rs.20 + service tax.

So when you are in your city the primary account (private or multinational) is good for service and day to day use..and if you are traveling in India either on business OR pleasure nothing beats SBI...

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Les&Pete

thanks everyone. I don't know what HSBC & SBI are but I'm sure to find out.
I will do the debit visa for cash wths & visa credit for purchases. My bank in Sydney is called St George, so probably none of you have heard of that one either!

jenk

HSBC is Hongkong Shanghai Banking Corporation, a major international bank. My daughter was able to easily set up an account here in NY before she left for Kolkata, thus avoiding local bureacracy - they have a good presence there with ATMs etc. but this is a US account - the statements come to us stateside. Im not sure what the local implications are or whether she has a local credit card, which is helpful for transactions in India (guess Ill find out when I visit her this fall!)- she gets her money in and out ok.

SBI - I assume thats the State Bank of India
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Les&Pete

I've just come back from Sydney airport. Everywhere I looked there were signs advertising HSBC! Funny how you never notice these things until it is triggered by something! I am going to check it all out here now & maybe open an account to simplify things in India.

shashank.aggarwal

Its the largest Bank in India, with widest Network of branches and ATMs.

Its a fortune 500 Entity.

Les&Pete

which is the easiest & best one to set up an account with? The HSBC or SBI?

shashank.aggarwal

any private bank would be any day easier and convenient..HSBC would be better in service any given day !!

But over here the point is that they have positioned themselves as a premium bank in Indian market and don't have many branches and ATMs..

I guess you should also be evaluating where exactly would you be living and which banks have branches in that area..

PS : Again I am not recommending SBI for primary banking requirements, its good for a backup account. The ATM Cum Debit card really comes in handy while traveling due to their vast acceptance and network.

Also if you are joining a company in India, they might already have a deal with some bank for Salary accounts of their employees. You might wanna check with them.

Les&Pete

I'm not the person moving to India. Just a tourist. I just want to know the easiest way of changing money & using atms & credit or debit cards in India.

Nick-H

Itis not so long since the word was to avoid the government-owned banks at all costs. I can remember a post by a member who moved his account from one of the State Banks after they took several hours to convert some cash. This is sometime within the last couple of years. I think they are modernising and changing their attitude to customer relationships.

State Bank ATMs are certainly ubiquitous, but one of their advantages is that they seem to be the least "fussy" machines: I have never had a card, foreign or Indian, refused by a State Bank machine; I have by other machines, including ICICI.

Not everything in the private sector is rosy: I waited for 25 minutes in an ICICI branch to talk to someone about opening an account. I was eventually told that person had gone home, and they would come to my house the next day. They didn't. So I'm one customer that didn't bother to go back.

ICICI (someone will correct me if wrong) is an Indian bank with some foreign branches. Citibank and HBSC are foreign banks with Indian branches. There are not so many CitiBank or HBSC branches here in Chennai --- maybe there are more in other cities.

ICICI has a bad reputation for hassling its debtors (with thugs) and a disinclination ever to admit being wrong. CitiBank tries hard to woo NRIs, and is big on looking flash.

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Nick-H

Discussed in many a thread here already. Most Indian ATMs will accept the standard foreign cards, debit and credit. The problem is your end: the fees your bank will charge for foreign withdrawals. You can also pay in shops for major purchases using your card.

Les&Pete

thanks Nick. It's getting clearer.

shashank.aggarwal

ICICI is a bank that should be avoided at all costs..they have seen phenomenal growth in last 12 years and it seems now they are finding it hard to manage things.

HDFC if way better than ICICI, even though their service is also not of higher order, but a notch above government banks and ICICI.

Citi and HSBC have positioned themselves as premium banks in Indian market..even thought they do issue a lot of credit cards, but they are not very particular about being accessible to common man in banking terms...

It seems they want an elite and exclusive customer base, something on lines on American Express.

cmdunn1972

There are two Citibank branches in Kolkata, according to their website, and less than 10 ATMs. Citibank seems to locate themselves close to where there are foreigners or tourists. For instance, the branch on Chowringhee Rd in Kolkata isn't far from the Victoria Gardens. (I'm not sure, but from the map it appears that their other branch is near Salt Lake.) The ATMs seem clustered near their branches.

As a side note, Citibank locates themselves in high-end cities in the US as well. There aren't any Citibank branches in my hometown. (I would have to go close to NYC to visit a branch.) However, there are Citibank branches in every 7-11 convenience store, so their ATMs are pretty ubiquitous here in the US.

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chief61

Hello There,

Best service provider among foreign banks in India
and calcutta as well is HSCB, if you are looking
for ATM , then ICICI and UTI bank has most numbers
of ATM in kolkata and they accept all international
Debit and credit cards.

Cheers

Nick-H

UTI bank has, this last week or so, changed its name to AXIS.