How to take my money with when moving?

Ok, I am back with a really silly question that has been bugging me for a while now. I'm moving to India in a few months. How do I take my money with me? How do others do it when they emigrate? I am really ignorant. I do not have a bank account in India yet (of course, how would I?). All I have is a bank account here where I live, with a local Canadian bank. So do I open an account with some international bank, deposit my money there, and then try to access it at some branch in India? Is it as simple as that? Is that how everyone does it? Or is there some other method to take your money with you? What is the most efficent and safest method? Please advise, friends.

What kind of an account do you have ? Checking ? Savings ? MMA ? And how much monies are you looking to move ? >100,000 CND ? HSBC which has branches all over the world, is a popular option, or Citibank which also has many branches in India is another.

Hi Nycank!!! Nice to hear from you again! I have chequing account (if it's relevant). And I'm definitely looking to move much less than 100,000..!!! Would even be less than 20,000 CADS. Hmmm the only int'l bank here in my city is HSBC. And of course I want it to be converted to Rupees when I'd be in Ind. What is the usual procedure?

1. For modest amounts (daily requirements, getting through the first weeks), your ATM card will almost certainly work in India. Expensive in fees.

2. Open an account at the Indian bank of your choice.

3. check out money2india.com. I don't know if this service is available in Canada. It is like internet shopping: you register your Indian account with them, log a payment, get given a reference number, bank account number, etc. Then you transfer to that account using your Canadian bank internet banking. Free about a certain level; they make their money out of exchange rates. ICICI run this particular system. I bank with Axis in India, they have their own international system; I prefer ICICI's; there is not need to stick with the same bank.

4. major transfers: Once you have your Indian bank account set up, you can make payments to it directly from your Canadian bank via the international banking system. There will be a fee. Expensive for small amounts, not a big percentage on large ones.
No need. Indian banks belong to the international banking networks. Whether it is Rs10,000 out of an ATM or Rs1,00,00,000 vis the SWIFT system, you can do it.

The only thing with those big transfers is that you may need to visit your Canada bank branch to do it. See if they will accept the instruction by fax.

It's all safe. Or as safe as the banking system ever is. Actually, I've tried to break it twice by making stupid mistakes writing down account numbers on forms --- and both times, notwithstanding quite some panic, it has been sorted out.

Move an equivalent of 9,999 USD to India, and leave the rest in your checking account. I'd personally move small amounts out of your bank (via wire-transfer, or simple check deposit) as and when needed. The forex volatility makes it prudent to not move monies in large quantities.

Hey thanks Nick, for explaining the step-by-step process to me..! You are always wonderful! Now that you've laid out the steps clearly, it doesn't seem all that mysterious anymore. Why hadn't I thought of this route earlier?? Everything's done online these days, eh?
Yes money2india is available in Canada too. I could definitely try it! Thanks for telling me about it.

Hmmm good ideas, thanks!
Btw, if I deposit a cheque in my Indian bank account, is it a long process to have it cleared? Any extra steps involved? Coz naturally it would be a foreign cheque (from my Canadian bank).
And will it be converted to INR? Do I write the cheque in CDN or INR?

A couple (few?) of years ago, I was told that I could deposit a cheque in GBP drawn on my London bank in my Indian Rupee account, but it would take six weeks to clear. Anyone got anything more up-to-date?

I guess you'd write the cheque in CDN$. I don't know for sure. That's something you could ask on the day

If you are prepared to keep a couple of lakhs in a savings (cheque) account, or deposit quite a bit with the bank, you can be a priority customer. That will get you quite a bit of personally targeted marketing ---oh, sorry, I mean service. Personal service.

Well, we just told Axis to stuff their Priority account on the basis that we'd rather have the interest on the money and sit in a queue than have a comfy chair in front of a pretty girl. To be honest, I wavered on that, but my wife kicked me .

The priority thing probably is worth it to a newcomer, and anyway, they'll be all over you if you really do have quite a bit to bring here

in 2006/7, i was able to submit my cheque in usd drawn on a bank in usa on my checking account at deutsche bank here to bring funds to sb account in inr. from the time DB received the cheque, it took less than 2 weeks to see the money in my account. it takes about a week for them to send the cheque abroad & a week to move funds from remote bank to their specific account, then a day to convert from usd to inr & credit your account. there is a flat fee for foreign currency cheque collection, they make the rest in premium over inter-bank rates.

in 2008/9 i was also able to submit a similar cheque at SBI to bring funds here & make an RFC(D) account here. that allowed funds to stay in USD format till i decided to convert to INR. again, it took about 2 weeks from cheque submission to getting the RFC(D) deposit receipt.

in retrospect, looks like your experience is more recent...

A Citibank check drawn from a NYC branch; deposited to an HSBC branch in Gurgoan clears in 5 business days. I do this all the time; I f*king bet the monies are settled SWIFT at COB, and they play the 4 day+weekend as float.

Well, I don't know what my Axis bank lady was on about then. I should have tried it!

I'd suggest a really large sock.

(Sorry, folks.)

It is not as complicated as you are making it to be. Rather it is really simple. Here is what I would do if I were you.

1. Carry $200 CAD and convert some of it to INR (Indian Rupees) at Airport.
2. Open an Indian bank account in a bank like Citi Bank by paying in Cash. Also, tell them that you would like to transfer money from a Canadian bank directly to Citi Bank when needed (they may have special account for foreigners.) Since I am Overseas Citizen of India, it is Citi NRE account for me where I cannot deposit money earned in India into that account. If you are working in India then it has to be some kind of special account because Indian government has a lot of rules. Banks should help you through the process. Just make sure you carry all the documents like passport, letter of appointment etc. Make sure you select a reputed bank like Citi Bank or ICICI bank because I know these two banks will allow you to link your account to foreign bank. I think ICICI bank has a branch in Toronto so if you live close by then you may want to go and see them before going to India. Also, State Bank of India also has presence in Toronto.

3. Once you have an Indian bank account, you can link it with your Canadian bank account using ACH facility (by logging into Indian bank web site)and then you are all set. Depending on exchange rate, you can transfer money from Canadian bank to Indian bank electronically (it takes about 5 days for money to appear in Indian bank account). In my case, only one way transfer is allowed, i.e., from USD to INR. I cannot move money from Indian bank to a US bank. So, your account may have restrictions imposed by Indian law.

There is another arcane method if you don't like step 1. You can take travelers checks and use them to open a bank account in India. Travelers checks are instant cash and are better than writing personal check which will take a while to clear.

Finally, take your current ATM card and credit cards. You may end up paying bank fees when you use them but they can serve you well in cases of emergency. Personally, I won't mind paying extra fees until I get settled in.

Since you are based in Canada the best option for you is opening a Select Service chequing account with TD CanadaTrust. As long as you keep $5000 in your account, you are entitled to unlimited free withdrawals anywhere outside Canada.

The other option is to open a chequing account with a credit union in your province. Many credit unions give you 2 free international withdrawals every month and you do not need to a certain minimum balance in your account.

The most simplest route would be to take your entire savings with you in the form of a bank draft with you when you travel. Of course you will have to declare it when you land at the airport in India but you have no reason to fear because you can bring in any amount as long as you declare the amount that you are bringing in.

If the bank staff know you they are usually prepared to buy the cheque of you instantly. But they have to be sure that it won't bounce.

Hmmm thanks for your guidance. Very useful indeed, right from step 1! Yes there are ICICI and State Bank in Toronto. However I don't live in or near Toronto, unfortunately. Otherwise would have paid them a visit.

Btw, with travellers cheques, do I have to declare the amount once I land in India? Or is that the case only with bank drafts? Silly question, I know. But am really ignorant.

Thanks! The "bank draft" idea is a good one too..!