Bank Account - for travellers

katvei · Oct 2nd, 2006, 10:28

Hi,
I am an Australian national, and am planning to travel around India for 1 year (ie. no fixed address, although i would stay for an extended period like 2-3 months in one place).
I am concerned about the expensive bank transaction fees and the fluctuation of foreign exchange rates.

I was suggested to open a bank account with one of the major indian banks once i get there.

Is it possible to open a bank account for someone in my situation?

If yes, which bank do you recommend me to open a bank account with? assuming I may travel to small cities/towns, and would prefer a bank with widely available cash withdrawal facilities.

Thanks

GoanCanuck · Oct 2nd, 2006, 10:42

Katvei, are you sure you have a 1 year visa which will aloow you to stay in India the entire year. Australian citizens are normally only issued a tourist visa which is valid for 180 days. You have to then leave India and apply for a fresh visa.

As far as a bank account is concerned, a tourist can open a bank account in India with any bank but this account will stay open for only 6 months.

gipsi47 · Oct 2nd, 2006, 11:56

Better to stick with your own home bank and use a dedit card, they are accepted at most Indian banks and machines whereas some of the local bank debit cards are only usable in their own machines and they may not be around where you are.Trasferring money into some local banks can also be a timely matter and they charge you for transactions.
We have travelled all over India in the past few years and have never had a prob with our home bank cards. You may want to consider asking your bank if you can get a duplicate card to keep in a safe place in case of loss or technical probs with the magnetic stripe.
Cheers

Merchant · Oct 2nd, 2006, 11:57

The rupee doesn't really fluctuate against other currencies--not in any way significant enough to matter to a traveler.

GoanCanuck · Oct 2nd, 2006, 12:04

Quote:

Originally Posted by gipsi47

We have travelled all over India in the past few years and have never had a prob with our home bank cards.

Gipsi, which Canadian bank's card are you using and how much do they charge for each withdrawal?

Nick-H · Oct 2nd, 2006, 12:12

The rupee has fluctuated a lot over the past year!

See this

Whereas it is technically possible to open an account as a tourist, the couple of banks I tried were not interested until I had a resident's permit.

gipsi47 · Oct 2nd, 2006, 12:24

With regards to which bank, they all charge about the same fees which do not add up to more than Cdn 10 dollars a year, we only use our cards a couple of times a month as you can take up to
R 20,000 per transaction if you need. We use BMO in Canada.

katvei · Oct 2nd, 2006, 14:28

thanks guys for all the info..

Does it mean a bank card issued by a bank in my home country(a Maestro card) is more widely acceptable (from ATMs and bank branches) in India than a bank card issued by an Indian bank?

Also, it will cost me at least A$5 for each ATM withdrawl in India. As I will be traveling alone in India, concerned about the safety of money and myself and all, I am not quite comfortable with the idea of carrying a large sum of money on any given day. As a result, I may need to withdraw money quite frequently, and incurring the A$5 each time.

Would the cost of withdrawing money be much lower if I open an account with a major Indian bank instead?

Nick-H · Oct 2nd, 2006, 14:47

Quote:

oes it mean a bank card issued by a bank in my home country(a Maestro card) is more widely acceptable (from ATMs and bank branches) in India than a bank card issued by an Indian bank?

Not necessarily: My Indian bank card is a Visa (and Electron) card. They claim I can use it internationally, though I haven't tried yet. Certainly I should be able to use it in the vast majority of Indian ATMs

machadinha · Oct 2nd, 2006, 14:49

Quote:

Would the cost of withdrawing money be much lower if I open an account with a major Indian bank instead?

Probably not, but I really don't know. Apart from the account itself being tricky as explained. You've also not explained how you plan on staying a year I think (not that you have to, but it would be interesting.)

Before ATMs you'd be walking around with a bunch of traveller's cheques cleverly tucked away that you'd cash in every 2 weeks or so. It's very much doable and many have done it before you. Think of medieval travelers and how they got around

That clever traveler's item dates back a way back longer and it was quite a lot heavier apparently!

The withdrawal cost is a concern however so I think you know what to do. (Walk around... cleverly... etc.

)

BigDave55 · Oct 2nd, 2006, 15:07

I've just returned from a month in India. I took NAB debit cards from Australia, assured they would be accepted at Cirrus ATM's (which are everywhere by the way) but my card would only work in one ATM in Darjeeling and that was a PLUS one. So I had to use the Visa card and then transfer from the debit account via net banking to avoid daily fees.

My advice is, don't sweat it too much about carrying large sums, your personal security plan plus common sense should be smart enough to take care of that. Make sure from your bank that your debit card works in both Cirrus and PLUS ATMs. Check that it works in a large city ATM before you venture afield and then if there's a problem you've got access to large banks etc.

Have a ball.

Dave

katvei · Oct 2nd, 2006, 15:47

Quote:

Originally Posted by machadinha

You've also not explained how you plan on staying a year I think (not that you have to, but it would be interesting.)

Well,apart from wandering around aimlessly in India for a year, I am hoping to learn India classical dance (Bharatanaym and/or Odissi)

Quote:

Originally Posted by machadinha

Before ATMs you'd be walking around with a bunch of traveller's cheques cleverly tucked away that you'd cash in every 2 weeks or so. It's very much doable and many have done it before you.

Hmm, the thing is my physical appearance probably does not deter/intimidate (potential) robbers: east asian appearance, female, and quite short'n small

I will probably be dressed in a reasonably shabby kinda way, but really it does not take much for someone to rob me... I was even warned recently by someone who was raised in Pakistan (whom has never been to India, maybe it explained

)that for someone "of my size and appearance", that I probably shouldn't withdraw money from ATMs, but do it inside a bank branch, as I may be perceived as being "rich" by the "potential robbers" who loiter around ATMs. -- ok ok, I know a lot you out there could be angered by this "slant" made by someone who has never been to India.. but hey I really have not much clue about India either

I am not whinging, but I do want my stay in India safe, and i am in a way about to step into a big unkown, so could be at times a bit "overly worried"

Dave:

Do you think it's worthwhile for me to open maybe a few savings accounts just in case (eg. one with CBA, and one with CitiBank?)
I heard CitiBank has branches in most Indian cities.

alext · Oct 2nd, 2006, 16:12

Quote:

Originally Posted by machadinha

Before ATMs you'd be walking around with a bunch of traveller's cheques cleverly tucked away that you'd cash in every 2 weeks or so. It's very much doable and many have done it before you.

Buying TC will cost more than the ATM fees though...

Maybe it is just me being neither small, not female but I have never had an issue at or near an ATM. In every case I have felt more comfortable withdrawing money in India than at home I am sorry to say.

Money is going to cost you to travel one way or another.

Personally I bring some amount of emergency cash in a money belt, some TCs (in case I cannot find an ATM) and my ATM card. When I come home, I still have my emergency cash, maybe a TC (too annoying to cash compared to using the ATM) and a well worn ATM card.

machadinha · Oct 2nd, 2006, 16:15

Violent robbery in India is a real exception. Pickpocketing would be your main concern. So -- keep your gear stashed and you should be OK (should I repeat).

I understand your intention of staying a year, not how you plan on doing it however. That's OK really, none of my concern. (You're aware by now that you're not technically allowed to right?)

Have fun and don't worry so much! (About the money anyways

) You'll be OK.

ps Not going to the ATM in the middle of the night might be something but I assume you had figured that one out. I don't know about current affairs in India but in many places you'll get some sort of booth that you need to open up using your pass first, it's like that in Germany even. It's pretty safe.

Again, no one is gonna club you over the head or anything (well not unless you say out loud they won't

)

Nick-H · Oct 2nd, 2006, 16:24

Don't look shabby: that will atract even more attention!

Dress smartly, without looking rich

Oct 2nd, 2006, 10:28	#1
katvei Member Join Date: Sep 2006 Location: Sydney, Australia Posts: 8	Bank Account - for travellers Hi, I am an Australian national, and am planning to travel around India for 1 year (ie. no fixed address, although i would stay for an extended period like 2-3 months in one place). I am concerned about the expensive bank transaction fees and the fluctuation of foreign exchange rates. I was suggested to open a bank account with one of the major indian banks once i get there. Is it possible to open a bank account for someone in my situation? If yes, which bank do you recommend me to open a bank account with? assuming I may travel to small cities/towns, and would prefer a bank with widely available cash withdrawal facilities. Thanks

Oct 2nd, 2006, 12:12	#6
Nick-H Loud-mouthed, Noisy Bird Join Date: Oct 2004 Location: Chennai, India Posts: 27,763	The rupee has fluctuated a lot over the past year! See this Whereas it is technically possible to open an account as a tourist, the couple of banks I tried were not interested until I had a resident's permit. __________________ . Just one member of the IndiaMike Mod Team

Oct 2nd, 2006, 15:07	#11
BigDave55 Universal Traveller Join Date: Mar 2006 Location: Sydney Australia Posts: 35	Check your Debit Cards for access I've just returned from a month in India. I took NAB debit cards from Australia, assured they would be accepted at Cirrus ATM's (which are everywhere by the way) but my card would only work in one ATM in Darjeeling and that was a PLUS one. So I had to use the Visa card and then transfer from the debit account via net banking to avoid daily fees. My advice is, don't sweat it too much about carrying large sums, your personal security plan plus common sense should be smart enough to take care of that. Make sure from your bank that your debit card works in both Cirrus and PLUS ATMs. Check that it works in a large city ATM before you venture afield and then if there's a problem you've got access to large banks etc. Have a ball. Dave

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Oct 2nd, 2006, 10:42	#2
GoanCanuck Maha Guru Member Join Date: Oct 2004 Location: Vancouver Posts: 3,119	Katvei, are you sure you have a 1 year visa which will aloow you to stay in India the entire year. Australian citizens are normally only issued a tourist visa which is valid for 180 days. You have to then leave India and apply for a fresh visa. As far as a bank account is concerned, a tourist can open a bank account in India with any bank but this account will stay open for only 6 months.

Oct 2nd, 2006, 11:56	#3
gipsi47 bulleteergoa Join Date: Aug 2003 Location: Patnem Beach,Goa India Posts: 51	Better to stick with your own home bank and use a dedit card, they are accepted at most Indian banks and machines whereas some of the local bank debit cards are only usable in their own machines and they may not be around where you are.Trasferring money into some local banks can also be a timely matter and they charge you for transactions. We have travelled all over India in the past few years and have never had a prob with our home bank cards. You may want to consider asking your bank if you can get a duplicate card to keep in a safe place in case of loss or technical probs with the magnetic stripe. Cheers

Oct 2nd, 2006, 11:57	#4
Merchant Maha Guru Member Join Date: Oct 2003 Location: New York Posts: 2,096	The rupee doesn't really fluctuate against other currencies--not in any way significant enough to matter to a traveler.

Oct 2nd, 2006, 12:24	#7
gipsi47 bulleteergoa Join Date: Aug 2003 Location: Patnem Beach,Goa India Posts: 51	With regards to which bank, they all charge about the same fees which do not add up to more than Cdn 10 dollars a year, we only use our cards a couple of times a month as you can take up to R 20,000 per transaction if you need. We use BMO in Canada.

Oct 2nd, 2006, 14:28	#8
katvei Member Join Date: Sep 2006 Location: Sydney, Australia Posts: 8	thanks guys for all the info.. Does it mean a bank card issued by a bank in my home country(a Maestro card) is more widely acceptable (from ATMs and bank branches) in India than a bank card issued by an Indian bank? Also, it will cost me at least A$5 for each ATM withdrawl in India. As I will be traveling alone in India, concerned about the safety of money and myself and all, I am not quite comfortable with the idea of carrying a large sum of money on any given day. As a result, I may need to withdraw money quite frequently, and incurring the A$5 each time. Would the cost of withdrawing money be much lower if I open an account with a major Indian bank instead?

Oct 2nd, 2006, 16:15	#14
machadinha Not Your Guru Member Join Date: Jan 2005 Location: yörp Posts: 11,141	Violent robbery in India is a real exception. Pickpocketing would be your main concern. So -- keep your gear stashed and you should be OK (should I repeat). I understand your intention of staying a year, not how you plan on doing it however. That's OK really, none of my concern. (You're aware by now that you're not technically allowed to right?) Have fun and don't worry so much! (About the money anyways ) You'll be OK. ps Not going to the ATM in the middle of the night might be something but I assume you had figured that one out. I don't know about current affairs in India but in many places you'll get some sort of booth that you need to open up using your pass first, it's like that in Germany even. It's pretty safe. Again, no one is gonna club you over the head or anything (well not unless you say out loud they won't )

Oct 2nd, 2006, 16:24	#15
Nick-H Loud-mouthed, Noisy Bird Join Date: Oct 2004 Location: Chennai, India Posts: 27,763	Don't look shabby: that will atract even more attention! Dress smartly, without looking rich

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