Sending money back to UK?


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#31 Oct 26th, 2010, 18:09
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#31
I'm going through this pain at the moment. And I work for a bank!

1) Opening an account here is a nightmare. I have opened two. Onc with the Bank I work for and one with the Bank that I bank with in the UK. Minimum three weeks from start to finish. Don't believe any bank employee who tells you otherwise. Having an account with the same in bank in the UK doesn't help. They don't talk to one another or at least if they do India doesn't believe anything that the UK tells them.

2) Remitting money. Just as painful. Haven't got there yet but you need to supply document after document.Nobody takes end to end ownership.

If I knew it would be this hard I really wouldn't be here.
#32 Oct 26th, 2010, 20:54
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#32
Mileage obviously varies!

I found it fairly easy to open a bank account in India (once I had that paper called RC/RP). I don't remember for sure, but I don't think it took longer than a few days. Come to think of it, although we only use one for every-day transactions, my wife and I have accounts at several banks: none was particularly difficult.

As mentioned previously: we transferred a sum of Rs. One Lakh to a bank outside of India. It took two forms and about ten or fifteen minutes, and the money was credited in the foreign account within two days (maybe it was just one, even, I forget).
#33 Oct 27th, 2010, 04:34
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#33
Thanks LondonAVB

What was so nightmarish then?

Are you living and working in India or just visiting?

Interesting that there's so much conflicting information floating about on this subject!
#34 Oct 27th, 2010, 04:43
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#34
These experiences can vary wildly. We didn't have a lot of luck with the first bank we tried. In the end though, it was simple.
#35 Oct 27th, 2010, 08:38
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Originally Posted by curtdfw View Post Have never had a Citibank India account myself, but had many friends and acquaintances who had no end of trouble with theirs.
I've operated Citibank accounts both in the US and in India for more than a decade each. The experience has been satisfactory, more or less. I'd never go with ICICI, however.
#36 Oct 27th, 2010, 12:28
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Originally Posted by mungbean View Post Thanks LondonAVB

What was so nightmarish then?

Are you living and working in India or just visiting?

Interesting that there's so much conflicting information floating about on this subject!
I am living and working here.

1) No ownership. Just people asking somebody else to do something and then believing that that was where their responsability ended.

2) lack of availability of contact details. How do you contact the person who this has been passed to?

3) Rote following of process. "it takes 10 days". No explanation of why (10 days was a dream anyway!)?

4) No transparency of process. You get drip fed requests for information rather than knowing what you need to provide up front.

6) People believeing that once the account was set up then that was it. Despite not having welcome pack. Having an account with no cheque book, card or Internet ID is about as much use as a chocolate teapot!

7) Stupidity. Continuing to trying to send the welcome pack to my home adddress during the day when I am at work despite me begging them to send to my office address.

8)Lies. Being told that the courier is outside my appartment and knocking on the door whilst I am in the appartment and obvious that he isn't.

9) Being told information that is contrary to what is on the website and what I have been told by my UK relationship manager. Being told I needed to deposit 7.5lac in order to open the account whereas my UK manager, and the website says that my UK status is automatically transferred to India.

It almost drove me to drink!
#37 Oct 27th, 2010, 12:58
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To be honest, your experience might be a one off case. Banks here in India work much more efficiently than in the UK. It took me 25 days to open a bank account in the UK - to get an appointment at Lloyds to meet an officer takes about 15 days. While I' have 5 bank accounts in India and all took < 7 days to be opened.
Secondly, most of the bank branches in UK are closed on Saturdays while the banks here are open on Saturdays when you have the off.

ICICI bank - the executive came to my office, took my signatures, handed me the welcome pack on the same day. In the next 48 hours ATM/Debit card was active. Although, lately, they have becoem a bit more bureaucratic.

Citibank - Citibank in India has the best services among all banks. Executive came to teh office and within 3 days I received welcome pack in my office.

HSBC - worst services - very high charges, smallest network - won't recommend.

HDFC Bank - Very wide network, reasonable charges.

State bank of India - Very bureaucratic but lowest charges, widest network.


When you filled up the form for opening up the bank account - the question about your mailing address is always asked - are you sure you checked the right option i.e. did you checkmark your office address instead of your residential address as your mailing address.

Secondly, where does the ownership thing comes in - you fill up the form which the executive gives to you and you give it back. I don't see any reason why you shouldn't get the welcome pack within 10 days, unless your signatures don't match or you have made some scribbling on the form.

I would strongly suggest ask your employer to open the account for you. This is the most simple and straightforward process and you don't need to go anywhere.



Quote:
Originally Posted by LondonAVB View Post I am living and working here.

1) No ownership. Just people asking somebody else to do something and then believing that that was where their responsability ended.

2) lack of availability of contact details. How do you contact the person who this has been passed to?

3) Rote following of process. "it takes 10 days". No explanation of why (10 days was a dream anyway!)?

4) No transparency of process. You get drip fed requests for information rather than knowing what you need to provide up front.

6) People believeing that once the account was set up then that was it. Despite not having welcome pack. Having an account with no cheque book, card or Internet ID is about as much use as a chocolate teapot!

7) Stupidity. Continuing to trying to send the welcome pack to my home adddress during the day when I am at work despite me begging them to send to my office address.

8)Lies. Being told that the courier is outside my appartment and knocking on the door whilst I am in the appartment and obvious that he isn't.

9) Being told information that is contrary to what is on the website and what I have been told by my UK relationship manager. Being told I needed to deposit 7.5lac in order to open the account whereas my UK manager, and the website says that my UK status is automatically transferred to India.

It almost drove me to drink!
#38 Oct 27th, 2010, 13:57
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#38
I can recognise everything that LondonAVB says. I have experienced all of those things in their specifically Indian (they happen in UK too of course) forms, and that includes banking. It sounds like LondonAVB was unfortunate enough to get all of them at once!
#39 Oct 27th, 2010, 14:46
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#39
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Originally Posted by engharsh View Post To be honest, your experience might be a one off case. Banks here in India work much more efficiently than in the UK. It took me 25 days to open a bank account in the UK - to get an appointment at Lloyds to meet an officer takes about 15 days. While I' have 5 bank accounts in India and all took < 7 days to be opened.
Secondly, most of the bank branches in UK are closed on Saturdays while the banks here are open on Saturdays when you have the off.

ICICI bank - the executive came to my office, took my signatures, handed me the welcome pack on the same day. In the next 48 hours ATM/Debit card was active. Although, lately, they have becoem a bit more bureaucratic.

Citibank - Citibank in India has the best services among all banks. Executive came to teh office and within 3 days I received welcome pack in my office.

HSBC - worst services - very high charges, smallest network - won't recommend.

HDFC Bank - Very wide network, reasonable charges.

State bank of India - Very bureaucratic but lowest charges, widest network.


When you filled up the form for opening up the bank account - the question about your mailing address is always asked - are you sure you checked the right option i.e. did you checkmark your office address instead of your residential address as your mailing address.

Secondly, where does the ownership thing comes in - you fill up the form which the executive gives to you and you give it back. I don't see any reason why you shouldn't get the welcome pack within 10 days, unless your signatures don't match or you have made some scribbling on the form.

I would strongly suggest ask your employer to open the account for you. This is the most simple and straightforward process and you don't need to go anywhere.

Sorry I can't agree. Maybe I'm just unlucky but cannot accept that Banks here are more efficient than the UK. And Most banks in the UK are open on Saturdays. In the UK I can also transfer money globaly at the click of a button. India require 3 forms + passport + Visa + payslip. How can that be more efficient.


One of the banks concerned was my employer and even they couldn't get it right. I also don't see any reason why it should take 10 days but it does. Plus more. Fact.

mailing address - It just requires flexibility and pragmitism. I want my statements to go to my home address. Nobody needs to sign for these. But a welcome pack is different and should go to wherever I want it to go. Not to home where nobody is.

As for ownership - When the so called executive says "It's with the courier" or "I passed it me Mr xxxxx" just shows that they don't think they own the problem.

I find it easier now to call the service centre in the UK and get them to sort the problem out with their own organisation in India.
#40 Oct 27th, 2010, 15:27
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#40
I'd love to know which bank you are working for --- and I'm sure that, for professional reasons, you're not going to tell us!
#41 Oct 27th, 2010, 16:32
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Originally Posted by Nick-H View Post I'd love to know which bank you are working for --- and I'm sure that, for professional reasons, you're not going to tell us!

I have experience of openning an account with two banks in India. Bother were bad. Both domiciled in UK, one four letter accronym, one three letter accronym. I work for one of them.
#42 Oct 27th, 2010, 16:39
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#42
That is more than enough clue for someone to figure out.
#43 Oct 27th, 2010, 16:47
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Hmmm... well, I bank with a three-letter abbreviation (Any banks with acronym names in UK? remember, an acronym is an abbreviation that makes a pronounceable word)

I had thought of going to the same bank here (actually, it used to be the Dutch bank that my bank took over, but is now changing to RBS name. damn! I mentioned it! ) but their deposit rates are dismal, so I will not go there.

I well remember a problem with RBS in London, where, being of no fixed abode after selling my house, they could not get it together to reset my online password. After about a week, it took a phone call promising to end a thirty-plus year relationship --- and the problem was being fixed for me by staff in the branch I just happened to be near at the time, within half an hour.
#44 Oct 27th, 2010, 17:08
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#44
Whoops!. Got me there. I would guess its abbreviations that AVB was intending to say. If not I have got it completely wrong. But then cant think of any acronym name banks in the UK.
#45 Oct 27th, 2010, 17:22
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#45
I tried doing this a couple of years ago and it was NOT possible as the rupee is a non-convertable currency plus there was lots of red tape. I suggest you talk to an english bank who have branches in India, talk to someone knowledgable though as I think this may be more difficult than you think.
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