Money in India - Tourist Basics

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#16 Aug 30th, 2014, 00:37
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#16
OUCH! But at least you got your passport and medicines back and saved yourself a lot of hassle. I went to my bank's branch some days ago on a weekday to deposit some foreign currency into my NRE (Non-Resident External) account. They would not accept it after 3pm and I had to go the following working day.
#17 Aug 30th, 2014, 01:02
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#17

Exclamation

I will add that as soon as the money pops out of the ATM, grab it fast because it can get sucked right back in! Someone told me later that ATMs are timed to suck the money back in if the money is not taken. For me it was mere seconds!

Two years ago I was getting 10,000 rs and the guard inside the ATM stall distracted me by talking to me. I looked his way, heard a noise, turned back and watched my money go back in!

It was a hell of a thing to do to try to get it credited back to my account because it showed a withdrawal but I did not have the roops! Of course the Indian bank that managed the ATM took no responsibility for it, they said it was my bank's problem!
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#18 Aug 30th, 2014, 01:07
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Quote:
Originally Posted by Sama View Post I will add that as soon as the money pops out of the ATM, grab it fast because it can get sucked right back in! Someone told me later that ATMs are timed to suck the money back in if the money is not taken. For me it was mere seconds!

Two years ago I was getting 10,000 rs and the guard inside the ATM stall distracted me by talking to me. I looked his way, heard a noise, turned back and watched my money go back in!

It was a hell of a thing to do to try to get it credited back to my account because it showed a withdrawal but I did not have the roops!
It doesn't happen anymore. The Reserve Bank of India has changed the rules precisely because of the problem mentioned by you. Now you get warning beeps but the money doesn't get sucked back inside anymore.
#19 Aug 30th, 2014, 01:12
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#19
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Originally Posted by pap View Post It doesn't happen anymore. The Reserve Bank of India has changed the rules precisely because of the problem mentioned by you. Now you get warning beeps but the money doesn't get sucked back inside anymore.
You mean changed within the last two years?

I'm still not taking any chances!
#20 Aug 30th, 2014, 01:26
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Originally Posted by Sama View Post You mean changed within the last two years?

I'm still not taking any chances!
This is from a two year old article. Haven't seen or heard of cash retraction in recent times, so the system would have changed totally by now.
#21 Aug 30th, 2014, 01:43
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#21

Making cash deposits on Ann an ATM.

Disturbing story SAMA. So typical of bureaucracy in unstuck banks. Who else if not the bank where the transaction took place is in a position to determine if the cash was actually withdrawn? The bank owns the transaction and all records pertinent to the transaction. Just pass the buck and screw the innocent user!

I refuse to make cash deposits in ATM. Many years ago I saw a businessman trying to track his missing cash deposit of fort thousand dollars and some change he had made the night before. It was his cash revenue for the day.

Come to think of it I haven't ever deposited a cheque in an ATM too. I know younger people do both regularly.

Any stories about missing cash deposits via an ATM?
My bad grammar does not make bad your grammar OK.
#22 Aug 30th, 2014, 02:09
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#22
I belong to a credit union that charges no fees for foreign transactions or ATM usege. I used their debit card on my 2012 visit and got the very best exchange rates. I felt a bit wary using an ATM for the first time, actually the third time. The first two machines didn't work, that's pretty common in India. I felt wary because the machines were in rather shabby surroundings. But many are. I guess I used the machines a good dozen times with no incident.

I go back in 2015 and the debit card will be my primary means of acquiring cash.

Please inform your banks debit/credit card department that you will be using your card in India and the dates of your trip. If not, you may find your card will be blocked, fraud protection.
#23 Aug 30th, 2014, 03:06
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#23
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Originally Posted by Drews60 View Post Please inform your banks debit/credit card department that you will be using your card in India and the dates of your trip. If not, you may find your card will be blocked, fraud protection.
Good point. Though i live in India i also have a card on a UK bank account that sometimes i use net shopping and so on.

I never know really if it's going to go through because they understandably question such transactions and auto block the thing... then it's a hell of a pallava with the old multiple choice phone thing calling from overseas punching in loads of numbers to finally getting the right person to relieve the constipation, ultimately it is usually a Scottish lady who sorts it and makes a note 'in the computer' and we have a little chat, 'how's the weather' - until the bloody computer starts thinking for itself again
#24 Aug 30th, 2014, 03:10
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#24
In our wee call centres in Bombay we train the local lasses in Scots' accents very well; aye!
#25 Aug 30th, 2014, 03:17
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#25

Cool

Quote:
Originally Posted by Yaatri View Post Disturbing story SAMA. So typical of bureaucracy in unstuck banks. Who else if not the bank where the transaction took place is in a position to determine if the cash was actually withdrawn? The bank owns the transaction and all records pertinent to the transaction. Just pass the buck and screw the innocent user!

Basically, it was my word against the bank's so they chose to screw me.

The branch bank was literally around the corner from the ATM so I walked there and told what happened. They said contact the main office of the bank in Chennai which I did immediately when I got back to my hotel room within an hour -- found out where they were and emailed the particulars, the transaction number on my receipt, where the ATM was located, etc.

So I get an email back (no more than two days later) saying all the money is accounted for! I said that would be impossible if the ATM records show a withdrawal but the ATM is 10,000 Rs to the good since the money got sucked back in!

In any event, I said the hell with it because I was at a disadvantage -- obviously no one was going to believe me and they probably thought I pocketed the money but said I never got it. The manager at the branch bank even told me there's no way to prove I am telling the truth when he told me to contact the main office of the bank! Guest is God, my ass!

I took it up with my bank (while I was still in India) and they eventually credited my account even though they said THEY DID NOT HAVE TO BECAUSE IT WAS THE INDIAN BANK'S RESPONSIBILITY.

A friend in Chennai told me the same thing happened to him in Calcutta but he had no problem whatsoever with the bank there.

Just grab the money when it comes out, don't take any chances!
#26 Aug 30th, 2014, 03:22
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#26
Haha I have never tested it as a person I owe money to is always waiting at the ATM machine and grabs the money before I can see it. Sama, this is the first time I have ever heard of this in the past 70 years, since Mr. Ardeshwar Tikoomal Moolchand (ATM) came up with the idea of a cash dispensing machine.
#27 Aug 30th, 2014, 03:24
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#27
Quote:
Good point. Though i live in India i also have a card on a UK bank account that sometimes i use net shopping and so on.

I never know really if it's going to go through because they understandably question such transactions and auto block the thing...
So do I, but they have my Indian address, so they would be more likely to block sudden use in the UK!

Quote:
Just grab the money when it comes out, don't take any chances!
Absolutely. The conversation is academic, really, because one should always take the money immediately. If someone speaks to you, it might be a friendly guard, or it might be someone distracting your attention so that they can take the money promptly.

Quote:
since Mr. Ardeshwar Tikoomal Moolchand (ATM) came up with the idea of a cash dispensing machine.


I think you'll have a hard job convincing an American that it doesn't stand for Automatic Teller Machine, because I think I'm right in saying that they call the guys behind bank counters who cash the cheques Tellers.

Wondering if you're kidding. The burning question is... should I ask Google? There is a high feeling-silly possibility here!
#28 Aug 30th, 2014, 03:32
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#28
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Originally Posted by Drews60 View Post . I felt a bit wary using an ATM for the first time, actually the third time.
The ATMs that take in the entire card (instead of just a swipe) make me nervous!

And my ATM is not tied to a bank but to Fidelity Investments that repays any ATM fees wherever I am in the world (i.e., if an ATM charges fees for withdrawals as some do in India and elsewhere.)
#29 Aug 30th, 2014, 03:33
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#29
Quote:
The ATMs that take in the entire card (instead of just a swipe) make me nervous!
Me too. I'm not happy until it is back in my hand!
#30 Aug 30th, 2014, 03:36
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#30
My Indian bank has started to charge me Rs.20 per ATM transaction since last month. Some machines retain the card for the duration of the deal and some spit it out as soon as the PIN (Personal Identification Number) is entered, here in India (Indian card). In the UK, all machines retain it (UK card) for the duration of the deal.







(Nick, please please please Google it!)
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