[rjainv]

Originally Posted by CarManMotorcycl

I had some dirhams cash with me and wanted to exchange to INR, this is the first time i am doing something like this. Would like to know the documents I will have to carry with me do the exchange. Can anybody suggest me some reliable foreign exchange services in Pune?

All you would need is a passport and pan card copy.
You can check fxkart dot com, they will connect you to local forex exchange guys.

[bigron]

Anybody ordered/used the NIYO Global Card recently? Is this thing legit and does it actually work?

Thinking of getting one for an upcoming trip. I was told to have my PAN, Passport and a Cancelled cheque ready for the agent to come in and verify. A fees of Rs 236 will be charged.
I could not understand the reason to show a cancelled cheque?!

[kkdelhi]

Foreign remittance


So, forex was sent to the beneficiary overseas through wire transfer. The bank in India did the transfer but used the wrong SWIFT code. Basically, they used the SWIFT code of a different overseas bank. The message that accompanied the transfer mentioned the correct beneficiary name and account number and the correct bank name. BUT, as I mentioned, the SWIFT code used was that of a different bank. What happens now?

[Turbanator]

Originally Posted by kkdelhi

I mentioned, the SWIFT code used was that of a different bank. What happens now?

Will be sitting in a Nostro account of the other wrong bank unless by a remote chance that bank ( appearing in the swift) also has an exact same account number too, in which case chances are funds can get transferred to that account. Usually, names are not matched in most countries.

You should tell your bank to update and recall the SWIFT at once. This is possible easily. 99,99% you will be ok, though it may take some time to get the funds in correct account.

[kkdelhi]

Originally Posted by Turbanator

in which case chances are funds can get transferred to that account. Usually, names are not matched in most countries.

When will banks in India become efficient in their routine tasks?

[Ragul]

Hey folks
I keep getting confused. I need usd to travel abroad. Do I look at buying rate or selling rate? Meaning when a forex trader advertises buying rate are they telling us at what rate a customer can Buy currency from them? Or does it mean the rate at which the trader will Buy from customers? Likewise for Selling rate - Is it the rate at which currency will be sold to customer?

Every year I travel somehow this confuses me as I never do proper accounting just go with the cheapest quote. Right now I saw a website of a forex trader that only shows buying rate which triggered the confusion as to why only Buy rate is being listed (because?) when I am trying to purchase currency…

[sagarpadaki]

Originally Posted by Ragul

Hey folks
I keep getting confused. I need usd to travel abroad. Do I look at buying rate or selling rate? Meaning when a forex trader advertises buying rate are they telling us at what rate a customer can Buy currency from them? Or does it mean the rate at which the trader will Buy from customers? Likewise for Selling rate - Is it the rate at which currency will be sold to customer?

Every year I travel somehow this confuses me as I never do proper accounting just go with the cheapest quote. Right now I saw a website of a forex trader that only shows buying rate which triggered the confusion as to why only Buy rate is being listed (because?) when I am trying to purchase currency…

Buying rate => price at which the trader is willing to buy your USD/GBP/EURO and give you INR in exchange.

Selling rate => price at which the trader is willing to sell you USD/GBP/EURO in exchange of INR.

Usually Buying rate < Selling rate.

For example, if Selling rate for USD is 1 USD = 80 INR, buying rate will always be 1 USD < 80INR. This way the trader makes profit at buying as well as selling.

[AZT]

I’m looking to get a Forex card for my upcoming trip to Canada. Niyo has given me an exchange rate as of today of 61.2 ICICI IS 61.7 and Ebix which has a tie up with ICICI is giving 61.4. Official rate for today is 60.85.

Ebix and ICICI are where you load the money in CAD while Ebix is where you load the money in INR and the day the transaction gets settled is the day the exchange rate will be taken.

Does anyone have any view on the pros and cons of each. Currently leaning towards Niyo as I don’t expect CAD to appreciate more from here and it’s already risen compared to last month.

[pandey.jai]

Hi folks, I’m traveling to Dubai with my family in December and I’ve got the ICICI forex card. I’m not sure if this the the most competitive one out there. This will be my first trip to the UAE.

Any recommendations on good/convenient card? Also any suggestions on how to get cash (AED) before travel? I’m told that I can withdraw cash at an ATM once I’m there, but that has a 7AED charge, which I’m hoping to avoid a bit.

[Samfromindia]

Originally Posted by pandey.jai

Hi folks, I’m traveling to Dubai with my family in December and I’ve got the ICICI forex card. I’m not sure if this the the most competitive one out there. This will be my first trip to the UAE.

Any recommendations on good/convenient card? Also any suggestions on how to get cash (AED) before travel? I’m told that I can withdraw cash at an ATM once I’m there, but that has a 7AED charge, which I’m hoping to avoid a bit.

In my last trip to UAE, I took around 1L in forex card and around 40K in cash. To be honest, you can do away with cash altogether, I was forced to use it as I had plenty of it. You can use card anywhere from public transport to supermarket to malls. The only place where having cash can be advantageous is while shopping in small shops like that of Meena Bazar where they charge a 2.5% markup if paying through card. And the second possible scenario is if you are going there for the party and girls and that insta model is going to take cash only

I took both forex card and cash from BookMyForex, all got delivered to me within 24hrs of ordering online. The card markup rate was 0.9% and cash was around 2.1% extra compared to google rate (was around 21.7 that time)

You can always use your regular credit/debit card in case you run short of forex where there will be around 4% markup as a backup. Also to be honest most activities are paid using INR itself, be it booking from Agoda for stay or activities through Klook, the only thing you need to carry forex for is shopping, transport & food.

Worst place to exchange money is at airport where markup can be as high as 10%. Normally most forex card offers similar competitive rates, so don't lose your sleep over it. Even a big 1% rate diff comes to only 1K/1L and the rate diff across brands will be in decimal.

[v1p3r]

If you have an HDFC card, most of them offer a 1.99% forex markup (on withdrawals as well as transactions), but also give you 3.33% points and 1% cashback on forex spends. Applies to versions of Diners and Infinia on HDFC. It's the most hassle-free way to spend money abroad.

[sandeepmohan]

We are in India visiting family. Flew in from New Zealand. We are Permanent Resident Visa Holders.

As an NRI traveling out of India, how much NZD (or USD equivalent. Converting INR to NZD while in India) are we allowed to take out of India in the form of cash, per passenger? NZD customs need a form to be filled for a value of NZD $10,000 or over. Like wise for Singapore as we transition there.

Much appreciate guidance here and a link to a RBI Guideline around this. The plan is to convert INR to NZD at a foreign exchange outlet before leaving India.

[vickzkool]

Originally Posted by sandeepmohan

We are in India visiting family. Flew in from New Zealand. We are Permanent Resident Visa Holders.

As an NRI traveling out of India, how much NZD (or USD equivalent. Converting INR to NZD while in India) are we allowed to take out of India in the form of cash, per passenger? NZD customs need a form to be filled for a value of NZD $10,000 or over. Like wise for Singapore as we transition there.

Much appreciate guidance here and a link to a RBI Guideline around this. The plan is to convert INR to NZD at a foreign exchange outlet before leaving India.

Whilst i have not seen an official guideline for amount that can be taken out per se , I got into bother with Indian customs at Hyd Airport in 2012 for carrying £3000 in cash , luckily i was able to prove this was part of my own money which i brought in when i arrived in India as i had he withdrawal receipt from my UK bank , i have used SBI to transfer money to my UK banks since for a very nominal fee and received money within 48 hours on every occasion

[shankar.balan]

One can more or less do away with cash in most destinations. For the most part, the credit card is more than enough.As others have said HDFC offers the best rates and points. For safety’s sake it is worth having a multi currency forex card containing some emergency funds. Maybe 500 USD or so.
It is also useful to carry some amount of cash for local usage, notably for ‘tipping’ at hotels, restaurants, clubs, cabs etc, especially in destinations where things are relatively inexpensive and where the people are not so well off. So when you land, ideally just withdraw some cash in the local currency, perhaps the equivalent of a 100 USD, from a local ATM using your normal Indian Debit card.
It’s sensible to carry multiple small wallets/ card cases when travelling and distribute one’s cards and cash in those, so as to avoid being left in the lurch if one loses any one of one’s such wallets.

[sandeepmohan]

Originally Posted by vickzkool

i have used SBI to transfer money to my UK banks since for a very nominal fee and received money within 48 hours on every occasion

Thanks.

I just visited SBI, where the funds are. As you say, their charges are nominal. Might as well take this path than get stuck with customs explaining why I am carrying so much cash. Besides; the question will surely come up on how I managed to exchange INR to NZD of this amount. The Relationship Manager at SBI did say something like 7lacs per annum which can be wired to another country. I am trying to move quite a bit more and if this cap is there, that is a barrier for me. A visit to a Chartered Accountant is also required, before sending the money.