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Thread: Transferring money from India to New Zealand

  1. #11
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    JandM thanks for the article. The article explains the necessacity of the source of the money which I can explain. I am trying to eliminate the middle man's commission. Like Nativecolo pointed out that he had to spend 5k for just converting through Thomascook.

  2. #12
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    How about something like a Non Resident External account in one of the Indian banks? From what I heard one can deposit the money in rupees in India and can withdraw them anytime in dollars. Do they charge a lot too?

  3. #13
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    Quote Originally Posted by kramvi View Post
    How about something like a Non Resident External account in one of the Indian banks? From what I heard one can deposit the money in rupees in India and can withdraw them anytime in dollars. Do they charge a lot too?
    That will be expensive. I do not agree with comments on loosing 5K.. Thomas Cook is run by agents and its all how good you negociate on cash transfer rates and depends on value and date time.
    I had a great agent who worked for my favour locking me in when the exchange was the best..All I had to do is wait and watch the currency for 15 days along with him . So when the rates moved up...and we speculated that it wont come down in next few days and the rate was best to go with..we looked it down.
    Plus the trick is transfer in two lots and you can manage to average the best rate.
    Banks charge significant more and they will transfer in USD causing another conversion at NZ end.
    Key is finding a right thomas Cook person and working with them and negotiating correct rates.

    Note my agent did not charge any commission and only a flat rupee 1000 for transfer.
    Last edited by shawankit; 28th January 2013 at 09:20 AM.

  4. #14
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    I meant lost 5k in the exchange rate conversion from my personal calculations. I did not pay any commission whatsoever. For an amount of 40-50k NZ, it's just a factor of buy vs sell rates and the more money you bring the more you lose, just because it's a per dollar exchange differential. You gotta pay somewhere or bring cash or gold, which I hear some people do, but I don't have the mental appetite for it.

  5. #15
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    Quote Originally Posted by nativecolo View Post
    I meant lost 5k in the exchange rate conversion from my personal calculations. I did not pay any commission whatsoever. For an amount of 40-50k NZ, it's just a factor of buy vs sell rates and the more money you bring the more you lose, just because it's a per dollar exchange differential. You gotta pay somewhere or bring cash or gold, which I hear some people do, but I don't have the mental appetite for it.
    So you are taking about trading factors. .I.e. inter bank / financial institutions exchange rates vs. Consumers exchange rate.
    Like I had pointed out this part can also be negotiated if you are transferring about 100k NZD via Thomas Cook. .while as banks do not help..so essentially you might ending up savings rather than loosing money.

  6. #16
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    Thanks shawnankit, good to know.

  7. #17
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    I have been reading this thread and seems the inclinaton is toward Thomas Cook rather than going via bank due to certain reasons. I think its a good option to check who gives you a better deal while transfering the amount, but the only issue I think is most of the conversion companies will transfer the amount in USD which adds another unknow cost when you convert the amount in NZ $.
    I know there are many banks in India who have branches in NZ viz. Bank of Baroda, Bank of India, also international banks like HSBC, Citi, ANZ do help. I understand the international banks will charge you more but always check the rate and process.
    I am not 100% sure, but to me seems going by Indian banks (BOB, BOI) helps incase you are looking for transfering hugh INR to NZ$.

  8. #18
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    Yes, you're right hemanshumistry in that there was a default inclination, atleast in my case. I was executing the transfers physically from India. ICICI being a huge bank does not transact NZ$. The other banks require you to be an account holder I believe. Therefore, when you are at the point of the transfer, one is limited by these aspects. Thomas Cook not being a bank allows you to do this. I need to investigate some of the options you point out and set myself up in advance.

    Did you transact via some of the options you suggest and could you share your experience?

  9. #19
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    Quote Originally Posted by nativecolo View Post
    Yes, you're right hemanshumistry in that there was a default inclination, atleast in my case. I was executing the transfers physically from India. ICICI being a huge bank does not transact NZ$. The other banks require you to be an account holder I believe. Therefore, when you are at the point of the transfer, one is limited by these aspects. Thomas Cook not being a bank allows you to do this. I need to investigate some of the options you point out and set myself up in advance.

    Did you transact via some of the options you suggest and could you share your experience?
    Nativecolo - I did not transacted with any of the bank, since I am yet to reach NZ, I am waiting for my residence interview. I shared these based on my knowledge and I am currently living in gulf since few years so know, how the trasfer happens and do not want the middle bank/ agency to eat up my money because of nothing.
    FYI - somewhere I read long ago, HDFC has tie up with ANZ in that case the transfer will be the exact amount one want to transfer from India to NZ (surely there will be processing fees added, but no deduction due to lack of middle agency/bank).
    In my opinion, its better to go for a straight route rather than taking short cut
    Last edited by hemanshumistry; 30th January 2013 at 04:29 PM.

  10. #20
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    me too. just a scared indian boy, so trust Thomas Cook . Will do some research.

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