From: damania@src.honeywell.com (Bhavesh Damania)
Subject: SUMMARY: BEST WAY TO SEND $ OFFICIALLY TO INDIA TO GET BEST RATES **
Organization: Honeywell Systems and Research Center, Minneapolis, Minnesota
Date: Fri, 13 Nov 1992 15:02:50 GMT

I got several replies back from some very helpful people on the network. In 
nutshell the key to getting the best official rate for dollars is to 
deposit the dollars in an NRE account in India. This deposit has to take place
only in the branch office where you have an NRE account. Several modes of 
taking the money was suggested including wire transfer, draft, cashier's 
cheque. Again all this information is based on what people send me back. You 
alone will have to work out the logistics to ensure that you get the best 
rate and confirm the rates before you perform the transaction.

Below are the messages which I received alongwith an email address of the 
person who described the protocol for transfer. If you are able to get the 
best rate give  credit to the individual contributor


>
>I am interested in determining the best way to take money to India officially
>so that you get the best possible rates. I know there must have been several
>discussions on this newsgroup and somebody must have saved a copy of the
>responses.
>
>One of my friends long time back had mentioned that if you take a cheque
>or draft and deposit it into an NRI account you can get the rate of Rs 30.xx
>and don't have to get 40% of money converted at the RBI rate which is
>around Rs 25.xx,
>
>
>TIA
>--
 
>Bhavesh Damania                          Phone: (612) 951-7324
It is true that if you deposit a draft or cashier's cheque into an NRE account
you get a rate of Rs.30.xx
     I have done that several times. Besides if you have a savings account in
FLEET BANK, you can get one cashier's cheque every month WITHOUT any charge.
   Happy Trails...
  -Raju Joshi
---------------------------------------------------------------------
Rajesh Joshi                           Phone(Res): 716-883-2224
School of Management                       (Work): 716-829-2543
University at Buffalo                  Fax       : 716-829-2021
Home Add: 841 Delaware Ave       INTERNET: C118t6t8@UBVM.cc.buffalo.edu
          Buffalo NY 14209           UNIX: rdj@acsu.cc.buffalo.edu


From harihar@ecn.purdue.edu


The only protocol is to take traveller's check and deposit it in the
account.  I think you can do this only in the place where you have
the account.  I have a SBI NRE account in Bhilai, I dont think I 
can use their facility at SBI Delhi airport to do this exchange.
I am not sure about this.  But at Bhilai I get excellant exchange 
rates because of the account.  If you dont have an account, it 
usually takes about 30 minutes to open a temporary account and 
then complete the formalities later (like letter of employment etc.,
photocopy of passport etc.)

Feel free to ask if there are any more questions.  I will try to answer
them if I know about it.>



Deepak


From Arkesh Tripathi
 
Bhavesh

what your friend had mentioned to you is not correct. Dollar Deposits in
india (i.e. present dollar draft actually to a bank in India) will fetch
you a Rate of 29.5 or 30 rupees but still 40% will get converted at RBI
rate.

In case above is not true and if you come accross any info email me at
arkesh@informix.com.




HAI! I THINK THERE ARE THREE WAYS I KNOW OF
1.CONTACT THE CITIBANK BRANCHES AND TRANSFER MONEY DIRECTLY BY ELECTRONIC
TRANSFER. IT'S VERY CHEAP
2. TALK TO THE S.B.I PEOPLE IN USA WHERE THEY HAVE BRANCHES. THIS IS SLIGHTLY
EXPENSIVE.
BOTH THE ABOVE ONES ARE OFFICIAL AND EASY BUT RATES OF DOLLAR ARE DIFFERENT
3. THERE IS ONE BROKER (IF YOU CAN CALL HIM SO) IN NEW YORK TO WHOM YOU PAY
DOLLARS AND HE WILL GIVE THE CASH AT YOUR DOORSTEP IN INDIA IN INDIAN CURRENCY
 THIS ADDRESS, IF YOU ARE INTERESTED, I CAN SEND BY E-MAIL LATER. JUST NOW I
DONOT HAVE WITH ME.IN CASE YOU NEED, SEND E-MAIL "SRAMALIN@MEMSTVX1.MEMST.EDU"
THIS NEEDS MINIMUM AMOUNT OF $1000(I THINK). BUT THE EXCHANGE RATE IS HIGH, FAR
BETTER THAN CITIBANK OR SBI. WHEN I LOG-IN NEXT TIME I KEEP THE ADDRESS READY
AND IN CASE I GET E-MAIL, I SENDIT BACK TO YOU. EVEN NEXT TIME DONOT FORGET TO
MENTION YOUR E-MAIL ADDRESS. 
BYE
SARMA 

-- 
Bhavesh Damania                          Phone: (612) 951-7324
Honeywell Systems and Research Center    Fax:   (612) 951-7438
3660 Technology Drive, MN 65-2100        Internet: damania@src.honeywell.com
Minneapolis, MN 55418.