[hellmet]

Need to convert about 5L INR to CAD in a month from now - which is approx 10000CAD. I'm planning to take 5000CAD as cash and the rest as Traveler's Checks.

Is Thomas Cook the best bet for Traveller's Checks or can I go with any of the other myriad offerings? I'll be depositing them with a bank as soon as possible to open a bank account in Canada.

Anyone tried buying Forex via Thomas Cook website?

Originally Posted by manduvindupondu

So the verdict is out. The top 5 cheapest forex methods for overseas purchases:

1) Buy currency from Centrum/Prithvi forex if in Hyderabad. They offer best rates

Are these still the best choice for us in Hyderabad?Centrum seems to be charging about 3.5 Rs as commission for each CAD, according to their website. That decent enough?

[hellmet]

Just found out that one cannot buy forex in advance of more than 60 days. Is that really true? I want to buy forex now as CAD is cheap currently. Is that illegal / not possible?

[hellmet]

So, I can answer some of my questions myself now.

It is less than 60 days to my travel date so I went ahead and ordered some CAD cash online from Thomas Cook. You really cannot order cash in advance of more than 60 days.

When I ordered, I was promised free home delivery. I also explicitly asked them to deliver the same day (Friday) or Monday and told them Saturday was an important day, but they paid no heed and called me repeatedly on Saturday. I finally called them back in the evening to try to put a stop to their calls and he says "How will I know sir", when I mentioned about my request to not disturb me that day. No apology whatsoever.

On Monday, I call them and ask for my cash and he says "I was about to call you. We cannot deliver today, we don't have anyone to deliver. Can you come and collect?".

Although I hate taking the S.P Road for its traffic, I braved the evening traffic to go collect my cash (had no intention of waiting further for him to deliver). The guy shows the least respect. There is no "Thanks for coming down", and my questions are answered in a super distracted way. When I give up and leave, I say "Thanks" and he nods still looking at his computer.

Very unimpressed with Thomas Cook. This was definitely NOT expected from a reputable name such as this.

For my Traveler's Checks, I'm going to look elsewhere (please suggest options).

[fine69]

Originally Posted by hellmet

For my Traveler's Checks, I'm going to look elsewhere (please suggest options).

Have you tried bookmyforex.com yet? I used their services and they have contact agents with good rates in almost every major city in India.

[hellmet]

Originally Posted by fine69

Have you tried bookmyforex.com yet? I used their services and they have contact agents with good rates in almost every major city in India.

No, but I've read about them. Did you find them reliable? Do you have to pay some amount in advance? Can you trust whoever bookmyforex is tying up with? Sorry, lot of questions.

[msdivy]

Originally Posted by hellmet

For my Traveler's Checks, I'm going to look elsewhere (please suggest options).

I have Multi-Currency Forex Card issued by Centrum. It is a chip cards and comes with a pin. Never had any issue with it so far at any of the shops. Benefit is it can hold multiple currencies in a single card. As of now rate is attractive, almost Re 1 less per dollar compared to cash or TC.

Link: http://www.axisbank.com/personal/for...-benefits.aspx

[fine69]

Originally Posted by hellmet

No, but I've read about them. Did you find them reliable? Do you have to pay some amount in advance? Can you trust whoever bookmyforex is tying up with? Sorry, lot of questions.

I was highly skeptic of using their services before I actually did. Their website didn't look so modern either so I had my doubts.

I took forex for about 1.5 lakh INR and had to do 100% NEFT transfer to the vendor but all in all the service (both bookmyforex & vendor) was good.

They have tie-ups with all major banks and I had got ICICI Bank's Forex Card as well as cash from them (Euros & Swiss Francs).

They are simply the mediators and as soon as you place a request with them, you'd be provided details of the vendor who'd give you the forex.

IIRC the vendor told me that if the amount would exceed 1 lakh then they'd not accept cash and instead asked me to do a NEFT transaction.

Their call center guys were pretty helpful and the girl who took my initiall call would call back as soon as I'd email them about the status.

I still have good forex lying with me and I'd only be selling it through bookmyforex when I do. They recently had a zero% day when they would let you sell forex without any margin in between, at the national exchange rate.

EDIT: My vendor's name was Centrum too. I was given 2 chip-based forex cards (one was backup).

[hellmet]

Originally Posted by fine69

I was highly skeptic of using their services before I actually did. Their website didn't look so modern either so I had my doubts.

Exactly, poor job on the website. Thanks for your feedback. I'll go ahead and try them out.

Originally Posted by msdivy

I have Multi-Currency Forex Card issued by Centrum.

I can't carry a card because I may have to show proof of funds at the port of immigration and the card is useless for that purpose. Otherwise, these cards look very convenient.
-------------

Is a DD cheaper to buy vs TCs ?

[msdivy]

Originally Posted by hellmet

I can't carry a card because I may have to show proof of funds at the port of immigration and the card is useless for that purpose. Otherwise, these cards look very convenient.

Every purchase of foreign currency, even loading into card, the forex company will issue a receipt. Not sure if receipt will be helpful in your case.

[Turbanator]

I can't carry a card because I may have to show proof of funds at the port of immigration and the card is useless for that purpose. Otherwise, these cards look very convenient.
-------------
Is a DD cheaper to buy vs TCs ?

Thomas cook , you can probably avoid altogether unless you have already paid , you can carry about 2500 CAD in cash per Adult person - get these endorsed on your passport & keep receipts handy for customs check in India and Canada . Rest you can pick as Amex Traveler cheques , almost all banks will issue , try Yes Bank & HDFC - they are mostly competitive over ICICI or state banks . Yes you will need to show these funds to immigration right after you collect your luggage , keep original receipts of Bank that issued you Traveler cheques . If you have an Account already in Canada you can wire funds before you reach and show statement as proof but if you don't have anything yet then TC are best option . Drafts and TC are normally put on hold for 21 Days , you can try if your contact at Bank can call Amex in Canada and verify TC on phone in which case it will be cleared in 1-2 days but overseas Drafts takes a while , so do keep some cash for such time .

Also carry list of all items that you are carrying as well list & photos of the Gold / Diamond ornaments that you are carrying separately . In case you plan to ship anything later , make a list and get a copy of same endorsed . If you are settling there permanently than you should visit canadavisa forum for details , you should also carry some letter from RTO that confirms number of Years you are holding your DL - i think there is some format depending on state where you plan to settle , that should save you some hassles of applying as learners as well Insurance

There is no "Thanks for coming down", and my questions are answered in a super distracted way. When I give up and leave, I say "Thanks" and he nods still looking at his computer.

You will love Canada surely - or perhaps you are reading lot about Canadians already

[hellmet]

Originally Posted by Turbanator

Thomas cook , you can probably avoid altogether unless you have already paid , you can carry about 2500 CAD in cash per Adult person - get these endorsed on your passport & keep receipts handy for customs check in India and Canada . Rest you can pick as Amex Traveler cheques , almost all banks will issue , try Yes Bank & HDFC ...

Well, already exchanged INR for 3000CAD yesterday with Thomas Cook. Not going back to them again, that's for sure.

Originally Posted by Turbanator

Also carry list of all items that you are carrying as well list & photos of the Gold / Diamond ornaments that you are carrying separately .... If you are settling there permanently than you should visit canadavisa forum for details ....

Yes, that's going to be quite a pain to do. And yes, settling there permanently is the plan.

Originally Posted by Turbanator

you should also carry some letter from RTO that confirms number of Years you are holding your DL - i think there is some format depending on state where you plan to settle , that should save you some hassles of applying as learners as well Insurance
Just done with that!

Originally Posted by Turbanator

You will love Canada surely - or perhaps you are reading lot about Canadians already

Thanks for all the bonus tips and advice

[dpkbehera]

Among the major Forex Vendors, I found Matrix to be the cheapest in terms of charges. Also the quality of service was good.

[msdivy]

Originally Posted by fine69

Their website didn't look so modern either so I had my doubts.

https://www.buyforexonline.com/ sports a new look today

[phamilyman]

I would suggest UAE Forex and Weizmann. Both have given me excellent rates within 1-3% across all currencies from MYR to AUD to HKD besides 1% exchange rates for USD/EUR.

[hellmet]

Originally Posted by msdivy

https://www.buyforexonline.com/ sports a new look today

Buymyforex is different from bookmyforex which we were talking about.