[nukkad] International Money Transfers

[Gurudutt Kamath <guruk@giasbm01.vsnl.net.in>]

Friends,

Just thought I will put a word on international money transfers.

My mother just received a pay order from abroad. She has deposited it in
the bank and the bank tells her that it is going to take one month for
clearing.  Local cheques 3 days for clearing, outstation cheques 15 days,
and foreign cheques 30 days.  In these days of networking, I just cannot
believe this.

The other day I went to the bank to send a demand draft for $58 dollars to
receive proceedings of a seminar in USA. The bank gave me a two-page form
to fill and demanded proof (an RBI requirement).  I told these guys I just
have an email about the details, they said it is Ok.

Having done several projects abroad, I can imagine the plight of Indians
trying to send money to their dear ones back home.  Quite a few succumb to
the hawala route. Which is so sad!  When will RBI wake up!  When will our
banks wake up.

If the money transfers are small, how about giving an internatial credit
card to the near and dear ones. For example, if someone presented me with
one (say a kind relative or friend), everytime I had to pay $10 and $50, I
would not have to go to the bank.  Just fill out the form and the amount
would be debited to the card.

I think if you have a global ATM access card (like Honk Kong Bank's card is
valid in some 180 countries!) again that would help.  A relative can just
withdraw the cash in local currency (for a charge of course).  Which will
definitely be smaller thatn $35, and money can be withdrawn as and when
required.

But folks, all is not lost.  India is a changing.  Some bank has even gone
on the internet! In two years, we should have fully convertibility.  Life
may be a lot simpler than...

yeh, hai mumbai meri jaan...


>> From: KHOT ASHISH MADANRAO <akhot@CLEMSON.EDU>
>> To: nukkad-list@mumbai-central.com
>> Subject: [nukkad] Request
>> Date: Saturday, October 18, 1997 6:09 PM
>> 
>> i wisht to send money back to india from US. The wire transfer from US to
>> india charges $35 which is quiet a high amount for a student like me. I
>> came across some <italic>Hawala </italic>transfer ways but i am not sure
>> about them. Can somebody enlighten me on this issue.

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