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Bringing Indian rupees to canada

Discussion in 'Canadian Finance and Taxation' started by maju, Oct 31, 2012.

  1. Hi all,

    I just wanted to enquire regarding the money that we need to take to canada, me and my hus planning to enter Canada next year but we will come back and work in Middleeast for another 3 years and planning to go during the last 2 years.

    In the meantime we have some money as Dirhams, as we are working in UAE. If we save this money in Dollar i think there is no much interest.

    Could anyone suggest which is the better option, Can we send this money to India because we will get interest for 3 years and then on the 3rd year convert the rupees to CAD. will we lose more during conversion from ruppes to CAD? say for example we are planning to take $60K.

    Or is it better to keep this money in dollar account itself for these 3 years.
  2. If you can afford to take a risk (currency fluctuation) for a higher return (that is changing it to Indian rupee to get a better interest) for 3 years, then go ahead!
  3. Wouldnt it be unwise to move to Canada having a good paid job in UAE?
    You can buy a house there in UAE and get residency, cant you?
  4. *** I'm not a Finance/Economics expert, but can foresee sometimes :eek:

    1 CAD = 32 INR (2002)
    1 CAD = 42.5 INR (2009)
    1 CAD = 54 INR (current)

    Seeing the stat, it looks like Canada maintained low inflation rate in recent years while India couldn't. No knows what will happen in next 3 years, but I would assume it wouldn't deviate much.

    Now, it's calculation time:

    For $60K (=3,240,000 INR) bank investment with 9% interest, return after 3 yrs = 4,115,000 INR (apprx)

    After 3 years, when you convert back to CAD, you would get = $76,000 ($1=54 INR, current exchange rate, not gonna happen)
    = $68,000 ($1=60 INR)
    = $63,000 ($1=65 INR)

    Now, Canada would give you 3% for guaranteed return (min 3 years) = $65,000
    With non-guaranteed investment, you may get 4-5%.
    Not much of a difference, yeh?

    Some Idea:
    * Invest in GOLD (never betrays you)
    * Buy a house in a growing area in Canada (unless you're very unfortunate, it won't disappoint you)
    * Invest some in stock/shares (always risky)

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