Bad news for Indians 1.00 CAD=53.3129 INR

[nano24482]

With S&P's downgrade of Indian Economy, it may fall further.

Any advice, how to protect our saving vis-a-vis Canadian Dollars.

 

[explorer101]

With S&P's downgrade of Indian Economy, it may fall further.

Any advice, how to protect our saving vis-a-vis Canadian Dollars.

Best way is to keep money in Canadian Banks. Even with the 9-10 % interest given by Indian banks , it is not worth to keep money in India, as the whole interest is wiped off by the devaluation of Re. The interest rate in Canada is from 1.5 to 2,5 % in GIC's and the growth rate MF is about 4-5 %( on long term basis only.

 

[nano24482]

How do we open an account from India?
Please advise.
I want to convert at least 10000$ into CADs.

Best way is to keep money in Canadian Banks. Even with the 9-10 % interest given by Indian banks , it is not worth to keep money in India, as the whole interest is wiped off by the devaluation of Re. The intrest rate in Canada is from 1.5 to 2,5 % in GIC's and the growth rate MF is about 4-5 %( on long term basis only.

 

[dbag]

How do we open an account from India?
Please advise.
I want to convert at least 10000$ into CADs.

Hello,
You can open new immigrant CAD account in India with various Indian banks operating in Canada such as ICICI etc. or with Canadian banks such as Scotia Bank. However, I am not sure whether they require any proof of PR etc. for opening.

 

[takingchances]

Well you can also see the positive side.....Actually it is a very good news for Indians who are working in Canada and earning in Canadian dollars... ;D

 

[sherry00]

its good for you tho coz ur economy is getting better...less exchange money doesnt mean bad news mate

 

[explorer101]

Well you can also see the positive side.....Actually it is a very good news for Indians who are working in Canada and earning in Canadian dollars... ;D

It is good for someone who want to send money from Canada but not for someone who want to bring money to Canada from India or for the applicants in que for immigration as their amount shown in POF is on decline and may have to make fresh deposit to meet the requirement.
I dont think that most of the new immigrants will be in a position to send substantial money from Canada to India, initial years are tough.

 

[21685]

You are always right dear explorer101

 

[Aquib]

Well you can also see the positive side.....Actually it is a very good news for Indians who are working in Canada and earning in Canadian dollars... ;D

I am really happy as £ is 84 Rs ,
I have transfer half and transferring more money to India by weekend .
Rupee will go up soon , i seeing since six year rupee gone down over 80 only few time and then jumped back .

So when rupee will get strong in few week that time it best to buy CAD $.

Dont exchange your rupee in $ now , wait for few week and it will like before .

 

[Kanamen]

Best way is to keep money in Canadian Banks. Even with the 9-10 % interest given by Indian banks , it is not worth to keep money in India, as the whole interest is wiped off by the devaluation of Re. The interest rate in Canada is from 1.5 to 2,5 % in GIC's and the growth rate MF is about 4-5 %( on long term basis only.

Its a good advice by dear Explorer

Hello,
You can open new immigrant CAD account in India with various Indian banks operating in Canada such as ICICI etc. or with Canadian banks such as Scotia Bank. However, I am not sure whether they require any proof of PR etc. for opening.

Yes you can open an a/c in ICICI or the Royal Bank Of Canada (RBC).They do require the Immigration file number .

 

[harry_aussie]

Can i take Australian dollars as POF instead of Canadian dollars ?.

 

[explorer101]

Can i take Australian dollars as POF instead of Canadian dollars ?.

yes, you can

 

[Kanamen]

Best way is to keep money in Canadian Banks. Even with the 9-10 % interest given by Indian banks , it is not worth to keep money in India, as the whole interest is wiped off by the devaluation of Re. The interest rate in Canada is from 1.5 to 2,5 % in GIC's and the growth rate MF is about 4-5 %( on long term basis only.

Good Advice ....+1

 

[explorer101]

Good Advice ....+1

reciprocated
If you need my assistance in your home renovation, do tell me, i would be glad to assist you.

 

[harry_aussie]

Thankyou Explorer Sir. + 1 for you.