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Old Mar 11th 2008, 10:11 am   #1
David D
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Default Taking money to Goa

What's the best way of changing money? I'm coming over for 2 weeks with a view to a much longer stay in October. Should I bring Rupees, Sterling, Travellers Cheques, or withdraw money in Goa with my cash card?
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Old Mar 11th 2008, 11:18 am   #2
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Default Re: Taking money to Goa

Cash card every time. If you have the time open a Nationwide Flex account, they don't charge for withdrawals overseas and the exchange rate is usually good.
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Old Mar 11th 2008, 3:15 pm   #3
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Default Re: Taking money to Goa

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Originally Posted by catpat123 View Post
Cash card every time. If you have the time open a Nationwide Flex account, they don't charge for withdrawals overseas and the exchange rate is usually good.
Thanks for this - I'll try + open one today.
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Old Mar 12th 2008, 9:45 am   #4
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Default Re: Taking money to Goa

Quote:
Originally Posted by David D View Post
What's the best way of changing money? I'm coming over for 2 weeks with a view to a much longer stay in October. Should I bring Rupees, Sterling, Travellers Cheques, or withdraw money in Goa with my cash card?
either your cash card has quoted by catpat123 or sterling, the diffence is that if you use a cash card you still get a reduced exchange rate of 2.5% approx less than the streets, there are lots of money exchange shops about here, and you get that days rate, plus if paying for presents etc they will give you a better rate by paying in sterling,

do not bring rupees as it is illegal to take indian money in or out of the country,

if coming for long term as you mention it is not allowed to bring more that $10,000 sterling (approx £5000 english) or $20,000 travellers cheques (approx £10,000 english) unless it is declared (not advisable)

you do not say when you are coming for 2 weeks, but if the gap between the holiday and the long term stay in october is not more than 6 months you can open a bank account here and swift money across, when you get here or before you leave (takes approx 5 - 10 days)
most goan banks here use lloyds of london to swift from your uk account to
the one here,
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Old Mar 14th 2008, 12:42 pm   #5
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Default Re: Taking money to Goa

Quote:
that if you use a cash card you still get a reduced exchange rate of 2.5% approx less than the streets
I use bank transfers for larger amounts and Nationwide debit card for everything else. I get at least 2% better than street prices every time (and beware of blackboard prices in the street or the airport - they usually quote buying rates, which you don't find out till you've handed over your money!)
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Old Apr 1st 2008, 11:50 am   #6
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Default Re: Taking money to Goa

From reading previous postings I understood that you could not open a bank account on a 6 month visa. Is that right?
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Old Apr 1st 2008, 12:29 pm   #7
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Default Re: Taking money to Goa

Yes you can but my understanding is that it has to be closed after 6 months.
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Old Apr 1st 2008, 4:40 pm   #8
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Default Re: Taking money to Goa

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Originally Posted by catpat123 View Post
Yes you can but my understanding is that it has to be closed after 6 months.
yes, but the rules also say that if it isn't closed it can just roll forward.

otoh I have heard that some local banks are now warning FN's about this rule - for the first time afaik

AndyD 8-)#
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Old Apr 1st 2008, 4:42 pm   #9
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Default Re: Taking money to Goa

According to India's 3rd largest bank, the account DOES NOT have to be closed after six months, but after six months you HAVE TO OBTAIN RBI PERMISSION to repatriate the funds in the account - how you do that, I don't know. . . . . . .

Hemingway.
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Old Apr 1st 2008, 6:50 pm   #10
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Default Re: Taking money to Goa

I knew 6 months came into it somewhere.
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