-= INDIA =- Exchange rate and encash time by diff INDIAN BANKs..

Hi All,
This is Leela from India..

I would like to know how many days it takes and the FEE to encash Google Chq in different banks in INDIA..

It would be very useful to all members..

Plz post ur experience here..

 

Some where in the forum i saw that HDFC takes 15 days to encash.. I am not sure about the fee..

Will keep this post updated as and when i got more info about different banks..

Thanks,

 

Hey there
No i guess u got wrong info.. it takes only 2-3 days maximum to get cleared. I got mah Cheque cleared in Indusind Bank in 2 days only...

It wont take more than 3 days for sure

Enjoy

 

Leela you are charged to encash only cheques in dollars. Any bank takes around 25-30 days to clear cheques in dollars. For cheques in RS you dont have to pay anything and it takes around 2-3 weekdays to get it cleared.

You can get cheques from Google in RS rather than in dollars. Alot of people prefer getting cheques in dollars to save themselves for tax. To follow this process (of paying tax on $$ which is lesser) you need to fill up a form in the bank wherein they charge you around Rs 450 for every cheque. If you dont want to pay the tax and want your cheque to come in dollars (which IMO is foolishness) the bank will charge you around Rs 150 per cheque.

 

Hi All,

Thanks a lot for ur informative posts....

Do Google Send Chqs in INR ?????

I was thinking Google send chqs in $$.

Regards,

 

Yes they do send cheques in INR

 

Then send in INR.
The cheque is sent normally between 25th to 28th of the month.
It takes around 7th to 15th of next month to reach the cheque to u.
The cheque clears in 3 days in any lcoal bank, but only if you have a citibank branch in your city/town.
The exchange rate has been always differed from 43.50Rs to 44.50Rs and they pay on the current rate to us.
Hope this helps.

 

no this is offtopic, but very nice avatar

 

Yours is nice one too, sorry couldnt help it. [Offtopic]

 

I receive checks in INR
I have no CITI BANK in my city
In ICICI bank .. they charge Rs. 450 for Rs. 1 Lakh Check
In UTI bank ... they Charge Rs. 200 for Rs. 1 Lakh Check

 

Never received a 1 LAKH cheque

 

Thanks Friend for the info..

U guys replies are very useful...

Regards,

 

From AXILL - I received check $300....
When my check was cleared in ICICI Bank... i received only $225 on my account. I enquired with the bank, they told 75$ is the commission .. charged by US Bank. Now i struggled with my bank.

 

Hi,
Anybuddy have any idea of charges of HDFC bank on dollar cheques..

Is ICICI good or HDFC good for encashing dollar chqs??

Thanks,

 

If you wish to cash $$$ cheques it is better to stick to the public sector banks. It is best to stay away from these flashy "modern" banks who charge too much.

I cash mine at State Bank of Mysore and they don't charge any commission as long as I send my cheque for "collection" (it takes around 20 days for the funds to appear in my account, and no, I don't know what "collection" means. Apparently there is another option called "purchase" where you will have to fill up an additional form, get it signed by the manager blah blah, and possibly you will get funds sooner, I am not sure about this too and whether they charge a commission for "purchase"). Anyways, the moral of the story is that public sector banks provide cheap service.

Hope this helps.

Ajay.

 

Thanks Ajay for the valuable INFO..

Regards,

 

i got my cheque cleared within 6 days .My bank is Federal

 

Hi Khin,
Thanks a lot for ur post..
Btw do u have a CITIBANK branch in the place u deposited chq in Federal Bank??

This helps in time taken by diff banks with and w/out CITIBANK in their places.. (ofcourse time may vary depending on holidays, etc)

Thanks,