Foriegn Exchange from India

[123567]

I was just wondering how most expats are getting paid when working in India.

Are you getting USD etc, or are they paying you in Rupees?

How hard is it to send money home without getting Gouged by the banks?

[Nevrekar]

I am paid in USD and the amount is direct deposited to a bank of my choice in the USA. The wire transfer costs about USD 7.50/month. You can select any bank, anwhere in the world as long as you can provide the wire transfer instructions. I guess your payroll currency depends on the contract you sign, but I imagine most are in USD. Most of us on USD contracts are losing quite a bit because of the exchange rate. The USD/INR used to be 1USD/45INR. Now it is around 1USD/39INR. On an average $10,000 USD paycheck you are thus losing INR 60,000 (around $1500/month). Some contracts are coming with currency exchange protection clauses I'm told. I was watching a news video where many places in India (tourist attractions) vendors are asking for INR instead of USD.
If you are in India only for 2 months on/1 month off, you don't really need to open an account in India. You can use your ATM quite easily here (small surcharge). Some open a local account for basic expenses here. You will need all kinds of paperwork to open an account so be prepared. There are many International Banks here in India (Citibank etc) but you will not be able to link them to your existing accounts as the banking rules are different here.

I have been here almost 8 months and I must say that my employer, Spicejet Ltd had been excellent in issues relating to payroll. It has always been on time or early. We get paid once a month. Overtime is paid the following month.

[speedtwoten]

Navrekar, I see you are promoting Spice Jet a lot in this website and known India very well also look like you fall in love with all the life style in India specially the aviation part then I believe you should know the regulation in India. (almost the same in every country)
A friend of me is flying with Jet Lite formerly Air Sahara, he is only line Captain and he's Proff. Check (every 6 month) are done while seat on the LH seat as PF or PNF, but the roster in Jet Lite sometimes or many times put him on schedule as One Way Each means in one way he will be seat on the LH as PNF (even he has no paper proff that he ever made take off/landing in the LH seat, he leave copilot seat 5 years ago) he will do it because the roster manager (Captain Pranay Kapor) and his Chief Pilot (Capt. A.K Oswald) told him that he is approved to do it as DGCA rule even he never seen the rule, he made an enquire to DGCA rule & regulation dept. by email but never ever get an answer, but I do believe this not approved as he has no any envidence that indicate he is an qualified person to fly from RH even as PNF (what is happen if the LH seat pilot incapacitate??)
As and Expat where can he get clearification about this, none to contact and his management were are too smart:\ as an Indian and the DGCA not working at all, I think you are lucky that in Spice Jet there are many Expats even the Chief Pilot are American, the actual scene in India you must see outside Spice Jet:}

[Nevrekar]

Speed---The thread question asked was relating to foreign exchange and payroll issues. My answer was regarding the same. I am not here to promote India or Spicejet. I am simply stating my "personal" experience(s). Your experiences are obviously different, and I am sorry that you had a bad experience here.
It's not all milk & honey--I have posted on issues that were not always positive.

[Al Fakhem]

Coming back to the original question.

As pointed out by Nevrekar, you can open an account with a local bank in India. The type of account will depend on your visa type, and therein lies a pitfall if you're married and your wife wishes to avail of the same account. If you are on an employment visa and your wife on a tourist visa (or whatever else), she will not be provided with even an ATM card.

This is because (despite all the hype you hear about inflow of foreign capital) there are exchange regulations in force. On an employment visa, you get an account which allows you to remit overseas for family support etc. and an ATM card which allows you to withdraw overseas but (in theory at least) only for purposes outlined by the RBI (Reserve Bank of India). Your wife, being on another visa, will not qualify for the privileges and thus can essentially only withdraw money with your ATM card or if you give her a cheque (but even there you'll find there is some ceiling for cash withdrawals beyond which you have to produce a PAN card - this is the personal tax assessment number which you can only get if you are a resident).

You'll also find you cannot transfer money overseas online, but have to either personally submit (or if they have come to know you by fax or PDF attached to email) no fewer than 4 forms for every transaction!

Lastly, be prepared for all sorts to happen (or not) when you apply for your account. In my case, they had to submit all documents (and there are literally mountains of them) to their Bombay head office and lost them twice in the process (using their own bank courier). It took six weeks to get done what in any other country (and I've lived in seven so far) takes one hour max.

[rdr]

Hello Nevrekar, Speed... thinks you've been a bad boy.
Speed...... Left seat/ Right seat, just don't end up on the toilet seat. (a good chance because you love to stay in India so much....right??) :O:O:O

[Rotorhead1026]

And just a comment ...

I'm paid in US dollars as well, deposited to my bank in Ohio.

I'm actually losing almost nothing, since the only conversions I do are for food and incidentals over here - perhaps $150.00 per month.

Now my employer is making out like a bandit - I'm costing SpiceJet about 25% less than when I signed the contract last February.

Yeah, I'm not doing as well as I would were I being paid in rupees, but that trend could reverse quickly.

No complaints ...:)

[speedtwoten]

rdr,
sorry man, I'm out there 1 year ago a few friend left because they not lucky to find another jobs, but we keep in touch.

nevrekar
I do understand about the topic, I'm just look to the last post where I can find you, it seem that you understand this people (Indian) more than other expat in India and that you might clearify this case, also looking to your experience in contact with the local pilots.

[123567]

Thanks for the replies. They want to pay me a fixed USD amount in Rupees into an Indian Bank account.

Wiil it be easy enough to set up a transfer each month?

I see no problem as long as it I am able to withdraw/transfer the money. Are there any maximum amouts that you can withdraw?

As for the wife not havig an ATM card - that's probably a good thing :)

[uhtsky]

1234567.....8
I don't know what currency they pay me but when I convert it into USD it will be the exact USD they put in my payslip.
I'm not american and my account is not in the state.
I think this is not a problem, you may have your account anywhere in the world.
Like Nevrekar said, there are both sides, you can't take everything at the time.
Cheers
UHT SKY

[Nevrekar]

If you get paid in dollars and your expenses are in dollars then you obviously do not lose out on anything. Your buying power overseas is diminished when making purchases overseas if you are converting from USD to INR.

If you are paid in USD but the amount is deposited in equivalent rupees in India you should be able to get all your money out or transferred if needed.
Try Citibank India. They have what is called a fully repatriable account for Expats.

If you plan on using your CC or ATM in India make sure you let your bank know in advance or else you might be denied purchases as they suspect fraud when they see someone with an Iowa billing address making purchases in India!

[spammers]

Lived here for 18 months and very little probs getting monies on a UK account
Paid on time , mostly but they catch up
All in UKP to my local bank in the UK
Contract in UKP so exchange rates do not matter
Cash machines no probs so long as you let the bank know before hand
Only hassle is getting all the cash out to pay the bills and reclaiming through the company , takes about a month
India is very differnt form the rest of the places I have worked , have to work here with your eyes wide open and your mind conditioned to accept that change takes time. for a pilot thats a challenge in itself when used to the western ways but we do see the little changes that make the difference

Try it as you will have a tough enviroment to take to the next bit of your life
very spicy food though:)

[123567]

I hear you spammer. It's a challenge all right - even getting to work is a challenge. :ugh:

Looking out my window is a challenge.

But i think the Indians enjoy watching us go thru it. Not that i let it get to me - too much.

[jet320]

I get paid by the King in Isle the MAN in US and they paid the transfer!!!!