Must Read: Expat Banking in India

chillibreeze writer — Elizabeth Wilder

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Mini Namaskar eBook Written by Expat member of Mumbai Connexions

Banking is a nineteenth-century nightmare in India. While many banks have attractive web sites promising fantastic service, the reality is you will spend an inordinate amount of time in the branch cashing paper checks or waiting for obscure permissions, and you will end up carrying a lot of cash at all times. (Tip! Carry small bills – less than Rs.100 - no one wants to make change).

India’s currency, the rupee, is not a truly convertible currency. If you will be paid in rupees, converting and transferring money home takes at least a week and is subject to laws that change frequently. At press time (August 2011), you are limited to transferring approximately $200,000 USD out of India annually.

Learn how to select a bank, how to open a Savings Account (checking accounts are for businesses, but you can get checks for your savings account), why you need a safe in your home, and how to get cash delivered to your office (really!) when your ATM card inevitably fails. All this and more in the Mini Namaskar Mumbai, the guide for expats by expats!

Indian Currency bills
Indian Currency Notes

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—About our writer:

Elizabeth Wilder is an expatriate American living in Mumbai. Previous overseas postings have included Kuala Lumpur, Malaysia and Fribourg, Switzerland. Elizabeth is a member of Mumbai Connexions, the largest expatriate women’s club in Mumbai. She volunteered to write Mini Namaskar Mumbai in order to provide the information compiled by hundreds of Mumbai Connexions members in an e-format to people relocating to Mumbai.

In her previous life, Elizabeth was an expert in the area of low income housing and served on a number of non-profit boards of directors in her home town of Houston, Texas. Her personal motto is Why Not?

Elizabeth is a mother of three grown children. Her hobbies include volunteer work with the NGO Muktangan, which provides English-medium education within the Mumbai public schools. She also enjoys travelling and sports of all kinds.

Must Read: Expat Banking in India

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