euro cash - best rates?

#1 Jul 19th, 2008, 23:37
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  • meczko is offline
#1
What would you guys recommend for changing euros in cash? Money changing office at the airport, a bank (State Bank of India?) or a moneychanger in Delhi?

Do the banks apply the same rate everywhere? For example, would I get the same rate at the State Bank of India branch in Shimla as in Delhi? Are other banks offering better rates? I tried to find the rates applied by some Indian banks, but apparently they don't show them on their websites.

cheers,
M
#2 Jul 20th, 2008, 01:49
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  • wonderwomanusa is offline
#2
You'll get the worst rates at a hotel or shop. I've never found the bank rates to vary much.

I hope you're not taking too much cash. There are ATMs nearly everywhere and it's great to hot have to protect a moneybelt full of home currency.
The map is not the territory. --Alfred Korzybski
#3 Jul 20th, 2008, 09:15
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  • GoanCanuck is online now
#3
Quote:
Originally Posted by meczko View Post What would you guys recommend for changing euros in cash?
The best rate is what you get when withdrawing cash at the ATM. The only exception is if you had say 100,000 Euros to exchange. Then you would get a better rate at the bank.
#4 Jul 20th, 2008, 17:18
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  • meczko is offline
#4
I know ATMs give better rates but much of my route will be in the areas without ATMs (in the Himalayas) and besides, I have some euros to spend (definitely not 100.000 though ), while using an ATM would charge me in my home currency (Polish zloty).

So thanks for the ATM advice but my question is precisely on changing euro cash. Any ideas on that?
#5 Jul 20th, 2008, 17:31
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  • Mickey S is offline
#5
Just a few thoughts:

1. Exchange rates and commissions are going to vary slightly from bank to bank, but not by so much that you need worry about it. (But I'd tend to avoid the airport branches of banks).

2. Normal day-to-day currency movements are likely to be as much as - if not greater than - the difference in rates offered by different banks.

3. In the Himalayas the problem is always going to be finding a bank that changes foreign currency notes when you need it.

4. If you're going to be carrying cash anyway - in the form of euro notes - and expect to spend it all then you might as well change it all into rupees when you arrive in Delhi.
#6 Jul 21st, 2008, 09:41
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  • zoltan is offline
#6
Do a small conversion at the airport when you arrive (around EU50).

This will get your taxi & hotel paid for the first night.

After that, go to a money changer booth in the street or one of the banks. The rates are not that much different to worry about.

I've found in the past, that the difference between the banks and the street changers was rp1-2. Hotels however, could be as much as rp5 per $1 difference.

Cheers
Zoltan

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