money exchange

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#1 Jul 7th, 2008, 05:47
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  • mahemia is offline
#1
I'm reaching Delhi airport on july 22nd at 22h.

I'm going to do a budget travel so I'd like to buy rupees with the best rate (I'm from Europe, so I'll take euros or us dollars with me).

Considering this, do you recomend me to change my money in the airport? There is an exchange office there? Where? Is it open at 22-23h? Do they have a good rate?

Is better for me to wait and change my /$ in the city? Where? (I'll be in Prince Polonia hotel, near new delhi Railway station)

Thanks a lot and best wishes!!
#2 Jul 7th, 2008, 06:09
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#2
Take your home hard currency. Some people think you get more for one currency than another. Say that the Euro gets 64 Rupes and the dollar gets only 40 (both net of exchange costs). Obviously you get more with a Euro so convert 1000 USD to Euros at 1.6 per USD for 625 E minus 18 for exchange (transaction) costs equals 607. Converted to Rupes yields 38,800 Rupes. Such a deal. Sure, beats the yokel who innocently just converts the USD straight into Rupees from dollars for 40,000.

Now if you want to bet on future rates you are in a different ball game. Right now, I don't feel lucky. Maybe, it was my Hillary bet (sure thing) or France in European soccer (inside tip). Gains must always exceed transactions costs the uneven nature of which gives the odds to corporate traders..

Side note is that the exchange bureaus are open 24 hours (usually) at the airport. Where, in the airport. Some people say they are good rates and others prefer to make the bulk of the exchange in town at a better rate. Do you have a guidebook? Could come in handy..
#3 Jul 7th, 2008, 09:50
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#3
Change at the airport. Always got a good rate there.
#4 Jul 7th, 2008, 09:53
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#4
1) take Euros with you.

2) only cash a nominal amount at the airport, otherwise, you'll have a wallet full of cash that could be difficult to secrete.

3) don't cash money at hotels - you'll rarely get a good exchange rate.

Cheers
Zoltan
#5 Jul 7th, 2008, 19:06
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#5
Thank you very much,

I'll do this: cash some of my euros in the airport office, and the rest in the town.

The best rate town office to do it? I'm in Prince Polonia. I'm waiting for your advices.

best wishes
Last edited by mahemia; Jul 7th, 2008 at 19:07.. Reason: spelling
#6 Jul 7th, 2008, 22:11
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#6
Any forex bank will do it albeit in the most time travel fashion back into the the 17th century..
#7 Jul 7th, 2008, 22:41
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#7
You'll get just as good rates using ATMs in India and won't have to carry all your cash.
The map is not the territory. --Alfred Korzybski
#8 Jul 7th, 2008, 22:47
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#8
Actually the ATM rate is the actual bank rate (better than any money exchangers) so as wonderwomanusa said, use your ATM card if your bank does not charge a forein transaction fee. I know mine is UK doeas not charge any fees.
Amrik
#9 Jul 7th, 2008, 23:03
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#9

ATM service fee

My Canadian bank charges me CAD 5 for using an ATM in India.
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#10 Jul 7th, 2008, 23:12
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#10
Even with transaction fees, I find the ATM's are still the best rate. For ready cash, the airport is fine to change a small amount of money, but after that if you have a Visa, Mastercard, Maestro or Cirrus type, and linked to your savings account then you can use this at most places all over India. With some back up of your Euros in case there is no ATM in some places, you should be fine.
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#11 Jul 8th, 2008, 11:40
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#11
I brought cash and travellers cheques when I came to India, I wouldn't do the same again the exchange rate they offered wasn't great but u have to take what's offered, i'm with the other replies i'd always use ATM's over here in future, decent exchange rate and only pay a nominal amount to the bank for withdrawal
#12 Jul 8th, 2008, 12:03
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#12
I am with ATM crowd. You get the interbank rate rather than the retail rate which is better by maybe 5%. Usually you get charged a one time fee for withdrawal so it is best to draw fewer large amounts rather that a lot of small amounts.

Call your bank and make sure they don't have any funny or unsual fees/surcharges. Also use an ATM card without VISA/MC logos (check cards) since these will hit you with a 1% foreign currency fee.
#13 Jul 8th, 2008, 13:50
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#13
Yes, as I mentioned before, ATM's. I've been checking the rates I'm getting lately for the Aus. dollars through ATM and am finding it is around 2 rupees more than what is being offered via bank or money exchanger. The extra amount helps me cope with the transaction fee...
#14 Jul 8th, 2008, 14:12
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#14
In UK, Nationwide does not charge any fees for using theATM card overseas.
#15 Jul 8th, 2008, 14:34
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#15
can anyone tell me what a usd $100 american express travelers cheque changed with a money changer or a bank delivers in rupees?
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