1st trip to India, confused re: money issues

camelgirl · Oct 30th, 2009, 23:41

I hope we hear from the OP since she is currently in India and hopefully trying out her ATM card!

shailesh77 · Nov 3rd, 2009, 13:46

Hi I am not sure if you may have resolved the matter. However I have been back and forth to India for the past 3-4 years and have always used my visa debit card from a bank in the ustate NY.

The bank in the US charges me fee everytime I withdraw cash from ATM in India with visa logo. The fee is nominal like $1.50 or something. However now days even in cities like Jaipur you may end up using debit card as a credit card almost everywhere. It is a very popular mode of payment.

You would however need some cash. To avoid fee everytime, you may come up with your life style as to how much cash do you need in a month or so and then withdraw the money in couple tranches as opposed to withdrawing everytime you need it.

I hope it is helpful. pls fee free to ask more questions if you may have.

Quote:

Originally Posted by CFPhotoGrafie

I am simply lost

my card is NOT a credit card, it is a VISA debit backed by my bank acct....it RUNS as a credit at shops (ie I do not have to enter my PIN)
I read somewhere in a travel guide (sadly I forget which one) that doing this in India will incur massive fees

I have never used it as an ATM card or to withdraw money anywhere except my home bank,
and it is my home bank which cannot seem to give me answers regarding where/whether I can use it in India or how much that will cost me

I am beyond confused; am probably making this much harder than it needs to be...
usually I would just carry cash but have been advised that it is not a good idea in India!
have never used Travelers Checks either and always thought (from working in retail) that basically they are same as cash

instead of clarifying matters this thread has made me even more confused
I DO appreciate everyone's time/input
but think my answers might lie elsewhere

thanks for trying to help me out, sorry I'm a bit of a dunce when it comes to financial matters

camelgirl · Nov 3rd, 2009, 22:32

Quote:

Originally Posted by shailesh77

Hi I am not sure if you may have resolved the matter. However I have been back and forth to India for the past 3-4 years and have always used my visa debit card from a bank in the ustate NY.

The bank in the US charges me fee everytime I withdraw cash from ATM in India with visa logo. The fee is nominal like $1.50 or something. However now days even in cities like Jaipur you may end up using debit card as a credit card almost everywhere. It is a very popular mode of payment.

You would however need some cash. To avoid fee everytime, you may come up with your life style as to how much cash do you need in a month or so and then withdraw the money in couple tranches as opposed to withdrawing everytime you need it.

I hope it is helpful. pls fee free to ask more questions if you may have.

She's currently in India. We are waiting to hear how her card worked.

wwailer · Nov 6th, 2009, 12:16

I have heard different things so just wondering if I could get it confirmed

is it or is it not ATM´s in in the international arrival area at the airport in Mumbai?

R Murli Dhar · Nov 6th, 2009, 12:19

Quote:

Originally Posted by wwailer

I have heard different things so just wondering if I could get it confirmed

is it or is it not ATM´s in in the international arrival area at the airport in Mumbai?

Yes, ATMs are available in the arrival areas of ALL international and domestic airports in India now! Good wishes and welcome to India

wonderwomanusa · Nov 6th, 2009, 12:19

I'm sure there are, though you may not find them. You can always change a 20-dollar bill or two, to last until you get to an ATM once you're settled. You only need enough to pay a taxi and perhaps a deposit on your hotel bill.

R Murli Dhar · Nov 6th, 2009, 12:36

Quote:

Originally Posted by wonderwomanusa

I'm sure there are, though you may not find them. You can always change a 20-dollar bill or two, to last until you get to an ATM once you're settled. You only need enough to pay a taxi and perhaps a deposit on your hotel bill.

They are there Ma'am! Just have to follow the signboards... anyway banks are there, and sure there are ATMs. Ask any of the officials and they will guide you. Yes, it is being renovated, so you might find it choatic, just as elsewhere, but it's easy to locate.. just ask. In fact at the customs counter itself, where they collect customs duty, you could enquire and find out on the Arrivals side! Good wishes.

wwailer · Nov 6th, 2009, 13:45

thanks for fast reply

one more question:
should i just bring dollar that i can change to rupee or should i bring some Euros/GBP for my trip to?

R Murli Dhar · Nov 6th, 2009, 14:05

Quote:

Originally Posted by wwailer

thanks for fast reply

one more question:
should i just bring dollar that i can change to rupee or should i bring some Euros/GBP for my trip to?

You can choose any of the three or all the three! I think the Euro/GBP has a better exchange rate compared to the USD. The exchange rate varies from day to day; at the moment, the Indian Rupee (INR) is strong against the dollar meaning you get less INR against USD. But carrying some USD advisable. Do note that when you arrive in India to declare the currency you are carrying whether in the form of cash (there's a limit of USD 10000 (?) or equivalent in other currency) or TCs or similar instruments to the customs. A form will be given on board the airline you travel, and retain the copy so that you can re-exchange the currency while returning. Just as in other countries... so no worry on this score. Remember also to exchange your currency/TC at an Authorised Dealer, and not touts, who will give yu a receipt for your exchanged currency. Retain this alongwith your currency declaration certificate.

ATM cards need not be declared. Just follow the instructions on the Currency Declaration Form. ATM withdrawals of cash, as you know, involve a cash fee, and when abroad, involve a transaction-exchange fee as well. ATM usage in shops attract only conversion fee.

Good wishes.

R Murli Dhar · Nov 6th, 2009, 14:24

Further to my post, you can consider what amount of currency you should carry in what currency portfolio USD/GBP/EURO. Look at this site : http://www.fedai.org.in/

They are the Foreign Exchange Dealers Association of India, and they carry the inter-bank, inter-currency rates on a day to day basis with a time line. Have a look.

Or you can try www.rbi.org.in which gives only indicative rates, and does not interfere with the open market operations of the currency exchange, unless there is a wide fluctuation in rates.

Good wishes.

nikhilsegel · Nov 6th, 2009, 17:35

Quote:

Originally Posted by R Murli Dhar

You can choose any of the three or all the three! I think the Euro/GBP has a better exchange rate compared to the USD. The exchange rate varies from day to day; at the moment, the Indian Rupee (INR) is strong against the dollar meaning you get less INR against USD. But carrying some USD advisable. Do note that when you arrive in India to declare the currency you are carrying whether in the form of cash (there's a limit of USD 10000 (?) or equivalent in other currency) or TCs or similar instruments to the customs. A form will be given on board the airline you travel, and retain the copy so that you can re-exchange the currency while returning. Just as in other countries... so no worry on this score. Remember also to exchange your currency/TC at an Authorised Dealer, and not touts, who will give yu a receipt for your exchanged currency. Retain this alongwith your currency declaration certificate.

ATM cards need not be declared. Just follow the instructions on the Currency Declaration Form. ATM withdrawals of cash, as you know, involve a cash fee, and when abroad, involve a transaction-exchange fee as well. ATM usage in shops attract only conversion fee.

Good wishes.

READ THIS A FEW TIMES IN A FEW THREADS!

Murli please refer to http://rbidocs.rbi.org.in/rdocs/Forms/PDFs/6068.pdf

You DONT have to declare the currency that you carry into the country if it is UPTO 10000 USD (or equivalent) including TC and upto 5000 USD (or equivalent) in currency notes.

Please don't provide info unless you have researched it THOROUGHLY or provide a rider that you may not be accurate.

Cheers

R Murli Dhar · Nov 6th, 2009, 18:01

Quote:

Originally Posted by nikhilsegel

READ THIS A FEW TIMES IN A FEW THREADS!

Murli please refer to http://rbidocs.rbi.org.in/rdocs/Forms/PDFs/6068.pdf

You DONT have to declare the currency that you carry into the country if it is UPTO 10000 USD (or equivalent) including TC and upto 5000 USD (or equivalent) in currency notes.

Please don't provide info unless you have researched it THOROUGHLY or provide a rider that you may not be accurate.

Cheers

Thanks for the warning. Appreciate it. That's why I put a question mark after the USD 10000..

As for the circular you have mentioned I have looked it up and your pointer is CORRECT. As as aside, there is a circular not yet released, it now appears, after research, that has not seen the light of the day as yet, from RBI on this. But I stand corrected. My apologies to all those who read my posting, and thanks again for pointing out my mistake.

Good wishes.

Oct 30th, 2009, 23:41	#61
camelgirl 10 year Visa okee dokee Join Date: May 2005 Location: Swannanoa NC usa Posts: 2,048	She left on Wednesday! I hope we hear from the OP since she is currently in India and hopefully trying out her ATM card! __________________ My selected India photos http://www.indiamike.com/photopost/s...r/7030/cat/500

Nov 6th, 2009, 12:19	#66
wonderwomanusa Maha Guru Member Join Date: May 2003 Location: Northern California Posts: 4,268	I'm sure there are, though you may not find them. You can always change a 20-dollar bill or two, to last until you get to an ATM once you're settled. You only need enough to pay a taxi and perhaps a deposit on your hotel bill. __________________ The map is not the territory. --Alfred Korzybski

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Nov 6th, 2009, 12:16	#64
wwailer Member Join Date: Nov 2009 Location: Norway Posts: 10	I have heard different things so just wondering if I could get it confirmed is it or is it not ATM´s in in the international arrival area at the airport in Mumbai?

Nov 6th, 2009, 13:45	#68
wwailer Member Join Date: Nov 2009 Location: Norway Posts: 10	thanks for fast reply one more question: should i just bring dollar that i can change to rupee or should i bring some Euros/GBP for my trip to?

Nov 6th, 2009, 14:24	#70
R Murli Dhar Senior Member Join Date: Aug 2009 Location: Coimbatore, India Posts: 122	Further to my post, you can consider what amount of currency you should carry in what currency portfolio USD/GBP/EURO. Look at this site : http://www.fedai.org.in/ They are the Foreign Exchange Dealers Association of India, and they carry the inter-bank, inter-currency rates on a day to day basis with a time line. Have a look. Or you can try www.rbi.org.in which gives only indicative rates, and does not interfere with the open market operations of the currency exchange, unless there is a wide fluctuation in rates. Good wishes.