Exchange Chinese RMB to Rupees in India

#1 Sep 9th, 2009, 14:35
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  • DB1st is offline
#1
We're going to visit India next month and would like to take along some Chinese money (RMB). Does anyone know if currency exchangers will exchange it to Rupees? How is the rate like in general? One of the websites I looked up just now said 1 RMB = 7.10 Rupees.

Thanks!
#2 Sep 9th, 2009, 14:43
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#2
Unless someone tells you they have actually exchanged this money, I have a feeling it may be difficult. In all the money exchanges, banks I have been to, I've never seen a notice for an exchange rate for Chinese money.

If this is the case a suggestion would be for you to change it first to American dollars prior to leaving the country, and easily exchange those.
Every cloud has a silver lining!
#3 Sep 9th, 2009, 16:10
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Aisha - Thank you for your reply and info.

I am on temporary assignment in China from the US. As a foreigner, I cannot exchange my RMBs for any foreign currency. The government here very tightly controls the (directly of) flow of currency.

Thanks again.
#4 Sep 9th, 2009, 17:36
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#4
I've just returned from China!! There is no problem exchanging non-commercial amounts in rmb on exit from China - and no problem at licensed exchangers in Hong Kong either, even for quite large sums. What's your problem?
#5 Sep 9th, 2009, 23:48
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#5
Quote:
Originally Posted by DB1st View Post We're going to visit India next month and would like to take along some Chinese money (RMB). Does anyone know if currency exchangers will exchange it to Rupees? How is the rate like in general? One of the websites I looked up just now said 1 RMB = 7.10 Rupees.

Thanks!
Yes, you can exchange RMB with Indian Rupees, there are many Currency agents are in Paharganj Main Market.
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#6 Oct 13th, 2009, 17:44
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Our taxi driver took us to an exchange shop as per instruction from our B&B proprietor. The rate was favorable but they did not give us a receipt and we did not ask.

We tried to exchange the left-over Rupees to US$ at Delhi Airport, without the official initial exchange paper, we were only able to exchange 10,000 Rupees each. So we did twice--once at Thomas Cook and once at another exchanger next to it. Thomas Cook did not give us good rate. The other exchanger was better by 12%. So quite a difference.

At Kuala Lumpur Airport, the money exchanger there (all kiosks belong to the same company) would only change from Rupee to Malaysian currency then to US $. In other words, they'd get us coming and going. They claimed they had no commission rate. Their offer was 25% worse than Thomas Cook.

At Hong Kong Airport, the exchangers there would not take Rupees.

Does anyone know if the exchangers at O'Hare will take Rupees?

Thanks!
#7 Oct 15th, 2009, 10:48
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#7
The rupee is still not officially convertible outside India. Maybe they'll take it, maybe not but if they do you'll get a terrible rate.

The key for both India and China is not to take the local currency out and not to exchange anything but USD/EUR/GBP if you don't want to get taken for a long and expensive ride like the one you experienced. Airports are generally terrible locations to change money. I have a stash of Euro notes here that are only used for holidays outside India as no one except perhaps Nepal wants to see INR. When abroad I use my debit card which is coupled to an account I have in Europe...works like a charm and is cheap to boot.
"It is preferable to have a criminal for a servant rather than a fool because a criminal's actions are predictable and you can protect yourself against them, whereas there is no telling what a fool's next move will be.
#8 Oct 15th, 2009, 15:14
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You are right Dillichaat - no one except Nepal will change INR, at least not in my experience. And even in Nepal they won't change 1000 or 500 rupee notes either - something to do with counterfeit money. I once tried Singapore but they just laughed at me.
#9 Oct 15th, 2009, 16:36
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I once tried Singapore but they just laughed at me.
When I got off the plane from Delhi to Singapore for some R&R last year the Singapore immigration lady asked me if I was visiting Singapore after a holiday in India. When I replied that I live/work in Delhi she looked at me and actually said she was sorry for me (!). I knew a place in Brussels that would change EUR into INR (not the other way around though) but they offered 52 Rs/EUR when the INR was at 65/EUR....needless to say I walked out and changed a little bit at the airport upon arrival in Delhi. Don't know where they got their INR supply, probably some shady deal.

There's still a black market in India that will offer slightly better than official rates but only for higher amounts and with high-denomination Euro notes. This is of course illegal, risk-prone (though from what I heard the guys running this show don't want trouble and are not apt to cheat) and it will not get you the required certificate.

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