Pounds/Dollars/Both

madamdarkin · Jun 2nd, 2009, 17:26

We've been living in Dubai and are heading back to the UK for 2 weeks before setting off on our 4-6 month trip to India (YIPEEE).

Our money is currently in UAE Dirhams which is pegged to the dollar.

We're leaving with a chunk of money to see us through India etc (its a legal requirement to close all bank accounts here before leaving the country). We don't have any current accounts in the UK either anymore.

Should we take TCs in Dollars/Pounds or Euros to India?

I am not sure if we have the time to set up another bank account with an ATM card in the UK etc!

I am thinking of taking a credit card, a bit on a Travelex Cash Passport and then some TCs in some currency - but which?

baba420 · Jun 2nd, 2009, 17:50

USD is always a good option.

alouise · Jun 2nd, 2009, 18:01

Madamdarking, advice may vary on this one. A card for ATMs would be ideal, but if that's not possible then the cash currency would depend on a few factors, including perhaps some consideration - unfortunately - of how much you're converting and with that how much you're prepared to lose on any foreign currency devaluations that might occur while you're in India. The US dollar has been a safe bet so far despite the US economic collapse because it's the currency for debt repayments and troubled US banks trying to increase their capital holdings (leveraging). Here the pound could look risky, if the British government's AAA credit rating is downgraded ... some talk of that in the news lately. On the other hand, there's also been louder speculation about a fall in the US dollar for the same reason, re. the government's ability to manage interest installments on the trillions of mounting debt. The US dollar is falling against my currency, which has risen from $ 1 AUD =60 to now over 80 cents US... something is happening, but how far the US dollar will further fall if at all is hard to bet on.

Perhaps the best option would be to carry more than one currency
- I always carry INR too, not a lot, to avoid having to go through US dollars to buy them. Good luck with your plans, and have a great trip!

camelgirl · Jun 3rd, 2009, 01:32

In the time you have in the UK I think you should consider setting up some kind of account--checking or savings that would give you an ATM card. It's by far the best way to get money nowadays. Even in India.

Otherwise, take a few kinds of currency TCs. TC are no longer the best way to change money but they do work most everywhere and we always bring some.

I recently used US $ cash, TC & ATM for a short visit to London and got a horrible rate with the cash & TC exchange rate (even with no commission on the TC). Got the best with my ATM card.

The dollar is so bad right now that instead of changing my left over sterling back to $ when I left, I changed it to Euros

(will save for a future trip somewhere

)

madamdarkin · Jun 8th, 2009, 14:32

Thanks everyone! We are back in the UK and was shocked at the bad rate I got at heathrow changing some UAE dirhams to pounds! Yikes!

We are going to get an ATM card and then take some dollars too.

Jun 2nd, 2009, 17:26	#1
madamdarkin Senior Member Join Date: Sep 2007 Location: Goa for now Posts: 169	Pounds/Dollars/Both We've been living in Dubai and are heading back to the UK for 2 weeks before setting off on our 4-6 month trip to India (YIPEEE). Our money is currently in UAE Dirhams which is pegged to the dollar. We're leaving with a chunk of money to see us through India etc (its a legal requirement to close all bank accounts here before leaving the country). We don't have any current accounts in the UK either anymore. Should we take TCs in Dollars/Pounds or Euros to India? I am not sure if we have the time to set up another bank account with an ATM card in the UK etc! I am thinking of taking a credit card, a bit on a Travelex Cash Passport and then some TCs in some currency - but which?

Jun 3rd, 2009, 01:32	#4
camelgirl 10 year Visa okee dokee Join Date: May 2005 Location: Swannanoa NC usa Posts: 2,044	In the time you have in the UK I think you should consider setting up some kind of account--checking or savings that would give you an ATM card. It's by far the best way to get money nowadays. Even in India. Otherwise, take a few kinds of currency TCs. TC are no longer the best way to change money but they do work most everywhere and we always bring some. I recently used US $ cash, TC & ATM for a short visit to London and got a horrible rate with the cash & TC exchange rate (even with no commission on the TC). Got the best with my ATM card. The dollar is so bad right now that instead of changing my left over sterling back to $ when I left, I changed it to Euros (will save for a future trip somewhere ) __________________ My selected India photos http://www.indiamike.com/photopost/s...r/7030/cat/500

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Jun 2nd, 2009, 17:50	#2
baba420 ANJUNA SARPUNCH Join Date: Apr 2009 Location: planet earth Posts: 303	USD is always a good option.

Jun 2nd, 2009, 18:01	#3
alouise Maha Guru Member Join Date: Sep 2008 Location: sydney Posts: 821	Madamdarking, advice may vary on this one. A card for ATMs would be ideal, but if that's not possible then the cash currency would depend on a few factors, including perhaps some consideration - unfortunately - of how much you're converting and with that how much you're prepared to lose on any foreign currency devaluations that might occur while you're in India. The US dollar has been a safe bet so far despite the US economic collapse because it's the currency for debt repayments and troubled US banks trying to increase their capital holdings (leveraging). Here the pound could look risky, if the British government's AAA credit rating is downgraded ... some talk of that in the news lately. On the other hand, there's also been louder speculation about a fall in the US dollar for the same reason, re. the government's ability to manage interest installments on the trillions of mounting debt. The US dollar is falling against my currency, which has risen from $ 1 AUD =60 to now over 80 cents US... something is happening, but how far the US dollar will further fall if at all is hard to bet on. Perhaps the best option would be to carry more than one currency - I always carry INR too, not a lot, to avoid having to go through US dollars to buy them. Good luck with your plans, and have a great trip!

Jun 8th, 2009, 14:32	#5
madamdarkin Senior Member Join Date: Sep 2007 Location: Goa for now Posts: 169	Thanks everyone! We are back in the UK and was shocked at the bad rate I got at heathrow changing some UAE dirhams to pounds! Yikes! We are going to get an ATM card and then take some dollars too.