currency exchange rate in mumbai airport

canadiantraveller

I just called the bank to exchange $100 CAD for upcoming trip and the rate they are offering is 34.60 (but current exchange rate is around 39.40) . I am thinking exchanging some money in the airport before heading to hotel for taxi expenses for the day and then change TC or use debit card next day to get money.I know airport exchange rates are not great but it can't be worse than what my bank is quoting. Am I correct? Any advice?

Does any one what exchange rate I will be getting for USD travellers cheques?

Thanks

edwardseco

Its what most people do so..

aadil

Are you sure you are converting USD or CAD into Rupees when you are quoted the rate you mentioned? Airport rates are not a lot different than rates in the city unless you get it in the illegal black market. Anyway you are not allowed to carry more than Rs5000 in Indian Rupees when coming in from any country. You need not carry money in Travellers Cheques as they are pretty difficult to encash at most places without going through a lot of hassles and even banks take a long time to do so. You may also end up paying a commission when you exchange your TC's at banks or money exchanges and most shops will not accept TC's unless you are using the whole amount of the TC and will not want to pay you the remaining amount in Indian currency even if they do accept them. Using your ATM cards or credit or debit cards is the best way besides getting cash in USD which may cost you a bit more due to the exchange commission you may have to pay in some establishments. Nowadays it is possible to withdraw cash at most places in India. Even a very small town has at least one ATM if not more and almost all cities have a lot of ATMs all over the place and offering to accept almost all different cards that you may possibly be using.

Cheers,
Aadil.

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Nick-H

You are not allowed to carry any rupees in or out of the country.

(Err... you are (me too!) as this concessions is made to residents.)

Generally, though, when we discuss this, we conclude that, unless you manage to get yourself searched by customs for something else, nobody checks your wallet, and nobody will care about the few rupees you have left over from the previous trip.

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sssall

The rates you get in India should be about the same as the ones you see in your local press. Indian banks will also not charge you any commission.

If you don't have any rupees on you, then its best to go to a bank at the airport on arrival.

Khandoma

About Canadiantraveller's original question :
Last November I found the rates at Mumbai Int'l airport were exactly the same as downtown, at least in State banks. You'll find at least two banks and either a Thomas Cook or AmEx there (can't remember which, sorry), next to the pre-booked taxi desk. Rates are displayed, both for currency and travellers cheques. The State banks have better rates than the private banks.
Even though the big plane had just landed, I only waited a few minutes to get my cash.
The real difference is, in Bureaux de Change downtown you can actually bargain, which you can't do in State banks ( I think !). But at the end of the day I got more or less the same good rate at either place.

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machadinha

http://www.oanda.com/convert/classic, there are any number of such sites.

Slight (and more importantly temporal, like anywhere else) fluctuations may and will occur of course; like the others though, between scouting around for the very best deal or just having it over and done with, I wouldn't break your head over it. It will basically boil down to much of a muchness I think. Could be worth it for astronomical amounts, the black market has been pretty much effectively liquidated for over a decade though, as far as I know. To the extent that it may exist still, even its margins will be negligible.

What most people (traveling to anywhere really) do is just get your first days' worth of money at the airport, then handle it from there.

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canadiantraveller

aadil- the rate (1 CAD = 36.40 Rs) I quoted is the rate given by canadian bank for indian rupees. What concerns me is that it is Rs.3 less than what is quoted in the news papers. So I guess debit or credit cards may be the best solution.

But I want to bring some TC or cash as back up incase debit or credit cards does not work or I could not find a working ATM machine.Is it better to bring US dollar as back-up instead of TC.

Is the bank boots at the air port open around midnight?

Thanks all for the responses.

machadinha

While I can't be sure, most airports anywhere will naturally have facilities for people to get around in the country at least at times of incoming flights yes. It's in their interest to do so (and it's good business).

Try http://www.csia.in/ ; remember how complete or up-to-date that is is always anyone's guess. It suggests several 24/7 ATM's yes, and why not. I'd be very surprised if there weren't some full-time bank counters as well.

Aadil is pretty much certified to know what the situation is there though, let's say he's close to the action Just check his profile.

As for your exchange rates at home, as already noted you're not supposed to be able to buy Rupees abroad at all, so if you can, that's a service and I'm not surprised if you get a lesser deal of it. Don't worry, just change your money upon landing.

At a 3 Rs. difference, remember that for $100 (4000 Rs., should see you a fair way) you'll lose out on 7.5 US dollars. Could well be worth your peace of mind and getting out of the airport and into town already. But anyway to save those 7 bucks, just change at the airport, it really shouldn't be a problem.

aadil

It is best to get USD in cash instead of TC's and don't worry about the timings as the airport exchange bureaus are open 24/7. Also the ATM's are open all the time and with a security guard at most of them so you should really feel safe in getting cash out of your credit or debit cards. There are thousands of ATM's all over the city and most cities are well equipped to cater to almost all various credit cards and banks and it would be very rare not to find one that doesn't accept your card. The smaller cities also have many ATM's and even the smallest towns have at least one ATM if not more.

The rates for CAD at the airport and at other places in the city may not vary so much as the USD/GBP/Euro rates. Also you may not be able to exchange CAD into INR (Indian Rupees) as easily as USD. Hope this helps.

Cheers,
Aadil.

canadiantraveller

thanks for all the responses and they are very helpful

traveller.1

The rate quoted in the papers and on the internet is what the banks will sell you the foreign currency at. Buying rate is usually a couple of Rupes less.

I now do not exchange or carry money from the States. I just use an ATM card. That gives the best rate and is safest

wonderwomanusa

I mostly rely on ATMs, but four years ago, found that they weren't quite everywhere, so I was happy to have some cash and some TCs for emergencies.

I used some of the TCs at Cottage Industries Emporium, in Delhi, after an orgy of last-minute shopping. $84 bought so much that I had to buy another duffel bag to hold it all.