Exchange rates and exchange bureau at Indian airport

BenV

With a trip to India in close sight, I am getting interested in the exchange rate Euro -> INR. I am probably not allowed to bring INR with me into the country, but -hey- we have probably all seen Papillon.. (not that I would stick it exactly there, if you catch my drift).

Currently the global mid-market rate is some 1 : 59, and we gained some 20% roughly in the last three months. This is a very good period to buy at least some INR, so as to cover the risk of decline in the months ahead.
Regretfully our local exchange office offers a meager 1 : 53 (which is real rip-off.. may lightning strike them soon), so a second best option is to exchange it at the airport, thus I am now trying to find out what the exchange rate at the Gandhi airport is, in expectation, in relation to the mid-market rate. If we take cash E and exchange it at the airport, which office should we go to and what exchange rate can we expect vis-a-vis the mid-market rate (and what will the commission be?).

Thanks!

PeakXV

The banks are there at the airports, ATM's too. I usually exchange enough to get down town and then see whats shaking
on the currency X scene in the big city. The Banks give a fairly good rate at the airport though - they don't want to scalp you too much ...seeing that you just arrived ... that will come later!!

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Don't go to India ~ Pre-trip Warnings & Misconceptions?

Indiafan

At the airport there are several exchange offices so you can see who is offering what. I do exactly the same as PeakXV and change only like 50 EUR at the airport to settle in and then change at the city where the exchange rate might be more favourable.

Karan321

The Indian rupee is pegged to the dollar and as long as the Euro is appreciating against the dollar it will appreciate against the Rupee. i dont foresee the rupee appreciating atleast in the near term. There are of course daily minor variations sometimes in the favour of the rupee but that is insignificant so one should postpone purchase to when the rupee is actually needed. Airport banks do not offer a good rate since there is a monopoly. I think there's Thomas cook and SBI at the airport and the present rate should be about Rs.58 or even less. The rate at banks in the city varies but is generally more than what you would get at the airport. Again it depends on the bank so while Federal bank always offers good rates, ICICI gives you a less for your EURO. Generally speaking, private money changers in the city offer the best rate especially for cash. Today it should be a little more than Rs. 59. My suggestion would be to change a minimal amount at the airport and then the rest at a money changer. If you want I can recommend the one I deal with. If you get traveller cheques then you can consider changing these at banks since the difference in rates offered by banks vs money changers is less.

Nick-H

How do you mean, pegged to the dollar?.

Since I came to live here, Foreign exchange rates have become important to me --- but still a mystery!

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dzibead

Here's a wikipedia article that explains what it means for one currency to be "pegged" to another: http://en.wikipedia.org/wiki/Exchange_rate

Nick-H

Thank you for that. I thought it meant something like that.

But the ruppee/dollar rate is not fixed? That's what puzzles me...

anesa

The Nepalese rupee is pegged to the Indian Rupee at INR1 = NPR1.6 but I don't think it is pegged to the US dollar in the same way as the HK dollar?

Another question... I read that Malaysia Airlines uses the domestic airport in Chennai. Does anyone know if there is a money exchange counter at the domestic airport??

Nick-H

Sorry, I don't know the domestic terminal, and I haven't changed money at the airport for a couple of years.

I have a feeling there may be money changers by the prepaid taxi counters just outside the International terminal. they used to be just inside the door.

It is the same airport: just different terminal buildings, only a couple of minutes walk from each other.

sanjmeister

In the past, I have exchanged sterling for rupees with hotel owners, jewellers - basically with businessmen who travel to the UK fairly regularly and who have a need for sterling. Of course, you would do this with an individual who has a need for euro. I've always done the exchange at the spot rate as published in Times of India.

Of course, you can't do this for Traveller's Cheques, and you may not meet such people on your travels that you feel comfortable with. But it is an alternative route you may wish to consider.

sanj

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anesa

Thanks Nick. I think it was in Mumbai but I remember changing money before going out of the immigration hall - I am travelling on my own and am not too keen on changing money with too many people around. But anyway, thanks for the info!

Are queues bad in banks in Chennai? Is there any branch you would recommend?

TimMakins

I have always found the rates at the airports are pretty good. I will change 200 or 300 pounds there - its very convenient, quick, and there are few people hanging around - most people rush off to the taxis etc.

Some people get really hung up over good or bad rates, but looked at with a level head, its actually not so important for the average traveller. You can stand in some long queue, or change money on the street with everyone watching just to get 58rs instead of 57 or whatever, which means that having changed 100 dollars you are now 100rs better off !! So what? Big deal (pun not intended!) Far better to change money in an environment that is quick, secure, safe, and trustworthy; somewhere where you can sit in air-conditioned comfort whilst you juggle with your money belt and try to hide those bricks of rupees in your daypack.

Tim in Ireland

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Nick-H

Sorry, insufficient experience on this one. There are numerous money changers, licenced and unlicenced,apart from the banks.

The larger hotels will change money for their guests, and the larger shops do too. From seeing a rate board recently in a shop, it wasn't good!. Smaller shops will probably give a fairer rate if they accept foreign currency at all.

Probably best not to use one of the Government banks (State Bank of India, or a bank with a State name in it, to name a few...).

Remember you can use your UK debit/credit cards in many ATMs here. This is certainly the most convenient way of getting cash, but watch out for your bank's fee (anything from free to exhorbitant!).

Sama

I heard last night on an Indian business show on TV that the rupee is 47 = $1 US. good for Americans now in India!

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Nick-H

Still rising. Against the pound too...