Foreign Exchange
Happydaze
India > States in India > India Travel > Goa
#1
| Member

Foreign Exchange

Hello again all...I have only just found out that the Indian rupee is a closed currency, with no money allowed in or out. I would usually get a currency in England and go to the country with it. Obviously the forex at Dabolim and Mumbai will be terrible rate (as little as 67 rupees with commission!!). I feel I must exchange a little at first, but do not want to exchange too much at airport. Does anyone know of somewhere that does good rate. We will be staying in Pilar the first night, near Velha Goa...is there anywhere there. All suggestions welcome. Also if exchange rate ia 86, will we be able to get 84 anywhere, as this would be the difference between Euro bank and tourist rate. Thank you

16 Replies

#2
| Clueless
Exchanging foreign currency in your own country is never a good bargain. Most airports now have ATMs where you can withdraw monies. Plus exchanging little at the airport to tire over for a day is sensible strategy.
#3
| Loud Noisy Bird

Originally posted by: Happydaze View Post

Hello again all...I have only just found out that the Indian rupee is a closed currency, with no money allowed in or out. ... ... ...


Out of date information. Please see the last page of this thread. It seems that you can now take/bring up to Rs.25,000. So, if you can find some at a price you are willing to pay, you will not be breaking any rule by arriving with your taxi fare, and even your first few nights in your hotel, in Rs.

Are the rates really that bad at airports? Good grief![cry]
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Life gets aadhar every day.
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#4
| Clueless

Originally posted by: Nick-H View Post



Are the rates really that bad at airports? Good grief![cry]


About 2 INR /USD at an airport in South India few months ago :(
#5
| Maha Guru Member

Originally posted by: Happydaze View Post

Obviously the forex at Dabolim and Mumbai will be terrible rate (as little as 67 rupees with commission!!)
I find that hard to believe if you are talking about GBP. No one will exchange at that rate given the availability of ATMs. Perhaps you have seen the exchange rate for USD (if so, excellent rate) or EUR (not great but not too bad).

Originally posted by: nycank View Post

About 2 INR /USD at an airport in South India few months ago :(
Right. Presumably people were lining up to get this deal?
#6
| Maha Guru Member

Originally posted by: nycank View Post

About 2 INR /USD at an airport in South India few months ago :(


Buying or selling? :D
#7
| Clueless

Originally posted by: Govindpuri View Post

Buying or selling? :D


Originally posted by: RPG View Post

Presumably people were lining up to get this deal?


Grrrrr ! ⇒ < ∂ 2 2
#8
| Loud Noisy Bird

Foreign Exchange

I'll give you 3 Rs for a dollar.
I don't tell people, but if go to 5 if you really haggle.

:naughty:
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Life gets aadhar every day.
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#9
| Member
Unfortunately ATMs charge for withdrawals rendering the rate useless and pointless as £2 per withdrawal will bring exchange rate below 67😕 Checked and bringing rupees in was for India nationals only as far as I can see. Thanks for replies though guys.
#10
| Maha Guru Member
I'm sure you can buy some (or even a substantial amount of) Indian Rupees in the UK. But be carefgul that no one palms off old 500 and 1000 Rupee notes on you.
#11
| Loud Noisy Bird

Originally posted by: Happydaze View Post

Unfortunately ATMs charge for withdrawals rendering the rate useless and pointless as £2 per withdrawal will bring exchange rate below 67�� Checked and bringing rupees in was for India nationals only as far as I can see. Thanks for replies though guys.


It was actually never (in past 15 years) for Indian nationals only: it used to be for India residents. I have not recently checked with the source, I admit. See the latest RBI information, not any third part site. Even Indiamike gets this stuff wrong sometimes!

Edit... added.... Here you go, and the link is in the post I pointed you too...
Any person resident outside India, not being a citizen of Pakistan or Bangladesh, and visiting India,

may take outside India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000 (Rupees Twenty Five Thousand only) per person
may bring into India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000 (Rupees Twenty Five Thousand only) per person


I do occasionally draw cash on an British bank: My bank charges more than yours (last time I looked) but I was definately getting a result better than 2/3rds the current bank rate. Most travellers on this site use ATMs. The worst think is that the withdrawal is limited by India to 10k per go, which means paying any UK per-transaction fee for every 10k.

Remember that you can shop, pay hotel bills, etc, with your British card.
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Life gets aadhar every day.
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#12
| geek

Originally posted by: Happydaze View Post

Unfortunately ATMs charge for withdrawals rendering the rate useless and pointless as £2 per withdrawal will bring exchange rate below 67�� Checked and bringing rupees in was for India nationals only as far as I can see. Thanks for replies though guys.

You can withdraw Rs. 10,000 at a time from Indian ATM's
Today's mid rate is £=85.9
Nationwide and many other banks use Visa rates - today according to Visa ₹10,000 will cost you £116.69
If your bank charges £2 (and no percentage on top) you get ₹84.25 to the pound
Nationwide for example charge 2% + £1 so you would get 83.32

hth AndyD

p.s. Thos. Cooke in the UK will charge £123.46 - @ 81.00
There is no such thing as art, the best is high craft - the rest is just flim-flam ©
#13
| Member
I'd change just enough to last a day as the exchange rate is very poor at the airport..I don't think you can buy indian currency in the UK. I usually bring home a few thousand rupees for my return trip.
#14
| Maha Guru Member
There is always an informal market as one poster pm ed me. Making the connects is another thing..
#15
| Loud Noisy Bird

Foreign Exchange

The connect might be as close as the local shop. Mine was run by a family of Indian origin. The one near the friend I stay with is. I have been chatty with them since the day I accidentally tried to pay with a Rupee note. They are a Mumbai family and regularly connect with back home. I'm sure they have a rupee purse too. If you don't ask...

And, in UK, you are not asking them to do anything illegal. If they have 100 quid in Rs to spare, you can do your informal transaction in front of a policeman and nobody will bat an eyelid.

Unlicensed currency exchange in India, on the other hand, is illegal. Nobody seemed to care about it for a long time, but in the current climate of cash control, it might get the spotlight again sometime.


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Life gets aadhar every day.
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