1st trip to India, confused re: money issues

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#76 Mar 16th, 2010, 09:43
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Originally Posted by Emmanuela Lins View Post What´s is better to change, the best rate,, bring US dollar, euros, o chinese money???
I don't think it matters. Floating exchange rates are calculated throughout the day and remove any advantage that might attach to a particular currency. Take $US perhaps (changing your domestic currency would be a little tricky) and rely mainly on cashpoint (ATMs).
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#77 Mar 16th, 2010, 11:06
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#77

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Originally Posted by Brisso View Post I don't think it matters. Floating exchange rates are calculated throughout the day and remove any advantage that might attach to a particular currency. Take $US perhaps (changing your domestic currency would be a little tricky) and rely mainly on cashpoint (ATMs).
Well, I differ with you. The INR floats between the Dollar, the Euro, the Yen and the GBP. The USD fetches around Rs 45.50 today, the Euro around 62.59, the GBP Rs 69... so compared to the dollar, you can see the difference in the amounts you even after you pay the commissions.

It's upto the OP to decide. If you want to look at the RBI reference rate, which is based on a weekly/daily statistical data of floating exchange during the day/week, and to which banks refer, here is the link: www.rbi.org.in.. You will see it on the very front page shown as a graph. If you want to see it writing, please contact me offline as I am not able to copy and paste it here. Good wishes.
#78 May 11th, 2010, 17:10
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I'm just back from India and Nepal. If I'd known that I'd be charged such exorbitant charges for using my Barclaycard to withdraw money at ATMs I would have just taken cash, as I was covered by insurance against loss anyway. On my return two weeks ago I discovered that, to add insult to injury, Barclays has now charged me the additional sum of £22, for going £9.21 overdrawn, thanks to their unexpected charges !
#79 May 11th, 2010, 17:48
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What do you call 'exorbitant'? I live in India but occasionally use a european debit card to withdraw money. Fees are quite reasonable (I'm guessing about 2 EUR/withdrawal) with my banks (Deutsche Bank and BNP). Perhaps you should just change banks? I would never advise carrying everything in cash.

If you've got an insurance that covers the theft of cash that was NOT a) left in a hotel safe or b) stolen with the attacker using violence (and you having to prove it) or c) stolen from a hotel room with traces of breaking and entering, please let us know the name of the company. It would surprise me greatly but you never know. Most theft in India is opportunistic and doesn't involve B&E nor violence.
"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.
#80 May 11th, 2010, 18:06
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Originally Posted by Norapat View Post I'm just back from India and Nepal. If I'd known that I'd be charged such exorbitant charges for using my Barclaycard to withdraw money at ATMs I would have just taken cash, as I was covered by insurance against loss anyway. On my return two weeks ago I discovered that, to add insult to injury, Barclays has now charged me the additional sum of £22, for going £9.21 overdrawn, thanks to their unexpected charges !
You may have perhaps used it more in Nepal.. this is a guess Is this true?

In India, the competition is high amongst banks I think, so it all depends. I am however circumspect in this statement.

I did travel abroad quite a few times a few years ago, and my boss, an avid global trotter, would also visit a few banks/money changers to get the best possible rate for traveller cheques.

I presume that the same holds good for people visiting India, since money changers have boomeranged since exchange controls were thrown open.

Well, I suppose it would have been better for you to use the card to make your payments to various establishments, while keeping a certain amount of reserve in cash/travellers cheques. Once bitten, twice shy?

Regards..
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