Money - what's the best way?

#16 Aug 17th, 2017, 18:10
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#16
I've used travellers cheques every year since 2014, when it cost me about $200aus to withdraw about $3500aus at 10,000r's per time, they were great -- issued by Aust post office for no charge, and cashed easily in Tamil Nadu for a max fee of 80r's per transaction.
Last month i tried to buy some at the post office, but the Aust post dude couldn't find a listing on the website, so i went home and called Amex in Sydney and a nice Indian lady told me that travellers cheques don't exist any more, so i arrived in Madras last week with a pile of cash ($50 notes and not $100's as locals seem to be a bit paranoid about them ) -- very sad the end of an era -- although i keep thinking i may have been had, or was it just a coincidence that a very heavy accented Indian lady had a job in the Amex office in sydney -- i do hope they still exist.
#17 Aug 17th, 2017, 18:31
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#17
I en-cashed the last of my Amex traveller's cheques in November gone by in downtown Philadelphia. I was bounced around by two banks before landing at a regional bank that accepted them and the helpful lady on the counter told me the same story - that Amex doesn't issue them any longer. I had kept those from around 2008 and used them on a couple trips since - they saved me a trip to Thomas Cook here.
#18 Aug 17th, 2017, 21:54
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#18
Don't worry, rednija: very heavy, accented Indian ladies certainly still exist.

~
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#19 Aug 19th, 2017, 02:02
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#19
Not sure of the etiquette here of muscling in on someone else's thread, you can tell me to bugger off and start a new one if you like.

I'm taking both debit and credit cards, but I also want to take AUD$ and change to rupees in Delhi. The company I've hired the car and driver from prefers rupees (can't say as I blame them for that), total is 52,500. I'd like to get another 50,000 odd, for meals out of the hotel, tips and shopping. Can I exchange that much at once (around AUD$2,000). If so, am I best going to the State bank, or would a reputable money changer be better? Thanks
#20 Aug 19th, 2017, 03:21
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#20
I'm afraid I can't answer your question, but I am fine with you asking it here
Always do sober what you said you'd do drunk. That will teach you to keep your mouth shut.
#21 Aug 19th, 2017, 03:34
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#21
You can certainly change that amount of cash,the exchange rate will vary depending on how respectful your money changer is.

But why dollars ? If your are flying from the U.K ,take pounds,50 notes are the best.
#22 Aug 19th, 2017, 03:44
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#22
I think the expression "reputable money changer" is not one that I have heard before...

I have no experience of Au$ currency, but I would be surprised if you did not get a better rate of exchange from the "gents" along Janpath in Delhi, which is very central. (By gents, I mean the blokes, not the men's you know what...)

Do beware of receiving dud notes, insist on no torn or dirty notes, and ensure that the notes are current curency, some notes are no longer valid. Rs 1,000 and Rs 500 as far as I am aware are no longer any use?

Ed.

P.S. I believe the young lady is Australian, hence the Au $.
#23 Aug 19th, 2017, 04:13
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#23
Quote:
Originally Posted by OldandRambling View Post Rs 1,000 and Rs 500 as far as I am aware are no longer any use?
There are old and new 500 Rupee notes. It's the old ones that aren't valid any longer.



OLD:



NEW:

Traveller's cheques are now a collector's item so feel free post about them in the Stamps, Coins, Banknotes thread.

The last time I bought TCs was before a trip to India in 2003. Once I realised that I could draw on my German ATM-card at Patna (the IDBI branch it was) I decided not to buy any more. I cashed the last of them at Prague airport in 2004.
#24 Aug 19th, 2017, 04:18
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#24
Hello Ed! I was in Bangalore in June and yes the ATMs are working fine with barely any queues. The old 1000 and 500 notes are absolutely no use anymore. Foreign currency exchange is also working alright. For the australian dollars query I think the SBI money change would be the best option. The Australian dollar is listed on their exchange rate board. Some banks will only accept US Dollars, Euros or Pounds Sterling. You can certainly exchange two thousand australian dollars in one go. I had no problem exchanging two thousand five hundred US dollars at the bank all at once as I had some large local bills to clear, and was handed the cash without any fuss.

For some reason nobody wanted to accept the new ten rupee coins. I dont know why. I was stuck with them having happily received change from small shops in coins.

Will post more information in Sept when I get there once more, this time as a returning OCI. The mechanics of bank account switch from non resident to resident might be of interest to the forum.
#25 Aug 19th, 2017, 04:21
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#25
Quote:
Originally Posted by lovetotravel123 View Post For some reason nobody wanted to accept the new ten rupee coins. I dont know why. I was stuck with them having happily received change in coins.
It's like dollar coins in the US. Vending machines on the Washington DC Metro don't (didn't?) accept them.
#26 Aug 19th, 2017, 04:44
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#26
Quote:
Originally Posted by lismoresimon23 View Post You can certainly change that amount of cash,the exchange rate will vary depending on how respectful your money changer is.

But why dollars ? If your are flying from the U.K ,take pounds,50 notes are the best.
Thanks to everyone for your responses, you're certainly a friendly lot here and it's great to be able to get your advice.

Re. v $, as Ed mentioned I'm an Aussie and am visiting family there before the India trip, I suppose I was just thinking of the value of the AUD against that of the GBP, as my funds are split between the two countries. That probably doesn't even make much sense! - it's just that I've been transferring money between Oz and the UK for so many years that I always have a 'higher value' currency fixed in my mind, and at the moment it's the AUD$. I'd happily transfer dollars to the UK, but would cry if I had to send a chunk of to Oz.

If it's easier or more advantageous to take GBP to India I'd rather do that though, being a greedy and opportunistic soul
#27 Aug 19th, 2017, 04:57
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#27
ps despite lots of Googling I'm still not sure what the current rupee note denominations are - is 1,000 still the highest denomination after last year's demonetisation? Thanks
#28 Aug 19th, 2017, 05:16
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#28
Rs 1000/- is no longer valid. Rs 2000/- is currently the highest denomination.

Rs 2000/-, Rs 500/-, Rs 100 (the first 3 dispensed from the ATM), Rs 50/-, Rs 20/-, Rs 10/- (in coins and notes), Rs 5/-, Rs 2/- and Re 1/- (the last 3 in the form of coins).

Speculation that in the next 2 months that the new Rs 200/- note will be launched.
#29 Aug 19th, 2017, 13:41
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#29
The Rs.10 coin thing...

No problem at all.

India has a huge amount of fake news. There must be a sizable number of people (I imagine young kids, but who knows) who spend time inventing fiction with a more or less plausible touch and spreading it on social media. WhatsApp seems to have nullified people's judgement of reasonably completely. One's most educated friends are forwarding nonsense, imploring is to be very afraid... And spread the fear.

The Rs.10 coin was a victim of one such rumour. I think it is forgotten now.
#30 Aug 19th, 2017, 14:06
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#30
Quote:
Originally Posted by aarosh View Post Rs 1000/- is no longer valid. Rs 2000/- is currently the highest denomination.

Rs 2000/-, Rs 500/-, Rs 100 (the first 3 dispensed from the ATM), Rs 50/-, Rs 20/-, Rs 10/- (in coins and notes), Rs 5/-, Rs 2/- and Re 1/- (the last 3 in the form of coins).

Speculation that in the next 2 months that the new Rs 200/- note will be launched.
In the ATms in India can one request what kind of notes one wants?
Would hate to have 10000Rps in 5X2000 Rps


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