Best way to get Indian currency during vacation in India

sd28 · Post by **sd28** » Thu Jun 14, 2007 5:27 am

Guys,

My wife will be gone for 3 months vacation and later i will join her for 6 weeks, Can somebody share what is the best way to get indian currency for expenses in India.
My wife tried local ATM and there is significant charge of $8 for every transaction, not sure if there is any charge if we use credit card.

But there must be a way to get cheaper transaction fee and maximum exchange rate.

Any ideas will be really appreciated

Old-Spice2 · Post by **Old-Spice2** » Thu Jun 14, 2007 6:54 am

>>But there must be a way to get cheaper transaction fee and maximum exchange rate.

You need to plan ahead. Move some $$ to NRE account. Use the ATM card to take out from NRE account.

DoctorJ · Post by **DoctorJ** » Thu Jun 14, 2007 8:25 am

sd28;29084 Can somebody share what is the best way to get indian currency for expenses in India.
[/quote]
One would wonder...What are parents and in-laws for???

In my case, I never had to think too much - for my parents happen to be Mobile ATMs....:D
===================================================
I'm glad my parents are usually around to help me out. -DJ :cool:

sd28 · Post by **sd28** » Thu Jun 14, 2007 8:55 am

Aren't we suppose to help our parents instead of they helping us out.

I am also planning to buy some stuff for my parents.

Anyways, the question was how to get Indian currency in this circumstances, I know if i planned the trip in advance then it wud have been nice. But thats life!!!

pala69 · Post by **pala69** » Thu Jun 14, 2007 10:23 am

I never used ATM card in India but if you use Creditcard then there is 2% international transaction fees with most of the credit cards . I usually transfer money through money2India to either my parents a/c or to my in-laws acccount and then I get the money in ruppes in India . Long time back I use to take travellers check or cash .

sohu · Post by **sohu** » Thu Jun 14, 2007 12:53 pm

You can always walk-in to a bank and deposit foreign currency in to your (or possibly even your relative's) account.

You will not get the best exchange rate but if the amount is not very high and you are short of time then this is one easy legal way. There are also other private companies (travel agents, currency dealers, etc.) who will take currency notes and give you rupees. Some of these private companies may not be legal.

If you are not comfortable taking cash with you then you can get travellers check from amex or your bank. These can be deposited in the same manner as cash.

Desi · Post by **Desi** » Fri Jun 15, 2007 12:01 am

sd28;29084Guys,

My wife will be gone for 3 months vacation and later i will join her for 6 weeks, Can somebody share what is the best way to get indian currency for expenses in India.
My wife tried local ATM and there is significant charge of $8 for every transaction, not sure if there is any charge if we use credit card.

But there must be a way to get cheaper transaction fee and maximum exchange rate.

Any ideas will be really appreciated[/quote]

When I read the sentence in red font above, It leads me to believe that the trip has not happened yet. If that is the case, here are some options:

1. Use ICICI or other money transfer services to transfer money to your parents account and withdraw in India. (or alternatively, you could have a draft sent). You do not need an account at ICICI bank to do this. You can do this same transfer via other remittal services.

2. It appears that you do not have NRE account, else transferring money via Remit2India, money2India services either via ACH or via wire transfer should provide access.

3. Take Cash with you and go to UTI bank and open NRE account while you are there and cash the currency. I have found UTI bank gives the best rate for currency notes in Mumbai and at least 1 rupee more than ICICI bank.

Desi_by_Nature · Post by **Desi_by_Nature** » Fri Jun 15, 2007 12:53 am

You can get better exchange rates than banks from private foreign currency exchange places.
If you are going to Delhi there are plenty of shops in Connaught Place/Palika Bazaar offering currency exchange. They give you a receipt too so it probably not illegal.
I usually get atleast a rupee or so above what the banks are offering on that day. There is no transaction fee either.

DoctorJ · Post by **DoctorJ** » Fri Jun 15, 2007 1:05 am

Desi;29206(or alternatively, you could have a draft sent). [/quote]
I've had a couple of bad experiences with encashing Cashiers Cheques (not sure if it's the same as draft mentioned above). It took more than 4 weeks for the Cashiers Cheques to cash at SBI and SBM in Bangalore. Thought I'd make other members aware of it.
=================================================
One gets to hear a lot of cock and bull stories on questioning. -DJ :cool:

Desi · Post by **Desi** » Fri Jun 15, 2007 1:09 am

A demand draft and cashiers check are two different things.

Demand draft is issued in rupees encashable in Indian banks. A cashiers check as discussed here is simialr to a demand draft but in dollars drawn on a US bank.

The money2India, Remit2India services will dispatch a demand draft as specified in instructions and not Cashiers check.