As a traveler, your main concern will be getting the most favorable exchange rate possible in India. The major currencies tend to move +/- 1% in a given day, which is a relatively minor move unless you are changing thousands at a time. Experts agree that travelers will be best off looking for a place that will change money inexpensively. Below are some of your options for exchanging currency in India.
While still at home, you can exchange currency at your local bank. Experts suggest only changing enough to cover travel and transportation costs until you are settled at your destination, as the costs of exchanging money at home can be prohibitive. The obvious risk with services like these is fraud and the safety of your funds while they are in transit.
1. Changing Money at Hotels & Airports
While hotel and airport exchange may seem convenient, beware of high transaction charges. Generally experts advise avoiding exchanging money at a hotel unless you have no other choice. You can use the currency converter or calculator on our site to determine approximately what you are being charged in transaction costs, so you can more clearly identify how much the markup is.
2. Exchanging Money via Credit Cards
Generally credit cards offer the most favorable exchange rates for changing money, since credit card companies have access to better rates than individuals. Be careful when using the credit card if your home currency is falling-since the transactions are not converted instantly, there is a possibility that you will end up with a less favorable conversion rate a few days later.
3. Changing Money at Local Banks
The rates given at local banks are usually not favorable, although keep in mind that one of two things can happen. Some banks will give exchange facility to their account holders only. If the exchange rate given is determined purely by supply and demand, then you will end up in a loss ; what is being quoted in the foreign exchange market.
4. Authorized Money Changers
The other alternative is that the Reserve Bank of India appointed Authorized Money Changer to deal with Foreign Currency. Here at extravelmoney.com ; you are able to compare exchange rates of all major money changers near to your present town. With a presence of 2600 tied-up stores; enjoying the biggest forex facilitator in India & spreading their services across world.
5. Changing Money at ATM’s
If you would rather not carry large sums of cash, ATM’s are a convenient way to obtain local currency at a reasonable exchange rate. Keep in mind that your withdrawal may be subject to a fee, so check with your bank before leaving India.
