A Question about US Dollars and Indian Rs

[Raju in Philly]

Hello Friends,
Just have a quick question about foreign exchange in India. Me (A Indian Citizen with US Green-card) and my wife (a USC) will be traveling to New Delhi, India for a 18 day tour of North India and I was wondering what is the best place to convert US dollars to Indian Rupees?. Should we exchange in the Delhi International airport or in the Hotel we are staying in? People have advised us not to exchange in airport saying they charge too much commission or something is this true? What is the procedure to convert US dollars to Indian Rs don’t want to be taken for a ride you know what I mean? Thanks friends.

Raju

[satgym73]

Western Union

[GC-4-All]

Originally Posted by Raju in Philly

Hello Friends,
Just have a quick question about foreign exchange in India. Me (A Indian Citizen with US Green-card) and my wife (a USC) will be traveling to New Delhi, India for a 18 day tour of North India and I was wondering what is the best place to convert US dollars to Indian Rupees?. Should we exchange in the Delhi International airport or in the Hotel we are staying in? People have advised us not to exchange in airport saying they charge too much commission or something is this true? What is the procedure to convert US dollars to Indian Rs don’t want to be taken for a ride you know what I mean? Thanks friends.

Raju

Do not convert it with any crook on the road. Go to any registered FOREX agent(there are a lot these days). Like THOMAS COOK, WESTERN UNION, or any Foreign Banks(ABN AMRO, HSBC, CITIBANK, GRINDLAYS), STATE BANK OF INDIA. All they need is to see you passport. So take your Passport.

Don't do the mistake of going to some guy on the road who is ready to offer you 1 rupee more. It is illegal and not worth it. Example: If you are converting $100, then you just get Rs. 100/- more which is like one way GAS. And usually the count in the bundle fall short of few bills.

[harvydonald]

I suggest change only as much you would need for the taxi ride at the airport. Then follow GC-4-All's advice.

[Raju in Philly]

Hello GC-4-All,
Thank you so much for your valuable information. Just a few more questions 1) The Banks and Forex agents you named now are they in Delhi international airport or are they in the city or something? I wont even have 1 rupee to hire a taxi and hence the question since I have to have the Indian Rs in the airport itself 2) which of the banks you named is the best and trusted to convert? 3) do they accept only notes? Or do they accept coins? And lastly do they accept only US dollars? Or they accept Canadian Dollars? your information is greatly appreciated. Thanks a lot.

Hello Satgym73,harvydonald
Thank you so much for your response. I will remember that. Thanks.

Raju

[ginnu]

Originally Posted by Raju in Philly

Hello GC-4-All,
Thank you so much for your valuable information. Just a few more questions 1) The Banks and Forex agents you named now are they in Delhi international airport or are they in the city or something?
---------------Banks will be in City not at airport
I wont even have 1 rupee to hire a taxi and hence the question since I have to have the Indian Rs in the airport itself
--------------------- get 300 or 500 US dollars exchanged at Airport

2) which of the banks you named is the best and trusted to convert?
-----------------i think all are same
3) do they accept only notes? Or do they accept coins? And lastly do they accept only US dollars?
--------------they dont accept coins they will accept US dollars or American express traveler checks you can get American express traveler checks from your US bank or from AAA

Or they accept Canadian Dollars?
-------------------------YES
your information is greatly appreciated. Thanks a lot.

Hello Satgym73,harvydonald
Thank you so much for your response. I will remember that. Thanks.

Raju

If you have Cash in USD more than 5000 or 10000 I think you need to fill up form with customs in India and then keep the receipt with you. If you have NRE account in India with HDFC or ICICI bank then you can deposit the USD or American express traveler checks in your account and will get good rate

[cutipie721]

Why don't you exchange some Rupees here in the US before you go? I would expect bad exchange rate at the airport.

I am planning a trip for myself in December and I'm doing some research also. My plan is to bring my debit card (which bears a VISA/MC sign) and use the local ATMs.
That way I don't have to worry about managing cash, or going through immigration with a lot of cash...

Here's what I've found so far:
Sovereign Bank: $5 per ATM transaction and add 2% of the total.
HSBC: No fee for using an HSBC ATM, US$1.50 for using a non HSBC ATM, and 1% on the total.
Capital One: No fee, No extra %% according to http://www.bankrate.com/brm/news/cc/20050624b1.asp (and you'll see some other major banks in there too)

I seriously wouldn't carry much cash to bring trouble to myself if I'm going to a place where I know ATMs are everywhere.

[GC-4-All]

Raju Philly,

I agree with cutipie, carry your Debit Card(Visa/Master Signs) with you and use it anywhere in India. As you are going to India to avoid carrying large amount of cash on you in the future... Go to any Bank preferably(ICICI, CITIBANK) open a NRE/NRO account. And a few days before going to India just Transfer your money to that account and travel with peace of mind.
Wire Transfers to ICICI and CITIBANK takes 24 hrs.

ICICI allows to open an account with 0 balance. I have an account with ICICI and do as above.

[ginnu]

Originally Posted by GC-4-All

Raju Philly,

I agree with cutipie, carry your Debit Card(Visa/Master Signs) with you and use it anywhere in India. As you are going to India to avoid carrying large amount of cash on you in the future... Go to any Bank preferably(ICICI, CITIBANK) open a NRE/NRO account. And a few days before going to India just Transfer your money to that account and travel with peace of mind.
Wire Transfers to ICICI and CITIBANK takes 24 hrs.

ICICI allows to open an account with 0 balance. I have an account with ICICI and do as above.

If you open the NRE account with ICICI, HDFC, CITIBANK you can get debit card ask them if you visit the branch in India will they give you debit card at branch? I think they will send it to your US address and it may take 10-15 days to reach US. ICICI bank has more ATM and bank branches in India from USA call 1866ICICI4U (free 24 hours) and get the info

[Raju in Philly]

Hello ginnu,cutipie721,
Thank you so much for your valuable information I really appreciate it. Thanks.

Raju