How to Trade Currency in India
India is a fascinating place to visit. With bustling bazaars and markets, ornately decorated temples, a rich cultural heritage and wonders like the Taj Mahal, India is a place you'll want to spend as much time soaking in as you can. To make your trip to India as hassle-free as possible, become familiar with the local currency, the rupee, and how to exchange your home country's money while you are there.
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Instructions
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Learn the different denominations of rupees before arriving in India. Bills come in denominations of 10, 20, 50, 100, 500 and 1,000. Rs 1, 2 and 5 are coins. There are 100 paise (p) in a rupee, although paise coins are rarely found these days.
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Withdraw some cash from your bank to exchange when you get to India. Purchase some travelers cheques as well, since they can be replaced if they are lost or stolen.
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Find a currency exchange at the airport as soon as you arrive in India. Frommer's advises that you change at least enough money to get to where you're staying, plus a little extra. Show your passport and plane ticket when exchanging money at the airport, and depending on the bank, prepare to purchase a minimum of Rs 1,000.
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Get cash from the nearest bank or ATM. Banks have favorable exchange rates and will change travelers cheques in addition to cash, but ATMs are often more convenient and can be readily found in cities.
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Obtain an encashment receipt from the bank or private currency exchanger. Frommer's advises that this is necessary when paying in rupees for expenses such as lodging and transportation. Before you leave the country, you will also need this receipt to re-exchange your rupees.
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Ask for small bills whenever possible. Shopkeepers frequently do not have change for larger bills, especially Rs 500 or 1,000 notes. You will also need small bills for tipping.
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Tips & Warnings
Before arriving, call your bank and credit card companies and advise them you will be visiting India. Also find out your daily ATM withdrawal limit. According to Frommer's, you should be able to withdraw about Rs 10,000 at a time from an ATM, although limits vary by machine.
Private currency exchangers are usually open longer hours, according to Lonely Planet, but check their rates against the banks, and count every rupee to safeguard against scams. Use an ATM or bank whenever possible.
Never carry an excessive amount of cash on you.
Both Lonely Planet and Frommer's advise against accepting notes that are dirty, torn or falling apart. They may not be accepted as payment, especially in big cities.
Exchange rupees you have left before leaving India. It is against the law to take them out of the country. You also may not bring rupees into India from another country, so you must wait until you arrive to change your currency.
References
- Photo Credit indian rupees image by Horticulture from Fotolia.com
