If you are planning a travel abroad soon, you definitely must have made those currency calculations. You must be also wondering of how you will manage arranging foreign exchange and what all could you go through?
Well, here are some sure things we can pinpoint in order to prepare you for your travel to INDIA.
As per the guidelines of Reserve bank Of India (Central Bank Of India), a foreign tourist may carry along with him/her indian currency upto Rs. 5,000 from any country other than Nepal or Bhutan, and any amount in denomination not exceeding Rs.100 from Nepal or Bhutan.
A person coming into India from abroad can bring with him foreign exchange without any limit provided if foreign currency notes, or travellers cheques exceed US$ 10,000/- or its equivalent and/or the value of foreign currency exceeds US$ 5,000/- or its equivalent, it should be declared to the Customs Authorities at the Airport in the Currency Declaration Form (CDF), on arrival in India.
Go light on the cash. It is actually better to only carry 20% or less of your decided amount in cash.Therefore, get cash only when required. One should ideally follow the 20/80 ratio or the 30/70 ratio.
Foreign currency exchange from airport may result in one paying commissions as high as 10 to 15 percent and therefore, exchanging at airports is not a great idea. Mahesh Iyer, senior vice-president and head of foreign exchange at Thomas Cook (India) has advised passengers to carry currency of the country they are headed to, so as to save on currency conversion charges abroad. (Thomas Cook Ltd. is an integrated travel and travel related financial services company)
Following are the sites listed to check exchange rates:
For Citywise Foreign Currency Exchange Rates in India
For conversion rate checks of American Dollars (USD), Euros (EUR), British Pound (GBP), Canadian Dollard (CAD) and over 100 other currencies to Indian Rupees (INR)
Few trustable money changers are American express, Thomas cook and Western Union outlets. Most banks are also authorized to deal in foreign exchange and they also usually have cheaper rates than private dealers. Also, always ask for a receipt and save them and do not purchase foreign currency from unauthorized places as it is illegal. These dealers and banks are very easily located in metro cities and developed areas but to find one in rural areas is a task.
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Disclosure: Nothing mentioned in the above content is sponsored. It is true to the best of our knowledge and is based on first hand research.
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