India Travel Money

I'm going to India early March and I found a good exchange rate using the best currency search link on this site, only to find out you cannot take Indian Rupees into the country.

My girlfriend and I would be taking about £600 each spending money but are unsure how it is best to convert it to rupees. Unfortunately we are both with Santander (debit) which is a card of doom abroad (withdrawing £400 would cost me an additional £17 + the foreign bank charges).

We would both be spending in cash over there rather than paying directly on cards, but would I be best taking English cash over and converting it in the airport? Getting the travelex cash passport? etc

Any experience or advice is greatly appreciated

Thanks
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Comments

  • catokelly
    catokelly Posts: 355 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    edited 5 January 2011 at 11:34AM
    originl wrote: »
    I'm going to India early March and I found a good exchange rate using the best currency search link on this site, only to find out you cannot take Indian Rupees into the country.

    My girlfriend and I would be taking about £600 each spending money but are unsure how it is best to convert it to rupees. Unfortunately we are both with Santander (debit) which is a card of doom abroad (withdrawing £400 would cost me an additional £17 + the foreign bank charges).

    We would both be spending in cash over there rather than paying directly on cards, but would I be best taking English cash over and converting it in the airport? Getting the travelex cash passport? etc

    Any experience or advice is greatly appreciated

    Thanks

    Officially the Indian Rupee is a restricted currency (you're not supposed to take it into/out of India). However they don't heavily enforce the rule and many tourists bring Indian Rupee into/out of India. It's a good idea to have enough for taxis, meals etc for when you first arrive.

    US Dollars and Sterling Cash are also widely accepted in India. Avoid buying your currency at the airport, as the rates are usually bad. Jusst to warn you, the Travelex cash passport has also had many bad reviews on MSE - I tend to avoid Traveller Cheque cards as you are subject to so many Ts and Cs and hidden charges, technical problems etc...
  • originl wrote: »
    I'm going to India early March and I found a good exchange rate using the best currency search link on this site, only to find out you cannot take Indian Rupees into the country.

    My girlfriend and I would be taking about £600 each spending money but are unsure how it is best to convert it to rupees. Unfortunately we are both with Santander (debit) which is a card of doom abroad (withdrawing £400 would cost me an additional £17 + the foreign bank charges).

    We would both be spending in cash over there rather than paying directly on cards, but would I be best taking English cash over and converting it in the airport? Getting the travelex cash passport? etc

    Any experience or advice is greatly appreciated

    Thanks

    Sorry to hijack the thread but I have the same dilemma. Travelling to india at end of Feb. I was considering a travelex prepaid cash card in £s. This would allow withdrawl at all mastercard outlets and ATMs, and as far as I can see the cost is just 1.5% flat rate everytime you use it. The exchange rate they use is also the true mastercard rate on day of use so there is no additional markup on a poor currency conversion. All the other ones which appear cheaper such as caxton use the "no fees" tactic but on enquiring about their GBP to rupees rate they informed me its 63 rupees to the pound which is drastically less than the 'real' rate of around 70.

    Im not sure what all the bad reviews on the travelex card are, but if anyone has used one and has a bad experience please let me know!!
  • We travelled around Kerla a couple of months ago and took english cash, and changed as we went, even in small towns there wee a couple of banks and we always got a very good deal. We saw 3someone get caught with indian cash at Cochin airport so they do check sometimes. Depend where in India going but outside of big towns we didnt see much in way of atms.. even less that actually worked.

    Rate at airport as you would expect is less than elsewhere though not much so in our experience.
  • Doshwaster
    Doshwaster Posts: 6,287 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I was recently in India for the first time in 7 years and found a lot of changes since my last visit.

    I would have previously recommended taking US dollars then changing only small amounts when needed. This time I took $200 as an emergency fund but never touched it. I found ATMs everywhere and credit cards widely accepted - even though India is still a predominately a cash society.

    Just whatever you do buy Ruppes at the airport here before you go. The exchange rate will be terrible.

    I know you aren't supposed to take Rupees out of the country but I still had a few pounds left in my wallet.
  • Got to disagree, the few places we could find that sold rupees here in the UK (and its under the counter as a closed currency) didnt get anywhere near even the lowest rate we got on our travels in Munnar a small town up a mountain. They all seemed very pleased to see the pound!
  • Doshwaster
    Doshwaster Posts: 6,287 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    shedsounds wrote: »
    Got to disagree, the few places we could find that sold rupees here in the UK (and its under the counter as a closed currency) didnt get anywhere near even the lowest rate we got on our travels in Munnar a small town up a mountain. They all seemed very pleased to see the pound!

    I was in Munnar a few weeks ago! It may be a "small town up a mountain" but it is a significant trading post for the region.

    Fantastic place with amazing scenery - I came back with enough tea and spices to last for years.
  • catokelly
    catokelly Posts: 355 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    originl wrote: »
    I'm going to India early March and I found a good exchange rate using the best currency search link on this site, only to find out you cannot take Indian Rupees into the country.

    My girlfriend and I would be taking about £600 each spending money but are unsure how it is best to convert it to rupees. Unfortunately we are both with Santander (debit) which is a card of doom abroad (withdrawing £400 would cost me an additional £17 + the foreign bank charges).

    We would both be spending in cash over there rather than paying directly on cards, but would I be best taking English cash over and converting it in the airport? Getting the travelex cash passport? etc


    Any experience or advice is greatly appreciated

    Thanks

    Just a thought... Perhaps if you wish to take Sterling Traveller Cheques, you could bring American Express Sterling Traveller Cheques (the traditional Traveller Cheques, as at least the commission is only 1% when you buy them over here (compared to 1.5%+ and other charges on pre paid cards). However, beware of using your Satandar card to pay for them as you will be hit with a fee!
  • originl
    originl Posts: 17 Forumite
    Thanks for all the replies. I think I'll take all of my spending money in £ notes and change the money on me when I get to the airport, combining my money in my suitcase with my girlfriends and exchanging it when I've had a look around Goa (first city we visit) for the best exchange rate.

    Thanks again, I'll report back mid-March for future searchers!
  • pampanua
    pampanua Posts: 10 Forumite
    fyfestuart wrote: »
    Sorry to hijack the thread but I have the same dilemma. Travelling to india at end of Feb. I was considering a travelex prepaid cash card in £s. This would allow withdrawl at all mastercard outlets and ATMs, and as far as I can see the cost is just 1.5% flat rate everytime you use it. The exchange rate they use is also the true mastercard rate on day of use so there is no additional markup on a poor currency conversion. All the other ones which appear cheaper such as caxton use the "no fees" tactic but on enquiring about their GBP to rupees rate they informed me its 63 rupees to the pound which is drastically less than the 'real' rate of around 70.

    Im not sure what all the bad reviews on the travelex card are, but if anyone has used one and has a bad experience please let me know!!

    heading off to india in ten days - our solution was to get a halifax clarity mastercard - there are no withdrawal fees overseas and the exchange rate is set to the mastercard exchange rate (checked yesterday was about 1 to 70 rupees) with no additional charges. We figure if we load it up before we go and set to pay off in full each month this makes it overall the cheapest way to go.
    i haven't however tested this theory yet....
  • Bob_the_Saver
    Bob_the_Saver Posts: 5,610 Forumite
    edited 6 January 2011 at 2:42PM
    If you're heading for Goa the rate today in Calangute was just OVER the wholesale rate for £ notes.
    YES Over the wholesale rate (Don't ask!)
    It's been 69 - 71 Rs to the £ for a while now here.

    Best places in Calangute main street are usually the shoe shop opposite the market
    or the man with the blackboard 80 meters up (away from sea) from MGM travels.
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