Indian Rupee Slump....(currency exchange question)

R.O.S.S.I

R.O.S.S.I

R.O.S.S.I

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Hi all, i'm not massively into my foreign currency but i'm travelling to India in November for a holiday with the Mrs and i've just noticed that the rate for GBP->INR is quite high at the moment (according to XE.com).

It is in the region of 90.5 rupees to the pound which is great for us, however I've been looking at currency exchange sites and no where is coming anywhere near that rate for currency exchanges. Most of the places are giving about 83-84 rupees to the pound.

I don't know what the rates were like in the high street (and online) a few weeks back (when it wasn't as good) so I don't know if the 83-84 rate they are giving now is likely to go up or if the rate on the high street has slowly crept up inline with the actual rate or if money exchange places simply aren't passing on the 'increase' to the customer!

Like I said, I'm not really up on how it all works but i'd have thought I would be getting near to the high 80's if the actual rate according to XE.com is 90ish. Or am I completely wrong and being naive and the rate that's being advertised is about what I should expect to be getting when buying holiday money?
 
Isn't the Indian Rupee like the Serbian Dinar in that you can't legally take the currency out the country and therefore have to buy it when you are there?
 
Not sure, according to MoneySavingExpert theres quite a few places that sell it in the UK. Not as many as say the Euro though.
 
[edit] Ignore this, for some reason I thought R.O.S.S.I was Indian so my advice would have been more relevant then :o
 
Last edited:
isonomicjedi said:
I think I'm correct that XE.com shows the bank rate and not the tourist rate.

Bank rate is always better than you will get changing money.
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correct but for $ and euros you can usually get within 1%, then again I can always get $ or euros at the XE rate anyway but that's another story :p
 
How many threads does there need to be on this.

Just take a fee free credit card such as the Clarity mastercard. Find an ATM when you are there, done.
 
Jez said:
How many threads does there need to be on this.

Just take a fee free credit card such as the Clarity mastercard. Find an ATM when you are there, done.
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Using a credit card for cash withdrawals or payment in India is asking for fraud. Never ever use a card in India whether a debit or credit. Credit card fraud in India is at an alarming rate
 
Never used a bank or exchanged outside markets, hotels etc in all the time I've ever spent in India. Always had the current rate matched plus more /shrug
 
pingwing said:
Isn't the Indian Rupee like the Serbian Dinar in that you can't legally take the currency out the country and therefore have to buy it when you are there?
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Thats true my mate came back from india with £20-£25 worth of rupee's went to change them and was told that he shouldn't have them....

They are now hidden away. :)
 
Just go to a local money exchance rate (indian/asian place) where they can exchange the money.

Most people (Asians) who go to India, Banglkadesh pakistan etc have their own accounts there. so its easy there to send moeny over. Just pick it up at any branches once your over there.

Plus good thing about sending money over via local asian exchange places, the rates are a lot better.
 
toyotacelicagt4 said:
Using a credit card for cash withdrawals or payment in India is asking for fraud. Never ever use a card in India whether a debit or credit. Credit card fraud in India is at an alarming rate
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Ummm, I survived months using cash machines and random agencies that allowed transfers.

Didn't have a single issue.
 
Yeh my question was more to do with the actual rate and how close to the banks rate will the tourist rate get, not a debate on how to take and spend money abroad!

Spoke to my Uncle yesterday who travels to India every year and he said to take your money in £50 notes?! Apparently you get the best rate over there for them?!
 
I am pretty sure it's like that with all currency. The rate you see on financial websites is the mean rate and you only get that when found direct money exchanges, so for financial establishments, governments, traders etc where it doesn't actually change into physical money. The street rate is usually a few percent lower than the mean rate. For instance if the stock exchange shows $1.65-£1 then you can't walk into Thomas cook expecting to get $1650 for your £1000 you would get about $1550.
 
R.O.S.S.I said:
Yeh my question was more to do with the actual rate and how close to the banks rate will the tourist rate get, not a debate on how to take and spend money abroad!

Spoke to my Uncle yesterday who travels to India every year and he said to take your money in £50 notes?! Apparently you get the best rate over there for them?!
Click to expand...

In my experience that is true yes.
 
ZXSpectrum said:
I am pretty sure it's like that with all currency. The rate you see on financial websites is the mean rate and you only get that when found direct money exchanges, so for financial establishments, governments, traders etc where it doesn't actually change into physical money. The street rate is usually a few percent lower than the mean rate. For instance if the stock exchange shows $1.65-£1 then you can't walk into Thomas cook expecting to get $1650 for your £1000 you would get about $1550.
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I want to find a a tourist exchange place that has the history of what they have been giving as i'd like to know the rate they were giving a month or so ago to see if the increase in the £ to the Rupee at the bank rate has meant an increase in the tourist rate, or if its just stayed the same.
 
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