Currency Exchange

[deepu_dips]

Hello,Can someone guide me to place where I can good price for my Exchange of Dollars to Indian Rupees in Bangalore. Also let me know where do i exchange American Express Travellers Cheques. Is there an American Express Bank in Bangalore , if yes plz let me know the landmark to reach.ThanksDips

 

[ItsMe]

You will only get good exchange price, if you exchange it through agents (which is not legal). You can find few currency dealers in small streets in commercial street for that. Deal with them at your own risk. If any of your friends have done something similar, you can contact the same person.Amex travelers cheque can be exchanged at Amex, which is somewhere near Kasthurba road (Cunningam road?) I guess.

 

[netfreak]

Second that, you will get best rates with "unofficial" traders. And most travel agents will do that for you with a small commission. As expected, all dealings happen in cash.Official rate is around ~39, banks will give you ~38 Rs per USD after fees, black markets should give you ~40

 

[snpexim]

It is best to try a Cooperative Bank in your area. They generally give a better rate than the big banks (SBI, Bank of India, Bank of Baroda, ICICI, HDFC, etc.). It is NOT wise to encourage/finance the so called 'black market' or street market. Why invite problems (some may be under watch) and why support their business? The actual difference is rather small, not even 3% gain for you. Also please check rather carefully, that you do not receive fake currency notes, there are a lot of fake 500s moving around. You WILL come into trouble if you try to pass on such a note at a legitimate business. So beware

 

[netfreak]

Hardly a problem if you are dealing with a known travel agent. You can even have them deposit cash in your account if you are converting USD / GBP. That takes care of fakes.And support the business that gives you best rates (and service).

 

[Sahyadri]

HDFC is worst in case of ForexThey were giving me Rs 42 per Euro when Euro was Rs 52 in the market.:rofl: