Jazmin Li
Chennai International Airport offers currency exchange services at several forex counters in the arrivals and departures area. However, exchanging currency at the airport is not recommended due to high markups and unfavourable exchange rates. The Reserve Bank of India allows travellers to exchange currency up to 60 days before their trip, so it is best to plan ahead and explore other options such as online platforms, banks, post offices, travel agencies, and currency exchange bureaus, which often provide more competitive rates.
| Characteristics | Values |
|---|---|
| Currency exchange available | Yes |
| Recommended | No, due to high markups |
| Alternative | Online platforms like MakeMyTrip, BookMyForex, and Orient Exchange |
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What You'll Learn
Currency exchange is available at Chennai Airport
There are several forex counters where currency can be exchanged at Chennai Airport, but the rates of exchange are usually higher than live rates. The Reserve Bank of India allows travellers to exchange currency up to 60 days before their trip, so it is recommended to plan ahead and get a better rate.
There are many ways to buy foreign currency in India, such as through a bank, an offline forex broker or travel agent, or an online forex provider. Online platforms like MakeMyTrip Forex Solution, BookMyForex, and Orient Exchange offer budget-friendly exchange rates and are a more cost-effective option than exchanging currency at the airport.
MakeMyTrip offers a Multi-Currency Forex Travel Card with BookMyForex as its co-branding partner, which comes with a 0% forex markup over interbank rates. BookMyForex also offers a live rate mechanism, which means that rates are updated every three seconds on their website, and customers can freeze the desired exchange rate.
If you have leftover foreign currency after returning from a trip, it is possible to sell it online through BookMyForex, which offers doorstep pickup.
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Exchange rates at the airport are typically higher than online
Currency exchange shops at airports, including Chennai Airport, typically charge higher exchange rates than online providers. This is due to their high operational costs, including overheads for maintenance, rent, and salaries. These costs are passed on to travellers in the form of high mark-up fees.
For example, at Bank of America, exchange rates in January 2024 averaged roughly 6% more than the IMF rates, while airport currency exchanges charged more than double this amount. Similarly, NerdWallet found some airport exchange premiums exceeding the IMF rates by more than 17%.
To avoid these high fees, it is recommended to exchange currency in advance through online platforms or banks. Online platforms like Fly Finance offer the lowest exchange rates without any hidden charges. Banks also typically charge lower fees for currency exchange than airports, and you can often order the currency online for pickup at a local branch or even shipped to your home.
Additionally, international travel cards or credit cards can help you avoid higher exchange rates at the airport, as you can use them to withdraw cash from ATMs abroad, often with decent exchange rates and without out-of-network fees.
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It is recommended to exchange currency in advance
Currency exchange shops at the Chennai airport charge high exchange rates due to their high operational costs. These costs are passed on to travellers in the form of high mark-up fees. As such, it is recommended to exchange currency in advance.
There are several ways to buy foreign currency in India, such as through a bank, an offline forex broker or travel agent, or an online forex provider. Banks and airports, however, tend to charge the highest rates possible with exorbitant charges. Therefore, it is always better to choose an RBI-authorised foreign exchange provider, such as Orient Exchange, which provides the best rate for foreign currency exchange.
Another trusted platform is BookMyForex, which offers the best exchange rates and allows you to buy currency notes at live rates. They also offer a Multi-Currency Forex Travel Card with a 0% forex markup over interbank rates. Additionally, you can freeze the desired exchange rate using the Book Now & Pay Later feature.
MakeMyTrip is another online platform that offers hassle-free foreign currency exchange services. They also provide a forex card with a 0% forex markup. Their live rates are available on their platform, allowing you to get the best market rate for forex.
By exchanging currency in advance through these online platforms or RBI-authorised dealers, you can avoid the high markups, long queues, and rate fluctuations associated with exchanging currency at the Chennai airport.
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Online platforms like MakeMyTrip offer budget-friendly exchange rates
Currency exchange shops at airports, including Chennai Airport, often charge high exchange rates due to their high operational costs. These costs are passed on to travellers in the form of high mark-up fees. As such, it is recommended to compare rates and explore other options, such as online platforms, before deciding where to exchange currency.
MakeMyTrip provides a convenient online service and instant delivery of forex cards. They offer full digital order placement and home-delivered forex options, with same-day delivery in 185+ Indian cities. MakeMyTrip also provides cashback offers of up to 7,500 INR on forex cards and currency. Their forex products have zero forex markup, no hidden charges, and up to 5% more savings. The platform is RBI-verified, ensuring a secure and reliable transaction experience.
By using online platforms like MakeMyTrip, travellers can avoid the high markups and long queues often associated with airport currency exchange services. These online platforms offer a hassle-free experience, allowing users to buy and sell foreign currency from the comfort of their homes. With their competitive rates and convenient features, MakeMyTrip and similar platforms provide a cost-effective and efficient alternative to traditional currency exchange counters.
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BookMyForex is another online platform offering good exchange rates
Currency exchange shops at airports are known for charging high markups on currency exchange. This is due to their high operational costs, which include overhead charges for space maintenance, rent, and salaries. As a result, the cost of these overheads gets transferred to the traveller in the form of high markup fees.
Customers can also freeze the desired exchange rate at which they wish to transact using the Book Now & Pay Later feature. BookMyForex has partnered with several trusted banks and reputable RBI-authorized forex dealers, striving to provide the best forex experience with the lowest exchange rates, quick order processes, secure services, and transparent fees.
BookMyForex also offers a seamless way to manage your money exchange needs through its app, which provides live exchange rates and allows users to buy or sell forex and reload forex cards instantly. The app also provides exclusive cashback rewards and other amazing app-exclusive offers.
BookMyForex is a great option for travellers who want to avoid the high markups and long queues at airport currency exchange shops. With its live rate mechanism, trusted partnerships, and seamless app, BookMyForex offers a convenient and cost-effective solution for currency exchange.
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Frequently asked questions
Yes, there are several forex counters where you can exchange foreign currency at Chennai Airport.
The exchange rates at Chennai Airport are usually higher than the live rates and can be subject to fluctuation.
Yes, you can exchange currency online via platforms like MakeMyTrip, BookMyForex, or Orient Exchange, or at a bank, post office, travel agency, or currency exchange bureau in Chennai.
It's often cheaper to exchange currency online or at a bank or currency exchange bureau in Chennai rather than at the airport.
Yes, you can sell foreign currency upon your return to Chennai through online platforms like BookMyForex, which offers doorstep pickup.
