Sachin Walls
Chennai Airport offers foreign exchange through various counters, but it's important to note that airport currency exchange shops typically charge high exchange rates. This is due to their high operational costs, including overhead charges for maintenance, rent, and salaries. As a result, travellers may encounter higher forex fees and unfavourable exchange rates at the airport. To get better exchange rates, it is recommended to explore other options, such as banks, offline forex brokers, or travel agents, or online forex providers like BookMyForex and Orient Exchange. These alternatives can help you avoid the high markups and save both time and money when exchanging currency.
| Characteristics | Values |
|---|---|
| Currency exchange available | Yes |
| Recommended | No, due to high exchange rates and fees |
| Alternatives | Online platforms like BookMyForex and MakeMyTrip, banks, offline forex brokers, travel agents, ATMs, Orient Exchange |
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What You'll Learn
High exchange fees at Chennai Airport
Chennai Airport has multiple currency exchange counters located before and after customs in the arrivals section. However, exchanging currency at the airport is not recommended due to high exchange fees.
Airport currency exchange counters typically charge a markup fee of around 10%-12%, in addition to a transaction fee of 5%-15% over the exchange rate. These fees can significantly increase the cost of exchanging currency at the airport compared to other options.
Furthermore, the exchange rates offered at Chennai Airport may not be as competitive as those available through online platforms or other money changers. There is also no rate lock-in feature, which means that you are exposed to constant rate fluctuations.
As such, it is advisable to explore other options for exchanging currency, such as online forex platforms like BookMyForex and MakeMyTrip, which offer competitive rates, transparency, and convenience. These platforms provide live rates, zero commission, zero markups, and the ability to book your forex early to avoid rate fluctuations. Additionally, some platforms offer doorstep delivery of forex, ensuring a hassle-free experience.
By opting for these alternatives, you can avoid the high fees and unfavourable exchange rates associated with currency exchange at Chennai Airport.
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Alternative currency exchange options
While it is possible to exchange currency at Chennai Airport, it is recommended that travellers avoid doing so due to unfavourable exchange rates and high transaction fees. As such, it is worth considering a range of alternative options for exchanging currency.
Firstly, it is worth considering digital alternatives to traditional currency exchange services. For example, the Wise app allows users to exchange currency from the convenience of their mobile phone, saving both time and money. Similarly, MakeMyTrip offers forex services with zero commission and zero markups, allowing travellers to book their forex in advance and lock in exchange rates to avoid rate fluctuations. MakeMyTrip also offers a Multi-Currency Forex Travel Card with a 0% forex markup over interbank rates.
Another online platform that provides currency exchange services is BookMyForex, which offers the best exchange rates and convenient, quick, and reliable services. BookMyForex also provides an online platform for selling foreign currency, with doorstep pickup and hassle-free delivery.
For those who prefer in-person currency exchange services, it is recommended that travellers avoid exchanging money at airports or hotels, as these often offer poor exchange rates and high transaction fees. Instead, travellers can consider using an RBI-authorised Foreign Exchange dealer such as Orient Exchange, which provides favourable exchange rates and stocks of destination currencies.
For long-term stays or substantial investments, it may be worth considering opening a bank account in India. Additionally, travellers should be aware of the potential for excessive charges and should check the exchange rate beforehand to ensure they are getting a good deal.
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Foreign exchange rate fluctuations
Foreign exchange is available at Chennai Airport through various counters. However, travellers have reported that the airport offers poor exchange rates and higher forex fees. It is recommended that travellers opt for online currency conversion before arriving at the airport to avoid last-minute rushing and long queues.
Currency fluctuations can have wide-ranging impacts, significantly influencing global economics, trade, and investment and economic growth. Stable currencies attract more foreign investment, while volatile currencies may deter investors due to increased risk. A strong currency can make domestic industries less competitive in the global market, leading to job losses. Conversely, a weak currency may encourage overseas investment in equities.
To hedge their foreign currency risk, investors can utilise instruments such as futures, forwards, options, and exchange-traded funds. Additionally, multinational companies can reduce their dependency on fluctuating foreign currencies by sourcing materials locally. Understanding and proactively managing currency fluctuations are crucial for stakeholders to mitigate risks and capitalise on favourable exchange rate movements.
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Chennai Airport exchange vs. live rates
Currency exchange shops at airports, including Chennai Airport, make substantial profits by charging high exchange rates. These shops take advantage of travellers who need currency quickly and offer very high exchange rates. As a result, exchanging currency at an airport can cause travellers to lose a lot of money.
Chennai Airport does not offer currency exchange at live rates. Instead, forex services are provided at fixed rates, which are usually higher than the live rates.
It is recommended to exchange currency in advance before reaching the airport. In Chennai, there are several ways to buy foreign currency, such as through a bank, an offline forex broker or travel agent, or an online forex provider.
One such provider is BookMyForex, which offers an online platform for buying and selling foreign currency. BookMyForex claims to offer the best forex rates and provides an online platform for customers to book at live and transparent rates. The platform also offers a “Book Now & Pay Later” feature, which allows customers to freeze the desired exchange rate at which they wish to transact.
Another option for currency exchange in Chennai is Orient Exchange, which provides real-time or current foreign exchange rates. Customers can book and freeze these live rates on their website, an option rarely offered by other dealers in Chennai.
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Renminbi exchange in Chennai city
Chennai, the capital city of Tamil Nadu state in India, is a significant cultural and economic centre in the south of the country. As one of the main cities in India, Chennai has many currency exchange outlets.
If you are looking to exchange Renminbi in Chennai, it is recommended to exchange currency well in advance of reaching the airport. Currency exchange shops at airports, including Chennai airport, make large profits by charging high exchange rates. These shops take advantage of travellers who need currency quickly and offer very high exchange rates. As a result, exchanging currency at the last minute at airports can result in travellers losing a lot of money.
To get the best exchange rate for foreign currency, you can consider the following options in Chennai:
- Banks: They are trustworthy but usually have higher rates as currency exchange is not their main service.
- Offline currency exchange counters: They might be less transparent about the rates and charge high fees.
- Online forex platforms: Platforms like BookMyForex and Orient Exchange offer the best rates for all major currencies and even offer same-day delivery at your doorstep.
To exchange currency online in Chennai with BookMyForex, you can follow these steps:
- Select your city, choose the currency and product, then enter the amount you want.
- Enter your details, including travel destination, dates, and purpose of visit.
- Submit the required documents for identity and travel verification.
- Choose your delivery address and submit the payment to book your order.
With Orient Exchange, you can place a foreign currency order in their Chennai office or through their online portal, and it will be delivered to your office or home in any part of the town.
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Frequently asked questions
Yes, you can exchange currency at Chennai Airport. There are several forex counters where you can avail of foreign exchange services.
Exchange rates at Chennai Airport are typically higher than the live rates. This is due to the high operational costs of currency exchange shops at the airport.
There are a number of other options for exchanging currency in Chennai. You could try using a dedicated currency exchange platform like BookMyForex or MakeMyTrip, which offer better rates and same-day delivery of currency. Alternatively, you could try exchanging currency at a bank, with an offline forex broker or travel agent, or with an online forex provider like Orient Exchange.
Exchanging currency at the airport is generally considered safe, but you will get a lower exchange rate. For a better rate, it is recommended to exchange currency in advance through an online provider.
