Sachin Walls
Chennai Airport offers currency exchange services, with several currency exchange counters available in the arrivals and departures area. However, it is recommended that travellers avoid exchanging currency at airports, as they are known for charging high rates and fees to make huge profits. For instance, exchanging money at Chennai Airport is 10%-15% more expensive than using online platforms such as BookMyForex, MakeMyTrip, or RemitX, which offer the best forex rates and hassle-free transactions.
Chennai Airport Currency Exchange
| Characteristics | Values |
|---|---|
| Currency exchange available | Yes |
| Recommended | No, due to high fees and poor rates |
| Alternative | Online platforms such as BookMyForex, RemitX, and MakeMyTrip |
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What You'll Learn
Currency exchange is available at Chennai Airport
Chennai Airport has currency exchange counters in the arrivals and departures areas, both before and after customs. While exchanging currency at the airport is convenient, especially for travellers who need currency quickly, it often involves long queues and high fees. Currency exchange shops at airports make large profits by charging unfavourable exchange rates, with markups of up to 10-15% compared to other money exchange services. As a result, travellers are advised to exchange only small amounts of currency at the airport.
Instead of exchanging currency at Chennai Airport, travellers can consider using online platforms or services provided by banks, post offices, travel agents, or currency exchange bureaus in the city, which often offer better rates and lower fees. Online platforms such as BookMyForex, RemitX, and MakeMyTrip offer competitive exchange rates and convenient services such as doorstep delivery of currency notes and online booking of exchange rates. Banks and offline forex brokers typically offer fair exchange rates, although they may involve more paperwork. ATMs are another option for obtaining local currency, although charges may apply and should be checked with your home bank.
For travellers selling foreign currency, online platforms like BookMyForex offer a hassle-free experience with doorstep pickup and no limits on the amount of currency sold. Indian residents can choose cash on delivery for orders up to 50,000 rupees, while larger amounts are transferred directly to bank accounts.
In summary, while currency exchange is available at Chennai Airport, travellers should be aware of the high fees and unfavourable exchange rates associated with airport exchanges. It is recommended to compare rates and consider using online platforms or services within Chennai city to obtain the best exchange rates and avoid excessive fees.
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Exchange rates at the airport are often unfavourable
Currency exchange shops at airports make large profits by charging unfavourable exchange rates. They take advantage of travellers who need currency quickly and offer very high exchange rates. For example, at Bank of America, the exchange rates in January 2024 averaged roughly 6% more than the IMF rates, and less than half of what the airport currency exchanges were charging. It is not uncommon to see airport exchanges charging 14% more than the current International Monetary Fund (IMF) exchange rate, with some premiums exceeding 17%.
While the airport currency exchange counter is convenient, it is typically a poor financial decision. The exchange rates are usually much worse than those offered by banks or other services. For instance, in Chennai, India, the currency exchange rate at the airport is always worse, resulting in a loss of 2-5% according to the currency.
There are several alternatives to exchanging currency at the airport. One option is to use a dedicated currency exchange platform, such as BookMyForex or Manor FX, which offer better exchange rates and home delivery. Another option is to exchange currency through a bank, either in person or online, as they often provide competitive exchange rates and lower fees than airports. Additionally, some banks allow customers to order foreign currencies online and offer pickup at local branches or even shipping to your home.
If you are in Chennai, India, you can also consider using Orient Exchange, an RBI-authorized Category II Dealer with physical stores in 22 major cities across India and an online platform. They offer real-time foreign exchange rates instead of the whole-day rate often quoted by other exchanges. Another option for exchanging currency in Chennai is Remitx, which allows you to lock in the exchange rate of the previous three days.
In summary, while airport currency exchange services offer convenience and accessibility, they often come with higher fees and less competitive rates. By planning ahead and exploring other options, such as dedicated currency exchange platforms, banks, or local exchange offices, travellers can secure more favourable rates and save money.
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Consider exchanging currency in Chennai city instead
Currency exchange counters are available at the Chennai International Airport, both before and after customs. However, exchanging currency at the airport is not recommended due to high markups and poor exchange rates. Airports take advantage of travellers who need currency quickly and charge very high exchange rates, resulting in travellers losing a lot of money.
Instead of exchanging currency at the airport, consider doing so in Chennai city, where you can find several foreign exchange outlets and banks offering currency exchange services. Here are some suggestions for places to exchange currency in Chennai:
T. Nagar
The area around T. Nagar is a hub of commerce and business, and it is home to several foreign exchange outlets.
Grand Southern Trunk Road
This chic part of Chennai, also known as National Highway 45, connects the city with Trichy. You can find reputable banks here to exchange money.
Parthasarathi Puram
Located in the middle of Chennai, Parthasarathi Puram is a convenient spot for travellers to exchange money, with many businesses catering to their needs.
Anna Nagar West Extension
This well-developed area of Anna Nagar offers a wide range of currency exchange services and is easily accessible from nearby neighbourhoods such as Elango Nagar and Villivakkam.
Online Platforms
Online platforms such as BookMyForex, Orient Exchange, RemitX, and Wise offer convenient and hassle-free currency exchange services. These platforms often provide better exchange rates than airports and banks, and some offer same-day doorstep delivery of currency notes.
ATMs
Withdrawing money from ATMs is a simple and relatively inexpensive option, especially if your home bank has partnerships with local Indian banks.
By exchanging currency in Chennai city or using online platforms, you can avoid the high fees and poor exchange rates associated with airport currency exchange counters.
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Online platforms like BookMyForex offer better rates
Currency exchange shops at airports, including Chennai Airport, make large profits by offering unfavourable exchange rates to travellers who need currency on short notice. As such, exchanging currency at the airport often results in travellers losing a significant amount of money.
The BookMyForex app allows users to compare real-time rates across RBI-authorised forex dealers, ensuring they get the best rates. Users can also set rate alerts to be notified when their preferred rate is available. The app also offers instant transaction notifications and real-time balance tracking across multiple foreign currencies, providing a comprehensive overview of finances.
In addition to currency exchange, BookMyForex also facilitates seamless and cost-effective international money transfers with zero transfer charges. Users can send money abroad for various purposes, such as paying university fees, covering medical expenses, or supporting family members.
Overall, online platforms like BookMyForex provide a more favourable and convenient currency exchange experience compared to airport exchange counters, helping travellers save money and make informed decisions.
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Withdrawing money from an ATM is another option
If you are looking to exchange currency at Chennai Airport, it is recommended that you withdraw money from an ATM instead. Currency exchange shops at airports often charge high fees and unfavourable exchange rates to take advantage of travellers who need currency quickly.
ATMs are conveniently located at both the Domestic and International Terminals at Chennai Airport. Withdrawing money from an ATM is a simple and relatively inexpensive option. The charges are usually determined by your home bank and will likely be lower than those at the airport exchange service.
However, it is important to note that using an ATM may require some paperwork. Additionally, if you are exchanging a large amount of money, you may need to provide a photo ID, passport, and PAN card.
If you have the time, it is generally recommended to exchange your currency in advance through a bank, an offline forex broker, a travel agent, or an online forex provider. These options often provide better exchange rates and lower fees than airport exchange services.
Some popular online forex providers in India include BookMyForex and Orient Exchange. These platforms offer competitive exchange rates, minimal fees, and convenient services such as doorstep delivery of currency notes. By planning ahead and utilising these alternatives, you can ensure that you get the best value for your money and avoid the high costs associated with last-minute currency exchanges at airports.
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Frequently asked questions
Yes, there are currency exchange counters in the arrivals and departures area of Chennai Airport. However, the rates may not be as favourable as those found in Chennai city.
Yes, exchanging currency at the airport is often more expensive than doing so in the city. You can exchange currency at banks, post offices, travel agencies, currency exchange bureaus, and online.
Some recommended services include BookMyForex, RemitX, MakeMyTrip Forex Solution, and Orient Exchange. These services offer better rates and lower fees than the airport.
