Roberta Aguirre
It is possible to exchange rupees at Chennai Airport, but it is not recommended due to high fees and unfavourable exchange rates. Currency exchange shops at airports tend to charge high rates to make huge profits, taking advantage of travellers who need currency quickly. It is advised to exchange currency in advance or use an online platform such as BookMyForex or Remitx, which offer better rates and more convenience. Withdrawing money from an ATM is another simple and less risky option, although charges may vary depending on your home bank.
Chennai Airport Currency Exchange
| Characteristics | Values |
|---|---|
| Currency exchange availability | 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 counters at Chennai Airport
Currency exchange counters are available at Chennai Airport, but they are known for charging high markups on currency exchange. This means that travellers could lose a significant amount of money by exchanging currency at the airport. Currency exchange shops at airports tend to make large profits by offering unfavourable exchange rates.
It is recommended that travellers exchange currency in advance, before reaching the airport. 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. Online platforms such as BookMyForex, RemitX, and MakeMyTrip offer more competitive rates than those found at airport currency exchange counters. These platforms offer convenient features such as same-day home delivery of currency and the ability to lock in exchange rates.
If exchanging currency at Chennai Airport is your only option, currency exchange counters can be found both before and after customs in the arrivals section of the airport. However, it is important to be aware of the high fees associated with airport currency exchange services.
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High fees and poor rates at airports
Currency exchange counters at airports, including Chennai Airport, are known for charging high fees and poor exchange rates. They take advantage of travellers who need local currency at the last minute by offering unfavourable exchange rates. These shops and kiosks make huge profits by charging higher rates than other options.
The currency exchange rate at airports is typically 10-15% higher than standard market rates, resulting in unnecessary financial losses for travellers. This is due to the high cost of operating at an airport, including steep rents and additional operational costs. These extra charges are passed down to consumers, who end up paying more for their currency exchange.
To avoid these high fees and poor rates, it is recommended to plan ahead and exchange currency in advance through a bank, an offline forex broker, a travel agent, or an online forex provider. Using a reputable online currency exchange platform can offer better rates and convenience, allowing you to book orders online and get same-day doorstep delivery of currency.
Additionally, withdrawing money from an ATM can be a simpler and less risky option, as the charges are usually determined by your home bank and may be lower than airport exchange services. Credit and debit cards can also be a safer and more cost-effective alternative to exchanging cash at the airport, as they often have no foreign transaction fees and offer fraud protection.
By being aware of the high fees and poor rates at airport currency exchange counters, travellers can make informed decisions and explore alternative options to get the best value for their money.
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Online platforms for currency exchange
Currency exchange shops at airports often charge high rates and offer poor exchange rates, so it is recommended to exchange currency in advance. Online platforms for currency exchange can offer better rates and more convenience.
One such platform is BookMyForex, which offers online currency exchange and wire transfer services. They offer doorstep pickup and delivery of currency, and there are no limits on the amount of currency that can be sold. BookMyForex has partnerships with trusted banks and RBI-authorized forex dealers.
Another option is 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 exchange rates and do not charge any additional fees for exchanging currency, apart from GST and handling charges.
RemitX is another online money transfer service that allows users to lock in exchange rates for up to three days. They offer better rates than airports and have services for tourists, markets, and businesses.
Other online platforms for currency exchange include OANDA, which offers a free currency converter with access to real-time FX rates, and Xe, which provides an automated currency feed and exchange rate API.
For those with bank accounts in specific financial institutions, such as Bank of America, currency can be ordered online or through mobile banking apps.
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Exchanging currency in advance
Compare Rates
Before exchanging your currency, it is important to compare the rates offered by different providers. You can exchange currency online through platforms like MakeMyTrip or RemitX, or through banks, post offices, or currency exchange bureaus. By comparing rates, you can ensure that you get the best value for your money.
Use a Reputed Currency Exchange Platform
Dedicated currency exchange platforms like BookMyForex and Orient Exchange often offer better rates than airports. These platforms may also offer additional benefits, such as online ordering with same-day doorstep delivery of currency notes. They may also provide wire transfer services, forex cards, and competitive exchange rates with minimal fees.
Exchange Currency Through a Bank
Exchanging currency through a bank is another option for getting a fair rate. You can visit a bank branch in Chennai or use their online services to exchange currency in advance.
Use an ATM
Withdrawing money from an ATM is a simple and convenient option, especially if you have an account with a global bank. ATM charges are typically determined by your home bank and may be less expensive than airport exchange services.
Consider a Forex Card
If you plan to travel frequently or need a convenient way to access your funds, consider purchasing a forex card. These cards are offered by some currency exchange platforms and can provide benefits such as no forex markup over interbank rates.
By exchanging your currency in advance and utilizing these tips, you can avoid the high fees and unfavourable exchange rates often associated with last-minute currency exchanges at airports.
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Alternative currency exchange locations in Chennai
Currency exchange shops at airports tend to charge high rates and offer poor exchange rates to take advantage of travellers who need currency quickly. Hence, it is always better to opt for an RBI-authorized foreign exchange platform that provides the best rates. Here are some alternative currency exchange locations in Chennai:
BookMyForex
BookMyForex is an online platform that offers the best forex rates. It has a robust network of 100+ RBI-authorized forex partners in 50+ cities across India. It offers same-day doorstep delivery of genuine currency notes, eliminating the need to visit any physical locations or stand in long queues. You can also access live exchange rates, buy or sell forex, and reload your forex card instantly through their app.
RemitX
RemitX is another online money transfer service that allows you to lock in the exchange rate of the previous three days. They offer better exchange rates compared to the airport and have currency exchange providers for tourists, markets, and business areas.
Orient Exchange
Orient Exchange is an RBI-authorized Category II dealer with physical stores in 22 major cities across India, including Chennai, and an online platform. They offer unbeatable real-time rates and have no hidden charges apart from GST and handling charges. They also provide forex cards online at zero exchange margin interbank rates.
Offline Forex Broker or Travel Agent
You can also consider exchanging currency through an offline forex broker or travel agent in Chennai. These options may provide fair rates compared to airports.
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Frequently asked questions
Yes, currency exchange counters can be found in the arrivals and departures areas of Chennai Airport.
Currency exchange shops at airports tend to charge higher rates and fees to make huge profits. It is recommended to exchange currency well in advance before reaching the airport. You can exchange currency at banks, post offices, travel agencies, and currency exchange bureaus in Chennai. Online platforms like BookMyForex, Remitx, and MakeMyTrip Forex Solution are also good options.
Exchanging currency at the airport is convenient, especially if you need currency quickly.
The exchange rates at the airport are typically worse than those in the city, resulting in travelers losing a significant amount of money.
