Ruth Haines
When it comes to exchanging currency at international airports in India, travellers have a variety of options. While airport currency exchange counters are a common choice, they often offer unfavourable exchange rates and additional fees. To avoid these drawbacks, many travellers opt for international travel cards, credit cards, or Forex cards, which can provide better exchange rates and convenience. Online platforms like BookMyForex allow individuals to buy or sell foreign currency in advance, offering competitive rates without the hassle of long queues. It is recommended to research the best exchange rates before arriving at the airport, as rates can vary between providers and locations. Additionally, individuals should be aware of customs regulations and declaration requirements when carrying cash or other valuable items, such as gold, into or out of India.
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What You'll Learn
- Airports have poor exchange rates, so it's better to exchange currency in advance
- Indian residents can bring up to 25,000 INR into the country
- Foreigners cannot import Indian rupees (INR)
- Declare cash worth over $5000 USD to customs
- Exchange bureaus are in arrival and departure terminals of major Indian airports
Airports have poor exchange rates, so it's better to exchange currency in advance
When it comes to exchanging currency, airports are notorious for their poor exchange rates. While it is convenient to grab your cash as you dash to your gate, it is not a wallet-friendly option. Exchange counters at the airport take advantage of the fact that you need the local currency right then and there, and so they set their own exchange rates, which are usually higher than what you would find elsewhere. They also charge additional fees, sometimes a fixed amount, other times a percentage of the amount being exchanged.
Therefore, it is always better to exchange your currency in advance. You can explore other options before heading to the airport. Local banks, for instance, often offer competitive exchange rates and lower fees than those found at the airport. You can give them a call or check online before your trip. If you are in the US, you can buy Indian rupees online from providers like Travelex. They will deliver the money to your home or it can be picked up. You can also use online currency exchanges, which offer great rates and the convenience of home delivery.
Another option is to use prepaid travel cards. You can load money onto these cards for fixed exchange rates. They are secure and convenient. Credit cards without foreign transaction fees can also be a great option for spending abroad, as long as you pay in the local currency.
If you are unable to exchange your currency in advance, it is still possible to get a better deal at the airport by avoiding third-party money changers outside the airport, who may try to scam you.
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Indian residents can bring up to 25,000 INR into the country
It is worth noting that it is not permitted to take Indian rupees (INR) out of the country unless you are an Indian resident. If you are a resident, you can take up to 25,000 INR out of the country without needing to declare it.
If you are a foreign national, you can enter India with any amount of foreign currency. However, you must declare to customs officials if you are carrying cash worth the equivalent of $5,000 USD or a combination of cash and traveller's cheques worth the equivalent of $10,000 USD.
It is recommended to declare cash before you fly to India. This can be done via the ATITHI app, which allows you to file a customs declaration in advance of your trip. Alternatively, you can declare cash at the airport by looking for 'goods to declare' or 'red channel' signs and filling in a Customs Declaration Form.
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Foreigners cannot import Indian rupees (INR)
It is important to note that the rules for bringing cash into India vary depending on the origin of the cash. For example, if you are travelling from the UK, you can take up to £10,000 GBP in or out of the country without making a customs declaration. However, if you are travelling from the US, you must declare cash or cash equivalents exceeding $10,000 USD, or cash exceeding $5,000 USD, to the Customs Authorities at the Airport in the Currency Declaration Form on arrival in India.
There are a few options for foreigners to access Indian rupees while in India. One option is to use a travel card, such as the Wise card, which can be used in India without any foreign transaction fees and automatically converts currency at the mid-market exchange rate. Another option is to use a prepaid travel card, which is similar to a debit card and allows you to load money in various currencies before your trip. Forex cards issued by various banks can also be loaded with INR and used while travelling, and they can even be recharged on the go using an internet banking portal.
If you need to exchange currency at the airport in India, it is important to note that the exchange rates may not be favourable, and there may be long lines and amount limits at the counter. The Indira Gandhi International Airport in New Delhi, for example, has currency exchange counters in both the arrival and departure sections, but the exchange rates may vary. It is recommended to research the exchange rates and counters at the specific airport you will be arriving at.
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Declare cash worth over $5000 USD to customs
When travelling to or from India, it is important to be aware of the restrictions set by the RBI and Indian Customs to avoid penalties. While there is no limit to the amount of foreign currency you can bring into India, you must declare cash worth over $5000 USD to customs. This also applies to Indian residents travelling abroad.
If you are carrying more than the allowed limit, you must declare it at customs to avoid fines and confiscation. This can be done by completing a Customs Declaration Form and using the Red Channel at the airport. Alternatively, you can declare cash before you fly to India by using the ATITHI mobile app. You may still need to confirm the declaration to airport customs officials when you arrive.
It is important to note that the limit for taking cash in or out of India is per person, not per family. This means you cannot share your allowance with another passenger. In addition to cash, you may also need to declare other items such as duty-free cigarettes, alcohol, gold, or jewellery above a certain weight or value.
To avoid carrying large amounts of cash, consider using a prepaid forex card or withdrawing cash at an Indian ATM when you arrive. These options provide more favourable exchange rates compared to traditional money exchange counters at the airport.
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Exchange bureaus are in arrival and departure terminals of major Indian airports
Exchanging currency at Indian airports is possible, but it is important to understand the fees, rates, and alternatives to ensure a smooth and cost-effective trip. There is no explicit restriction on exchanging currencies as long as you meet typical formalities and legalities.
Authorised money exchange bureaus are commonly located in arrival and departure terminals of major Indian airports such as Indira Gandhi International Airport in Delhi (DEL), Chhatrapati Shivaji International Airport in Mumbai (BOM), and Bengaluru (BLR), among others. Their exact locations vary depending on the airport. While the exchange rates offered by these bureaus are mostly the same, it is still beneficial to check them beforehand. Operating hours generally align with airport operation times, so it is recommended to verify the hours before visiting, especially with smaller airports or those undergoing changes.
It is important to note that exchange rates at airports are often less favourable than those available in your home country or from banks. Therefore, it is advisable to exchange your money before travelling or use banks or authorised money exchangers outside the airport, as they often provide better rates and pricing. Additionally, withdrawing Indian Rupees (INR) from an ATM within the nearby vicinity after arrival can also be advantageous in terms of saving money.
When exchanging or declaring large sums of money at the airport, it is recommended to notify the banks or authorised entities beforehand to ensure smoother transactions. It is also crucial to have essential documents, such as a valid passport and visa, if required.
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Frequently asked questions
It is convenient to exchange currency at the airport, especially if you forgot to do so before your trip.
Airport forex rates are 5 to 15% higher than those offered by online platforms. The money changers at airports in India have an operational setup that involves various kinds of fixed costs such as salaries, and other operating costs.
BookMyForex is a popular online forex platform in India. It has special tie-ups with over 60 RBI-approved forex vendors in India.
According to the Reserve Bank of India, travellers going to all countries except Iraq, Libya, Iran, the Russian Federation and other Republics of the Commonwealth of Independent States are allowed to purchase foreign currency notes/coins only up to $3000 per visit.
Look for the 'goods to declare' or 'red channel' signs and tell a customs official you wish to declare cash. They will ask you to fill in a Customs Declaration Form.
