sb1020

Where is the best place to buy Indian rupees?

Should we bring US dollars?

Thanks

thursdaysd

They have ATMs in India these days, just like Europe. Tell your bank you're traveling and take your ATM card.

rhkkmk

I used ATM's

jacketwatch

Yes U can bring dollars or travelers checks to exchange. I usually exchange at a foreign exchange office. I have also done so at the hotels though the rate is not as good. Its been a while since I've exchanged at the State Bank of India and as I recall it was a laborious process though that was a while ago.

We have a trip planned next month and I plan to use a CC with no foreign transaction fee. I think ATM's charge a fee BTW, at least some of them.

Cheers, Larry

jacketwatch

rhkkmk: Is there a fee for the ATM's?

thursdaysd

While you can certainly change dollars (who takes travelers checks these days?) the best rate (and the least hassle) is at ATMs. I don't remember whether I was charged ATM fees, as Capital One reimburses them.

jacketwatch

I suggest U call your bank. For me Chase charged $5,00 and 3% for w/d and 3% for a purchase.

thursdaysd

jacketwatch - you need a different bank. And I thought Wells Fargo was bad!

Cap One charges NO fees (not for my bank account, not for my credit cards), my credit union charges 1% conversion (both bank account and credit card) and $1.00 per withdrawal after the first five per month.

Kathie

Most large US banks charge what Larry's bank charges. (And last I checked, that's what Wells Fargo charged)

Take a look at local credit unions or small community banks. Many have a much better deal. I use my bank account at my brokerage. No per use charges, 1% foreign exchange fee, and they rebate charges by foreign ATMs.

thursdaysd

Kathie - I haven't checked Wells Fargo lately, since I have much better options for travel. Last time I checked it was 3% and $3.00, but I'm not surprised to hear that it's increased. And of course, there was the clown at the local branch who tried to convince me I couldn't use my ATM card abroad because it didn't have a Visa or MC logo!!! I'm in the middle of dumping them.

rhkkmk

we did not pay a fee, but your home bank may

jacketwatch

I'll just use my Sapphire card which has no foreign trans. fee or my United Explorer card which recently added the same benefit.

Once in NYC I lost my travelers checks but AE replaced them right away, the same day so I still use them and they are free from Chase. Not many folks use them and three yrs. ago when we went to India Chase had to call other branches as they did not have enough. .

Kathie

Dumping them sounds like a good idea, Thursdays!

thursdaysd

jacketwatch - are those ATM cards or credit cards? If they're credit cards don't you pay interest immediately?

Kathie - should have done it back when they took over Wachovia, but moving all the automatic stuff is a pain.

jacketwatch

The Sapphire and Explorer are CC,s. No immediate interest. I used a Citibank CC once with no foreign fee and no problem either. Simply,pay the entire balance on time, no int.

jacketwatch

Used the Sapphire last yr. all over Europe on our cruise BTW. No worries, no int.

Kathie

Interesting. In the distant past, I was aware of some credit cards that did that (although I think they charged an -upfront fee) but I was not aware that any credit cards allowed you to withdraw cash and not pay for it (nor pay interest and fees) until you pay for your credit balance.

jacketwatch

I did not use it to w/d cash as I do think there is sig. fee for that. I used it for purchases. Sorry about any confusion.

thursdaysd

I thought we were discussing how to get cash....

Kathie

Ah, yes, there are quite a number of credit cards now that charge little or no foreign exchange fee. I was talking about withdrawing money from ATMs. You will want a way to get cash in India quickly, efficiently and without high fees.