Best Currency Exchange Rate in Delhi

[Kelly]

Back on the forum after a long time with another query.

I need to get some Indian rupees exchanged into US dollars, and also need some British pounds converted into Indian rupees.
What is the best currency exchange rate in Delhi I can get?

Where is the best place to get money exchanged from?

 

[Karan]

Currently, the exchange rate for US Dollars is:

1 INR = 0.0155950 USD, so Rs100 would get you $1.55 dollars.

For British pound the exchange rate is:

1 GBP = 82.0622 INR.

I would go to reputed and genuine places in Connaught Place like Travelex and Prince Forex, which are reliable and also give a good exchange rate. You can try your bet on the smaller shops as well, as you may get a better deal.

 

[HarshM]

Finding the best currency exchange rate in Delhi can involve some searching, but here are some tips to get you started:

Research Online Rates:

• Several websites and apps offer currency exchange rate comparisons for Delhi. Examples include XE Currency Converter
• Use these resources to get a general idea of the current exchange rates offered by different money changers in Delhi.

Look for Exchange Houses with Low Markup:

• The best exchange rate will have a low "markup" which is the difference between the interbank rate (wholesale rate) and the rate offered to customers.
• Reputable money changers will typically display their exchange rates prominently. Look for places with rates closest to the interbank rate.

Consider Online Money Transfers:

• Online money transfer services like TransferWise or Remitly can sometimes offer competitive exchange rates compared to traditional money changers.
• These services may have lower fees but might take a bit longer for the transfer to be completed.

Here are some additional places to consider for currency exchange in Delhi:

• BookMyForex: This online currency exchange platform offers competitive rates and doorstep delivery in some areas.
• Authorized Money Changers: Look for money changers authorized by the Reserve Bank of India (RBI). These typically adhere to regulations and display their rates.
• Banks: While banks might not always offer the most competitive rates, they are a safe and secure option for currency exchange.

Here are some things to keep in mind when exchanging currency:

• Ask about hidden fees: In addition to the exchange rate, some money changers may charge additional fees for services like commission or processing. Ensure you understand all charges before finalizing the transaction.
• Carry your identification: You'll likely be required to show valid ID like your passport or PAN card when exchanging currency.
• Get a receipt: Always get a receipt for your transaction for your records.

By comparing rates online and considering these tips, you can increase your chances of getting the best currency exchange rate in Delhi.