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Best Currency Exchange Rate in Delhi

Discussion in 'General Discussions' started by Kelly, May 31, 2016.

  1. Kelly

    Kelly New Member

    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?

  2. Karan

    Karan Member

    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.

  3. HarshM

    HarshM New Member

    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.