How to carry your cash in India
Travelers Cheques are guaranteed that if they are lost or stolen they will be replaces in 24 hours!
Can you imagine being in India without any cash? Well it happens all the time, a traveler is moaning about having no money, or having to wait until money is wired to them or have a friend lend them rupees because their cash card doesn't work. Your guest house manager won't be so happy to see you anymore.
AMEX India Office call if lost or stolen
Toll Free# 1 800 180 1245
Collect# 91 124 4190540
What's wrong with relying on an ATM card?
1. Not very safe. ATM cards are not insured or designed for international travelers. If it is lost, stolen or damaged it may be impossible to get a replacement in Asia. Usually banks only issue replacement cards to your home address. If you rely on plastic in India it is possible that you'll find yourself cashless (and maybe homeless) not a good situation for a budget traveler to be in.
2. Inconvenient. Yes, in India, it is a "inconvenience card." Only certain banks machines will accept foreign ATM cards, and they are not located everywhere. The bank of HSBC is one machine that works. ICICI is another. The state bank of India and other state banks ATM's have not worked with international card such as my Canadian one. It must be an international bank. The problem is that you will find yourself say 500km from Calcutta in Puri and no ATM. What will you do? go back to Calcutta? Small towns will be even worse.4. Power outage and cash shortage. Many times the ATM can be closed or not working.3. Expensive. ATM cards generally will cost you more to use. You need to read the fine print, transaction fees can be 3-5$ per withdrawal, the exchange rate maybe slightly better than TC's. Some credit cards charge 2% on all foreign currency transactions! ATM's in India often have limits to the amount you can with withdraw often only 10,000 Rupees. I've heard some UK issued ATM cards offer no fees in India.
5. Demagnetization. ATM cards can become demagnetized from passing through an airport.
6. If you forget your pin code and try too many times you card may be locked for good, over three attempts.7. Fraud. As a foreigner you are are prone to fraud such as a fake ATMachines or one that captures you pin codes.
What about a credit card, is that safe?
1. Cash advance interest is charge as soon as you withdraw the money until you payed it back. So you need to go online and pay the credit card company right away. There is still a minimum charge. So a credit card will end up being a very expensive way to fund your travels.
2. A Credit card is a bit safer than an ATM cards because Visa has connected banks in India who could still give you a cash advance if you lost your credit card. Good luck without a passport though.
3. You may need to use a credit card for online flight bookings.
4. Fraudulent charges may be put on your card. You'll need to logon once per month and examine your bank transactions. Cybercafes are often riddled with viruses (no, portable firefox will not solve all your problems.) Your own netbook will (or should unless you have a virus.) You can bring your netbook to the internet cafe and get connected.
- Notify you credit card company that you are leaving the country. The credit card companies often blocks a card if too many strange charges appear from a foreign country. The credit card company cancel your card FOR ANY REASON AT ANYTIME.
What's a Conversion Rate?
Is the rate banks charge to convert foreign currancy. A bank commission.
Cost analysis Credit Card vs ATM vs TC's vs Cash
Cash = Rs 86000 or $2000
Travelers Checks = Rs 83860 or $1940
(4300Rs-2.5% commision)
ATM =Rs 81700 or $1900
(4300Rs-2.5% conversion rate-$2.5 atm fee*)
Credit Card Cash Advance from ATM = Rs 78700 or $1832
(4300Rs-2.5% conversion rate-$5 atm fee- 1% cash advance interest*)
More on Travelers' Cheques
Travelers Cheques can NOT be change everywhere in India. All tourist spots and big cities have banks and private changers. You may have difficulties in small towns. Only some banks offer international exchange, but there is always one in every tourist town. Mostly there are private money changers. You can bargain for the rates too. Commission is 1-2% for the forex rate.
How much to take, what denominations? If you are planning two months in India and @$25 per day, then take 60 x $25 =$1800 in TC's. Usually $100 notes are ideal. You may want to take some smaller $20 notes if need to change at the airport. The airport is general known to offer a slightly lower rate. I'd recommend you change only 100-300 USD at a time.
What type? What currency? Where to buy them?
American Express, Thomas Cook and Visa all offer travelers cheques, usually commission free. You may have to some looking around to find a commission free service. Contact their office find their web site. I use my bank offerss free American Express travelers cheques.
Travelers cheques can be of any currency USD, EURO, Italian Lira. Usually people pick the most stable currency or even one they think will go up in value in short run. The US dollar is the best currency as a traveler because it is the strongest and most stable with favorable rates.
When you get your travelers cheques, first thing you should do is record the serial numbers as well as any emergency contact phone numbers. Store this information in your email account. That way if you they are lost or stolen you can easily retrieve the information. It's tedious but you should also keep track of the one's you've cashed, when you get home.
Where to change them?
Banks and private money changers are everywhere. Anywhere you can change cash you can change a TC. Banks may have a slightly better rate, usually charge 30Rs per cheque for a 'duty stamp." You can also bargain with private money changers, don't accept the first rcheckate. You find the rates to be the same in the end. 
Warning against thieves: Thieves enter the room with room key, finds a packet of cheques and extracts one or two from the center of the pack. This way the victim may not notice for some time (or ever) that the cheques are missing! Giving the thief time to cash them without being reported stolen.
American Express, Thomas Cook and Visa all offer travelers cheques, usually commission free. You may have to some looking around to find a commission free service. Contact their office find their web site. I use my bank offerss free American Express travelers cheques. Travelers cheques can be of any currency USD, EURO, Italian Lira. Usually people pick the most stable currency or even one they think will go up in value in short run. The US dollar is the best currency as a traveler because it is the strongest and most stable with favorable rates.
When you get your travelers cheques, first thing you should do is record the serial numbers as well as any emergency contact phone numbers. Store this information in your email account. That way if you they are lost or stolen you can easily retrieve the information. It's tedious but you should also keep track of the one's you've cashed, when you get home.
Banks and private money changers are everywhere. Anywhere you can change cash you can change a TC. Banks may have a slightly better rate, usually charge 30Rs per cheque for a 'duty stamp." You can also bargain with private money changers, don't accept the first rcheckate. You find the rates to be the same in the end.
Solution: Keep track of your cheques serial numbers ands 'check' them off as you use them. I realize this is tedious but it is important. Make packets of 5 cheques sealed inside individual envelopes with tape. This way a thief is prevented from opening the envelope without being detected. Go through the serial numbers when you get home, if you can't find one or two, contact the TC company and request a copy that will show the signature used to cash the cheque.
Ruppes
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US or Euros cash is not really necessary. Carry $100-200 US dollars for emergencies, you could like a year on 10,000 Rs in India, lol!
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In India you can always change US Dollars cash. They love em! You will get the forex rate of exchange and often higher. This is because Indians going abroad need dollars and will have to pay high exchange rates with the banks to buy dollars before leaving the country.
- So if you want to be clever you could bring say $500 in USD$ or Euro and change them with a private changer and save 4%, so just $20.
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Some fool always seems to think that should carry all their money in cash...dymb!
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NEVER CARRY ALL YOUR MONEY IN CASH.
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Don't come to India without sufficient funds, there is no work for foreigners.
Dirty Money (literally)
Passports
Make a digital copy (you could even use your DSLR camera) of your passport and current visa stamps. Upload the image to your email account folder. This way, in an emergency, you will be able to print your own copy at the internet cafe. This will save you a lot of trouble should you lose your passport.
You can make a copy of your passport and visa and just show that, that will save your passport from over use. Other times they will take it to be photocopied (annoying) and this way it can't be lost. Or you can make a Proxy Passport. With a color photocopier and laminate machine. You still need you original docs with you.
It is very annoying but every time you register in a guest house in India, which is required by law that you fill out a C-form. You will have to provide the following information, usually twice:
- Your Name
- Arriving from (which place in India)
- Going to
So you can make a cheat card: Right click on the card and save, then find the file and right click again and PRINT, prefferably on cardboard. Before you leave fill out the card and laminate. Viola! This will save you countless hours at receptions desks when your half asleep, flipping through passport pages and visa stamps.
Other ID
