Changing monies
Nov 15th 2009 | 10:58 pm
#1
Thread Starter
Forum Regular
Joined: Oct 2007
Posts: 36
From: Leigh, Lancs
Changing monies
Hi guys...those of you that are already in Goa, is the exchange rate any good at the moment.
We are travelling at the beginning of Dec from Heathrow to Mumbai and wa wondering if it is better to change in Mumbai or wait till we get to Goa?
We are travelling at the beginning of Dec from Heathrow to Mumbai and wa wondering if it is better to change in Mumbai or wait till we get to Goa?
Nov 15th 2009 | 11:25 pm
#2
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Joined: Oct 2008
Posts: 2,478
Re: Changing monies
I have used this site for several years and found it to be very accurate
http://www.x-rates.com/d/INR/GBP/graph30.html
One winter we compared our Nationwide statement with it and it was virtually spot on!
http://www.x-rates.com/d/INR/GBP/graph30.html
One winter we compared our Nationwide statement with it and it was virtually spot on!
Nov 15th 2009 | 11:30 pm
#3
Thread Starter
Forum Regular
Joined: Oct 2007
Posts: 36
From: Leigh, Lancs
Re: Changing monies
Thanks for that, not used that site before, so thanks again.
Nov 16th 2009 | 2:20 am
#4
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Joined: Jun 2007
Posts: 473
Re: Changing monies
www.xe.com is a good international currency site which shows the daily changing inter bank rate.
This does not mean you will get this rate from an Approved Dealer (bank or money changer) in India, it will be a rupee or so less changing GBP into INR. Shop around for best rate if in Goa.
I have noticed ICICI UK to ICICI India money2 India internet transfers less of a good deal than they used to be. The service is free, but they are definitely compensating themselves (and taking a hidden commission) by exchanging at less than the official rate. This may be because it takes about 2 days to initiate the transfer, but I have noticed this even on a strengthening pound.
This does not mean you will get this rate from an Approved Dealer (bank or money changer) in India, it will be a rupee or so less changing GBP into INR. Shop around for best rate if in Goa.
I have noticed ICICI UK to ICICI India money2 India internet transfers less of a good deal than they used to be. The service is free, but they are definitely compensating themselves (and taking a hidden commission) by exchanging at less than the official rate. This may be because it takes about 2 days to initiate the transfer, but I have noticed this even on a strengthening pound.
Last edited by babu1; Nov 16th 2009 at 2:25 am.
Nov 16th 2009 | 2:27 am
#5
Forum Regular
Joined: Apr 2009
Posts: 211
From: Canada
Re: Changing monies
www.xe.com is a good international currency site which shows the daily changing inter bank rate.
This does not mean you will get this rate from an Approved Dealer bank or money changer) in India, it will be a rupee or so less changing GBP into INR. Shop around for best rate if in Goa.
This does not mean you will get this rate from an Approved Dealer bank or money changer) in India, it will be a rupee or so less changing GBP into INR. Shop around for best rate if in Goa.
Nov 16th 2009 | 3:52 am
#6
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Joined: May 2007
Posts: 2,941
Re: Changing monies
I agree - not only does money2india consistently give a worse rate than xe.com but ickyicky bank have killed all their online money transfer options for account holders forcing us to use money2india.
Nationwide otoh give rates very close or better than xe.com - so even with the re-introduction of a 1% charge you do better to just use your Nationwide Debit card here in Goa (when the ATM's are working!!!)
AndyD 8-)#
Nationwide otoh give rates very close or better than xe.com - so even with the re-introduction of a 1% charge you do better to just use your Nationwide Debit card here in Goa (when the ATM's are working!!!)
AndyD 8-)#
Nov 16th 2009 | 4:31 am
#7
Forum Regular
Joined: Apr 2009
Posts: 211
From: Canada
Re: Changing monies
I agree - not only does money2india consistently give a worse rate than xe.com but ickyicky bank have killed all their online money transfer options for account holders forcing us to use money2india.
Nationwide otoh give rates very close or better than xe.com - so even with the re-introduction of a 1% charge you do better to just use your Nationwide Debit card here in Goa (when the ATM's are working!!!)
AndyD 8-)#
Nationwide otoh give rates very close or better than xe.com - so even with the re-introduction of a 1% charge you do better to just use your Nationwide Debit card here in Goa (when the ATM's are working!!!)
AndyD 8-)#
i have an acount with them here (ickyicky bank canada) and have noticed that their money transfer options are not attractive anymore - so will look at money2india the next time i have to send money. i usually wait for the xchange rate to be favorable (as it is now @ 44 rupees to the CA$) and send as much as i can to my indian (ickyicky) bank - that way i am able to maintain sufficient funds that are needed for visits to india.
