Best Places to Exchange Foreign Currency in India

Reserve Bank of India

The Reserve Bank of India (RBI) is the central banking institution of India. This regulator, controller, and facilitator of monetary policy provides legal and authorized currency exchange facilities. With an emphasis on maintaining economic stability, the RBI ensures secure transactions, making it the most reliable source of currency exchange.

Commercial Banks

In India, commercial banks like ICICI, HDFC, SBI and Axis Bank offer currency exchange services for many foreign currencies. These are trustworthy organizations which offer relatively competitive exchange rates. Most commercial banks provide an online facility, so you can book your currency online and pick it up from your nearest branch.

Private Money Changers

There are plenty of licensed private money changers across major cities and tourist destinations in India, some of which include Thomas Cook, UAE Exchange and Cox & Kings. These money changers provide attractive exchange rates and have branches all over India. However, it's advisable to verify their licenses and rates before transacting.

Post Office

Post offices in India provide a convenient and safe way for tourists in remote areas to exchange currency. This government-backed system is authorized by the RBI and offers a range of services, including purchasing traveler's checks and exchanging foreign currency.

Airports

Currency exchange facilities are available at most international airports in India. While these provide on-the-spot foreign currency exchange, they often come with higher exchange rates and service fees for their convenience.

Online Forex Platforms

Online platforms like BookMyForex, BuyForexOnline, and Forexserve offer the convenience of exchanging currency from the comfort of your home. These platforms provide competitive rates and doorstep delivery services. Some of them even offer rate alerts and forward contracts to guarantee a specific rate for a future date.

Authorized Dealers (ADs)

Authorized Dealers, also known as ADS, are individuals or entities that the Reserve Bank of India authorizes to deal with foreign exchange or securities. They are trustworthy and often offer competitive exchange rates. List of such dealers is available on the website of the RBI.

Prepaid Travel Cards

Prepaid Travel Cards are another convenient way to carry money abroad. These cards are like your debit or credit cards loaded with your chosen foreign currency which can be swiped at any ATM or payment counter abroad. Agents like Thomas Cook, Cox & Kings etcetera sell these cards. Remember, each option comes with its own set of benefits and drawbacks, such as service fees, exchange rates, and location convenience. You should compare the costs, the legitimacy of the provider, and the reliability of the service before making a decision. In all cases, ensure the money exchanger is authorized by the Reserve Bank of India to ensure the safety and legality of your transactions.