Money and Costs

The Indian rupee (Rs) is divided into 100 paise (p), but paise coins are increasingly rare. Coins come in denominations of 50 paise, and Rs 1, 2 and 5; notes come in Rs 10, 20, 50, 100, 500 and 1000. The Indian rupee is linked to a basket of currencies and its value is generally stable.

ATMs

Modern 24-hour ATMs are found in most large towns and cities, though the ATM may not be in the same place as the bank branch. The most commonly accepted cards are Visa, MasterCard, Cirrus, Maestro and Plus. Banks in India that reliably accept foreign cards include Citibank, HDFC, ICICI, UTI, HSBC, the Punjab National Bank and the State Bank of India. Away from major towns, always carry cash or travellers cheques as backup.

Bank impose higher charges on international transactions, but this may be cancelled out by the favourable exchange rates between banks. Reduce charges by making larger transactions less often. Always check in advance whether your card can access banking networks in India and ask for details of charges.

Note that several travellers have reported ATMs snatching back money if you don’t remove it within around 30 seconds. Conversely, other machines can take more than 30 seconds to actually release cash, so don’t panic if the money doesn’t appear instantaneously.

Always keep the emergency lost-and-stolen numbers for your credit cards in a safe place, separate from your cards, and report any loss or theft immediately.

Cash

Major currencies such as US dollars, UK pounds and Euros are easy to change throughout India, though some bank branches insist on travellers cheques only. A few banks also accept Australian, New Zealand and Canadian dollars, and Swiss francs. Private money­changers accept a wider range of currencies, but Pakistani, Nepali and Bangladeshi currency can be harder to change away from the border. When travelling off the beaten track, always carry a decent stock of rupees.

Whenever changing money, check every note. Banks staple bills together into bricks, which puts a lot of wear on tear on the currency. Do not accept any filthy, ripped or disintegrating notes, as these may not be accepted as payment. If you get lumbered with such notes, change them to new bills at branches of the Reserve Bank of India in major cities.

Nobody in India ever seems to have change, so it’s a good idea to maintain a stock of smaller currency. Try to stockpile Rs 10, 20 and 50 notes; change bigger bills into these denominations every time you change money.

Officially, you cannot take rupees out India, but this is laxly enforced. However, you can change any leftover rupees back into foreign currency, most easily at the airport (some banks have a Rs 1000 minimum). Note that some airport banks will only change a minimum of Rs 1000. You may require encashment certificates or a credit-card receipt, and you may also have to show your passport and airline ticket.

Credit cards

Credit cards are accepted at growing numbers of shops, upmarket restaurants, and midrange and top-end hotels, and you can also use them to pay for flights and train tickets. However, be wary of scams. Cash advances on major credit cards are also possible at some banks without ATMs. MasterCard and Visa are the most widely accepted cards; for details about whether you can access home accounts in India, inquire at your bank before leaving.

International transfers
If you run out of money, someone at home can wire you money via moneychangers affiliated with Moneygram (www.moneygram.com) or Western Union (www.westernunion.com).

You’ll need to call someone at home to transfer the money, and a hefty fee is added to the transaction. To collect cash, bring your passport, and the name and reference number of the person who sent the funds.

Travellers cheques

All major brands are accepted in India, but some banks may only accept cheques from Amex and Thomas Cook. Pounds sterling and US dollars are the safest currencies, especially in smaller towns. Charges for changing travellers cheques vary from place to place and bank to bank.

Always keep an emergency cash stash in case you lose your travellers cheques, and keep a record of the cheques’ serial numbers separate from your cheques, along with the proof-of-purchase slips, encashment vouchers and photocopied passport details. If you lose your cheques, contact the Amex or Thomas Cook office in Delhi.

To replace lost travellers cheques, you need the proof-of-purchase slip and the numbers of the missing cheques (some places require a photocopy of the police report and a passport photo). If you don’t have the numbers of your missing cheques, Amex (or whichever company has issued them) will contact the place where you bought them.