If you’ve got a trip to India coming up, you may want to convert some of your money into rupees before you go. Here’s everything you need to know about how to convert USD to INR, how to get the best conversion rates and where you’ll pay the highest transaction fees.
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How to convert US Dollars to Rupees
Converting U.S. dollars to rupees is a fairly easy process.
Using a currency conversion calculator is the easiest way to get an estimate when you’re ready to exchange your funds. Since currency conversion rates change on a daily basis, a calculator is a great way to ensure that your math is correct.
Keep in mind that converting currency usually comes with fees that a calculator probably won’t account for in its equation. For example, credit card processors and ATM networks typically charge a conversion fee that amounts to 1% of the purchase price. Individual merchants may also charge additional fees if you ask them to convert the price of an item into your home currency.
How to Buy Rupees
If you’re ready to exchange U.S. dollars for rupees, it’s a good idea to plan ahead. Often, exchanging currency before you leave for your trip can help you avoid high fees. Here are three ways to get the job done:
- Exchange at a bank or credit union before your trip: Exchanging currency at your local bank or credit union is often the most cost-effective method. Since you have an existing relationship, they are likely to offer you the best rates. Plus, you may qualify for certain perks or reviews on your exchange. For example, Bank of America won’t charge you an added exchange fee if you have an account with them. However, they do charge a shipping fee of $7.50 for orders under $1,000.
- Use your bank’s ATM abroad for withdrawals where possible: If you need to exchange additional funds while you’re away, try to use an in-network ATM whenever possible. Doing so can help you avoid paying additional fees. Most banking apps come with an “ATM locator” feature to help you find the closest option. For instance, Mumbai is a regional hub for J.P. Morgan, meaning that Chase National Bank has had branches in the city since 1945.
- Order currency online: If you’d like to exchange currency from the comfort of your own home, you can order currency online from a provider like Currency Exchange International (CXI). Be aware, however, that not all online currency websites are created equal. Make sure to research any providers by reading online reviews and to make note of the fees they charge. For example, while CXI doesn’t charge an exchange fee, it does charge a large fee for shipping. You’ll pay up to $30 for overnight delivery.
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Wise – Multi-Currency Account
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What to Avoid When Exchanging Currency
Exchanging currency at the airport: While using an airport kiosk to exchange currency may sound convenient, it will cost you. Those kiosks often have some of the worst exchange rates and they charge some of the highest fees.
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