The official currency of India is the Rupee (INR) which is made up of smaller units known as paise (or paisa singular). 100 paise are found within 1Rupee and the currency is available in both notes and coins.
Note denominations are as follows: 10.00Rupees, 20.00Rupees, 50.00Rupees, 100.00Rupees, 500.00Rupees and 1000.00Rupees.
Coin denominations are as follows: 5Paise, 10Paise, 20Paise, 25Paise, 50Paise, 1.00Rupee and 2.00Rupees.
A currency transfer to India can be severely limited as it is impossible to legally obtain the currency outside of the country. Transferring money through the black market is illegal and it is therefore vital that anyone looking to transfer money to India consults a broker to help them manage the transaction.
When in India it is also advisable to refuse to accept torn notes and to exchange currency in small denominations.
Banks
The opening times for banks will vary between regions but typically the following opening hours will apply:
Monday-Friday: 1000hrs to 1400hrs.
Saturday: 1000hrs to 1200hrs.
Banks may be closed during some religious holidays and it is therefore advisable to check this information prior to your visit.
Other Options
A number of hotels will offer exchange services, allowing you to change your currency. Bureau de change services will also be available and some major shops may exchange currency as well.
Forms of Money Transfer
Indian Banks will typically accept both credit cards and travellers' cheques when exchanging money. Travellers' cheques are widely accepted with banks and hotel but it will typically be easier to exchange those which are in either US Dollars or sterling currencies.
Visa and MasterCard credit cards are also widely accepted with other cards also being accepted in some areas. It is vital that travellers consult with their credit card provider before travelling to determine which services will still be available to them whilst abroad.
Regularity of Money Transfer
If you are likely to transfer currency to India regularly then it is advisable that you use the services of a broker. These will be able to manage the transaction for you – helping you to get the best exchange rate will offering more competitive prices than high-street banks and services.
Speed of Money Transfer
As the INR is not a major currency, it may take longer for a money transfer to India to be completed. This will depend on a number of factors and individuals should consult with their broker to determine an estimated time frame.
Reasons for Money Transfer
Regardless of what reason you have to send money to India, a brokerage could help. These will aim to get you the best deal and will manage the transaction for you to make the process much easier. This means that irrespective of whether you need to transfer the money to make a mortgage payment or to pay for international goods, you will be able to benefit from the service.
Important Information for Visiting Spain
Electric: 2 or 3 round pin plugs delivering 220volts of power.
Water: access to water is not universal within the country so travellers should check this for the region(s) they intend to visit before their departure.
Shops: Indian bazaars (market stalls and larger shops) are found across the country and will vary on opening times. Typically they will open at the same time as banks and other services (1000hrs) but will usually close much later in the evening (sometimes as late as 2200hrs).
