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$1USD = 45.8 rupees
£1GBP = 85.7 rupees
$1AUD = 34.17 rupees
1 EUR = 59 rupees
I only follow my own currency and I know this is the best it has been for 2 years for Brits. Sorry for not mentioning other currencies but I'd be here for weeks!
My money tips for India!
Most money is made up of notes, but there are coins and you will use them but perhaps not as much as in your own country. Notes come in the following denominations Rs5 (being phased out), Rs10, Rs20, Rs50, Rs100, Rs500 & Rs1000. Coins as follows: Paise 50 (half a rupee), Rs1, Rs2 & Rs5. The other terms you may see are Lakh & Crore often still showing Rs as the form of currency. A Lakh is 100,000 rupees and a Crore is 10,000,000 . The 25 paise coin is still legal tender but in 2 years I have had just 3 of these.
500 rupees goes a long way in India and as a result, many small shops and particularly rickshaws will not be able to change them and you could find yourself as I have in an embarrassing situation and possibly having to pay 10 times the actual fare for a short taxi ride. Therefore as said before, make sure you have plenty of small notes with you, preferably Rs10's & Rs5's.
Be aware of your own security and be respectful when using money, pulling great wads of notes from your pocket will attract attention to you and quite possibly upset the locals. Pickpockets are no more or less common here than in any other big city worldwide but they are a problem nonetheless so it is advisable to spread your money about yourself and keep your small notes separately ready for small purchases.
The average wage here is about Rs12,000 per month, a graduate may earn up to 30,000 but a rickshaw or cab driver may only earn between 3 & 5,000 Rs per month. Therefore it is quite common as a westerner that you'll have more in your pocket or handbag than your driver earns in a month, all the more understandable for them not wanting to change a Rs100 note.
Rupees are commonly referred to here as ‘Bucks’, so don’t be alarmed and think that a café wants $50 dollars for a coffee!
ATM (cash) machines are widely available throughout the cities; many are in booths accompanied by a security guard. Before leaving these booths, make sure your cash is out of site along with your withdrawal slip. Also beware of the £1.75 transaction charge each time you draw money with a foreign card, therefore it is best to withdraw larger amounts or get yourself an Indian account and transfer one bulk amount each month for approx £10.
Lately many foreign banks have introduced a monthly fee that you can attach to your account which spares you all these charges, HSBC First Direct certainly does for £9.50 per month and this saves us about £40 per month. A Nationwide flex account from UK has free cash withdrawals from anywhere worldwide.
Also note that even if you have an Indian ATM card that other banks will charge you approx Rs60 to use their machine!
Finally, torn notes are not acceptable to most traders so do not accept these from anywhere!
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Sorry if this looks a bit British but I am British, we are like this only
Hope this helps some newcomers!
Malc
