Currency & Costs
The Indian rupee is available in denominations of Re1, Rs2, Rs5, Rs10, Rs20, Rs50, Rs100, Rs500 and Rs 1000. One rupee is split into a hundred paise, available in denominations of 10p, 25p and 50p. There are coins for Re1, Rs2 and Rs5.
The most meagre that your budget can get is $20 per day of your stay. You’ll struggle with dormitory accommodation, looking for cheap grub, and trying to figure out bus routes and timings but you’ll just about survive. A healthy budget in India is about thrice that. $35 a day will see you sleep in decent clean beds and wake up to an attached bathroom for morning ablutions. It’ll fetch you three decent meals, a spot of shopping and some auto-rickshaw rides. This estimate has been made keeping in mind urban India. Rates and prices vary from region to region. In the south it is easy to find great mid-rung accommodation at low rung prices even in the cities. Mumbai (Bombay) and Delhi are both quite expensive. Small temple towns will be easy on the pocket; beach bumming and wildlife moonlighting may work out dirt cheap or highly pricey. So it’s really about how you chose to do it.
The dollar goes a long way in India (the pound sterling, longer). The bare minimum is just under $15 a day while a top end holiday could blow through the roof. Make sure you bring enough for souvenirs though. Believe the hype: this is a treasure trove of a country!
Banks & Money Changers
Banking in India has become quite easy now. The sector has steadily opened up to privatised participation, which has bolstered the services and performance of state run entities too. Trans National banks have a sizeable presence in the larger cities, especially in the metros. There are more and more ATMs so now in India too Any Time Money is yours for the asking. In the smaller towns your banking options will be far less than in the cities. You’re likely to find only minor branches of government banks that do not offer facilities such as ATM and are unlikely to change currency other than dollars and pound sterling. Also the paperwork might run into reams if the bank is yet to computerise.
Bank holidays vary from region to region. Major festivals are holidays though it is unlikely that a bank will be closed for longer than 2 days in a row.
Major international credit cards are widely accepted in the cities.
Exchange your money
Changing money in India can be a tedious process so change substantial amounts at a time. Not all banks accept travellers’ cheques or currency other than dollars or pound sterling and if you find one that services your needs take advantage of it. Changing money anywhere but at accredited bureaux is illegal.
Moneychangers are open 24 hours at the airports (but these are invariably far from town) and in hotels. International foreign exchange providers have several branches in the larger cities. Smaller towns however, are likely to only have minor banks. Save up all exchange receipts (encashment certificates); these are required for visa extensions and other formalities, and when you want to convert rupees at the end of your trip.
