Money Matters in India

Currency

India's currency is the rupee. At the time of writing, USD $1 = 44 rupees.

Exchanging Money

It is best to change money in banks, hotels, and other authorized locations to which our resident staff will direct you.  Do not under any circumstances exchange money on the black market. This is illegal, it may put you in an unsafe environment, and you may receive fake money.  ATMs are also widely available around town, and are addressed in more detail below. The best approach overall is to have several different sources of obtaining funds in case cards, cash, or travelers checks are lost, stolen, or not viable in a given location. 

Travelers checks

You should definitely plan to bring some money ($200-$300) in travelers checks to have upon arrival. Unlike cash, travelers checks can be replaced if lost or stolen.

You can cash travelers checks at most banks and hotels.

Credit cards

Credit cards are becoming widely accepted in India, but generally in larger stores or in nicer hotels and restaurants. Most everyday money transactions in India still take place in cash.  It is always a good idea to have one or two credit cards on you for emergencies, for travel outside of Pune, and/or for any higher-end shopping you might want to do, but don't plan on using them around town as you might in the U.S. Visa and Mastercard are widely accepted, American Express less so. 

ATM Cards

A convenient way to withdraw money from your account at home is to use an ATM card that has a VISA or MasterCard logo. You should not rely on ATMs as your only source of cash as they may not always work, but in general this is your best bet for getting the best exchange rate, and for avoiding having too much cash on you (or stashed at home) that could be lost or stolen.

Be sure to carry the PIN number in a safe place separately from your card, and also confirm with your bank that your ATM card will work internationally. It is best to test your card in the U.S. before you leave. We also advise that you call your bank or credit card company to let them know that you will be using the card in India. Sometimes banks may obstruct card transactions overseas in the interest of customer security.  Also be sure that you are aware of any international withdrawal charges that your bank or credit card company might charge for these transactions.