Need Help Regarding Buying Some $ against Indian Rupee..!!

M

m.khurana

Adept
I need to make a payment to my friend whos bringing my stuff from the US.

The thing is he is asking for the payment in US $.

I asked HDFC bank about it.Including everything they are using following conversion rates.

1$=Rs.45.something...(it keeps on changing)

I was wondering if there's some other place where I can get a better conversion rate ??
 
Hit the street changers and start haggling around.

This is no different to buying tomatoes & onions in the market :D

Start by asking them exchange rates to buy $10, then $100, then $1000 like that.

Way these guys operate is they'll have a wholesaler somewhere int he vicinty, and buy off him and then charge a small commision, if you go to several shops in an area you'll find him as he's got the best rates. I found these street guys can usually beat the larger branded outlets on price.
 
Haggle around, head to places where foreigners generally stay or shop. In Delhi either Paharganj or C.P or smaller shops in touristy areas will give you good rates. AFAIK last time my friend purchased GBP the currency was sourced from Karol Bagh to Noida. The dealer here gave us way better price than any other bank in Noida(we didnt have time to haggle more as we had lot to shop for his trip, you have time you can do it).
 
setuniket said:
Haggle around, head to places where foreigners generally stay or shop. In Delhi either Paharganj or C.P or smaller shops in touristy areas will give you good rates. AFAIK last time my friend purchased GBP the currency was sourced from Karol Bagh to Noida. The dealer here gave us way better price than any other bank in Noida(we didnt have time to haggle more as we had lot to shop for his trip, you have time you can do it).
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Any Specific dealer (outlet )in karol bagh or paharganj....???

I stay very close to Karol bagh..!!

P.S. I want around 800$
 
current conversion rate for $ is Rs45.5 to a dollar. banks charge an additional 2% as conversion charges. Didn't know the conversion can be done for even lesser!
 
m.khurana said:
Any Specific dealer (outlet )in karol bagh or paharganj....???

I stay very close to Karol bagh..!!

P.S. I want around 800$
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Do u know any person who regularly visit foreign destination
Also even if u get the dollars how will u forward it to your friend..cant western union help in this regard???
 
uhhh, that's a good point, i figured the guy would be coming over and being paid in person. He did say "bringing"

If this is an electronic transfer then it changes things.
 
You can use the foreign remittance services of SBI or BoB and directly deposit the money in your friends bank account in the US.

From my experience SBI and BoB have extremely good exchange rates, esp if you compare to rates that you see on XE.com
 
6pack said:
^ true, but depends on whether he needs to pay his friend first or later.
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He is coming and taking my stuff along with him..
So no electronic transfer I need to pay him cash in hand.
He would be here for 3 months so I am not in hurry.....
But the thing is the forex markets are also higly unpredictable...at any time it can go up and at times it grow...So i Am thinking to buy it as early as possible.
 
m.khurana said:
But the thing is the forex markets are also higly unpredictable...at any time it can go up and at times it grow...So i Am thinking to buy it as early as possible.
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If you check the RBI's site it has records of past rates so you can see trends. Bear in mind the RBI rates are only for institutional borrowers so you will never get them on the street, but you can tell how good the deal you get is by comparing the two.

If you want to buy its always cheaper in the middle of the week than at the begininng or end. Why that is i'm not exactly sure but its evident when you look at the weekly graphs. Maybe its to do with the weekend and the markets being closed, more demand at the beginning of the week and also at the end before the market closes.

Now whether the $ will be more expensive in the near future depends to an extent how much the euro gets hit as a result of this Greek bailout. The opinion is mixed, i'm thinking it might appreciate but not too much.

But for $800 for every 10 paisa rise it costs you Rs.80.

So it might be a good idea to get it sooner than later unless someone here can show otherwise.

When is your friend coming ?
 
blr_p said:
If you check the RBI's site it has records of past rates so you can see trends. Bear in mind the RBI rates are only for institutional borrowers so you will never get them on the street, but you can tell how good the deal you get is by comparing the two.

If you want to buy its always cheaper in the middle of the week than at the begininng or end. Why that is i'm not exactly sure but its evident when you look at the weekly graphs. Maybe its to do with the weekend and the markets being closed, more demand at the beginning of the week and also at the end before the market closes.

Now whether the $ will be more expensive in the near future depends to an extent how much the euro gets hit as a result of this Greek bailout. The opinion is mixed, i'm thinking it might appreciate but not too much.

But for $800 for every 10 paisa rise it costs you Rs.80.

So it might be a good idea to get it sooner than later unless someone here can show otherwise.

When is your friend coming ?
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He is coming next week...!!
Will there be any profit if I xchange Euros for $ ??
I have many Euros lying with me.(infact with DAD)
 
m.khurana said:
Will there be any profit if I xchange Euros for $ ??
I have many Euros lying with me.(infact with DAD)
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No, the problem is if you do the exchange here, you will lose twice. They will convert euros to ruppes and then to dollars.

If you could do a direct conversion to dollars somehow then it would be good.

Why not ask your friend directly, he can change those euros when he returns to the US, agree to a rate and you are done.

setuniket said:
AFAIK last time my friend purchased GBP the currency was sourced from Karol Bagh to Noida.
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How far is Karol Bagh from Noida ?

Reason i ask is if its for a large amount in a few K's then ok. But if it was smaller the travel involved will influence the exchange rate.

Better to shop in a place where there are many changers as the big fish is only walking distance away.
 
blr_p said:
No, the problem is if you do the exchange here, you will lose twice. They will convert euros to ruppes and then to dollars.

If you could do a direct conversion to dollars somehow then it would be good.

Why not ask your friend directly, he can change those euros when he returns to the US, agree to a rate and you are done.
How far is Karol Bagh from Noida ?

Reason i ask is if its for a large amount in a few K's then ok. But if it was smaller the travel involved will influence the exchange rate.

Better to shop in a place where there are many changers as the big fish is only walking distance away.
Click to expand...
KArol Bagh is in central Delhi while Noida comes after crossing Delhi border although connectivity between them is good.Just 45minutes(Max. I haven`t tried) by Metro.

I am thinking to check out paharganj and CP first.
 
blr_p said:
How far is Karol Bagh from Noida ?

Reason i ask is if its for a large amount in a few K's then ok. But if it was smaller the travel involved will influence the exchange rate.

Better to shop in a place where there are many changers as the big fish is only walking distance away.
Click to expand...

m.khurana said:
KArol Bagh is in central Delhi while Noida comes after crossing Delhi border although connectivity between them is good.Just 45minutes(Max. I haven`t tried) by Metro.

I am thinking to check out paharganj and CP first.
Click to expand...

To be honest no point coming to Noida, Karol bagh will be way cheaper than Noida, there is more supply of Foreign Currency in Karol Bagh than here in Noida.(ICICI bank's biggest branch in Noida didnt had GBP when I checked with them :S)
There are many changers in KB, CP and Paharganj as these areas have huge number of foreigners staying, shopping and exchanging currency. KB/Paharganj Is the big fish place.

KB to Noida is direct line 3 metro around 45 mins.
 
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