Money makes the world go round so before moving abroad it’s a good idea to look into the currency of your chosen destination. The currency of India is the Rupee, which subdivides into 100 paise, although only 50-pesie coins are legal tender.
Rupees come in coins denominations of 1, 2, 5 and 10 and note denominations of 5, 10, 20, 50, 100, 500 and 1000.
Although currencies like the Pound or US Dollar can be changed into Rupees at currency exchange kiosks (at airports, banks, post offices etc) transferring your funds at the right time is essential.
Getting the best exchange rate possible can save you money and help make your global transition that bit easier, so if you’re emigrating it’s strongly recommended that you seek advice from a trusted currency broker. By using a currency broker you’ll also avoid having to pay out the transfer fees and commission usually added on by banks.
If you plan on staying in India for a significant amount of time you may want to consider opening an Indian Bank account.
Something you’ll need to bear in mind is the fact that many Indian banks focus on a local, regional area and won’t have branches outside of it. This can be a problem if you travel on a regular basis, so before opening an account see whether the bank you’re considering operates its services across India.
Often, employers will help foreign workers to set up a bank account, allowing them to benefit from special loan rates and free overdrafts etc.
But don’t worry if you have to open an account on your own, the process is relatively simple.
After filling in an application form you’ll have to present it, with valid proof of identity and address, your passport, your Indian visa and your FRRO registration at the banks local branch.
The vast majority of banks will ask for a one-off payment for opening an account.
You will then be issued with a cheque book, debit card and online banking details – although you won’t be able to use any of them until your paperwork’s approved (this can take a few days).
Obtaining a credit card in India is a tricky process involving an awful lot of paperwork, so you might be better off using a credit card from home in emergencies.
Word of Warning: Indian banks are very strict when it comes to signature matching. If you have to reproduce your signature on any forms it should match the signature in your passport exactly.