Save Big on Forex: Exchange Currency in Chennai at the Best Rates

Are you planning an international trip from Chennai, India? Before you board your flight, one crucial aspect to consider is currency exchange. Many people in Chennai need foreign exchange services to ensure their international travels—whether for business, education, or leisure—are comfortable and hassle-free.

As Chennai is one of the main cities in India, you could get many currency exchange outlets close to your place. Some are as follows:

• Banks: Trustworthy but usually have higher rates. Since currency exchange isn’t their main service, they may charge extra for the service, hence making the transaction costlier.
• Offline Currency Exchange Counters: They might be a bit tricky to deal with, as sometimes they are not transparent about the rates and also charge high fees. 
• Airports: Convenient for last-minute exchange but pricey in general. You may have to pay 5-15% extra.
• Online Forex Platforms: Platforms like BookMyForex offer the best rates for all major currencies and even offer same-day delivery at your doorstep.

When you’re exchanging money in Chennai, here are the things to keep in mind:

• Compare Prices: Rates can differ from one place to another, so look around (both offline and online) to avoid inflated prices.
• Check for Hidden Fees: Make sure there are no hidden charges. Look out for providers that are transparent about their charges.
• Carry Both Card and Cash: Based on your destination, you might end up needing both the forex cards and some cash. Some remote areas do not accept cards.
• Avoid Airport Rates: Try to exchange currency before you reach the airport to avoid falling victim to nasty rate markup.
• Plan Ahead: Don’t wait until the last minute. You may try to lock in a good rate if you can.
• Documents Required: Make sure you have your visa, flight tickets, and all other documents you may need ready when booking forex.
• Foreign Exchange Limits: Under the RBI’s Liberalized Remittance Scheme (LRS), you can exchange up to USD 2,50,000 in a financial year.
• Selling Foreign Currency: You can sell leftover currency when you return back, though sell rates may not be as good as buy rates. 

If you want to exchange your money in Chennai, you can check out the below places. Note that these places will be relatively expensive besides being crowded. Alternatively, use the BookMyForex website/app for a better price and same-day delivery.

• Anna Nagar: One of the well-established residential and commercial areas with so many forex providers; just be ready to haggle for a cheaper rate.
• T. Nagar: A shopping street with many currency exchange counters, but can be super crowded.
• Velachery: Located near the airport, this area has several currency exchange outlets catering to travelers' needs. The rate and price are pretty high here.
• Nungambakkam: An upscale locality with many shopping and dining options, Nungambakkam has a few currency exchange centers, though their rates are not considered good.
• Adyar:  residential locality in Chennai with currency exchange points; however, heavy traffic and crowds in the market make visiting this area annoying.

Other places in Chennai where you can get your currency exchanged include:

• Mylapore
• Tambaram
• Pallavaram
• Porur
• Guindy

While traveling abroad, you must carry forex cards and cash both in hand, here’s why:

1. Forex Cards: Safe and Convenient

Forex cards, like the BookMyForex Multi-Currency Forex Card, do not charge any markup over interbank rates and give you the best possible rates. You can even lock in your rates while loading the card, enabling you to save from rate fluctuations.

2. Currency Notes: For Immediate Expenses

Cash is handy for places that don’t accept cards. BookMyForex offers over 40+ foreign currencies at live rates, so you can carry local currency for small expenses.

People in Chennai exchange currency for many reasons, including:

• Leisure Travel: People from Chennai change money before traveling abroad on vacations.
• Education: Students studying overseas need foreign exchange in order to pay tuition fees, expenses on food, and other miscellaneous items.
• Business Travel: Business travelers need forex for accommodations and other local expenses.
• Emigration: People from Chennai moving abroad exchange money to cover living expenses and other costs.
• Healthcare Treatment: Medical tourists need to change the currency to settle their hospital bills and medication as well as accommodation.

When exchanging currency in Chennai, you’ll need the following documents:

• PAN card
• Valid passport (front and back)
• Air ticket showing a departure date within 60 days
• Visa (unless issued on arrival)

These documents ensure a smooth transaction and compliance with regulations.

To avoid counterfeit currency, follow these tips:

Color: Real notes have bright, vivid colors. Fake ones are usually faded.

Watermark: Hold the note up to the light; you should see a watermark from a specific angle.

Security Thread: Genuine notes have a visible security thread embedded in the paper.

Design: Real notes have designs that are hard to replicate. Look for inconsistencies.

Texture: Real notes feel crisp and textured, while fake ones are smooth or flimsy.

Raised Print: Real notes have raised prints you can feel. Fake notes usually have flat prints.