Finance, Forex and Investments

I am from India. My friend gave me some foreign currency as fine gesture.How do I exchange this into Rupees?

Give various options available.

Public Comments

1. Go to the nearest major airport. They exchange currency for a small fee.
2. just go to a bank they will do it or a curency exchange office.
3. Here in Ohio, USA only certain banks do international currency exchanges and none of them take coins! Just check with your local banks and see who's doing exchanges.
4. Generally banks will do this for you. I once bought and held some Japanese Yen because the Yen was rising. After the Yen went up, I took the Japanese current back to the bak and cashed it in for dollars. I was surprised at how high the fee was to do this!
5. You can exchange into rupee from any authorised money changers. Almost all nationalised banks are dealers in foreign exchange and many private banks too. Ascertain which bank branch nearest to you is authorised and doing forex (foreign exchange) transactions. You will get rupee value according to the rate available on that particular date.
6. It depends on how much your friend gave & in what currency did he/she give. Money exchangers are available near airports, star hotels & in big cities they are commonly seen in high society areas. If you have USD, this is the time for you to exchange (may be you can wait bit more but on your own risk). Because as on today the exchange rate is at its peak of 1USD = Rs.48/-. The money exchangers will attract a commission charge. For eg. they'll buy your dollars for Rs.46.5 or Rs.47, depending on the exchanger to whom you go. You can compare the commission charges between 2 or 3 agents & do this.