The currency in India is rupees, but it may be difficult for foreign travelers to exchange their local currency into rupees before traveling so be prepared to get cash at an ATM as soon as you arrive. Travelers to India may be restricted in the amount of foreign currency they can bring into the country. Please check a government website before traveling.
Many commercial establishments, such as hotels, department stores, airlines, etc., accept MasterCard and Visa credit cards, but you will want to check if your bank will charge a foreign transaction fee which can be two to three percent. Higher level credit cards (such as Chase Sapphire) do not carry transaction fees.
It is advisable to always carry sufficient cash in rupees for most transactions at restaurants, Internet cafés, small stores, grocers and pharmacies. Even establishments with tap to pay or credit card terminals may not accept an international credit card.
WISE APP (also known as Transfer Wise) is used widely in India but it can be cumbersome to set up on your phone. Be advised that sending money to someone in India through Wise (such as your landlord) will carry a fee, and the amount they receive may be significantly less than what you sent.
Check rupee bills carefully when exchanging money. Reject heavily creased or torn bills, or bills with ink pen writing on them as no one will accept them. Staple holes (where the notes are held together in bundles) are acceptable.
There are foreign exchange agents at the international airport and a few hotels in the city that are authorized to change money.
Bank of Maharashtra (top end of Hare Krishna Mandir Road) no longer changes traveler's checks. The closest branch, with new installations and a friendly staff, is on Fergusson College Road, across the street from the Lalit Mahal Restaurant. Its exchange rate is better than at the Institute or the Thomas Cook exchange offices. Bring your passport.
The most convenient way to get money is at an ATM, which can now be found almost anywhere. However, many banks (e.g., Citibank, Chase) charge exorbitant fees to process withdrawals overseas, so before leaving, find out what their rates are. Also, not all credit cards work in all machines, so if at first you don't succeed, be prepared to do a little research.
There is a Citibank ATM with a guard near Pune University that is open 24/7 and another one on the block of the Toyota dealership that closes for the guard's mid-afternoon break.
It is standard that one can only withdraw 10,000 rupees per transaction when using a foreign card, however if you have a Citibank card from the US you may be able to withdraw 20,000+ rupees at a time. Citibank US can also provide you with a special travel ATM card linked to a travel account so you can protect your main account from theft.
A bank representative also comes to RIMYI to change traveler's checks and foreign currency to rupees during morning practice sessions from 11 am to noon. More rupees are given for cash than checks. Do not bring more than a few hundred dollars in cash to India.
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