Monday, February 27, 2006

Advice: Money

Euros, Dollars, traveler checks, cards…? I had all of them but only used the cards. There are ATM’s in all the big Indian cities and near the airports. Withdraw large amount of money (>Rs12000) to reduce the transaction cost per unit. You will mainly get Rs500 notes. Make some change as fast and often as possible.

Traditional Indian numbering system

The system is based on a unique grouping of 2 decimal places, rather than the 3 decimal places. The terms crore and lakh are in widespread use today in Indian English.
1 lakh = 1,00,000 = 100,000 (One hundred thousand)
1 crore = 1,00,00,000 = 10,000,000 (Ten million).


Bargaining

Since the cost of living is a lot lower than in western countries, it is quite difficult for us to evaluate the price of a good or a service. Indians know it and most of them will try to fool us. If there is a tag on the product you want to buy, the price is fixed. Otherwise, bargain! And seem CONFIDENT when you do so. Divide the price given by two (or even by three). The other person will lower his price. Increase your offer by a little. And so on… He might disagree and seem angry. Pretend you are not interested anymore and leave. Don’t worry… It is only a game… Most of the time, he was also pretending and will run after you to make the deal.

Don’t show your money before reaching an agreement. Nobody needs to know how much you really have.

Try to always carry change. Paying with a Rs500 note after bargaining to have a lower price has to be avoided.

Buy more than one product at the time. It will be easier to bargain. 5 for the price of 3?

Tips

It is not compulsory but feel free to give a tip in restaurants. Rs10 is sufficient… Even if it seems to be a really small amount of money for you. Tips can also be given for any other kind of services: kids cleaning your car window, room delivery in hotels, someone carrying your luggage…

Guides

They will often come to you to offer their services. Make sure to ask how much they charge before starting the visit.

Useful links

-Exchange rate table for Indian Rupee
-Currency converter
-Yahoo Finance Euro-INR chart: 1 day (lack of current data), 3 months, 1 year.


Euro-Indian Rupee



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