What You Need to Know About Currency Exchange in Goa

Whenever travellers plan a trip to Goa from a foreign country, they first think about currency exchange. Even if you’re travelling on a budget, you can’t travel without money, right? Jokes apart, let’s get to the point. To exchange currency in Goa smoothly, you must know about certain things. And this blog is all about that. So if you’re wondering about the currency exchange process in Goa, continue reading because I have covered all the questions regarding this topic. 

What is the national currency of India?

It is of utmost importance that you know about the national currency of India when you’re travelling from abroad. The official national currency of India is Indian Rupee. The international designation code is INR, and the symbol ₹ or Rs usually denotes it. And it is the only currency accepted throughout the nation. 

Once you exchange your currency, you will receive the amount in multiples of banknotes labelled as 10, 20, 50, 100, 200, 500, or 2000. Keeping this in mind will help you to calculate easily.

Where can you exchange currency in Goa?

Coming to currency exchange, you need to be one hundred percent sure about where you opt for the service. You can exchange your currency in banks, travel agencies, and other reliable sources. The best part is that you can access all these facilities in every city in Goa. 

There are many high-end administrative offices, hotels, and resorts that provide this service as well. Some stores, shops, and restaurants let you exchange currency in Goa.

What is an exchange rate?

The exchange rate is nothing but the relationship between two countries’ currencies. To exchange currency, you need to know about the exchange rate first. In Goa, it is possible to exchange almost all currencies, be it euros, pounds, or dollars. 

However, you have to pay a certain amount as a commission to the exchangers. The rate of it varies between 2-5%. But this rate depends on a few factors. These factors include the amount of money you are exchanging, location, and travel time. 

For example, it depends upon the place from where you’re exchanging. I recommend everyone to do research online before going for one. Also, if you’re travelling during the off-season, you might have to pay a higher exchange rate than during peak season. 

Common ways to deal with money exchange in Goa

There are a few common ways to deal with money exchange in Goa. You can do it via bank, ATMs, cards, etc.

Bank

Although there are national and international banks across the cities in Goa, some may not work when withdrawing money from a foreign account. Thus, if you face any issues, contact your nearest bank, and they will guide you through the process. This is also one of Goa’s most liable ways of currency exchange. And generally, different banks’ head offices are located in either Panjim or Margao. So you might have to head there if your problem is not solved.

ATMs

By far, foreign travellers prefer ATMs to any other way. Well, in short, it is a hassle-free process. You don’t need to run to a bank or anything. All you have to do is just walk through the respective ATM in the state. Even the commission rate ranges from 0 to a minimum of 3-5%. However, this depends upon your agreement with the bank and the amount you’re withdrawing. 

There are quite a few ATMs in North Goa and South Goa. In Goa, you’ll find the ATMs near major tourist spots. Some are around Palolem beach and Agonda beach. Similarly, you’ll find a few in the northern region around the Arambol beach area. 

Cash

You might think of carrying hefty cash and exchanging it at the best place in Goa. But honestly, that is not a very good idea because it will require more time, several formalities, and a diverse commission rate. Instead, carry a small amount of cash with you for the immediate expenses. 

Forex card

Another common method of money exchange travellers opt for is via Forex card. It is the latest replacement for the traveller’s cheque. You can use a Forex card to pay for all your travel expenses. You have to load it with your currency—voila, you’re sorted! It is an easier and more secure way of dealing with currency exchange. You can look at the rates and even book a forex card online.

I have some tips for you!

Take a quick look at these points and keep in mind at the time of currency exchange in Goa.

• To have a smooth transaction, you must talk to your bank before leaving for Goa.
• Do not exchange your currency from any unreliable source in Goa. Make sure you’re doing it from a licensed place. 
• Do not throw away the receipts of your transactions. Keep them with you. It might come in handy in case of an issue. 
• Carry more than one visa or master card to Goa. This way, you’ll be able to survive if any mishaps happen.

Pack your bags!

And with that, we have come to the end of the blog. I hope I have covered all your doubts regarding currency exchange in Goa. So, what are you waiting for? Go ahead, pack your bags and leave for Goa. If you’re still unsure about taking a solo trip to Goa, click on the link to learn more about it.

For all the insights into Goa, check out my article on the ultimate solo travel guide to Goa.

Happy journey, ladies!