While Ratlam is a major railway junction, it is a smaller city compared to metropolises like Mumbai or Delhi. Consequently, finding a dedicated currency exchange counter at every corner is not common.
To ensure you have a hassle-free experience, here is the definitive guide on where and how to get Forex and currency exchange in Ratlam.
1. Primary Sources: Authorized Banks
Most major public and private sector banks in Ratlam have the authority to exchange foreign currency for Indian Rupees (INR). This is the most secure way to exchange money.
- Top Recommendations:
- ICICI Bank: Located at Dr. Rajendra Prasad Marg, near the Government Girls College, Do Batti area. This is one of the most reliable spots for tourists.
- State Bank of India (SBI): The main branch is located near the Collectorate. They have a dedicated desk for foreign exchange, though paperwork may take a bit longer.
- Indian Overseas Bank (IOB): Located on New Road, opposite Lokendra Talkies.
- Axis Bank: Located in the Power House Road area/Do Batti.
Note: Banks usually operate from 10:00 AM to 4:00 PM. They are closed on Sundays and the 2nd and 4th Saturdays of every month.
2. Digital & Doorstep Forex (Best for Convenience)
If you don’t want to visit a branch, you can use online platforms that have tie-ups with local vendors in Ratlam.
- BookMyForex / Thomas Cook: You can book your currency online. If they have a local partner in Ratlam, they can arrange for home/hotel delivery of the cash or a multi-currency travel card.
3. Authorized Money Changers (Private)
Private agents often offer faster service than banks, though you should always check the exchange rate against the mid-market rate first.
- Muthoot Fincorp Ltd: They have a prominent branch at the Do Batti Chouraha (Station Road). They are highly reliable for quick currency exchange and money transfers (Western Union).
- Cox & Kings (Agent): Located in the Stadium Market area, Do Batti. They specialize in travel-related forex.
- Mayur Tour and Travels: Located near Dilip Nagar, they provide assistance with foreign exchange for travelers.
Summary Map for Quick Reference
| Service Type | Key Location | Landmark |
| Banks | Do Batti Area | Near Girls College |
| Money Transfer | Station Road | Do Batti Chouraha |
| ATMs | Ratlam Junction | Main Exit Gate |
Important Tips for Visitors
- Identification (Mandatory): You must carry your original Passport and a valid Visa. Without these, no legal entity in India can exchange your currency.
- Ask for a Receipt: Always insist on an “Encashment Certificate.” You will need this if you want to convert your leftover INR back to your home currency when leaving India.
- Avoid Local Shopkeepers: Some local jewelers in the Manek Chowk area might offer to exchange money, but this is often unauthorized. Always use RBI-authorized dealers to avoid counterfeit notes or legal issues.
- ATM Alternative: For immediate cash, use ATMs from major banks (SBI, ICICI, HDFC) at the Ratlam Railway Station or Do Batti area. Ensure your home bank knows you are traveling to India to avoid card blocks.
