we changed ours in the hotel, Marnha Dourada, and didn't find much difference between there and anywhere else.
Plus, you are not wandering around with passports etc.

I always use Menezes shop in the main street in Calangute.

You get a good rate and it is run by a very nice lady.

Remember and take a photocopy of the picture page of your passport and you will not need the passport.

For those staying at the M/D if you come out of the main gate turn right and 75 yards away is a little exchange place, he's areally nice guy and gives a good rate (a fair bit more than the M/D and you dont need your passport) he also has a small collection of books which people have given him after they have read them (a lot of new titles) and you can take the books for a couple of rupees or swap one you've read for one of his.He also sells a few toiletries, sun lotion, deodourant ect, and next door to him is a small shop were most of the people staying at the M/D buy there big bottles of water and soft drinks to keep in their fridge (not to far to carry them and you dont pay the exhuberent M/D prices)....hope this helps Keith

Keith this might be a little bit but a word of warning for everyone DONT use the telephone in the little exchange place down from the Marinha Dourada.
We used to always go there and cash our money and one time I phoned home to my mum and dad, wasnt on the phone all that long, maybe about 5 minutes and the telephone call cost me about £8 or £9 pound. I was very angry with him and ive never been back in there again. I use the phone at Baga Beach in the Sea Pearl and I can be on the phone for over 10 minutes and it costs me about £1. Ive used other phones in the street in Goa and they were all cheap as well but that guy was extortionate.

Thanks very much for your replies.

Will take copies of Passports.

I always used the exchange place just down the road from MD and got a good rate far better than on reception at MD.Glad i didnt ask to use his phone though! The little shop just opposite Mackies market next to MoJos has a nice man working there ,very helpful, and you can make a really cheap call home from his phone.