Be it for a family trip or a work-related trip, you must have felt the need to do currency exchange at some point. In India, exchanging foreign currency has made great strides, and there are new methods available in the market to do so. Foreign currencies are available at some of the major banks, RBI-authorized money changers, airports, and online forex platforms.
Based on where you’re from in India, exchanging foreign currency can be a lot different. Money changers can be found in local market neighborhoods in metropolitan areas. Now you can book a forex order on online forex platforms as well. But it is very important to analyze all the options available and choose the best of the lot.
With this article, we’d like to put all your queries to bed. Get to know about the several different options available for carrying out the currency exchange process in India. Also, get to know about the documents you need to have in order to do currency exchange. So let’s get started.
Different Options for Currency Exchange in India
In India, currency exchange is available via banks (RBI-issued AD-I licenses) and money changers (Both AD-II and FFMC license holders).
Here are some of the options for doing currency exchange in India:
Banks
Banks are usually the first option that pops up in the heads of people when they need foreign currency notes. However, it is only possible if you have an account with an Indian bank.
It is also worth noting that a lot of the banks usually do not stock foreign currency in the form of notes, so your visit to the bank might be of no use at all. Instead, Banks usually keep forex cards because with that, they can keep a higher profit margin.
RBI-approved money changers
Choosing money changers over banks will yield you a better deal. Money changers provide better exchange rates than banks to entice customers as their business is solely focused on currency conversion.
The money changers are available in all major cities and towns throughout India. However, keep in mind that not all money changers are licensed by the Reserve Bank of India. Make sure you’re transacting with a licensed forex broker. Doing so will ensure that your transactions are regulated and secure.
Airports
You can carry out the currency conversion process at airports as well but we would not advise you to do so. Since the currency exchange vendors at the airport are well aware that passengers come to them in a hurry to buy foreign currency, you end up paying about 10-15% extra on what you would usually do had you done it via online forex platforms.
As a result, getting currency exchange done at airports could potentially end up being a very costly deal for you.
Online foreign exchange platforms
Currency exchange can be easily done by choosing online forex platforms like BookMyForex. Some of these platforms compare the currency rates across multiple money changers in your nearby area and get you the best rates possible for the currency you wish to buy/sell.
With a 24*7 online booking option, placing an order is easy and hassle-free; no long queue, no hidden charges, and no lengthy process. You can upload the documents on the portal itself and the currency will be delivered to your doorstep within the same day. All this can be done while you are sitting on your couch.
People are now entirely switching to these online forex platforms. Who wouldn’t want to grab the best deal possible, right?
How You Can Exchange Foreign Currency Online with Bookmyforex.com?
Booking a currency exchange order on BookMyForex is fairly simple. Simply follow the steps given below to avail the best exchange rates in India:
Step 1: Order Details: Simply go to the BookMyForex website and start by selecting your city and the currency you want to buy or sell. Enter the amount and click on “Book This Order”
Step 2: Customer Details: Enter details such as your name, contact number, email ID, PAN number, countries you are traveling to, and the start & end dates of your trip
Step 3: Eligibility Check: Specify the purpose of your trip & check your eligibility. Upload documents such as PAN card, Passport, Air Tickets, etc
Step 4: Order Processing: Select an existing delivery/pickup address or enter a new one. Make sure to review your order details before making the payment.
Documents Required for Money Exchange in India
You will need to submit KYC (Know – your – customer) documentation when looking to buy or sell forex through your bank or a chosen money changer. This is in accordance with RBI regulations, which all banks and approved exchange platforms must follow.
Here is the list of documents that you will be expected to submit when you are buying foreign currency:
– Original and valid passport (both front and back page)
– Valid visa for the country of travel (except where VISA on arrival applies)
– Confirmed ticket-showing travel within 60 days of taking foreign exchange
– PAN Card
In addition to the documents listed above, the service provider may also request other supporting documents depending on the purpose of your trip.
Here is the list of documents that you will be expected to submit when you are selling foreign currency:
– Indian Passport (both front and back page)
– PAN Card
In most cases, the above-mentioned documents will suffice, however, it is recommended that you confirm this with your vendor.
Why BookMyForex.com is Your Ultimate Destination to Buy/Sell Foreign Currency in India?
Live Exchange Rates: BookMyForex allows you to buy or sell any foreign currency at real-time live rates. The rates are updated every three seconds. As a result, you save anywhere from 2% to 3% compared to other foreign exchange companies that offer foreign exchange at a fixed rate for the day.
Best Exchange Rates: BookMyForex checks the exchange rates quoted by 100s of money changers near your location and presents you with the best exchange rate for the foreign currency you wish to buy or sell, so you don’t have to wheel and deal to get better rates.
Online Order Facility: Although banks and other financial institutions require you to visit them in person, you can buy and sell any foreign currency of your choice from the convenience of your own home. You do not need to step out of your home and can book an order successfully with a few clicks.
Doorstep Delivery: When you purchase a foreign currency of your choice from BookMyForex, you not only complete the booking process from the comfort of your own home or office, but you also have your currency delivered to your door the same day.
Rate Freeze Feature: By paying a refundable deposit of 2% of your total sum, you can ‘lock in a particular rate for up to three working days. If you think the currency rates will rise, you can use this feature to buy foreign currency at your desired lowest rate.
Rate Alert Feature: If you’re tired of constantly monitoring forex prices, BookMyForex’s rate alert feature will help. You may simply set an alert at the rate you want, and you will be alerted as soon as the live rates of the foreign currency you chose hit the pre-determined amount.
Better Rate Request: If you are not happy with BookMyForex’s rate for the foreign currency you wish to buy or sell, you can send a better rate request or call us at 9212219191, and one of our customer service representatives will assist you in obtaining the best forex rates.
Things to Watch Out for While Doing Currency Exchange in India
Here are a few things to be considered when placing your currency exchange order:
1. Plan Ahead to Avoid Last-Minute Rush: Ensure you obtain foreign currency well in advance of your travel date to prevent any last-minute hassles. As per RBI guidelines, you can buy currency 60 days prior to your travel date.
2. Opt for RBI Authorized & Trusted Providers: Select a reputable forex vendor authorized by the RBI to avoid counterfeit currency risks. Research thoroughly before making your choice.
3. Know the Currency Exchange Limits: Indian citizens are subject to an annual cap of 250,000 US Dollars or its equivalent in foreign currency for foreign trips, as per the RBI’s Liberalized Remittance Scheme.
4. Carrying Cash Abroad: While traveling abroad, you can carry up to 3,000 USD or its equivalent in cash. Utilize forex/travel cards or traveler’s cheques for the remaining funds.
5. Avoiding Airport Currency Exchange: Do keep in mind that you could end up paying 10-15% extra at airports while doing currency exchange, so it is best to avoid doing currency exchange at the airports.
6. Returning to India with Foreign Currency: The maximum amount of foreign currency notes permitted is USD 3,000, and if this amount is exceeded, it must be reported at the airport by filling out a Currency Declaration Form.
7. Encashing Leftover Currency: An Indian citizen has the right to hold up to 2,000 US dollars in foreign currency or its equivalent, according to RBI. Foreign currency that exceeds this cap must be encashed within 6 months of arrival in India.
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