Upon your return to India from a fantastic journey abroad, there’s a possibility that you have some leftover foreign currency notes or funds in your Forex card. You have two options; either exchange it right away or play the waiting game if you think the currency value of the notes you have will rise.
Instead of waiting for it to gather dust or receiving unfavorable exchange rates, why not make the most of it? Let’s deep dive into how to utilize your remaining foreign currency wisely.
Regulations About Keeping the Foreign Currency
According to the Reserve Bank of India, individuals can hold foreign currency notes or traveler’s cheques up to USD 2,000 or equivalent indefinitely for future use. If they possess more foreign exchange in cash beyond this limit, they are required to deposit the unused foreign currency within 90 days, and traveler’s cheques within 180 days after returning to India.
There are no set restrictions on the amount of foreign currency that can be brought into India. However, if the value of the foreign currency in cash exceeds USD 5,000, or if the combined value of cash and traveler’s cheques (TCs) exceeds USD 10,000, individuals are required to declare it to the customs authorities upon arrival in India using the Currency Declaration Form (CDF) at the airport.
Tips to Utilize the Leftover Foreign Currency in India
All you want to do after an amazing trip abroad is return to the comfort of your home, but you might still have some leftover foreign currency that you don’t know what to do with. Well, here are a few tips to use the leftover foreign currency:
Encash Forex Card or Exchange Currency Notes
Currency encashment is the best way to handle leftover foreign currency. Tourists may simply choose this straightforward method, in which they exchange their foreign currency notes for INR via banks or online forex platforms.
However, particularly with banks, it is important to realize that their rates may not always be live or transparent in nature. Whereas with online forex platforms, you can sell foreign currency at live and transparent exchange rates and get the best value for your money.
If you have foreign currency on a Forex card, you can use the unload funds feature available. Simply get in touch with the service provider that issued the Forex card or use their mobile app/website to easily unload the funds.
Don’t Play the Waiting Game
A few travelers play the waiting game in order to convert when the value of the currency rises. For instance, if you traveled to the US, and you are now back in India, you would like Indian currency to weaken against the US dollar so that you may get more INR when exchanging USD.
It is advised not to use this tactic; here’s why. You shouldn’t be making forecasts if you are not a forex expert, which many of us are not. You may or may not get a better value for it with time. So, it’s better to exchange the currency rather than wait for its value to rise.
Keep the Foreign Currency for the Next Trip
You can put the currency aside for your upcoming trip if you frequently travel to the same country for work, business, leisure, or any purpose. Basically, you can choose not to encash the Forex card or keep the currency notes for your subsequent trip.
However, make sure the currency you are keeping for future use is within RBI limits only. If not, you may have to encash the extra amount.
Keep it as a Souvenir or Gift It to Family/Friends
Many people like to collect coins and foreign currency. It is indeed an interesting hobby to collect unique exotic notes and coins. Do you enjoy collecting coins? If yes, then you keep some leftover currency with you as a Souvenir.
Does anyone in your family or friends collect coins? Another other option is to give some currency to family or friends as a gift. This would make a truly unique gift. You can keep foreign coins indefinitely, according to the RBI.
Utilize it at Duty-Free Shops
Several international airports in India have duty-free shops where you can purchase various products such as electronics or cosmetics. You can use your leftover foreign currency there to buy the items you have been wanting or to acquire some other unique souvenirs.
How Do I Sell the Leftover Currency Notes in India?
If you are not a forex specialist, making any sort of prediction is risky. Hence, we suggest that you encash your leftover currency notes as soon as you can because the value of the currency fluctuates constantly.
You won’t find better exchange rates anywhere else for selling foreign currency than with BookMyForex, the highest-rated and most trusted forex platform in India. For instance, the platform has a Trustpilot rating of 4.5/5, based on 783 reviews. This exceptional rating reflects the level of trust that customers place in our currency exchange services.
To exchange your currency, simply place a “Sell” currency order online on our platform from the comfort of your home and a designated person will visit your location to give you the Indian currency in return for the foreign currency notes. Follow the below-mentioned simple process to place an order on BookMyForex:
Step 1: Go to BookMyForex’s website. Tap on ‘Sell Forex.
Step 2: Select your city and currency.
Step 3: Select the amount you want to exchange. Upload the required documents and your order is placed. That’s it. It is that simple!
How to Unload Left Over Foreign Currency From the BookMyForex Card?
If you have a BookMyForex Card, you can effortlessly unload it once you’ve returned from your trip. Here are the steps to follow:
Step 1: Visit the BookMyForex card page (https://www.bookmyforex.com/forex-card/) and tap the ‘Unload’ button.
Step 2: Enter your Forex card number, city, currency, the amount to unload & upload the required documents.
Step 3: Enter your bank account details where the funds will be transferred. And that’s all!!!
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