Save Big on Forex: Exchange Currency in Bangalore at the Best Rates

Are you planning an overseas tour from Bangalore? You should not forget one of the most important aspects of international travel – currency exchange. People in Bangalore need currency exchange services when traveling abroad for foreign tours, education, or business. Irrespective of the reasons, foreign currency exchange ensures a hassle-free and comfortable stay outside the country.

Being a major Indian city, Bangalore offers many options for currency exchange near your location, such as:

• Banks: Trustworthy but often come with inflated exchange rates. Since currency exchange isn’t their core product, they tend to charge extra fees for the service, leading to higher costs and limited currency availability.
• Offline Currency Exchange Counters: These often lack transparency and may require negotiations. The rates may differ for each customer, creating uncertainty.
• Airports: While convenient, airport exchange rates can be steep. You could pay a markup of 5-15%, which significantly affects the total price.
• Online Forex Platforms: Platforms like BookMyForex allow you to access real-time rates for all major international currencies, plus other value-added services such as same-day doorstep delivery.

When exchanging currency in Bangalore, keep the following factors in mind:

• Compare Prices: Prices vary with different vendors, so make sure to check for any inflated rate markups.
• Check for Hidden Fees: There should not be any hidden cost and commission; look for a platform listing the fees upfront so you know exactly what you're paying for.
• Carry Both Card and Cash: Depending on the destination, you may carry forex cards and foreign currency notes together. Sometimes, cards are not accepted in remote areas.
• Avoid Airport Rates: Exchange money before heading to the airport to avoid high markups.
• Plan in Advance: Don’t leave currency exchange for the last minute. Take advantage of the desired rate lock-in feature, whenever possible.
• Documents Required: A few relevant documents are required such as a copy of visa, flight tickets, etc. Keep them ready while booking your forex order.
• Foreign Exchange Limits: The Liberalized Remittance Scheme (LRS) allows Indians an exchange of up to USD 2,50,000 per year.
• Selling Foreign Currency: If you have leftover foreign currency when you return, you can sell it, but the sell rates can probably be higher than the buy rates.

In case you are in Bangalore and need to exchange currency, then below are some of the most common areas people typically visit. Note that these places can be very crowded, making the currency exchange process time-consuming and inconvenient. In contrast, by visiting the BookMyForex website or downloading the mobile app, you can not only get better rates but also enjoy same-day doorstep delivery of your currency.

• Brigade Road: The most common commercial center in Bangalore, Brigade Road has several currency counters. However, the area is congested and hence you may have to spend hours over there to exchange your money. 
• MG Road: MG Road has multiple forex service providers. However, the heavy foot traffic and crowds may delay your plans, so avoiding going here is better.
• Koramangala: Another very popular area in Bangalore having amazing restaurants, stores, as well as forex vendors, Koramangala is infamous for its road chaos. Plus, they may charge you hidden fees too which you won’t even realise. 
• Indiranagar: An upscale locality with many shopping and dining options, Indiranagar has some currency exchange centers, though their rates are not considered as good as the others.
• Jayanagar: Jayanagar is a residential locality in Bangalore. It has many currency exchange points; however, heavy traffic and crowds in the market make visiting this area annoying.

Other popular locations in Bangalore for currency exchange include:

• Whitefield
• Malleshwaram
• HSR Layout
• JP Nagar
• Yelahanka

When traveling to another country, always carry forex cards and cash with you so that you are prepared for any situation.

• Forex Cards: For Safety and Convenience

Forex cards, such as BookMyForex Multi-Currency Forex Card, charge absolutely no markup over and above interbank rates and you get the best possible exchange rates. You also avoid fluctuations when you are on your trip with forex cards by locking in your rates at the time of loading your card.

• Currency Notes: For Small Immediate Expenses
  Cash comes in handy for places that don’t accept card payments. BookMyForex offers over 40+ foreign currencies at the best live rates, allowing you to carry enough local currency for immediate expenses.

There are many reasons why people in Bangalore opt for currency exchange, including:

• Leisure Travel: The international traveler converts his currency before traveling for his vacations overseas.
• Education: Students studying abroad require foreign exchange to fund tuition, living expenses, besides other expenditures while studying overseas.
• Business Travel: People going abroad for business trips often require forex for accommodations and other local expenses.
• Emigration: Individuals usually exchange money to plan a living and pay for other expenses while staying abroad.
• Healthcare treatment: Medical tourists while traveling abroad to seek treatment, have to change currency to pay for hospital bills, medicines, and accommodation charges.

When exchanging currency in Bangalore, you’ll need the following documents:

• PAN card
• Valid passport (front and back)
• Air ticket showing a departure date within 60 days
• Visa (unless issued on arrival)

These documents ensure compliance with regulations and a smooth transaction.

To avoid counterfeit currency, follow these steps to identify fake notes:

• Color: Genuine notes have bright, vivid colors. Fake ones tend to be faded or pale.
• Watermark: Hold the note up to the light; you should see a watermark from a specific angle.
• Security Thread: Authentic notes have a visible security thread embedded in the paper.
• Design: Real notes feature intricate designs that are difficult to replicate. Check for any inconsistencies.
• Texture: Genuine notes feel crisp and textured, while fake ones are smooth or flimsy.
• Raised Print: Real notes have raised prints that you can feel. Fake notes usually have flat prints.