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

Are you planning an overseas trip from Mumbai, India? Well, don’t forget your travel essential–forex. Mumbaikars may need to exchange the currency if they are traveling internationally for leisure, education, or business purposes. Whatever may be the reason for travel, having local currency in some form ensures an individual enjoys a comfortable stay abroad.

If you are from Mumbai, which is a Tier 1 city, there are obviously many options available to exchange currency near your location such as:

• Banks: Trustworthy but often have inflated daily rates for currency exchange. Since this is not their main product, they charge extra for providing this service, resulting in high fees and limited currency availability.
• Offline Currency Exchange Counters: They often lack transparency, require a lot of negotiation, and can charge unexpected rates that may differ for each customer.
• Airports: Rates are typically too high because people find it convenient to exchange money while visiting the airport. Markup rates can cause a difference of 6-13% in the overall price of the order.
• Online Forex Platforms: These platforms (such as BookMyForex) offer live exchange rates. Their fees are also reasonably low, and they provide extra services such as same-day delivery, with all currencies available, including exotic ones.

Below are some of the factors that you must take into consideration before exchanging your currency in Mumbai:

1. Compare Rates: Rates can vary between different providers in Mumbai, please ensure that you check for excessive rate markups.
2. Check for Hidden Fees: Ensure there are no hidden fees or commissions. All fees should be listed upfront so you know what you are paying for.
3. Use Both Card and Cash: Carry both forex card and cash in a balanced ratio depending on your location, as card payments may be unavailable in remote areas.
4. Say No to Airport Rates: Avoid exchanging currency at the airport, as they often charge overly.
5. Plan in Advance: Avoid last-minute currency exchanges to get the best rates. Utilize the lock-in rate feature when available.
6. Documents Required: Keep all necessary documents handy, such as your visa and flight tickets, as they are required while order booking.
7. Limit on Foreign Exchange: Under the Liberalized Remittance Scheme (LRS), the limit on foreign exchange is USD 2,50,000 per financial year.
8. Selling Foreign Currency: When you return, you can sell your foreign currency, but the sell rates may be slightly higher than the buy rates.

If you are looking to purchase foreign currency in Mumbai, then below are a few of the major areas and markets where one can avail currency exchange services. Note that though these places in Mumbai are popular locations for currency exchange, however, they also involve some inconveniences. Instead with platforms like BookMyForex, you don't need to visit these overcrowded places and get the best exchange rates along with no hidden charges and same-day doorstep delivery. Here are some popular currency exchange areas:

• Vile Parle: Vile Parle is a small district of Mumbai with Juhu Beach to its west and the airport and highway close to its east. It is an easily accessed location, which makes it convenient for currency exchange in Mumbai, however, it can be really overcrowded. 
• Bandra West- Bandra West is a place in Mumbai where everything can be done, from shopping to hanging out at night, as well as currency exchange. There are several exchange shops there, where one can get money exchanged easily. Rates are negotiable here.
• Grant Road East: Besides Tardeo and Mumbai Central, Grant Road has long been one of the more populous localities of Mumbai City. When you visit Grant Road East, you will see a variety of lanes with several currency exchange centers. However, visiting this area can be very time-consuming.
• Subhash Road: Subhash Road is an educational hub, but it has a brand new shopping mall, and a lot of people visit there. It is another common place for foreign currency exchange in Mumbai. Note that they may charge you excessive markup fees.
• Borivali: Borivali is another densely populated suburb in North Mumbai, and currency exchange Traveling to Borivali East just for the sake of currency exchange is surely inconvenient.

Other popular locations for currency exchange in Mumbai include:

• Kalyan
• Malad West
• Vashi
• Thane
• Powai

When you are planning to go abroad, it would be advisable to carry foreign currency notes in combination with a forex card. They both offer different advantages and so carrying both ensure that you are well-equipped in any possible situation.

1. Forex Cards: For Safety and Convenience 

Forex cards, for example, the BookMyForex Multi-Currency Forex Card, come with true zero markup interbank-linked rates so you get the best exchange rate. Rates are locked in at the time of loading your cards, you are thus well-insulated from any movements in the rates during your travel.

2. Currency Notes: For Small Immediate Expenses 

In case, the card payment option is not available, then cash is accepted as usual. BookMyForex provides you the facility to get 40+ more foreign currency notes at the best real-time rates; ensuring you can easily travel abroad with local currency in hand. 

There are many reasons a person would opt to do currency exchange in Mumbai, such as:

• Leisure Trips: People exchange currency when they travel to foreign countries for vacations or leisure trips.
• Overseas Study: Students who go overseas for studies will need foreign exchange to make payments for tuition fees, living, and personal expenses.
• Business Trips: Currency exchange is required to pay for accommodations and other local expenses while on a business trip.

• Emigration: Emigrants need currency to pay for costs of living, renting, and other different expenses during their initial days.

• Health Care Treatment. Tourists travel abroad to receive various medical treatments. They exchange currency to settle hospital bills, medications, and accommodation.

To change your money in Mumbai, some of the documents given below would be necessary:

• PAN card
• Valid passport image (both front and back)
• Air ticket reflecting a travel date in less than 60 days
• Valid visa (if not issued on arrival)

These documents ensure that the currency exchange process is in compliance with regulations and hassle-free.

Identifying counterfeit notes is necessary to prevent fake currencies from being circulated along with legitimate ones. There are different methods which can be used in the process of identifying counterfeit notes:

• Color: Real notes have usually intense and vivid colors while fake ones are usually pale and faded.
• Watermark: Irradiate the note with light. The actual watermark shall be visible when the note is viewed from an angle.
• Security Thread: The note should have a security thread inserted in the paper that can be visible under any light.
• Design: Original notes have special designs that cannot be easily altered. Observe the note for any minor discrepancies in the design.
• Texture: True notes have a crisp, textured feel. False ones are smooth or light in feel.
• Raised Print: The raised print of actual notes could be felt. A fake note does not have such a raised print, only a flat print.