How To Exchange Foreign Currency In India – A Complete Guide

Exchanging alien currency in India falls into two categories ;

  1. Buying foreign currency – When you are going abroad for a trip, you’d need the currency of the country you are going to. Here you would be exchanging your Indian Rupee for that particular foreign currency.Ex: Going to the USA, you’d be buying the US dollar by exchanging your Indian Rupee in hand.This is called buying foreign currency.
  2. Selling foreign currency – Coming back from a business trip or leisure foreign tour, you may have balance foreign currency in your wallet. Here you would be looking to exchange the foreign currency in hand for Indian Rupee. This is called selling foreign currency.

Both Buying + Selling foreign currentness broadly falls under the class, “ Currency Exchange ”.

In this post, we present to you the complete guidebook on how to exchange foreign currentness in India easily .

How to exchange foreign currency in India

Currency rally in India can be done through Banks (AD-I licence by RBI), and Money Changers(Both AD-II and FFMC licence holders) .

1. Exchange foreign currency in Indian banks

With the extraneous currency in hand visit your bank where you hold an explanation. For exemplar, if you are an SBI bank history holder, you can exchange foreign currency in SBI .

Please Note: You won ’ thymine be able to do the change in a deposit where you don ’ thyroxine hold an report

Ask for the exchange rate of the extraneous currency with regard to the mauritian rupee and the service fee quoted by your bank. If you are satisfied with the rate you can complete the money change in your bank itself. Produce the compulsory documents ( mentioned in the segment below ) .
Tip: normally, the exchange rate given by banks is not the best in the market. Because for banks, buying and selling foreign currency is not the main clientele and it is precisely an extra service they provide. Thus they are not very bothered about giving attractive rates to customers .

2. Exchange foreign currency with RBI approved money changers (AD-II, FFMC)

Image Source:
Approach an RBI approved money record changer holding “ Authorised Dealers Category – II or Full Fledged Money Changers ( FFMCs ) license .
Examples of such money changers are Unimoni ( once UAE Exchange ), Muthoot Forex, Thomas Cook, Cox & Kings etc .
Their advantage is that unlike banks a person does not need to have an account with them to buy/sell foreign currency. besides, money changers are more competitive than banks. frankincense they offer attractive central rates to grab customers .
In India, about every major town/city will have a money changer store. But do take concern as not at all money changers are RBI licenced. guarantee that you are doing the transaction at a license forex memory .
The procedure to exchange currentness with them is the lapp as that of banks .

  1. Go to a forex store and initiate your buy/sell currency transaction.
  2. Produce the required documents.
  3. Get the currency exchanged

3. Exchange foreign currency at the Airport

Airport inside people shops currency exchange counters
reservoir : Career Employer
Airports are the last place where a traveler going abroad has the chance to buy foreign currency ( if flying out ). similarly, it is the first place for selling foreign currency when flying into the nation .
The currentness substitute counters at airports around the universe know this fact. They know that travellers always come to them out of urgency in buying/selling extraneous currency .
therefore they do forex transactions at exorbitant switch over rates !

besides, everything inside an airport is pretty costly. Ever had a cup of coffee bean in an airport and paid more than 4x what you pay outside ? Yeah good, forex counters there are besides like that .
Pro Tip: Avoid doing currency substitute at airports unless you have no other option. plan ahead and buy forex early on or sell forex at your bank or any RBI licenced money changers after coming out of the airport .

4. Produce documents required for money exchange in India

Documents-required-for-currency-exchange-passport India
When buying/ selling forex through your bank or a chosen money record changer, you ’ vitamin d be required to provide KYC ( Know your customer ) documents. This is in complaisance with RBI rules and all banks and authorized exchange houses must adhere to this rule .
Buying Forex
The documents required for buying foreign currency in India are ;

  1.  Indian Passport
  2. Confirmed Air Ticket showing travel within 60 days
  3. PAN Card
  4. Valid Visa (Mandatory for some countries)

Selling Forex
The documents required for selling foreign currency in India are ;

  1. Indian Passport (Mandatory for transactions above Rs.25,000)
  2. Copy of your Driving License
  3. Voters ID
  4. Aadhar Card
  5. PAN Card (If required)

Please Note: Any 1 of the above documents is enough

Is there an easy way to buy/sell foreign currency in India (online)?

Well, there is! ExTravelMoney’s online foreign exchange portal.
physically visiting or calling your bank or each and every money record changer in your vicinity to find out their currency rates is a long-winded process. It ’ ll drain your time, energy and is not an efficient manner to do things .
rather try out, on-line currentness exchange in India. It is a elementary and easy manner of doing money change in India. Rather than combing through banks and money changers for the best rate, merely head here ! Our web portal vein helps you find the best forex rate in India from among many banks and money changers .
You can compare the rates of forex stores and their military service charges through ExTravelMoney, home currency exchange order on-line and even request door pickup of your forex .

How does ExTravelMoney work?

1. Simply visit the web site, select the currency you want and enter the amount of currency you want to buy/sell .

2. Enter your location and get the list of RBI licensed forex centres near you. Their exchange rates and service fees will be shown to you in the portal site. Just select the forex store offering the best exchange rate ( displayed on crown of the list ) and place your ordain on-line itself .

3. once the ordain is placed, ExTravelMoney ’ s customer caution executives will get in touch with you via your provided mobile act to facilitate the transaction.

The forex stores in the portal vein have an agreement with ExTravelMoney to sell forex at market-beating exchange rates. In total there are more than 6500+ forex stores in ExTravelMoney, diffuse across India .
By following these elementary steps you can convert extraneous currency to indian rupees or vice-versa. With ExTravelMoney, switch over foreign currentness in India in a matter of minutes and with just a couple of mouse clicks ! It ’ s that simple .
Do try us out !


Related Posts