Where can I exchange foreign currency for Indian currency?

Where can I exchange foreign currency for Indian currency?

Exchange foreign currency with RBI approved money changers (AD-II, FFMC) Approach an RBI approved money changer holding “Authorised Dealers Category – II or Full Fledged Money Changers (FFMCs) licence. Examples of such money changers are Unimoni (formerly UAE Exchange), Muthoot Forex, Thomas Cook, Cox & Kings etc.

Where can I convert my foreign currency?

Your bank or credit union is almost always the best place to exchange currency.

  • Before your trip, exchange money at your bank or credit union.
  • Once you’re abroad, use your financial institution’s ATMs, if possible.
  • After you’re home, see if your bank or credit union will buy back the foreign currency.
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Can we deposit foreign currency in Indian bank?

Yes, one can deposit check any currency cheque in his or her bank account. Once cleared by the source bank the amount will be converted to Indian rupees. The forex rates are pre-set by the banks for conversion. Finally, after the conversion, the INR amount will be credited to your bank account.

What documents are required for currency exchange?

Documents Required to Exchange Foreign Currencies in India

  • Indian Passport.
  • Confirmed Air Ticket showing travel within 60 days.
  • PAN Card/AADHAR Card/Voter ID Card; any other KYC document.
  • Valid Visa (mandatory for some countries) For Selling Forex.

Does RBI exchange foreign currency?

Who are authorized by the Reserve Bank to sell foreign exchange for travel purposes? Ans. Foreign exchange can be purchased from any authorised person, such as an AD Category-I bank and AD Category II. Full-Fledged Money Changers (FFMCs) are also permitted to release exchange for business and private visits.

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Can I transfer USD to my Indian bank account?

You can now transfer money from the United States to any bank account in India on an instant basis. Punjab National Bank (PNB) and Nasdaq-listed Xoom Corporation have partnered to roll out instant bank deposit services to bank accounts in India.

How can I exchange foreign currency in Indian banks?

Exchange foreign currency in Indian banks With the foreign currency in hand visit your bank where you hold an account. For example, if you are an SBI bank account holder, you can exchange foreign currency in SBI. You won’t be able to do the exchange in a bank where you don’t hold an account or have a customer relationship.

How to get best forex exchange rates in India?

Simply follow the steps given down below to avail the best exchange rates in India: Step 1: Simply go to the BookMyForex website or call us at +91 9212219191 to place a currency order. Step 2: On the portal, choose the currency you want to buy and then enter the amount you would like to exchange.

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How much Indian currency can I carry when travelling abroad?

You can carry any amount of Indian currency while travelling to these countries, but you are not permitted to take Indian currency notes of denomination of Rs.500 and above or buy any foreign exchange for visit to these countries.

What are the requirements for money exchange in India?

4. Produce documents required for money exchange in India When buying/ selling forex through your bank or a chosen money changer, you’d be required to provide KYC (Know your customer) documents. This is in compliance with RBI rules and all banks and authorized exchange houses must adhere to this rule.