from any bank which is authorised to deal in foreign exchange or full-fledged moneychangers. If the rupee equivalent exceeds Rs. 50,000/-, the entire payment has to be made by way of a crossed cheque/banker’s cheque/pay order/demand draft only.
Can Indian banks give foreign currency?
Most major commercial Indian banks offer foreign currency exchange, but not all may offer the same currencies. Here is a list of popular Indian banks and the currencies they offer for cash exchanges.
Can I get foreign currency at my bank?
Many banks and credit unions sell foreign currency. … A cheaper way to get access to foreign currency is to buy it from your local bank branch in person. You may not have to pay a fee at all. And banks often get access to the best exchange rates.
How can I get foreign currency in India?
Go to a forex dealer or travel agent: Similarly, you can buy foreign exchange from your travel agent. You can also buy foreign exchange from Reserve Bank of India (RBI)-authorised foreign exchange dealers. You should compare exchange rates offered before buying.
Which Indian bank is best for foreign exchange?
Banks giving the best money exchange rates to India
- ICICI – Money2India. ICICI Bank offers the Money2India facility for transferring money to more than 100 banks in India from USA. …
- SBI Express Remit. …
- HDFC Bank – Quick Remit. …
- Axis Remit. …
- Click2Remit. …
- BarodaRemitXpress. …
- IndRemit. …
How do I buy foreign currencies?
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.
What are the documents required for foreign 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 the post office exchange foreign money?
You can easily go back to your local bank, credit union, post office or currency exchange counter after you return. Keep in mind that many of these places don’t accept coins, so try to spend those first and save the bills for later. … You can also sell foreign currency on eBay.
How do you get pesos?
You can buy pesos with dollars at major banks like Wells Fargo and Bank of America. You will need to be a bank customer already and can order it online easily. Currency exchange services offered by the bank might not offer the best MXN to USD rates but they are convenient, particularly if you are an existing customer.
Does Western Union do currency exchange?
Western Union also makes money from currency exchange. When choosing a money transmitter, carefully compare both transfer fees and exchange rates.
Is Passport required for currency exchange?
Passport and PAN card are mandatory for transactions above Rs. … For forex sell transactions above USD 5,000 or it’s equivalent in others currencies, foreigners/NRIs have to produce the currency declaration form (CDF) form which can be obtained from Airport Customs Authorities.
How much foreign currency can an Indian keep?
You can retain foreign exchange up to $2,000 in the form of foreign currency notes or traveller’s cheque for future use or in a special account, if you meet certain conditions. Resident Indians can keep foreign currency holdings of up to $2,000 in a resident foreign currency (domestic) account.
How do I deposit foreign currency into my bank account?
How to Deposit Foreign Currency Into a Bank Account
- Find a place to convert your foreign currency to U.S. dollars. …
- Sell your foreign currency to the buyer of your choice. …
- Deposit your dollars to the bank account of your choice.