How US Travelers can Exchange Foreign Currency in India
Exchanging foreign currency has come a long way in India and there are new ways to exchange money. Depending on where you go, it can be a different experience. Now you can get foreign currencies from banks, money changers, or even at the airports.
Those days are now gone when getting your foreign currency exchanged in India was quite a tedious and complicated task. Not to mention the scams. If you are planning your vacations or a trip to India then you need to consider multiple options depending upon where and how much money you will be spending before deciding where to exchange the currency. Because it is very important that you do not carry extra cash in your pockets on your travel. As a tourist budget is the main thing of concern when you visit a foreign country, now book international flight tickets online from flyopedioa.com and find the cheapest airfare available on various international airlines for your trip to India.
How to get rupees before post-arrival
As per the guidelines issued by the Reserve Bank of India, a person is not allowed to carry more than ₹10,000 in cash from a foreign country in India. The rules are there to ensure that no tax invasion happens and also due to black money matters.
If someone told you that you cannot take Indian currency from outside India then rest assured. Because now you can exchange your currency into Indian currency in the United States and the United Kingdom. Call your local bank before traveling to India and make sure that you can carry the right amount of rupees from your country.
Procedure to exchange foreign currency in India
Through Banks:
Nowadays there are so many banks in India that offer foreign currency exchange. If not the best, they also offer good value for money and are the most trustworthy place to get forex exchanged in India.
Both private and government sector banks like Punjab National Bank, State Bank of India, Axis Bank offer currency exchange in India.
However, there are a few limitations when it comes to exchanging your currency through banks in India. For example, banks are operative on the working hours only, you may find crowds and long queues in the bank. And there are several state and government holidays on which banks stay closed in India.
Approved Money Exchangers:
Another way to get your currency exchanged in India is through RBI-approved money changers who are either authorized dealers from category II or have fully-fledged Money Changers Licence.
The advantage of these approved exchangers is that you do not need to have an account with them to sell your foreign currency. Since there are more money exchangers compared to banks, they may offer competitive exchange rates. There are so many options so you can always choose the exchanger that offers you the best price.
However, you still need to provide certain documents to verify your NRI status and carry out the transaction.
ATM withdrawals:
The simplest and easiest means of currency exchange in India is through an ATM. You can easily use your ATM debit card of the country of residence to withdraw the required amount of cash. Banks may charge transaction fees as well as service fees for using ATM cards overseas but it is the most simple, secure, and straightforward means to withdraw a specific amount of cash each time. Find the best last minute flight deals to India and get your money exchanged here via ATM machines. But always make sure to use International travel cards to avoid exchange transaction fees.
Direct money transfers:
Banks offer the facility to transfer direct money to your home country before the commencement of your travel. Using Mobile Banking, Net Banking, it is easier to transfer money from one bank account to another.
Exchange foreign currency at Airport:
If you are arriving at India’s International Airports, you are most likely to find foreign currency exchange services upon exiting baggage claim in most of the terminals.
Some of them may be well-known players in the foreign currency exchange market, but you may also find smaller privately owned enterprises. And while it can seem convenient to exchange your cash right then and there at the airport. Foreign exchange services at Airport can charge you more than the money exchangers or banks when you get into town.
Airport foreign exchange can offer lower exchange rates and higher fees for their services, in exchange for convenience. So if you really need cash as you exit, you will always have options to exchange your currency. But it is always recommended to wait until you get into the city or town and get better exchange rates.
How to avoid Exchange Fees:
- International travel cards
- Credit cards with no foreign transaction fees
- Avoid cash advances (do not use credit cards as debit cards)
- Local Banks to exchange money (charge fewer fees than others)
- Use local currency for payments.
Now you do not need to worry about getting your foreign currency exchanged in India. There are so many different options you can choose as per your vantage, book your best business class airline tickets online with Flyopedia to get the lowest airfare available.
Also Read: Know All About the Republic Day Celebrations in India
