Exchanging Foreign Currency in India
Exchanging foreign currency in India is a seamless process. Though it might be straightforward, there are specific steps that you need to keep in mind before you exchange your currency for the national currency of India.
Pointers to keep in mind while exchanging currency –
Check the exchange rate from 7 days in advance –
Ensure that you have tabs on the exchange rates of your currency against INR. It should be done seven days before your trip to India so that you can avail the best rates and get the money exchanged based on the rate that you feel is correct.
Never exchange at airport kiosks –
Airports are quite expensive for foreign exchange. They often take a 5%-10% margin on each of the foreign currency that you might buy or sell. If it’s a necessity, then get it exchanged, if not many foreign current exchange centers in the respective city would give you a much better price.
Shop around and find the best rate –
The foreign currency exchange rates change every 3 seconds. Based on the price that you feel is right trade the currency, if not wait for the right moment to ensure that you get the best price for your foreign currency.
Find an authorised dealer –
An RBI authorized dealer is a must when you are willing to get your foreign currency exchanged. If you carry out a transaction with a non-RBI authorised agent, you could end up with fake currency notes or your forex card might stop working and in the worst-case you might land up in a jail.
Now that you are aware of the essential pointers to keep in mind while exchanging foreign currency in India, the below-given tips will help you in the process and documents required for foreign exchange.
The process involved in foreign exchange –
Consult banks for exchange –
If you hold an account in an international bank that has its branch in India, then you can get all your foreign currency exchanged in the bank itself.
Also, if you are happy with the quoted rate for the currency at hand and agree to the final quotation for the amount that you are seeking to be exchanged, then you will need to produce certain documents such as your passport to complete the transaction.
Consult RBI approved foreign currency exchangers –
Find out the nearest RBI approved foreign currency exchange centers such as Muthoot forex, Cox & Kings, etc. The advantage of choosing them over banks is that they offer the best price, which at many occasions is higher.
The procedure is simple: take the amount of foreign currency that you wish to get exchanged, If the money is below 50,000 rupees, then you get it in cash. If not, the money gets deposited to your bank or via cheque for the same amount.
Exchange rate comparison –
Compare various forex money exchangers before you get your currency exchanged. Each forex exchange service offers a different price. So that getting the best price for your foreign currency can help you in getting more value for the money.
As foreign currencies keep fluctuating getting it exchanged after thorough research can give you the best possible price.
Documents required –
There are no documents required to get foreign currency exchanged however if you are an NRI, then you might have to produce your passport or PAN Card (How to get Pan Card for NRI ? )and also if the amount is more than 50,000 rupees a xerox copy of the passport is required.
India comprises of an array of foreign currency exchange centers, but the prominent exchange centers in the country in few of the cities are as follows –
- Adhvika Forex- Karol Bagh
- Chequepost- Paharganj Main Market
- Samaara Forex- Rajouri Garden
- American Express- Connaught place
- Damini Forex- Greater Kailash
- Prithvi Exchange- Residency Road
- Royal Forex and fashion- Commercial market
- Vision Forex Pvt Ltd- Bannerghatta Slip Road
- Western Inc Forex -Monarch Plaza, 1st Floor, Brigade Road,
- Zain Foreign Money Exchange – Church Street
- Orient Exchange – Chowringhee exchange
- Suryanarayan Forex -Sudder Street, Park Street
- RRSB Forex- Firpo’s Market, Taltala
- Ayush Forex Services -Metcalf Street
- FRR Forex – Andheri East
- Orient Exchange and Financial center- Vile Parle East
- Rudra Forex Pvt Ltd- Dadar West
- Sam Forex – Mira Road, Thane
- Weizmann Forex- Mulund West
- Coinex Forex- Gst Road, Pallavaram
- Maharaja Exchange- Sir Thyagaraya Road, Pondi Bazaar
- Orient Exchange – Sterling Avenue, Nungambakkam,
- Prime Forex Private Ltd- Challa Mall, Thyagaraya Road
- Prithvi Exchange- east Spurtank road, Chetpet