Traveling to another country comes with a lot of paperwork and exchanging currency can be quite a nightmare if it is not done in the right manner, it will not only costs you money but a lot of confusion and stress as well, so as to make sure that you do not feel all this stress read this article that has everything you need to know about exchanging foreign currency in India.?
Below are the different ways to exchange foreign currency in India are:?
- Airports: Exchanging currency at the airport can be quite an expensive procedure but it is a convenient one as almost all international airports have currency exchange counters.
- Indian banks: Going to the bank to exchange currency might seem like a very easy option but usually not all banks offer currency exchange, also banks might charge a high rate on currency exchange as selling foreign currency is not the main business and it is just an extra service they provide. Thus they are not very bothered about giving attractive rates to customers.
- Exchange foreign currency with RBI approved money changers (AD-II, FFMC): This is one of the best ways to exchange the currency as they are the people who are licensed by RBI or have a Full-Fledged Money Changer License (FFMC) provided under Section 10 (1) of the Foreign Exchange Management Act.?
- Exchange Currency using Prithvi Exchange:?Prithvi Exchange is an E-commerce platform to digitalizing Foreign Exchange from the house of an Authorized Dealer Category II, making it not only an easy option for you to exchange currency but also is very convenient option as you can just go on their website and see what are the exchange rate and choose the best options. You can check their website.
Documents to keep handy at the time of buying foreign currency:
- Original and valid passport
- Valid visa for the country of travel (except where VISA on arrival applies)
- Confirmed ticket-showing travel within 60 days of taking foreign exchange
- PAN?
- Aadhar Card
