No matter how short your international trip is, it is always wise to keep some forex cash at hand in the form of an emergency fund. We have listed down some commonly asked questions related to Forex cash which will help you to choose the right sources to get foreign currency.
Where can you get foreign currency exchange?
While it is possible to get Forex at airports, it is not advisable to do so as the exchange and conversion rates are much higher.
Available both online and offline, most banks offer competitive rates and are the most efficient way to acquire Forex in cash. Go to a forex dealer or travel agent Check if the dealer has been authorised by RBI and compare rates between vendors before making a transaction.
How much Forex can I carry on my trip?
According to RBI regulations, you can only carry forex cash worth US $3000 per visit abroad.
How can I pay for Forex?
If the required payment is up to Rs 50,000, it can be made in cash to your bank or dealer. Any amount exceeding this must be paid by cheques/demand draft/pay order.
When can I get Forex?
Typically, it is possible to buy forex cash 180 days before your journey from a bank or forex dealer.
How much Forex can I bring back to India?
There is no limit on how much Forex you can bring back. However, more than US $2000 must be exchanged back into Indian currency within 90 days of return.
To carry or not to carry?
While cash is always handy, it also comes with the risk of getting lost or stolen. Acquiring it also means extra fees paid to the dealer. So we recommend you carry some cash for small payments but keep the rest of your money in forex cards or international credit/debit cards.