Being a Forex marketplace, every money changer competes with others. They will always offer you the best rate, so that they get your order. You may not get the same rate if you directly walk in to the same store.
I got to know about extravelmoney.com from a friend of mine. The transaction was really simple, fast & flawless. I was impressed with their ability to meet my need, so quickly.
- Louis T. Cherian, Bangalore
Complete process was very hassle free, right from choosing of exchange rate, confirmation of order and receiving money. I am sure I wouldn`t have got this exchange rate and service quality if I directly walked in to anyone of the forex vendors
- M Aditya Karan, Hyderabad
The entire experience was really smooth. I selected selected a vendor who would do door delivery. Got a quote instantly and the currency delivered in few hours. Will highly recommend this service.
- Pradeep Govindaraju, Chennai
I opted for extravelmoney after doing a lot of research and visiting the banks where I have my accounts. The rates are undoubtedly the best in market and the process is absolutely hassle free.
- Peter Anand Shah, Hyderabad
I have used their services twice and it was a hassle free experience. I would definitely recommend to anyone who needs forex.
- Shiva Kumar, Bangalore
Highly delighted. Best exchange rates and good back up support. Overall, an awesome experience. One hundred percent recommended. Hope to deal with them again.
- Ghouse Syed, Hyderabad
It came as a savior to me. The biggest challenge was to find a place nearby that would do it hassle-free at a reasonable price. Extravelmoney helped a great deal with that.
- Swati Saxena Saxena, New Delhi
Extravelmoney.com is a real pain killer for someone travelling abroad for the first time. Awesome service and very very fast response.
- Manish Kumar, Bangalore
Compare Rates offered by RBI authorized money changers in your city
Choose a money changer & book your order for buying foreign currency
Submit the KYC documents & make the payment directly to the money changer
Collect the currency from the store or can request door delivery or pickup
1. How to exchange foreign currency in India
Exchanging foreign currency in India can mean two things ;
1. Converting Indian rupee to foreign currency (Buy foreign currency)
2. Converting foreign currency to Indian rupee (Sell foreign currency)
You can exchange foreign currency in India by approaching your bank or an RBI licensed money changer.
Each bank branch and money changer store would usually have their own set exchange rates for buying and selling currencies.
If you want to find the forex centre near you offering the best exchange rate, you’d have to visit each bank and money changer store separately and ask for their rates.
If you don’t want to undergo so much inconvenience, you can simply visit ExTravelMoney.com.
Compare online the exchange rates of foreign currencies by forex stores in your location. Find the best rates and book your order online. You can also request for door delivery or door pickup of foreign currency! Exchange foreign currency in India online in a total hassle free easy process!
2. How much foreign currency can I keep in India?
Resident Indians coming back from an abroad trip or received payment/gift in foreign currency in India from a foreigner, are permitted to hold up to US $2,000 or its equivalent as foreign currency notes or traveller’s cheques for as long as they please.
However, if the amount is more than US$ 2000 equivalent, the extra foreign exchange must be surrendered to their bank or to an RBI authorized money changer within 90 days in the case of currency notes and within 180 days in the case of traveller’s cheques. Foreign coins can be held for as long as one wants and is not subject to the US$ 2,000 equivalent limit.
Source : RBI FAQ
3. What are the foreign exchange limits in India for individuals?
The foreign exchange limits in India for resident Indians can be summarized as follows ;
When travelling abroad
1. A resident Indian can carry up to US dollar 3,000 equivalent in any foreign currency notes and a maximum of up to US dollar 10,000 equivalent in forex card or traveller’s cheques.
2. A resident Indian in allowed up to Rs 25,000 to be taken out of India.
Money Transfer abroad
A resident Indian under the “Liberalized Remittance Scheme (LRS)” of the “Foreign Exchange Management Act (FEMA)” is allowed to send money abroad up to a maximum US dollar 2,50,000 equivalent per year. Money transfer abroad under “LRS” must be for a purpose permitted by RBI.
When coming to India from abroad
1. A resident Indian can bring in foreign currency to India without any limits. However, ff the value of the foreign currency brought into India, as cash, exceeds USD 5,000 equivalent or if the value of foreign currency brought into India, as cash + traveller’s cheques, exceeds USD 10,000 equivalent, then it should be declared to the Customs Authorities at the Airport in the Currency Declaration Form (CDF), on arrival in India.
2. A resident Indian can bring into India and hold foreign coins without any restrictions. However, please note that foreign coins won’t be accepted for exchange at banks or money changer stores. This is according to RBI rule.
3. A resident Indian can bring into Indian Rs 25,000 without need for declaration. However, if you have accumulated Indian rupee on your trip abroad and have more than Rs 25,000 in cash, then you’d need to declare the amount in customs.
4. What are the documents required for money exchange in India?
The documents required for money exchange in India are ;
1. A valid Indian Passport
2. A confirmed air ticket showing travel within 60 days from date of buying currency
3. PAN card (if required and mandatory for Forex card)
4. Valid Visa (depending on the bank or money changer)
5. Aadhar card (again this is left to the discretion of the bank or money changer)
5. What is the foreign exchange allowed for travel abroad from India?
Foreign exchange in the form of currency notes, prepaid forex travel card and traveller’s cheques are allowed for travel abroad from India.
These mediums can be used to carry foreign exchange like US dollar, British pound, Australian dollar, Canadian dollar, Euro, Chinese yuan, Singapore dollar, Thai baht etc.
6. How to exchange foreign currency in Indian banks?
To exchange foreign currency in Indian banks, simply visit a bank where you hold an account. There you can buy or sell euros for Indian rupee. To complete the transaction provide the necessary KYC (Know your customer) documents.
With banks however, you’d have to physically visit their branch to know the exchange rates for foreign currencies. Also, you can only do money exchange at the bank where you hold an account. This may be disadvantageous to you if your bank is not offering good rates for money exchange.
Instead visit extravelmoney.com. This online forex portal allows you to compare exchange rates and service charges of money changers in your location, online itself. No need to physically visit money changer stores to verify exchange rates. Also, you can book the order online and ensure home delivery of foreign currency. Unlike banks, you get the option of comparing and selecting the best exchange rates from ExTravelmoney.
7. Which bank gives best exchange rates in India?
Each bank and each individual branch within a bank in India may offer different exchange rates for forex. So it’s not possible to pinpoint to any one bank and say that they give the best exchange rates. Also, currency exchange rates are dynamic and always fluctuating.
However, if you want to get the best exchange rates for forex in India, then simply visit extravelmoney.com online forex portal. Through the portal you can compare the latest updated exchange rates of forex stores in your town or city. That way you can find out which forex store is giving the best rates in your locality. Also, you can lock the exchange rates of a forex store through the portal, complete the transaction online and even get foreign currency door delivered to your home! So much more is possible for you using this digital solution for foreign exchange transaction, that is ExTravelMoney.
8. What are the documents required to sell foreign currency in India?
Any 1 of the following documents are required to sell foreign currency in India ;
1. Indian Passport (Mandatory for transactions above Rs.25,000)
2. Driving License
3. Voters ID
4. Aadhar Card
5. PAN Card (If required)
If the amount of foreign currency to be sold exceeds USD 5,000 in cash or exceeds USD 10,000 in total, you will also need to furnish a Currency Declaration form.
9. How many days in advance can a person buy foreign exchange for travel abroad?
A person can buy foreign exchange at maximum, 60 days before the date of travel. If for some reason the person is not able to use the foreign exchange within the period of 60 days, it must be surrendered to their bank or to an RBI authorized money changer.
10. What is Form A2?
Whenever a person wishes to send money abroad from India, they must complete an A2 Form.
Form A2 is a declaration pertaining to money transfer abroad transaction, which has to be filled with the complete and correct details.
Details of applicant such as account number, their bank address and details of beneficiary would be required to be filled in the form.Find More
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