ExTravelMoney India's biggest forex marketplace!

Buy Foreign Currency FAQ

  • General

  • How to buy foreign currency in India?

    A Resident Indian can exchange Indian Rupee for foreign currency in India only through RBI licenced financial institutions such as ;

    1. Banks - SBI, PNB, ICICI, HDFC etc
    2. Money Changers - Thomas Cook, Muthoot Forex, Unimoni (formerly UAE Exchange)
    For buying foreign currency, you can search for RBI licenced forex centres in your locality, enquire with them individually about their exchange rates and then try to find the best.

    Or simply visit extravelmoney.com and do all this and more online at the click of a button!

  • Which all are the financial institutions legally authorized by the RBI to carry out money exchange?

    There are 3 categories of financial institutions which have been authorized by RBI to carry out currency exchange ;

    1. Fully-fledged money changers (FFMC) - They are licenced to do currency exchange but cannot do money transfer abroad. These are mostly local one-off money changers based in a single city or region.
    2. Authorized Dealer Category II (AD-II) - They are RBI authorized money changers who are allowed to do both currency exchange and money transfer abroad. Ex: Unimoni (Formerly UAE Exchange), Muthoot Forex, Cox & Kings etc.
    3. Authorized Dealer Category I (AD-I) - They are RBI authorized Banks that let you do both currency exchange and money transfer abroad. Ex: SBI, Axis Bank, RBL, ICICI etc.
    ExTravelMoney.com has tie-up with all 3 categories of financial institutions.

    Our platform serves as an aggregator where customers can compare among all money changers in their area and book forex transaction at the best exchange rate possible.

  • How many days in advance can a person buy foreign exchange for travel abroad?

    Permissible foreign exchange can be drawn 60 days in advance. In case it is not possible to use the foreign exchange within the period of 60 days, it should be immediately surrendered. After returning from a trip abroad, residents are free to retain foreign exchange up to USD 2,000 or its equivalent in other currencies indefinitely in the form of foreign currency notes or TCs for future use.

  • What is the definition of an Indian Resident?

    An Indian Resident refers to Indian citizens living and staying in India.

    Also, as per the Foreign Exchange Management Act (FEMA), a person resident in India is defined as having stayed in India for more than 182 days in the previous year.

    This is not applicable to a person who has left India for:

    1. Employment purpose abroad
    2. Business abroad
    3. Any other purpose which indicates their intention to be outside India for more than 180 days continuously (roughly 6 months).

  • Do we need to carry the receipt of buying foreign currency, when going through immigration abroad?

    When travelling abroad, sometimes you may be requested by the airport security in India or the immigration authority abroad to show proof of purchase of foreign currency. So it’s always best to carry your receipt of purchase of forex.

  • Should I buy foreign currency before travelling abroad or after going abroad?

    It is better to exchange money before you travel abroad. As per RBI rule, a resident Indian is only allowed to take up to Indian rupee 25,000 on a trip abroad. So if you are going outside India without exchanging your money first, you’ll be limited to carrying maximum Rs 25,000 as cash.

    Another important point to note is that you may not find currency exchange centers ready to exchange Indian rupees as it is not a widely accepted currency. Even if you do, the exchange rate will be atrocious and not at all favourable to you. Hence it is always better to exchange INR to foreign currency in India itself before travelling overseas.

    Please Note : If you are a resident Indian, then you carry foreign currency as cash up to US dollar 3000 or its equivalent in other currencies and a total of up to USD 2,50,000 equivalent using forex card and/or traveller’s cheques in a single financial year.

  • Can we convert Indian Rupee to foreign currency abroad?

    No. Almost never can you find a currency exchange abroad willing to accept Indian Rupees. This is because the Rupee is a closed currency which is heavily regulated by RBI.

    Thus make sure to convert Indian Rupee to foreign currency in India itself before going abroad.

  • When going to another country, do we have to take any minimum amount of money to clear immigration?

    Some countries insist on travellers showing a minimum amount of money as proof of funds for their stay and travel in their country.

    Research beforehand itself if there is a proof of funds requirement in the country you are going to.

    For Example:

    Hong Kong

    There are no minimum currency requirements to enter Hong Kong. However, most travel forums advise travellers to carry minimum HKD 5,000 for a safe entry through immigration.

    Thailand

    All travellers entering Thailand are required to show a minimum amount as proof of funds for their Thai trip when going through immigration. The amount varies from THB 10,000 to THB 40,000 depending on the type of visa you have.

    Read the blog post on How To Get Thai Visa On Arrival For Indians to know more about the proof of funds required for you.

  • How much Tax/GST do I have to pay for buying foreign currency in India?

    The below table illustrates how much tax you’d have to pay on buying foreign currency in India ;

    Tax on buying foreign currency in India
    Transaction Slab Minimum Tax – Maximum Tax
    Slab 1 [Up to Rs 1 lakh] Rs. 45 – Rs. 180
    Slab 2 [Rs 1 lakh to Rs. 10 lakh] Rs. 180 – Rs. 990
    Slab 3 [Above Rs. 10 lakh] Rs. 990 – Rs. 60,000

    Please Note: The maximum GST for forex transactions is capped at Rs. 60,000. A typical individual availing forex under the LRS scheme won’t have to pay tax till Rs 60,000. That maximum limit is for companies or organizations.

    Read more about GST on Forex transactions in India.

  • Can we convert one foreign currency to another foreign currency directly in India?

    Direct conversion from one foreign currency to another is not possible in India.

    The customer needs to first sell the foreign currency they have in hand and convert it into Indian Rupee.

    This amount in INR can then be converted to any other foreign currency.

    Ex: Customer wants to sell his EUR currency and purchase USD for that amount

    1. Convert Euro to Indian Rupee (Sell Euro)
    2. Convert Indian Rupee to USD (Buy USD)

  • Can I buy multiple foreign currencies at the same time?

    Yes, it’s possible as long as you have the required KYC documents;

    1. Air ticket of the multiple countries you are travelling to
    2. Visa for the multiple countries you are travelling to (Not mandatory. It depends which country you are going to and on your Visa Type)

  • How to find the best exchange rate for buying foreign currencies in India?

    Getting the best exchange rate for foreign currencies in India is effortless with ExTravelMoney.

    1. Through ExTravelMoney.com compare online the exchange rates offered by banks and RBI approved money changer stores in your locality.
    2. Also, take a look at their service fees and whether they provide free door delivery of currency.
    3. Forex stores in ExTravelMoney compete with each other to attract customers. Thus they offer competitive market-beating exchange rates through the portal.
    Thus you can find the best exchange rate in India easily through ExTravelMoney.

  • What is the best way to buy foreign currency in India?

    You can buy foreign currency from ;

    1. Your bank
    2. Any RBI authorized money changer
    The problem with the above 2 options is that you’d have to physically visit your bank or the many money changers stores present in your town or city to know their exchange rate. Only by comparing the exchange rates offered by all these forex stores, would you be able to know which forex stores to choose to get foreign currency at the best exchange rate. Instead, simply visit Extravelmoney.com.

    ExTravelMoney is the best way to buy foreign currency in India. Compare exchange rates of forex stores near you online and place buy currency order online itself. Lock the best exchange rate you find and in fact, get the currency door delivered to you! It’s such a simple process to get currency conveniently in the best way possible.

  • Which bank gives the best exchange rates in India for buying foreign currency?

    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 ExTravelMoney.

  • Can I buy Foreign currency on behalf of my relatives/friends?

    Yes, It is possible to buy foreign currency on behalf of your close relatives/blood relatives.

    But the KYC documents provided should be of the traveller and the PAN card must be of the payee (you). Also, an authorization letter from the person (on behalf of whom currency is being bought) may be required.

    The payment for buying foreign currency should be done through the traveller’s savings account.

    Please Note: This option is not possible in the case of friends.

  • Whom should I contact in case of any doubts or disputes?

    Customer complaints can be raised through our Email: care@extravelmoney.com

    You can also reach out to us through;
    Phone: 0-484-288-6900
    WhatsApp: 0-484-288-6900

    Communicate directly with our customer support agents through the channels mentioned above.

  • Placing Buy Currency Order

  • How to buy foreign currency online in India through ExTravelMoney.com?

    1. Simply visit extravelmoney.com
    2. Select “buy forex” option. Choose the foreign currency you want to buy and enter the amount required.
    3. In the next step, enter your location to get the list of banks and money changers near you. Compare their exchange rates and service charges.
    4. Select the forex store offering the best rate and place your order online itself.
    In 4 easy steps you can buy foreign currency online in India through us.

  • Why Should I buy forex from ExTravelMoney.com?

    We offer our customers convenient and cost-effective foreign currency exchange.

    ExTravelMoney.com’s online portal lets you compare exchange rates of banks and money changers in your locality and buy forex at the best rate. All our tied-up forex partners are RBI authorized. Thus your transaction is safe and secure with us. Get genuine and good quality foreign currency notes which are not soiled or torn or obsolete.

    Remember it is important to always buy currency from RBI licenced forex agents who’ll give you the purchase bill. With ExTravelMoney.com all this is possible from the comfort of your home or office.

  • What happens after a buy forex order has been placed on ExTravelMoney.com?

    Once you place a buy forex order with us, we will confirm the order within the next 30 minutes. You’ll receive a Confirmation Email on your registered Email ID with the chosen forex store’s address and bank account details.

    You can either transfer the funds to the forex store’s bank account and get your foreign currency delivered to you.

    Or you can directly proceed to the store address, make payment and collect the currency.

    Please Note: Keep your KYC Documents handy. They are required as per RBI law.

  • What are the charges for using ExTravelMoney.com to buy forex?

    ExTravelMoney charges a small nominal amount as Booking Fee for using our service to find the best rate and booking the deal online through us.

    By booking a buy forex order through ExTravelMoney you ensure that you get the same exchange rate that you see on screen. ExTravelMoney offers wholesale exchange rates to customers which they won’t be able to get if they approach a bank or money changer directly. This is because of the agreement between ExTravelMoney and partnered exchange houses.

    Apart from the Booking Fee, GST would have to be paid on the transaction.

    Also depending on your chosen payment mode there may be additional charges.

    Payment Modes Additional Charges
    Cash No additional charge
    Debit Card Payment Gateway Charge of Rs 75 + 2% of the amount
    UPI Payment Gateway Charge of Rs 75 + 0.9% of the amount
    NetBanking Payment Gateway Charge of Rs 75

  • Your website is asking for Booking Fee while placing the order. Is it mandatory to pay it?

    Booking Fee is a mandatory charge. It is ExTravelMoney’s service charge for providing a platform where customers can compare and book foreign exchange services online. It’s what keeps our website up and running and is our bread and butter.

  • Do we need to carry the receipt of buying foreign currency, when going through immigration abroad?

    When travelling abroad, sometimes you may be requested by the airport security in India or the immigration authority abroad to show proof of purchase of foreign currency. So it’s always best to carry your receipt of purchase of forex.

  • When buying through ExTravelMoney.com how many days will take to get the foreign currency?

    When you are buying foreign currency from ExTravelMoney.com, it’ll be delivered within the same day you place the order.

    If the money changer receives the payment before 12 noon, you will get the currency delivered the same day itself. If same-day delivery is not possible for some reason, it would be intimated to the customer beforehand itself and the delivery would be made at the next earliest possible day.

    Please Note: The forex market works till only 5:30 p.m. Please make sure to place the order before 12 in the morning. Your foreign currency will be ready to be collected by visiting the store or delivered to your address before 5:30 pm the same day.

  • How can I find out if my buy forex order has been confirmed?

    When you place a buy forex order with ExTravelMoney, it takes 30 minutes for the order to be confirmed.

    Our customer support team verifies the order by contacting the customer. Also, they make sure that the selected money changer store has stock of the chosen foreign currency.

    Once the order is verified, a confirmation mail will be sent to you along with the forex store’s address and bank account details. This mail will also have the estimate of the forex transaction with exchange rate and total cost mentioned.

    This indicates that your forex order is confirmed.

  • What are all the foreign currencies which can be bought from ExTravelMoney.com?

    There are 22 major foreign currencies which can be bought through ExTravelMoney.com;

    No. Currency Symbol
    1 US Dollar USD
    2 Australian Dollar AUD
    3 Bahraini Dinar BHD
    4 Canadian Dollar CAD
    5 Danish Kroner DKK
    6 Euro USD
    7 Hong Kong Dollar HKD
    8 Japanese Yen JPY
    9 Kuwaiti Dinar KWD
    10 Malaysian Ringgit MYR
    11 New Zealand Dollar NZD
    12 Norwegian Krone NOK
    13 Omani Rial OMR
    14 Saudi Riyal SAR
    15 Singapore Dollar SGD
    16 South African Rand ZAR
    17 Great Britain Pound GBP
    18 Swedish Krona SEK
    19 Swiss Franc CHF
    20 Thai Baht THB
    21 UAE Dirham AED
    22 Chinese Yuan CNY

  • How can I find the address/contact number of your forex store?

    When you place a forex order in ExTravelMoney, it’ll be verified first.

    Then a confirmation mail will be sent to your Email ID containing the address, contact number and bank account details of the forex store.

    To find out the forex stores near you, enter your forex requirements in the link below and click on “Get Rates”. Then enter your location.

    https://www.extravelmoney.com

  • I have Booked a Buy Forex order at ExTravelMoney today but I can visit the branch only tomorrow. Is it possible?

    Yes it’s possible.

    If you have booked a forex order with ExTravelMoney and have made full payment for the transaction, then you can visit the branch the next day to pick up your foreign currency.

    However, if you have just booked the order (without Rate Lock Deposit), got confirmation mail for the same and have not made payment to the forex vendor, then the order will be only valid till evening 6pm on the same day.

    The next day the exchange rate will change according to the rate variations in the forex market.

    If you would like to freeze the exchange rate for up to 2 working days, then you can choose “Lock the Exchange Rate” option.

    For that you’d have to pay a “Rate Lock Deposit”(This is fully refundable). This guarantees the exchange rate of your forex transaction for 2 working days regardless of the rate fluctuations in the forex market.

    When you complete this Rate Locked transaction with ExTravelMoney.com within the “Rate Lock Period”, the deposit will be fully refunded to you.

  • For how long is the rate for a Buy Forex order valid?
    If you have placed a “Buy Forex” order in ExTravelMoney.com and have paid the Booking Fee, then the order will be valid for you at the same exchange rate for the entire day (provided you complete the transaction before 6 pm the same day).

    Please Note: Forex stores will close by 6pm. The funds should be credited to the money changers account before End of Day(6pm).

  • Do I have the choice to select the denominations of the currency?

    We do not have the provision to preset the denominations of the currency on our website. But you can surely enquire about the availability when our customer support executive contacts you to confirm the order.

  • KYC Documents

  • What are the KYC documents required for buying foreign currency in India?

    You’ll need the following KYC (Know Your Customer) documents to buy forex in India as per RBI Rule ;

    1. Indian Passport
    2. Any Govt approved ID proof
    3. PAN Card
    4. A confirmed air ticket showing travel within 60 days from the date of buying foreign currency.
    5. Valid Visa

  • Are original KYC documents necessary?

    Yes, as per RBI regulations, original KYC documents must be produced at the time of purchasing foreign currency.

  • Can I upload my KYC documents online?

    Yes, you can upload KYC documents online in ExTravelMoney through the below channels;

    When you produce KYC documents for purchase of foreign currency, you have to show your original documents for verification and give to the store physical copies of the KYC documents.

    By uploading KYCs online through ExTravelMoney, you need not provide these physical copies to the forex store. Instead, ExTravelMoney will share the uploaded KYCs to them. That way you can save time instead of taking photo copies.

  • Payment

  • What are all the payment methods available to buy foreign currency through ExTravelMoney.com?

    The various payment modes available for customers in ExTravelMoney.com are;

    1. Cash - Only for buy forex transaction below Rs 50,000. If you are buying forex for more than this amount, then you need to opt for one of the below payment methods.
    2. NetBanking - You can directly make payment from ExTravelMoney.com through our Payment Gateway which has the NetBanking option.
    3. Debit Card - Through our Payment Gateway, you can choose Debit Card option to pay for your forex purchase.
    4. UPI - One of the latest payment methods, UPI, is also available on our network.

  • Do we get any receipt when booking forex from ExTravelMoney.com?

    At the time of collecting the foreign currency, the chosen money changer store will provide a bill of purchase to you in which the details of the foreign currency, it’s amount and GST paid will be specified.

    The receipt will be provided by the money changer and not by ExTravelMoney.com

  • Can I buy foreign currency with cash?

    Yes, you can buy foreign currency with cash, provided your total transaction value is below Rs 50,000. This is as per RBI rule regarding cash payment for forex transaction.

    If you’d like to purchase forex for more than Rs 50,000, you’d have to pay using NEFT/RTGS, NetBanking, UPI or Debit card.

  • Is credit card payment possible for buying foreign currency in India?

    Only one of our tied up money changers is accepting Credit Card Payment. Typically banks and money changers don’t accept Credit Card as a payment method. Also, for credit card payment, the credit card holder has to be the traveller abroad.

  • Is it possible to deliver the currency before making the payment?

    Because of security reasons, our tied up money changers will do door delivery or allow the foreign currency to be picked up from the store only after the total transaction amount is credited into their account.

  • Are there any hidden/extra charges in ExTravelMoney.com?

    There are no hidden charges from our side.

    The only extra charge the customer needs to pay will be GST and the transaction charge.

    The transaction charge will vary according to the money charger. It can be either nil or anywhere between Rs 0 to Rs 150

  • Is it possible to make the payment for buying foreign currency directly at the forex store?

    Yes it’s possible in the case of “Payment by Cash”.

    Payment through Debit Card is Possible only for a few select money changer stores. Not all stores provide this facility in the case of direct payment.

  • Rate Lock

  • Do we have to compulsorily pay “Rate Lock Deposit” for placing a buy foreign currency order in ExTravelMoney?

    Rate Lock Deposit is an additional feature that we provide to customers. It is not mandatory. When a customer pays Rate Lock Deposit to lock the exchange rate, the forex order will become valid for them for up to 2 working days. This is regardless of the fluctuations in the forex market. That Exchange Rate is guaranteed to them.

    When customers complete that transaction via ExTravelMoney within the “Rate Lock Period”, this Deposit will be fully refunded to them.

  • What is a Rate Locked Buy Forex order?

    A Rate Locked Buy Forex Order indicates an order whose exchange rate has been locked by the customer for 2 working days.

    For “Locking The Exchange Rate”, you’ll have to pay a Fully Refundable Rate Lock Deposit along with the order Booking Fees. This will be a nominal amount.

    This Rate Lock Deposit will be fully refunded to you upon completing the Rate Locked forex order (within the 2 days) with ExTravelMoney.

  • What are the advantages of a Rate Locked Buy Forex order?

    1. A Rate Locked Forex Order helps to avoid the exchange rate variations in the forex market. No matter how the market fluctuates, you’ll get forex for up to 2 days at the same exchange rate. Your stock of foreign currency at locked rate will be kept aside by the forex store for serving your order.
    2. If you see a good exchange rate but don’t have the money at the moment to buy forex, simply lock the rate, arrange the funds and buy currency anytime within the next 2 working days.
    3. You get back your Rate Lock Deposit upon completing the transaction with ExTravelMoney.com (within the Rate Lock Period).

  • How does a Rate Locked Buy Forex order work?
    It’s very simple.

    1. Customer pays a Fully Refundable Rate Lock Deposit to lock the exchange rate of required foreign currency.
    2. That particular stock of foreign currency is set aside by the chosen forex store up to the period of Rate Lock.
    3. If a customer completes the Rate Locked Buy Forex order with ExTravelMoney before the Rate Lock Period (2 working days), their Rate Lock Deposit will be fully refunded to them.
    4. If a customer completes the transaction outside of the Rate Lock Period or chooses not to proceed with ExTravelMoney, then the Rate Lock Deposit will be refunded to them only after deducting the loss sustained by the forex store. The loss is calculated on the basis of the difference between the Locked Exchange Rate and the Current Exchange Rate of the foreign currency.

  • Door Delivery

  • Are there any additional charges for door delivery of foreign currency?

    That depends on the chosen forex store.

    Some stores charge zero fees for delivery within a radius of 10km to 15 km.

    However, other stores may have a delivery fee.

    All these charges will be displayed transparently during the time of placing the order.

  • Can I collect Foreign currency on behalf of others during delivery?

    No, that is not possible. As per RBI rules, a forex customer must themselves produce their KYC (Know Your Customer) documents at the time of receiving the foreign currency. You can mention your preferred delivery time to the money changer store to make the process smoother.

    However, it is possible in the case of close relatives/blood relatives. An authorization letter must be given by them to you for collecting the foreign currency delivery.

  • How do I know if my buy forex order is ready to be picked up from the store?

    You’ll receive an update via Email, SMS and/or Phone when your buy forex order is ready. Once you receive this update, you can directly proceed to the store to pick up your foreign currency.

  • Is door delivery possible to my location?

    Door delivery is possible depending on the forex store you choose and the location where it has to be delivered.

    Some stores offer “Door Delivery” of forex option.

    It may either be free or door delivery charge will be levied by the store.

    Typically forex stores will do delivery within a radius of 10km to 15 km from their location.

  • Cancellation & Refund

  • How can I cancel the buy forex order placed at ExTravelMoney.com?

    You can contact our customer support team through the channels below to cancel your buy forex order;

    1. WhatsApp: 0-484-288-6900
    2. Phone: 0-484-288-6900
    3. Email: care@extravelmoney.com

  • How will I get my refund if I cancel the buy forex order placed in ExTravelMoney?

    The refund process will depend on the payment mode chosen by you;

    1. Bank Transfer (NEFT/RTGS) - You have already sent the funds to the money changers bank account through NEFT/RTGS and now want to cancel your Buy Forex order.

      In this case, you can directly contact the money changer through the contact details provided in the Confirmation Email sent to you. Intimate to the money changer your wish to cancel the order.

      The money will be refunded to your bank account within 5 to 7 business days.

      Please Note: There will be a cancellation charge which will be levied by the money changer.
    2. NetBanking/UPI/Debit Card - You have already sent the funds to the money changers bank account through NetBanking/UPI/Debit Card and now want to cancel your Buy Forex order.

      In this case it may take anywhere between 5 to 14 business days for the funds to be credited back to your account.
    Please Note: If you want to cancel a Buy Forex Order before making the payment then there is no extra charge for it. However, if it’s a Rate Locked Buy Forex Order, then there may be a cancellation charge by the money changer which will be deducted from your Rate Lock Deposit. The balance funds (if any) of your Rate Lock Deposit will be refunded to you.

  • What is your cancellation and refund policy with respect to a buy forex order in ExTravelMoney.com?

    Kindly refer to ExTravelMoney’s Cancellation and Refund Policy to know more about this.

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