General FAQ

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).

The foreign exchange limit for a Resident India is USD 2,50,000 equivalent.

Liberalized Remittance Scheme is a facility provided by the RBI for all resident Indians including minors, to buy and/or remit foreign exchange up to USD 2,50,000 or its equivalent in any currency per financial year (April - March).

Yes.

In India, you’d have to pay GST for forex transactions.

Take a look at the below table to find out how much tax you are liable to pay according to the amount of money involved in the transaction;

Tax on forex transactions

Money Transfer 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

The maximum GST for forex transactions is capped at Rs. 60,000

Also Read: Tax Implications On Money Transferred From Abroad To India
How Much Tax You’ve To Pay On Foreign Exchange Transactions In India?

Yes, the exchange houses/forex stores listed in ExTravelMoney.com are trustworthy.

There are in total 3 categories of financial institutions which have been authorized by RBI to carry out forex transactions ;

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-ups 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.

Yes, ExTravelMoney is reliable.

ExTravelMoney.com is a genuine website registered in accordance with the rules and laws laid out in Companies Act 2013.

We have been in operation since 2014 having served around 1,00,000+ customers with cost effective outward remittance and currency exchange.

This is our CIN number - U72200KL2014PTC037740

You can enter the same in the link below to verify our authenticity.

Check Company - Ministry of Corporate Affairs
[http://www.mca.gov.in/mcafoportal/showCheckCompanyName.do]

Our partnered Banks and Money Changers
[https://www.extravelmoney.com/forex-partners/]

Trustpilot Reviews by customers who have booked forex with us.
[https://www.trustpilot.com/review/extravelmoney.com]

We only have tie-ups with RBI authorized banks and money changers. ExTravelMoney and its partnered forex houses ensure that all transactions are RBI compliant and follow proper documentation.

A customer’s information is stored securely with us. This is required to ensure compliance with RBI regulations. We do not pass your data to third parties unless it is absolutely necessary to your use of ExTravelMoney.com such as sharing your information with the concerned bank or money changer for processing your transaction.

You may occasionally receive emails from us about our new offers, products or important features we are releasing which may be of benefit to you. However, please be rest assured that your information will not be passed on to third parties for marketing purposes.

To know more please read our Privacy Policy

There are many advantages for ExTravelMoney over Banks and other foreign exchange houses:

1. Wholesale Exchange Rates - The tied-up banks and money changers with ExTravelMoney offer forex services at wholesale rates for customers ordering through the portal. Also, since competition exists between them to grab customer, they quote the cheapest rates. This means you get the best money transfer rates in town without needing to visit and bargain with every forex centre near you.


2. Best Rate Guarantee - Since competition exists between banks and money changers to grab customers through the platform, they put up very competitive exchange rates. This marketplace model allows you to benefit by saving more money on money exchange compared to other services.


3. Order forex 24*7 even when banks are down - Accessible anytime and anywhere since it’s an online platform.


4. Multiple Forex Stores Across India - More than 6500+ forex houses spread across many towns and cities in India. Thus you have the ability to choose from multiple options than just rely on one exchange rate quoted by a single bank or money changer.


5. Door delivery - Get forex delivered or picked up right from your home or office! Go about your day conveniently and leave the hassles of exchanging forex to us.


6. Lock The Exchange Rate - The exchange rate you’ve selected will be valid for you the entire day. If you pay a “Rate Lock Deposit” (which is fully refundable), this rate will be valid for 2 more days.


7. Awesome Customer Support - We offer one of the best customer services in the industry and would take care of the little details of forex transactions efficiently. The status and processing details of your transaction would be mailed and messaged to your registered email and number.

Our exchange rates are updated every 2 minutes

The exchange rate of currencies is dependent upon your location and the forex store. Each individual forex store in ExTravelMoney has their own exchange rates.

The link below will provide you with the current rate. Click on it to know more.
https://www.extravelmoney.com/rates/

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.

Rate Lock Deposit is an additional feature that we provide to customers. 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.

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

1. Cash - Only for buy forex transactions 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 a 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.

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

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

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

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

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.