ExTravelMoney India's biggest forex marketplace!

Sell Foreign Currency FAQ

  • General

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

    The RBI provides 3 kinds of licences for currency exchange and money transfer abroad;

    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 who probably would be based in a single city or region.
      Ex: Your local authorised money changers
    2. Authorized Dealer Category II (AD-II) - They are basically RBI authorized money changers who have been 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 lets 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.

  • Should the person be present to do the forex transaction?

    For all retail foreign exchange transactions, the person should be present with his/her KYCs for the forex transaction. Door pickup option is also available.

  • Is there any GST/TAX on selling foreign currency?

    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

  • Are the dealers/money changers listed on the website trustworthy?

    All the Banks and Money changers partnering on our platform are authorized by RBI to perform money changing activities. ExTravelMoney.com verifies and lists only authorised money changing stores with RBI licenced exchange houses.

  • Which all are the currencies that can be sold through ExTravelMoney in India?

    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

  • Is there an option to choose the forex dealer?

    Yes, you can definitely choose an authorised forex store of your choice.

    At the 2nd step of our order booking process, you’ll be asked to enter your location to be served.

    When you enter the location, all the nearby banks and money changers, tied-up with us will be displayed to you and you can choose the one best suited to your needs.

    While choosing the dealer always make it a point to compare the transaction fee, whether door pick up of forex is available, what the payment options are and of course the rate.

  • Do you take currencies that are soiled/outdated?

    Unfortunately, our partnering stores do not have the provision to accept currencies that are either soiled or outdated.

    Please ensure that when you are buying foreign currencies, the notes are not torn or soiled.

  • I have made a booking to sell foreign currency but I can visit the branch only tomorrow. Is it possible?

    Yes it is possible. If we confirm a sell forex order (without Rate Lock Deposit), then that order will be only valid till evening 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.

  • Is holding foreign currency illegal?

    Maintaining forex is completely legal in India. An Indian Resident is allowed to hold foreign currency upto USD 2000 or its equivalent indefinitely as per RBI rules.

    However, foreign currency above USD 2,000 equivalent must be encashed within 6 months (182 days) from return to India.

  • Is it safe to sell foreign currency with ExTravelMoney?

    Yes! It is completely safe and secure to sell forex at ExTravelMoney.

    All the banks and money changers in our platform are authorized by RBI to carry out money changing activities which include currency exchange, money transfer abroad and issuing forex cards.

    We only associate with RBI licenced AD-I, AD-II and FFMC stores.

    The RBI provides 3 kinds of licences for currency exchange and money transfer abroad;

    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 who probably would be based in a single city or region. Ex: Your local money changers
    2. Authorized Dealer Category II (AD-II) - They are basically RBI authorized money changers who have been 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 lets 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 do I contact your customer support?

    You can reach out our support team - through;

    Phone: 0-484-288-6900 WhatsApp: 0-484-288-6900

    You can also email us at care@extravelmoney.com

  • Is it necessary to surrender foreign coins to an Authorised Dealer once back from travel?

    The residents can hold foreign coins without any limit. Also, foreign coins are not accepted for exchange by banks and forex stores. We recommend to bring only currency notes while returning to India or visiting India.

  • Who is a Resident Indian?

    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).

  • Which bank gives the best exchange rates in India for selling 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 free door KYC pickup! So much more is possible for you using ExTravelMoney.

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

    You can sell 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 or call 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 sell foreign currency in India. Compare exchange rates of forex stores near you online and place sell 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.

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

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

    1. 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 pickup of KYC.
    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.

  • How to sell foreign currency in India?

    A Resident Indian can sell 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 etc
    For selling 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!

  • Why Should I sell forex with ExTravelMoney.com?

    We offer our customers a 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 sell 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 outmoded.

    Remember it is important to always sell currency to a 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.

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

    Yes, you can sell multiple currencies at the same time through RBI licenced financial institutions such as ;

    1. Banks - SBI, PNB, ICICI, HDFC etc
    2. Money Changers - Thomas Cook, Muthoot Forex, Unimoni etc For selling 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!

  • 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 support executive contacts you to confirm the order.

  • 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 area/location where you want to do the transaction.

    https://www.extravelmoney.com/

  • Can I sell coins?/ Are coins accepted?

    Licenced Banks and Money Changers tied-up with ExTravelMoney do not accept foreign coins.

  • Placing Order

  • Will I get the currency on the same day of placing a sell order?

    Once the order has been placed, our support team will confirm the order in the next 30 minutes. A confirmation mail will be sent to the customer and it will have all the details regarding the store location and the estimated amount.

    If you would like to receive the payment in cash then you can visit the store as instructed in the confirmation mail and collect the INR directly on the same day.

    Please note: Payment in cash is possible only when the total transaction value is less than INR 50,000.

    If you would like to receive the payment in cheque for your foreign currency exchange, you can get it on the same day of doing the transaction but if you want the amount to be transferred to your bank account then it would take transaction + 1 working day to receive the payment.

  • How long does it take to process a sell order?

    When a customer places an order, our customer support executive will confirm it within 30 minutes. An order confirmation mail (estimate) will be sent to the user and it will have all the details regarding the amount, rate, payment mode, store location, contact details and the validity period of the estimate.

    You can then proceed to the store to sell your foreign currency. Door pickup option is also available.

    If you would like to receive the payment in cash then please remember that Payment in cash is possible only when the total transaction value is less than INR 50,000.

    If you would like to receive the payment in cheque for your foreign currency exchange, you can get it on the same day of doing the transaction but if you want the amount to be transferred to your bank account then it would take transaction + 1 working day to receive the payment.

  • How can I track the status of my sell order?

    You can easily track your order status using the “Track your order” option on the top right side of the website or by clicking on the link below;
    https://www.extravelmoney.com/order/track/

    Just enter your registered mobile number to verify and track your order status.

  • How do I know that my sell order is confirmed?

    Once you place a sell forex order with us, we will confirm the order within the next 30 minutes.

    Our customer support team verifies the order by contacting the customer.

    You’ll receive a Confirmation Email on your registered Email ID with the chosen forex store’s address. This indicates that your forex order is confirmed.

    The confirmation email will constitute the following details:

    Estimate details Estimate Number, Payment Mode
    Store details Address, Phone number and map to locate the store
    Estimate charges
    • Total Amount in INR
    • Exchange Rate
    • GST
    • Store transaction charge
    • Door pickup charge
    KYC Documents to be produced PA copy of the confirmed estimate (attached with this mail)

    KYC documents required (any one);
    1. Driving License
    2. Voters ID
    3. Aadhar Card
    4. PAN Card (If required)
    5. Indian Passport (Mandatory for transactions above Rs.25,000)

  • How can I place an order to sell foreign currency through ExTravelMoney.com??

    1. All you need to do is to visit ExTravelMoney - Sell Forex page.
    2. Enter the amount of foreign currency you want to sell.
    3. Enter your location.
    You’ll be shown the list of RBI approved currency exchange centres and banks in that location (having a tie-up with ExTravelMoney) along with their exchange rates and service fees.

    Choose the currency exchange centre offering the best rate and place the order online itself through the ExTravelMoney portal.

    Either get the currency door delivered to you or proceed directly to the store to pick it up.

  • For how long is the rate for a sell forex order valid?

    If you have placed a “Sell 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 6 pm. The funds should be credited to the money changers account before the end of the day (6 pm).

  • Is direct conversion possible? (for example, A customer wants to sell his EUR currency and purchase USD for that amount)

    Direct conversion is not possible. First, the customer needs to sell the forex they have to INR, then convert INR to the required foreign currency.

  • KYC Documents

  • Do we need to have a Currency Declaration Form (CDF) while selling currencies?

    CDF is mandatory for resident Indians, NRIs and Foreign nationals when the foreign currency they are bringing into India is equal to or more than USD 5000 equivalent. This form would have to be produced at the time of selling foreign currency above USD 5000 equivalent. It is issued by the Customs and Central Excise of India, on arrival at International Airports.

  • Is PAN Card necessary for selling forex?

    Most of the money changers or banks insist on receiving a copy of the PAN card. If the exchange value is above 50,000 INR then PAN card is mandatory. This is applicable only for a resident indian.

  • What are the documents required to sell foreign currency in India?

    Indian Passport has to be produced if the transaction amount is above Rs.25,000;

    If the transaction amount is less than Rs.25,000 then any of the following documents can be used for verification.

    1. Indian Passport
    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.

    CDF is issued by the Customs and Central Excise of India, on arrival at International Airports.

  • Are original documents mandatory?

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

  • Can I upload my KYC documents?

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

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

    When you produce KYC documents for selling 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 photocopies.

  • Forex Limits

  • Can Indian residents hold leftover foreign exchange from previous trips and use it for the next trip?

    Yes, India residents can hold leftover foreign exchange indefinitely up to USD 2,000 in the form of currency notes. If they have more than USD 2,000 in their hand, then it must be surrendered within a period of 6 months after coming back to India.

  • What is the limit for Resident Indian to sell foreign currency?

    The limit for resident Indian to sell forex is 5000 USD currency without CDF and can sell up to 2,50,000 USD with CDF per month.

  • How much foreign currency can I sell? Is it same for resident Indians, foreigners and NRIs?

    Resident Indian can sell up to 5,000 USD with their passport without currency declaration form and can sell up to 2,50,0000 USD with currency declaration form per month.

    NRIs can also sell up to 5000 USD without currency declaration form and can sell up to 2,50,0000 USD with currency declaration form per month.

    Foreigners can sell any amount of foreign currency with a valid Indian visa.

  • How much foreign exchange can we bring in to India?

    An individual from overseas who comes to India can bring with him unlimited foreign exchange. But if the aggregate value of the foreign exchange in the form of currency notes, bank notes or travellers cheques exceeds USD 10,000 or its equivalent and/or the value of foreign currency alone exceeds USD 5,000 or its equivalent, it has to be declared to the Customs Authorities at the Airport in the Currency Declaration Form (CDF), upon arrival in India.


  • What is the time limit for a traveller to surrender their foreign exchange?

    Within 180 days of return, travellers are supposed to surrender their unspent forex held as currency notes and travellers cheques. However, they are free to keep hold of forex up to USD 2,000 as foreign currency notes or TCs for future use or credit to their Resident Foreign Currency (Domestic) [RFC (Domestic)] Accounts.


  • Rate Lock

  • What is a Rate Locked Sell Forex order?

    A Rate Locked Sell 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 specified period) with ExTravelMoney.

  • What are the advantages of a Rate Locked Sell 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. You get back your Rate Lock Deposit upon completing the transaction with ExTravelMoney.com (within the Rate Lock Period).

  • How does a Rate Locked Sell 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 INR is set aside by the chosen forex store up to the period of Rate Lock.
    3. If a customer completes the Rate Locked Sell 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.

  • Is booking fee refundable?

    No, Booking fee is not refundable as it is ExTravelMoney’s service charge for providing a platform where customers can compare and book foreign exchange services online

  • Your site is asking for payments (rate lock and 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.

    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.

  • Door Delivery

  • Is door pickup possible to my location?

    Door pickup is possible depending on the forex store you choose and the location from where it has to be picked up.

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

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

  • 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.

  • Is there any fee for door pick up service?

    That depends on the chosen forex store.

    Some stores charge zero fees for pickup 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.

  • How long does it take to door pick up my foreign exchange?

    If your order is confirmed in the morning then the pick up would normally come around in the afternoon and if you order is confirmed after 3 in the afternoon then the store will initiate pick up only the next day. This completely depends on the store.

    To avail door pickup of KYC and foreign currency, the customer needs to do rate lock and the rate lock fee will be refunded once the order has been completed successfully.

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