1. What are the documents required for buying foreign currency?
Copies of passport, confirmed air ticket, visa and PAN card are needed for buying foreign currency or forex card.
2. How much foreign currency can I buy?
A resident Indian is allowed a maximum of USD 2,50,000 per person per financial year. Out of this amount, a person going abroad can buy a maximum of 3000 USD or its equivalent in other currencies as cash. The remaining forex limit can be carried in forex card or traveller’s cheques.
3. What is a forex travel card?
A Forex travel card is a prepaid card with the required foreign currency loaded into it. They work just like a bank debit card. The card is issued by a bank or an authorized money changer. You can carry multiple foreign currencies in a single card.
4. How do I make the payment?
As per RBI rules, cash transactions are limited to INR 50,000. Amounts higher than 50,000 can be paid as NEFT/RTGS transfer to the chosen money changers account. Some money changers provide payment gateway facility also.
5. How much time will it take to deliver the currency?
You will get the currency delivered within two working days of making the payment. Alternatively, you can collect it directly from the store on the same day provided currency is in stock.