How to buy foreign currency? This is a question worth asking while travelling abroad. You could be on a business trip or a holiday. You can buy foreign currency in several ways.
Visit your local bank branch: First, we will see how to convert currency manually. For this, you may approach your local bank. Banks generally offer competitive exchange rates and charges. Visit the bank in person on a working day to buy the foreign currency you need. HDFC Bank branches have forex services that let you buy foreign cash in 22 major currencies.
Go to a forex dealer or travel agent: Similarly, you can buy foreign exchange from your travel agent. You can also buy foreign exchange from Reserve Bank of India (RBI)-authorised foreign exchange dealers. You should compare exchange rates offered before buying.
Order online: There are several online options to buy foreign currency. Here, buying foreign currency is only a click away. Many banks provide online forex services. To buy foreign currency, you need to visit the bank’s website and log in to internet banking. The facility is usually available during working hours.
Otherwise, you can opt for one of the online forex players. You can order the currency online and get it delivered at your doorstep. Or, you may have the option of picking it up from a branch. With all these details, don’t get worked up over how to get foreign currency.
These online sites will have an exchange rate calculator. First, decide the amount of foreign currency you need. You need to select the currency you have. Next, select the currency you want to convert it to. The site will display the exchange rate. Also, check the currency conversion fee. Using this tool you will get to know how much local currency you need.
If you are getting it delivered at your doorstep, shipping charges may be involved. If you are buying a certain amount of currency, there is generally a waiver. A forex dealer may waive off this fee for orders over Rs 50,000. You need to order foreign currency online at least three days in advance. If you have a shorter time, do it offline. You can also lock-in an exchange rate by paying a refundable advance fee.
At the airport: Like banks, you can also buy foreign currency at the airport. However, it should always be your last resort. This is because you have to pay higher fees and currency conversion charges. For a similar reason, you are also advised to not buy foreign currency at a hotel.
As discussed, there are several ways of buying foreign exchange. Compare exchange rates before making a decision.
Looking for the best way to buy foreign exchange? Click here.
FAQs
Indian banks:
The RBI regulated banks are legally permitted to buy or sell foreign currencies. You are eligible to exchange Foreign Currency only If you have an NRO Account, with any Indian bank. If you have an NRO Account with ICICI Bank, you can easily get the Foreign Exchange in India.
Which Indian bank is best for foreign exchange? ›
Here are some of the leading banks in India known for offering favorable forex rates:
- State Bank of India (SBI) SBI, India's largest bank, provides forex services with competitive rates. ...
- HDFC Bank. ...
- ICICI Bank. ...
- Axis Bank. ...
- Standard Chartered Bank. ...
- Kotak Mahindra Bank. ...
- Exchange Rates. ...
- Service Charges and Fees.
ICICI Bank RFC (D) Account facilitates to meet your needs for accessing Foreign Exchange frequently, without any hassle. It is an account with balance held in foreign currency, which helps in getting forex in the form of cash, traveller's cheques, card and foreign currency DD, as per the customer's needs.
Can NRIs buy foreign currency in India? ›
The Reserve Bank of India (RBI) allows Indian banks to legally buy and sell foreign currencies. You can visit any RBI-authorised bank across the country to exchange your foreign currency. For NRIs, using an NRO (Non-Resident Ordinary) Account to facilitate this exchange can be particularly beneficial.
What is the cheapest way to convert currency in India? ›
Which way would be considered the cheapest method to exchange currency in India? The cheapest method to exchange currency in India is ATM withdrawals. One can use the debit card from their country of origin to withdraw money from ATMs in India. How much foreign currency is permissible for NRIs to take out of India?
Which bank is best for currency exchange? ›
Financial institutions that allow you to exchange foreign currency
- TD Bank: TD Bank has 55 types of currencies. ...
- U.S. Bank: US Bank customers may exchange currency at a local branch or online. ...
- Wings Financial Credit Union: Wings Financial Credit Union has over 90 different currencies.
Visit the bank in person on a working day to buy the foreign currency you need. HDFC Bank branches have forex services that let you buy foreign cash in 22 major currencies. Go to a forex dealer or travel agent: Similarly, you can buy foreign exchange from your travel agent.
How much USD can I carry from India? ›
Forex Card, Traveler's Cheque, and Remittance
Besides the cash limit, there are additional options for carrying foreign currency. According to the scheme issued by the RBI, an Indian resident can carry up to USD 3,000 in cash (per trip). Any balance amount can be carried in the form of Traveler's Cheque or Forex Cards.
Which Indian bank is best for USA? ›
Notable among these are the State Bank of India, ICICI Bank, and Bank of Baroda, which operate via overseas branches, subsidiaries, or representative offices. They offer a plethora of banking and investment services tailored to US citizens and NRIs in the US.
Can NRI hold USD account in India? ›
An RFC (Resident Foreign Currency) Savings Account is a savings account maintained in foreign currencies - USD and GBP - for NRIs who have returned to India and hold funds in foreign currency.
Yes, the Reserve Bank of India allows Indian citizens to use their bank accounts to receive foreign remittances.
Can I keep USD in India? ›
There's no limit, however, to how much foreign currency you can bring into India. Although, you will have to declare it if the amount exceeds US$5,000 in notes and coins, or US$10,000 in notes, coins, and traveller's cheques².
What documents are required to buy foreign currency in India? ›
What are the documents required for buying foreign currency? Copies of a valid Passport, Confirmed air ticket, Visa (mandatory for some countries) and PAN card (if needed by money changer) are required for buying foreign currency.
Can OCI buy forex in India? ›
PIO / OCI card holders not permanently staying in India - not eligible to buy forex. Only foreign passport holders who are permanently staying in India can buy forex for private visit.
Which bank is best for currency exchange in India? ›
SBM Bank India brings you the best forex rates. Backed by the most reliable leading currency rate providers around the globe, enjoy competitive forex rates like no other.
How to exchange US dollar to Indian rupee in India? ›
There are multiple ways to convert USD to INR in India for example, at your local bank branch, at airports, offline money changers, or online via reputed forex platforms like BookMyForex. Having to run to a bank or an offline money changer every time you want to convert currency isn't convenient.
Can I exchange foreign currency at SBI? ›
SBI offers its clients the opportunity to trade in four currency pairs namely; USD/INR, EURO/INR, GBP/INR and JPY/INR as permitted by Regulatory authorities SEBI & RBI.
How do I exchange foreign currency at a bank? ›
How to Exchange Currency
- Contact a bank or credit union to make sure it has the currency or will accept foreign currency, and check what the fees are.
- Find exchange rates through your bank, credit union or websites such as xe.com.
- Check the bank's exchange rate to make sure it's fair.
- Arrange for pickup or delivery.
Forex Services
| Upto USD 500 or equivalent | Rs. 200 + applicable taxes |
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| Above USD 500 to USD 10000 or equivalent | Rs. 300 + applicable taxes |
| Above USD 10000 or equivalent | Rs. 500 + applicable taxes |
