Foreign currency exchange takes place at RBI-approved money changers, airports, banks, and online forex platforms.
Foreign currency exchange entails purchasing or selling a currency after returning from a foreign trip.
Learn about the various options for carrying out the foreign currency exchange process in India. Also, regarding the documents required for currency conversion.
So, let us begin.
Currency exchange in India
Currency exchange is available in India through banks (RBI-issued AD-I licenses) and money changers (AD-II and FFMC license holders).
When people need foreign currency notes, banks are the first option that comes to mind. While it may be a viable option it is not the best option since this comes at a cost that makes this option far more expensive to go ahead with it..
2. Money changers authorized by the RBI
You will get a better deal if you use an authorized money changer instead of a bank. Money changers offer better exchange rates than banks. All major cities and towns in India have money changers. However, the Reserve Bank of India does not license all money changers. Make sure you’re dealing with a legitimate forex provider.
Getting currency from an airport is always an expensive affair, since airport docks are usually the last leg to get currency before you take off and they do have higher overheads than others and that is usually passed on to the customer in the form of service charge.
4. Online foreign exchange
Using a reputed and authorized service to exchange your currency online is a great idea, there are several players, but one needs to be careful while conducing these transactions online, for instance, if you choose to use the WSFx Smart Fx App, you are assured that the company is secured and also have their ISO certification in place.
When buying or selling forex through your bank or a chosen money changer, you will require to provide KYC documentation. It is under RBI regulations, which must be followed by all banks and approved exchange houses.
The following is a list of documents that are usually required:
- Indian passport
- A valid visa for the destination country
- Confirmed ticket indicating travel within 60 days of obtaining foreign exchange
- PAN Card
- Aadhar Card
- A2 Form
You can furthermore, confirm the forex personnel.
Perks of Choosing WSFx for your Foreign Currency
- Doorstep Delivery: When you buy a foreign currency notes and WSFx Smart Currency Card from WSFx, it is delivered to your door. Orders received get delivered at the time and address mentioned by you in the WSFx Smart Fx App.
- Rate Alert: WSFx’s rate alert feature will come in handy if you’re tired of constantly monitoring forex prices. Set an alert at the desired rate, and you will be notified as soon as the live rates of the foreign currency you selected reach the pre-determined amount.
- Order Online Facility: Although most banks and other financial institutions require you to visit them in person, you can buy and sell any foreign currency you want from the comfort of your own home. You don’t have to leave your house to place an order, and you can do so with just a few clicks.
How You Can Exchange Foreign Currency Online with WSFx?
WSFx has been the go-to guide for international students who travel abroad for over 30 years today. Customizing a student’s foreign exchange needs from assuring safe transfers of university fees to helping parents transfer money abroad online to their children and providing the country with the smartest prepaid foreign exchange card, WSFx has cracked the code to manage your overseas living expenses.
Additionally, you can get yourself a free International Student Identity Card (ISIC) when you transact with WSFx! It’s an Annual Membership card which allows you to save maximum money and avail of amazing discounts on Food, Travel, Accommodation, Entertainment. All you have to do is transact with WSFx to get this complimentary card.
Additionally, get your Guaranteed Investment Certificate (GIC) account made at no cost with WSFx and transfer funds to your account from India to Canada in a jiffy.