How to Exchange Foreign Currency in India 2024 (2024)

FAQs

What is the best way to exchange currency in India? ›

Through an ATM -

An ATM is the most convenient way to convert currencies in India. To make the necessary withdrawal, you could utilize your ATM Debit Card from your country of residence. When using your ATM card abroad, banks may impose a service fee as well as an exchange rate transaction cost.

To ensure that your India trip goes smoothly, it is best to check in advance and make sure that your home currency can be exchanged for the rupee in India. Major currencies such as USD, GBP, and EUR can be easily exchanged for rupees 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.

Bank Transfer

Bank transfers are usually the cheapest option when it comes to funding your international money transfer with Wise. Bank transfers can be slower than debit or credit cards, but they usually give you the best value for your money.

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.

Conclusion. Bringing US dollars or other foreign currency to India involves adhering to the regulations set forth by the Reserve Bank of India. While there are no restrictions on the amount of currency you can bring, any sum exceeding US $5,000 must be declared to customs authorities using a Currency Declaration Form.

In India, currency is the Rupee. Because the Rupee is non-convertible it cannot be taken out of India, so you cannot get currency before you travel. You can change money at the airport, in banks and large hotels. ATMs are available too, especially in more established resorts.

In general, $100 can buy you quite a lot in India. Some travelers spend less than $20 a day as they sightsee, so it can get you 5 days. For example, in India, $100 can buy 13 nights in good hotels, 30 days in a nice hostel, 4 nice dinners for two, 30 local dinners, domestic flights around India, or a high-quality sari.

How to exchange currency in India at an airport? ›

Step 1: You need to go to BookMyForex.com or can also choose to call us at +91-9212219191 for booking a currency exchange order. Step 3: Then you are asked to upload the KYC documents mandated by the Reserve Bank of India which includes Passport, Visa, Air Ticket and PAN card details.

Foreign exchange can be purchased from any authorised person, such as an AD Category-I bank and AD Category II. Full-Fledged Money Changers (FFMCs) are also permitted to release exchange for business and private visits.

Choosing money changers over banks will yield you a better deal. Money changers provide better exchange rates than banks to entice customers as their business is solely focused on currency conversion. The money changers are available in all major cities and towns throughout India.

Exchange at a bank or credit union before your trip: Exchanging currency at your local bank or credit union is often the most cost-effective method. Since you have an existing relationship, they are likely to offer you the best rates. Plus, you may qualify for certain perks or reviews on your exchange.

You must declare foreign currency to the Indian Customs authorities using the Currency Declaration Form if you bring more than USD 5,000 cash or its equivalent in another currency or is more than USD 10,000 or its equivalent in any other currency either in cash, a forex card or traveller's cheques.

Use a Forex Card

A forex card, also known as a travel card, is a prepaid card loaded with foreign currency. Using a Forex card for international transactions can help you avoid Forex charges. Simply load the card with the currency you need before travelling.

Bringing US dollars or other foreign currency to India involves adhering to the regulations set forth by the Reserve Bank of India. While there are no restrictions on the amount of currency you can bring, any sum exceeding US $5,000 must be declared to customs authorities using a Currency Declaration Form.