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2 mins Read | 1 Year Ago

How To Exchange Foreign Currency in India?

Exchanging Foreign Currency in India has come a long way. There are many avenues through which you can buy and sell currencies; these include private money changers, banks, airports, among others.

When you are travelling overseas for education, business or leisure trips, you will need the respective countries currency for all transactions. Once you are back from a business or leisure trip, you may have unspent Foreign Currency in your wallet. In such a case, you will have to exchange the Foreign Currency, for Indian Rupee in order to proceed with transactions. Exchanging foreign currency in India India can be done at banks, RBI approved NBFCs and even at airports.

Before approaching any bank or any other entity for Foreign Exchange, please consider the following:

  • Authorised currency dealers, such as banks or NBFCs do a regular analysis of the market fluctuations and comply with the regulatory norms

  • Such dealers provide the best rates possible

  • Try to analyse the present currency rates. You can check online to know what rates are available

  • Keep your KYC documents ready.

Ways to exchange Foreign Currency in India:

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. For instance, you can avail this facility through our NRI Banking Services. Currency exchange services through banks are subject to a nominal fee.

Private money changers:
Another option is to visit private money changers that are licensed by RBI or have a Full-Fledged Money Changer License (FFMC) provided under Section 10 (1) of the Foreign Exchange Management Act. You can instantly get the currencies exchanged at the best rate. Additionally, these businesses do not insist that you open a bank account, in order to avail their Foreign Exchange service.

Airports:
When you want to do a last-minute Foreign Exchange, you can readily avail Foreign Exchange services at almost all airports. The rates may not be profitable, as you may lose money to commission.

Physically visiting banks or entities for buying or selling foreign currencies can be a hassle at times. Instead, you can opt for ICICI Bank’s Online Forex Prepaid Cards. The online facility enables you to get a Forex Prepaid Card that is delivered to your doorstep. When overseas, you can load your card with the desired currency, through ICICI Bank Internet Banking or the iMobile Pay app anytime, anywhere. In case you are left with Foreign Currency on your return to India, the unspent forex on the Forex Prepaid Card can be refunded at the click of a button. Below are some of the benefits you can avail, with an ICICI Bank Forex Prepaid Card.

Forex online services:

  • Avail a personalised Forex Prepaid Card that gets delivered to your doorstep

  • Choose from multiple variants, with various travel benefits

  • Available in 15 currencies — USD, EUR, GBP, CAD, AUD, CHF, JPY, SGD, AED, SEK, ZAR, SAR, THB, NZD and HKD

  • ICICI Bank Forex Prepaid Cards are accepted worldwide.

 

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