When you want to do a last-minute Foreign Exchange, you can readily avail Foreign Exchange services at almost all airports. Additionally, these businesses do not insist that you open a bank account, in order to avail their Foreign Exchange service. You can instantly get the currencies exchanged at the best rate.
Currency exchange services through banks are subject to a nominal fee.Īnother 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. For instance, you can avail this facility through our NRI Banking Services. If you have an NRO Account with ICICI Bank, you can easily get the Foreign Exchange in India.
You are eligible to exchange Foreign Currency only If you have an NRO Account, with any Indian bank. The RBI regulated banks are legally permitted to buy or sell foreign currencies. Ways to exchange Foreign Currency in India: You can check online to know what rates are available Try to analyse the present currency rates. Such dealers provide the best rates possible Exchanging foreign currency in India India can be done at banks, RBI approved NBFCs and even at airports.īefore approaching any bank or any other entity for Foreign Exchange, please consider the following:Īuthorised currency dealers, such as banks or NBFCs do a regular analysis of the market fluctuations and comply with the regulatory norms In such a case, you will have to exchange the Foreign Currency, for Indian Rupee in order to proceed with transactions. Once you are back from a business or leisure trip, you may have unspent Foreign Currency in your wallet. When you are travelling overseas for education, business or leisure trips, you will need the respective countries currency for all transactions.
There are many avenues through which you can buy and sell currencies these include private money changers, banks, airports, among others. Exchanging Foreign Currency in India has come a long way.
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