What is the procedure for exchanging foreign currency in India?

[Shashank Bhaskar]

Foreign exchange or Forex has always been an exciting topic in India. But what you should know is how to exchange foreign currencies in India. Foreign currency exchange in India consists of two categories: buying and selling foreign currency. You buy foreign currency while going abroad and sell it on your return to India.

You can avail of online money exchange services for converting USD to INR. It is also helpful for Non-Resident Indian tourists who visit India. If you are travelling to the US, you need to buy Dollars by exchanging the Indian rupee as per the valid exchange rate in India. Consider these methods:

Visit Indian banks

One of the convenient ways to convert the Dollar to INR is through reputed Indian banks. There are numerous privately held and government banks offering foreign currency exchange services. However, remember that you are eligible for the currency exchange only at the bank where you hold an account. Each bank has a valid exchange rate and service fee in India. Make sure to check for the fee rates online before proceeding with the currency exchange process.

RBI-approved financial companies

Another way to exchange Euro in Indian rupees is by approaching financial companies approved by the Reserve Bank of India. You can also do so online for a hassle-free experience. The currency rate converter helps customers check the rate before going ahead with the exchange process.

ATM withdrawals

You can also exchange US Dollar in INR through the ATM. If you are an NRI, use your ATM Debit Card of the resident country to withdraw the amount in India. Indian banks charge an exchange rate applicable in India as a transaction fee and service fee for the overseas ATM card, depending on your card. However, ATM withdrawals are a pretty straightforward way for currency exchange.

Documents

To convert SGD to INR at the bank, you need to submit documents like an Indian passport, confirmed air ticket showing travel within 60 days, PAN or Aadhaar card, valid Visa, driving license, etc. Online currency exchange services have become convenient for people to buy or sell foreign currencies. Whether you travel to a foreign country from India or visit India from a foreign country, enquire about the forex services.

Converter

Nowadays, you find several foreign currency converters online. Use the USD to rupee converter and check the exchange rate before travelling overseas. They fluctuate constantly. The lower the exchange rate, the better it is for you to sell it. A higher exchange rate is better if you buy or send currency, as it means you get more currency for your money.

Conclusion

Convert the currencies online and get accurate results through the calculator. It considers the prevailing exchange rate before displaying the calculation and is accessible throughout the day.