Sought after details of Foreign Currency Exchange Rates
The world is moving faster with advanced technologies. Things are getting more digitalized in all manners. Foreign currency exchange rates play a major role in the growth and development of the nation. Every year industry shows a tremendous increase in demand for money exchange. A sought-after service essential for overseas trips, send money abroad, and transfer of funds.
What are things to remember while exchanging foreign currency?
- Authorized money exchanges in India have a regular analysis of the market fluctuations and consistently comply with the regulatory norms. Hence it’s essential to check with an authorized foreign currency exchange dealer for better exchange rates today.
- These exchange offices provide the cheapest and best exchange rates today
- It is often advisable to avoid money exchange in airports during the last-minute rushes to catch the flight
- Check online for foreign exchange rates today to know what are best rates available
- Try carrying 60% of the money required in cash while traveling abroad
- Get a foreign currency card for your travel abroad to swipe at POS or for other overseas payments
- Exchange foreign currency that is leftover with you with the foreign currency exchange near me, a dealer at the earliest as its illegal to hold foreign currency in India for long
How to do money exchange?
- Try to analyze foreign currency exchange rates today by calling authorized dealers holding license from RBI
- Get your KYC documents ready before approaching the dealer as KYC is mandatory for such authenticated service providers
- Make you of the best foreign currency exchange near me that offers best rates
- Copy of any personal ID, self-attested with the date is the most essential, and remember to put the date to avoid misuse of your KYC document for any money exchange
- It is advisable to count your foreign currency before submitting and count your exchanged foreign currency before leaving the counter
What is the cheapest way for money exchange?
You can save money while buying currency with these simple tips
- Make a study of the current foreign currency rate through online modes.
- Compare the currency rates today with the authorized dealers before deciding.
- Try to analyze present currency rates by calling authorized dealers holding license from RBI
- Usually authorized dealer provide good rates and often safe to exchange with them
How can you reduce the risk of money exchange?
Various fake currency dealers with no valid license exist in the marketplace and approaching them might lead to mishaps. It is often advisable to rely on Reserve Bank of India license holders who have standard procedures and fixed offices to cater to your foreign currency exchange requirements.
How long can you keep foreign currency?
- Reserve Bank of India has set a limit of 90 days to return the foreign currency notes
- There are chances of notes getting stale or outdated
How much foreign currency notes can be kept with you?
- Keep leftover foreign currency up to USD 2,000 as Foreign Currency notes
Can foreign currency notes be kept at home?
- You can keep foreign currency notes at home up to USD 2000 to be returned before the stipulated period
What to do with the leftover foreign currency?
- Buy a rare souvenir for your loved ones
- Check the exchange rates today online and sell it when rates are good
What is the best time to sell foreign currency notes?
- The best time to exchange foreign currency is in the morning or late in the afternoon.
How many foreign currency notes can I carry while traveling?
- USD 3,000 or equivalent can be carried in the form of currency notes
What is the most demanded foreign currency to hold?
- Dollar (USD),
- Swiss Franc (CHF),
- Canadian Dollar (CAD),
- European Euro (EUR),
- Australian Dollar (AUD)
- Japanese Yen (JPY),
- Sterling Pound (GBP),
- UAE Dirhams (AED)
- New Zealand Dollars (NZD)
- Euro (EUR)
There currencies are often high valued and exchange it only when the exchange rate today are higher. Just keep checking the currency rates today and also the days that you have being holding the leftover currency.
What are other demanded foreign currency to hold?
| SAR | Saudi Riyals |
| OMR | Omani Rials |
| BHD | Bahrain Dinars |
| KWD | Kuwait Dinars |
| QTR | Qatar Riyals |
| SGD | Singapore Dollars |
| HKD | Hongkong Dollars |
| DKK | Danish Kroners |
| EGP | Egyptian Pounds |
| JOD | Jordan Dinars |
| MYR | Malaysian Ringitt |
| NOK | Norwegian Kroners |
| SEK | Swedish Kroners |
| THB | Thai Bhats |
| ZAR | South African Rands |
| BDT | Bangladesh Taka |
| BND | Brunei Dollar |
| IDR | Indonesian Rupiah |
| SLR | Sri Lanka Rupee |
| PKR | Pakistan Rupee |
| SCP | Scotish Pound |
| CNY | Chineseyuan Renminbi |
| NPR | Nepali Rupee |
| KWN | Korean Won |
What are documents required for foreign currency exchange?
- Copy of any personal ID, self-attested with the date is the most essential like PAN card, Voter ID card, Passport, Driving licence, Government ID card, Photo ration card, etc.
- Remember to put the date to avoid misuse of your KYC document.
How to identify fake currency notes?
- Keep an eye on the watermark as the fake ones have a transparent look
- Figures in the note might not have alignment
- Check the broken printed lines and ink smudges
Always visit an authorized service provider to avoid all such hassles
It is often advisable to carry some money in the form of currency for immediate requirements like paying for food, drink or cab. Rest of the amount you can carry in your Prepaid Multi-currency card for paying through POS.
