Reserve Bank of India is the apex monetary institution of India. RBI authorized certain agents to do the foreign exchange transactions by properly following the guidelines prescribed. If you are having any foreign exchange transactions from Machilipatnam, Unimoni can be the best choice as we can help you in foreign exchange transactions with simple and easy to follow procedures. Also with the expertise we have we can provide you the best rates for your currencies.
How much foreign currency you can bring from a foreign country?
You can bring any amount of foreign currency from abroad. But above certain limits, you have to get the declaration from Airport Customs Authorities and known as Currency Declaration Form (CDF). And this declaration is required while you exchange foreign currencies with an agent. A CDF is required where the foreign exchange in the form of currency notes and traveler’s cheques brought in by a person at any one time exceeds US$ 10,000 or its equivalent or the aggregate value of foreign currency notes brought in by such person at any one time exceeds US$ 5,000 or its equivalent.
Rate Factor in Currency Exchanges:
As you know exchange rate is an important aspect in currency exchanges. You may tend to exchange currencies with the agent who is offering higher rates for your currencies. But there are some unauthorized agents who may offer higher rates for your currencies compared to market rates but such transactions might be done by deviating the guidelines of RBI and it can become a headache for you later. So rely on authorized agents for better rates related to live market rates and for safe transactions.
How much foreign currency you can carry in a foreign trip?
As per the Limits set by RBI, you can carry foreign currency of $3,000 or equivalent per visit in the form of notes and coins. If you are not interested to carry foreign currency in your travel, you can avail the option of prepaid travel card. You are allowed to carry above USD 3000 if you are travelling to Islamic Republican of Iran, Russian Federation and Republics of Commonwealth of Independent States.
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Points to Consider in Foreign Currency Exchanges:
- Always approach an Authorized service provider with a license from RBI for currency exchange.
- Research on current foreign currency rate through online modes.
- Be familiar with normal transaction charges.
- Avoid currency exchange dealers you see in airports, train stations, and other touristy areas, which often are too expensive.
- Currency exchanges above Rs.50000 should be done through online/cheque modes.
- Always collect the transaction documents for future references.
- PAN card is a must for foreign currency purchase from Unimoni Branches.
Better Rates and Low Charges:
Only authorized agents can provide you better rates for your foreign currencies with minimum transaction charges. Unimoni is the first company in India to get the Authorized Dealer II (AD II) license from RBI and have rich experience in foreign currency exchanges. If you are looking for foreign currency exchange, and especially from Machilipatnam, please feel free to get in touch with us by visiting our website https://www.unimoni.in/ or make a call to our branch in Machilipatnam or mail us at customercare@unimoniindia.com
