1. In which forms can I buy foreign exchange?
You can choose to buy foreign exchange in one or more of these modes: cash/currency notes, traveller’s cheques and prepaid multi-currency forex cards. Most people prefer to carry their currency in a combination of cash (generally for smaller expenses) and prepaid multi-currency cards which can be swiped at merchant outlets or used to withdraw cash at an ATM.
2. Which foreign currencies are available with Travel Money India?
Travel Money India allows you to buy and sell more than 15 leading currencies of the world including US Dollar, Great Britain Pound, Euro, Australian Dollar, Canadian Dollar, Thai Baht, Japanese Yen, UAE Dirham, Swiss Franc and more.
3. What if I can’t go to a Travel Money store? Is there another way to pay for my currency and receive it?
Yes, Travel Money India lets you make online payment for the foreign exchange you buy. If you are unable to visit our stores, call our toll free number 1800 200 6668 and we’ll arrange for your foreign exchange to be delivered to your doorstep.
4. Where can I keep track of daily exchange rates?
You can keep track of daily exchange rates on our website. Please note that while buying or selling foreign exchange, prevailing rates on the day of your transaction shall apply.
5. How many days in advance can I buy foreign exchange?
The RBI allows you to buy foreign exchange upto a maximum of 60 days before your date of travel. Effectively, this means a 60-day window to wait and buy foreign exchange when you see a good rate. You will have to share a copy of your flight tickets and valid travel visa to purchase foreign exchange. In case you’re unable to travel within 60 days then the currency you have purchased should be surrendered to an authorised person.
6. Can I buy foreign exchange at the airport?
Only if you don’t mind shelling out 8-9% higher rates plus service charges and commissions! Airports world over tend to charge you more for any service or goods that you avail in their premises and the same is true for foreign exchange. A savvy traveller’s maxim should be to purchase foreign exchange, like flight tickets, in advance.
7. What’s a prepaid multi-currency card? Do I really need one?
Multi-currency cards let you buy and carry multiple currencies in the same card during your trip abroad. The card automatically detects the region you’re in and lets you pay in its currency, and also offers you the option to pay in a different currency. It work just like a debit card, allowing you to withdraw money at an ATM, make purchases at a store and make online payments. On an average, by using a forex card, you will end up saving about 1.5% over currency notes and 3.5% over credit card spends.
8. Is there a limit to how much foreign exchange I can buy?
The RBI has prescribed a limit of USD 2,50,000 for drawing foreign exchange in one financial year. This means that the total sum of all foreign exchange you purchase in one year cannot exceed USD 2,50,000. This applies to different purposes of travel including leisure, business, medical treatment, emigration, employment or education.
9. Are cash payments for purchase of foreign exchange allowed?
Yes, but only for foreign exchange worth Rs.50,000. For purchase of foreign exchange equivalent to Rs 50,000/- and above, payment in full should be made by way of a crossed cheque/ banker’s cheque/ pay order/ demand draft/ debit card / credit card / prepaid card only.
10. Can I keep unspent foreign currency with me upon return to India?
You are allowed to keep foreign exchange worth up to USD 2,000 in the form of foreign currency notes or traveller’s cheques for future use. Any foreign currency (cash and traveller’s cheques) in excess of this limit needs to be surrendered within 180 days of return.