Best Ways to Exchange Foreign Currency in India 2024
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Introduction
With the growing popularity of India, there are a lot of people from different countries coming to visit India. Other than foreign tourists, a lot of NRIs are also travelling back to the country often. Many of these people visiting India often face the issue of exchanging foreign currencies into Indian rupees. Here are a few ways in which one can exchange foreign currency in India.
Best Ways to Exchange Foreign Currency in India
Below mentioned are a few ways to exchange foreign currency in India -
- Exchanging currency at Indian Bank -
Indian banks are the trustworthy and safest place to get your currency exchanged. In addition to getting a good deal on exchange rates, you will also get great assistance from bank employees. You also will not need to have a bank account to exchange the currencies. - Through an ATM -
An ATM is the most convenient way to convert currencies in India. To make the necessary withdrawal, you could utilize your ATM Debit Card from your country of residence. When using your ATM card abroad, banks may impose a service fee as well as an exchange rate transaction cost. - Money Exchange Agency Approved by RBI -
Money exchange agencies that are approved by the Reserve Bank of India are also great places to exchange your currencies. In these agencies, you don’t need to have an account to exchange the currencies. As there are many such agencies all over India, they will also offer great exchange rates as well. NRIs wanting to exchange their currency may have to provide some documents to the agencies. - Direct Transfers -
Many banks nowadays offer direct money transfer to their clients. Hence, you can use Netbanking and MobileBanking to transfer their money from their home-country to India. - Documents -
One has to remember that while exchanging currencies, many people have to provide a few documents to the bank or the agencies. These documents are asked from NRIs or Indian and include Indian passport, PAN card, driving license copy, or voter ID. - Comparing Exchange Rates
An NRI should keep in mind this crucial issue when exchanging foreign cash in India. You should compare the conversion rates and service charges levied by the banks and money changers before you start your trip to India.
Also Read: Best ways to carry money while traveling overseas
Source: bankbazaar.com
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