Whenever you travel abroad, it is inevitable that you’ll come home with some foreign currency notes and some balance on your forex card. Many people are curious whether they should convert it right away or wait until the desired time. You should be aware of certain rules before holding foreign currency. Foreign currency notes are limited to USD 3,000, and any excess must be declared at the airport on a CDF form, also called a Currency Declaration Form. In accordance with Reserve Bank of India policy, foreign currency can be held up to 2,000 USD. RemitX urges customers to return excess foreign currency before the completion of 180 days from the date of their overseas return.
Here are some tips on how to handle leftover currency:
- Some travelers wait for the currency value to rise before converting: A few travellers wait for the currency value to rise in order to get a better exchange rate. for example, If you travelled to the United States and bought US dollars, and now you’re back in India, you’d like the Indian rupee to depreciate against the USD so you can get more INR when you exchange currencies. Avoid this tactic at all costs because it can easily backfire. Unless you are an expert in currencies, which is not the case for most of us, you should not make forecasts. You won’t make much money/you’ll lose money on currency exchanges because of this.
- Use an online forex platform such as RemitX to cash out the currency on your forex card and foreign currency notes: Most travelers prefer to exchange money for local currency to make the process easier. In case you have the remaining balance on your travel card, it is suggested to encash the balance amount into the local currency. Visit/contact a nearby RemitX location for conversion of your foreign currency to Indian rupees on the card. If you wish to sell your foreign currency notes, you can use the online RemitX portal for the best exchange rates available.
- Keep the foreign currency in your wallet for your next trip: This point is useful if you are a frequent traveler. In this scenario, you can keep your money aside for your next trip. In case you visit the same foreign country in near future preserve the currency notes and utilize them. But it is important to adhere to the RBI’s foreign currency holdings limit.
- You can retain a few foreign currency notes and coins as a souvenir and share them with your dear ones.
Final Thoughts!
RemitX is an authentic and accomplished organization, and it has a huge experience in this field of foreign exchange. It provides currency exchange service in different locations that help to enhance the business with no problem of any kind. It aims to give assistance to all its customers without any fraudulence or dispute.