Skip to content

How to Exchange Foreign Currency in India?

Are you looking to exchange foreign currency in India? As the year passes in India, due to technological advancement changing foreign currency has become easier than earlier. Now there are many ways to exchange money you can choose the best one as per your need. If we talk about Foreign currencies, they are now available at the bank, money changers, and airports. Whenever people are traveling overseas for a vacation, studies, and business trip they need to purchase or sell currency online. You can easily sell currency online in India for many purposes.

 5 Best Methods to Exchange Foreign Currency in India:

1. Currency Exchange at Indian Banks:

The Indian banks are the best place where you have already a personal account. You may get great assistance while doing currency conversion. But before going to do keep the important points in your mind:

  • Ask the bankers about the currency exchange rate against the Indian rupee.
  • You should inquire about the service cost and bank offers.

2. Use RBI-approved Money Changers to Sell your Currency:

When exchanging the money in a money changer organization there is no need for an account. unlike banks. If we talk about these money-changers they offer more appealing deals. You should approach these forex retailers in a similar way to approach banks. Just need to arrive at the forex shop and begin the exchange process. You are surprised to know; your funds will be deposited immediately into your accounts.

3. Make a Currency Exchange Rate Comparison:

It is better to compare rates of banks and authorised forex service providers,service fees of banks are always higher.  You need to compare their rates properly. Today we can do this online without going anywhere. All organizations provide you all information about exchange rates on their websites.

4. Documents:

For any transaction to buy or sell currency online you need to produce KYC (know your customer) documents. It does not matter, whether you convert currency at a bank or a money changer.

You must have these documents:

Indian Passport, Adhaar Card, PAN card or voter identification

5. ATM Withdrawals

An ATM is one of the simplest ways to sell currency online India. In the case of NRI, they can withdraw money in India using their debit card from their country. According to the type of card, Indian banks may charge an exchange rate that is applicable and a transaction fee. You know that ATM withdrawals are a relatively simple method of currency exchange.

Final Thoughts

If you are going abroad there is a need to sell Indian currency online and buy foreign currency at the current exchange rate in India. In addition, while coming back to India, people need to sell foreign currency online of the country they visited. So, it is important in order to swap foreign currency, you require to sell currency online in India. For this, you can take assistance from online money exchange and remittance service providers in India.

Thanks for reading! Share this article with your dear ones who want to know about the best methods to exchange foreign currency.