Guide to buying Foreign Exchange in India - ExTravelMoney.com

Here is an A-Z guide to getting foreign currency exchange in India. Includes RBI guidelines to be followed and tips to get better exchange rates.

1. GUIDE TO
BUYING -
FOREIGN
EXCHANGE IN
INDIA Ÿ”

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2. BUY FOREX
WELL BEFORE

- Get your Forex a week before the travel date
- Currency rates can fluctuate dramatically
« Can wait for 2-3 days if the rates are high

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3. NEVER EXCHANGE
AT AIRPORT

- The most expensive option by far

- Commissions go as high as 15%

« You'd be left with no other choice, can't
bargain either!

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4. COMPARE
EXCHANGE RATES

- Exchange rates vary from vendor to vendor
- Compare rates offered by at least 3 vendors
. Extravelmoney.com lets you do the same online

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5. GET A FOREX
TRAVEL CARD

- It works just like your debit card, can swipe
or withrdraw cash from ATM

» Carry 30% Forex in cash, rest in card

- Will always get better rates than currency

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6. NO DEBIT/CREDIT
CARDS

- Conversion mark up can go up to 5%

- Cash withdrawals will be subject to unnecessary
interest rates and currency fluctuations

- Use a prepaid Forex card instead

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7. AVOID TRAVELERS
CHEQUES

- Travelers cheque are a thing of the past
- It is not preferred in most places
« Merchants/Banks charge 4-6% on en-cashing

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8. KEEP A SPARE
FOREX CARD

- Can avail a spare Forex card with the original
- Most money changers does n't charge any thing
extra for the spare one

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9. BEWARE OF
COUNTERFEITS

- Check for counterfeit currencies before leaving
the counter

+ Make sure the money changer is RBI authorized

« Insist bill on all transactions

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10. PREFER FUND
TRANSFER

- Cash payments are limited to INR 50,000

« You can transfer funds via NEFT/RTGS directly
to the money changer's account

+ It will make the transaction transparent &

traceable

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11. ENCASH ©
LEFTOVER FOREX

« Convert leftover Forex to INR, once you return

- You can let the balance remain in your card

- However, you cannot keep Forex worth more than
USD 2000, after 6 months from the date of return

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12. THANK YOU

« ExTravelMoney.com, India's Biggest Forex Marketplace!