How to Exchange Foreign Currency in India

GDS FOREX How to Exchange Foreign Currency in India The foreign exchange regulations have been liberalized for many years to facilitate the remittance of funds both in and out of India. And many changes have been introduced continuously in line with the Indian government policy of economic liberalization. But some certain approvals are required from the regulatory authorities for foreign exchange transactions and remittances.

There are many Currency Exchange stores available in India such as Currency Exchange in Noida, Currency Exchange in Delhi, Currency Exchange in Mumbai, and more.

Exchanging foreign currency in India divided into two parts i.e: 1. Buying foreign currency 2. Selling foreign currency

1. Buying Foreign Currency Suppose you have decided to go for a trip, you would need the currency of the country you are going to. Here you would be exchanging your Indian Rupee for that particular foreign currency. Ex: Going to the UK, USA you would be buying

Foreign Currency the US dollar by exchanging your Indian Rupee in hand. This is called buying foreign currency.

2. Selling Foreign Currency And when you come back from a business trip or leisure foreign tour, you may have a balance of foreign currency in your pocket or wallet. Then you would be looking to exchange the foreign currency in hand for Indian Rupee. This process is called selling foreign currency.

Above both processes Buying Foreign Currency and Selling Foreign Currency are under the Currency Exchange process.

How to Exchange Foreign Currency in India Exchange Foreign Currency in Indian Banks Generally, the currency exchange rate given by banks is not the best in the market. As in banks, buying and selling foreign currency is not the main business and it is just an extra service they provide. Hence they are not very concerned about giving attractive rates to customers.

Exchange Foreign Currency with RBI Approved Currency Changers RBI approved money changer has Authorised Dealers Category and Full Fledged Money Changers (FFMCs) license. The Indian money changers are such as Muthoot Forex, Thomas Cook, Cox & Kings, etc.

The benefit of these banks is that a person does not need to have an account with them to buy or sell foreign currency. And also, money changers are more competitive than banks. Hence they offer attractive exchange rates to grab customers.

One can found many money changer stores In India, almost every major town/city. But you need to choose the RBI licensed money changer store. And ensure that you are doing your transaction at a licensed forex store. You can find Foreign Currency Exchange in Delhi, Foreign Currency Exchange in Noida, and many more.

Foreign Exchange currency at the Airport Airports are the last option and place where a traveller going abroad has the chance to buy foreign currency when need to fly etc. Similarly, it is also the first place for selling foreign currency when flying into the other country.

What Documents Required for Money Exchange in India?

One who wants to buying or selling forex through your bank or a chosen money changer, then required to provide KYC (Know your customer) documents. RBI. As all document’s verification is required in compliance with RBI rules and all banks and authorized exchange stores must adhere to this rule.

GD SEIGELL & CO PVT LTD 1/1560, CHURCH ROAD, KASHMERE GATE, DELHI-110006 Email: aneesh@gdsforex.com Mobile: 9810230517, 9810068287, 9311711228, 9311711227