Changing foreign currency has come a long way in India and there are new ways to exchange money. Now you can get foreign currencies from the bank, money changers or even at the airport. 카지노사이트 Let’s take a look at the different options you have for exchanging foreign currency cash in India and what you will need to do so.
But let’s not forget the easier and most modern way of sending or receiving foreign currency, where you can send money globally online.
Procedure to exchange foreign currency in India
Exchanging foreign currency in India can be a different experience depending on where you go. There are your commercial Indian banks, but also money changers available in local market neighborhoods in major cities. And of course at the airport to make things easy for you when you travel.
One of the newest ways to exchange money is online with websites like Extravelmoney, that help connect money changers with clients online.
But as always, it is best to do your research beforehand, as each type of provider will have their own rules, exchange rate and fees.
Buying and Selling Currencies
Buying Currency: Buying currency is usually when you exchange your home or domestic currency for a foreign one.
For example, if you’re going to the UK and are exchanging your Indian Rupees for Great British Pounds before leaving for the UK.
Selling Currency: Selling currency is usually when you have foreign currencies that you want to exchange or sell for the domestic currency.
For example, if you’ve returned from the UK and have extra Great British Pounds you want to get rid of, you can sell them locally in exchange for Indian Rupees
A popular way to exchange foreign currency in India is with the local Indian commercial banks in the country.
Most larger Indian banks, in addition to the multinational ones, will offer foreign exchange capabilities. But depending on the bank, some will have access to more currencies than others. And different fee structures, for that matter.
How do banks exchange foreign currency?
Banks purchase your foreign currency and give you Indian rupees in exchange. Or take your Indian currency and give you foreign currency in return. The first step is to find the bank branch closest to you that has foreign exchange services.
You can check the rate board physically or online, depending on the bank, to see what the exchange rate is for the currency you want to get rid of. Check the Buy and Sell Rates for your specific currency.
The difference between the Buy and Sell rates is called the ‘spread’ and is how banks make money through exchanging foreign currencies.
Next, identify the service fee to exchange currency at the bank. This fee can vary according to the bank so you may have to ask the bank teller. Also make sure you bring along the documents required for foreign exchanges.
Which banks offer foreign currency exchange?
Most major commercial Indian banks offer foreign currency exchange, but not all may offer the same currencies. Here is a list of popular Indian banks and the currencies they offer for cash exchanges.
Private money changers is another way to exchange currencies in India.
Companies like Western Union and Ria offer in-person exchanges, with an experience similar to a bank. They will have a board listed with the day’s exchange rates for the currencies they offer.
You will have to bring your documents, cash or method to pay for the currency purchase to the counter and the teller will help you with the paperwork and fees.
Money changers can feel more convenient than a bank, operate in an easily accessible location, and may offer more competitive exchange rates or fees.
Another perk of a money changer is that they often operate for more hours than a bank and you won’t be required to have an existing relationship with the money changer to get their forex services.
But just like with a bank, you will want to do your homework ahead of time on which changers offer the best deal for your particular situation. Money changers can also sneak in fees through a marked up exchange rate, currency conversion fees and service fees.