How to Exchange Foreign Currency in India 2024 (2024)

FAQs

What is the best way to exchange currency in India? ›

Through an ATM -

An ATM is the most convenient way to convert currencies in India. To make the necessary withdrawal, you could utilize your ATM Debit Card from your country of residence.

Carry some cash with you at the start of your trip

This means you'll need to deal with currency exchange once you arrive, as opposed to beforehand. So, it's a good idea to have some cash on you (in pounds) when you arrive in India, in case you can't find an ATM.

Local banks and credit unions usually offer the best rates. Major banks, such as Chase or Bank of America, often offer the added benefit of having ATMs overseas. Online peer-to-peer foreign currency exchanges. Online bureaus or currency converters, such as Travelex, provide convenient foreign exchange services.

Exchange at a bank or credit union before your trip: Exchanging currency at your local bank or credit union is often the most cost-effective method. Since you have an existing relationship, they are likely to offer you the best rates. Plus, you may qualify for certain perks or reviews on your exchange.

There's no limit, however, to how much foreign currency you can bring into India. Although, you will have to declare it if the amount exceeds US$5,000 in notes and coins, or US$10,000 in notes, coins, and traveller's cheques².

You must declare foreign currency to the Indian Customs authorities using the Currency Declaration Form if you bring more than USD 5,000 cash or its equivalent in another currency or is more than USD 10,000 or its equivalent in any other currency either in cash, a forex card or traveller's cheques.

According to the latest information, travelers entering India can bring in US dollars or other foreign currencies without restrictions. However, any amount exceeding US $5,000 or its equivalent in other currencies must be declared to the customs authorities upon arrival using a Currency Declaration Form (CDF).

Is cash or card better in India? ›

Many hotels, upmarket restaurants, and shops allow you to pay by credit card. Smaller sellers only accept cash, so it's best to keep some rupee as a backup option. The most widely accepted cards In India are MasterCard and Visa. American Express is generally accepted by major hotels and restaurants.

Passport and PAN card are mandatory for transactions above Rs. 25000. For forex sell transactions above USD 5,000 or it's equivalent in others currencies, foreigners/NRIs have to produce the currency declaration form (CDF) form which can be obtained from Airport Customs Authorities.

The RBI regulated banks are legally permitted to buy or sell foreign currencies. You are eligible to exchange Foreign Currency only If you have an NRO Account, with any Indian bank. If you have an NRO Account with ICICI Bank, you can easily get the Foreign Exchange in India.

Exchange rates at banks are slightly better than elsewhere. You can also order currency before you leave on your trip from a number of websites that will ship it to your home within a couple of days.

Use a Forex Card

A forex card, also known as a travel card, is a prepaid card loaded with foreign currency. Using a Forex card for international transactions can help you avoid Forex charges. Simply load the card with the currency you need before travelling.

$1 = ₹ 83.74 (USD to INR) is the best current exchange rate to transfer money from USA to INDIA (US Dollar to Indian Rupee)

Look at online currency specialists

Online currency exchange brokers, such as Travelex, Eurochange, TravelFX, TorFX, and the Currency Online Group, are all likely to offer more competitive exchange rates compared to the high street banks. These providers offer a wide range of currencies for home delivery.