Forex & exchange currency FAQ's

The maximum limit for foreign currency for a leisure trip is USD 25, 00, 00 per traveler in a single financial year, as per regulations. However, only $3000 of that amount can be carried as currency notes – the balance has to be in the form of prepaid forex cards, Remittances or traveller’s cheques. No foreign exchange is available for visit to Nepal and/or Bhutan for any purpose.
You will need a passport, a valid visa, and a confirmed air ticket.

For amounts up to Rs. 50,000, you can use any payment method including cash. If the total amount due exceeds Rs. 50,000, you are only allowed to pay using one of the following payment modes:

  • Net Banking
  • Personal Cheque (subject to clearance)
  • Pay Order (must accompany bank statement showing debit of this transaction)
  • Demand Draft (must accompany bank statement showing debit of this transaction)

In the event of cancellation of the journey, the foreign exchange drawn for this specific travel must be surrendered within 60 days from the date of its purchase.

Foreign Currency Traveller's Cheques are accepted worldwide in over 400,000 locations spread across 200 countries. They can either be encashed or used at exchange bureaus, banks, hotels, shops, restaurants and other establishments; thereby making your travel convenient and hassle-free.

Yes. When you return to India, you can encash any unused Foreign Currency Traveller’s Cheques issued by us.

Prepaid forex cards are Visa/ Mastercard cards and are accepted at most ATMs and stores/ hotels etc. abroad. Prepaid cards are the most recommended and the safest way of carrying currency.

  • US Dollar
  • British Pound
  • Euro
  • Japanese Yen
  • Australian Dollar
  • Canadian Dollar
  • Swiss Franc
  • Singapore Dollar
  • UAE Dirham
  • Swedish Krone
  • Hong Kong Dollar
  • Thai Baht

In general, forex cards issued by Axis Bank and HDFC Bank are valid for 5 years from the date of issue, while ICICI Bank forex cards are valid for 3 years from the date of issue.

Yes. You can buy foreign currency 45 days ahead of your date of travel.

You can carry foreign currency worth up to $3000 as cash, however the best way to carry foreign currency is forex cards.

There is no validity period for Traveller’s Cheques – if unused, you can use them on your next trip abroad as well.

You need to make an FIR to the local police station immediately. Then, forward the FIR number to the issuer of the cheques – for example, AMEX – by calling the toll-free number on your PAF (Purchase Agreement Form).

Unused Foreign Currency Traveller’s Cheques should be surrendered within 45 days of your return to India.

We issue a bill of sale at the time of the exchange. In case of any doubt, you may note the currency number on that bill of sale.

Yes. We also provide a direct remittance service to the institute you are getting enrolled in.

For amounts up to USD 200, any form of ID will do. For amounts greater than USD 200, you will need either a passport (in case of NRIs/foreign visitors) or another Govt. issued photo ID such as driving license, voter’s card, etc.

If the amount exceeds USD 5,000 in cash or exceeds USD 10,000 in total, you will also need a Currency Declaration form.

A Forex card offers negligible or no transaction fee versus high Credit/Debit card transaction rates which can go up to 8.5%!

Please ask the merchant to ensure that he is swiping your card through a credit card terminal and not a debit card terminal. He also needs to ensure that the machine is online and connected. In case both these scenarios don’t work, please report it to us immediately.

You can block your card by logging into your account online, or by calling the card-issuing bank’s helpline directly.

Yes, you can retain the card if the leftover balance on card is less than USD 2000 or its equivalent. In case the balance exceeds this limit, per regulatory norms, you are required to surrender it in not more than 180 days of your return.

You can withdraw cash from any networked ATMs by paying a nominal charge. Kindly ensure that you select the type of Account as "Checking / Current" or "Credit”. The Savings option will not work for prepaid Forex Forex Card.

Yes you can check the balance in most ATMs abroad, and you’re the figures will be reflected in local currency. Please note that this might incur a nominal fee. However, you can check your balance on your online account free of cost.

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