Going to a different country whether for a vacation, education, or a business trip means a lot many things need to be taken care of. Other than the basic things like tickets, visas, and other amenities, there is another thing that requires immediate attention as soon as one lands, and that is currency exchange. So if you are planning to take a trip from India for business or pleasure, having a clear knowledge of foreign currency exchange is a must. This article will help in understanding every intricacy regarding foreign currency exchange.
Limits of foreign exchange for those who are traveling from India
There is a certain limit of foreign exchange that every dealer or bank needs to follow. Under the Liberalised remittance scheme (LRS), each individual traveling from India can exchange only up to $2,50,000 in a financial year. Also, for the minors who are traveling, LRS can be signed by their guardians.
However, the very same rule which applies to individuals does not apply to any other entity like corporate, organization, HUF, trusts, partnership firms, etc.
The limits of exchange for each type of trip take from India are:
Business trip
If one is visiting from India for any kind of business purposes like;
- International conference
- Specialized training
- Seminars
- Apprentice training etc.
For such visits, one can get up to $2, 50,000 in exchange for each visit in a particular year.
Employment trip
If one who is taking a trip from India for a getting a job in the country, then the limit for foreign exchange stands at $2, 50,000 in a financial year.
Donations
In case of donating or gifting from India to any organization or individual living in a foreign country, the limit is set at $2,50,000.
Medical Treatment
In case one is visiting from India to get medical treatment and help from a doctor in a foreign country, then they can get up to $2,50,000 in foreign exchange. Also, one will not require any estimate from the hospital or doctor.
Education
If one is planning to go abroad from India for further higher education, then the amount of foreign exchange that they can get is $2,50,000. In this one will not require any estimates from the university where one will be studying.
Private visits
In case one is visiting any foreign country for personal purposes, then the limit of foreign exchange tends to change from country to country.
- Countries (except Libya, Iraq, Islamic Republic of Iran, Russian Federation, or any other country part of the republic of the commonwealth of independent states): allows only $3000 to be exchanged in the forms of coins and notes.
- Iraq and Libya: allow to exchange only up to a limit of $5000 in coins and notes.
- Haj/ umrah pilgrimage: allows the entire amount of $2,50,000 to be exchanged in cash (till cash limit) specified by the Haj Committee of India.
- Russian Federation, Iran, and republic of the commonwealth of independent states: allows the visitor to exchange to a limit of $2,50,000.
Every country has its limits of exchanging currency through its authorized dealers, which needs to be followed by the Indian visitors. Also, if there is any balance left, that can be carried back in the form of credit card/ debit card, traveler’s cheque, demand drafts, etc. one can get a hassle-free buying and selling currency at Nine Two Nine Forex.
Ways to exchange Indian currency with foreign currency
Three of the best ways to exchange currency while traveling from India to any other foreign country are:
- Traveler’s cheque: traveler’s cheque is one of the most popular ways to exchange currency as it is easier and smoother than any other method. One can get their cheque prepared from Nine Two Nine Forex.
- Prepaid forex card: for those who are not fond of cash or another hassle, they can simply opt for Nine Two Nine Forex’s borderless prepaid card or multicurrency forex card. Also, the best thing is the fact that one gets a fairly reasonable exchange rate too.
- Credit and debit card: lastly, another very common and popular way to carry out an easy transaction in foreign currency in other countries is debit and credit card.
Final words
Planned the entire trip, and yet the issue of foreign currency is keeping you awake? Well, then
it is better to get the currency problem sorted so that it does not pose a problem while in a foreign country. Go through our blogs to learn more about the foreign currency exchange while taking a trip from India.
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