Exchanging Foreign Currency in India
Exchanging foreign currency in India is a seamless process. Though it might be straightforward, there are specific steps that you need to keep in mind before you exchange your currency for the national currency of India.
Pointers to keep in mind while exchanging currency –
• Check the exchange rate from 7 days in advance –
Ensure that you have tabs on the exchange rates of your currency against INR. It should be done seven days before your trip to India so that you can avail the best rates and get the money exchanged based on the rate that you feel is correct.
• Never exchange at airport kiosks –
Airports are quite expensive for foreign exchange. They often take a 5%-10% margin on each of the foreign currency that you might buy or sell. If it’s a necessity, then get it exchanged, if not many foreign current exchange centers in the respective city would give you a much better price.
• Find an authorised dealer –
An RBI authorized dealer is a must when you are willing to get your foreign currency exchanged. If you carry out a transaction with a non-RBI authorised agent, you could end up with fake currency notes or your forex card might stop working and in the worst-case you might land up in a jail.
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