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  • Document require to buy foreign currency


  1. Passport
  2. Pan card
  3. Visa
  4. Confirm Ticket

  1. MOA & AOA or Partnership deed
  2. Pan card
  3. Shops & Establishment License(Gumasta)
  4. Company address proof(Utility bill)
  5. Company letter to issue forex with travel detail (sample download)
  6. Letter of authorised signatory (sample download)

  • How much Foreign Currency can be carried while Travelling abroad?

Any person residing in India is allowed to carry foreign currency notes upto US $ 3000/- or equivalent currency of other currencies as per Reserve Bank of India Guideline.

So Indian Custom foreign currency limit is only US$ 3000 but in addition to this you can carry addition currency in form of Traveler's Cheque, Foreign Currency Debit Card.  One can also remit the foreign currency to abroad. Following limits are in inclusive of Foreign currency notes.

FEMA Limits

Purpose Limit
Basic Travel Quota (BTQ) - For Holidays, Personal visits etc USD $10,000 per Trip
Business Travel USD $25,000 per Trip
Immigration - For people who settle abroad in countries like Canada, New Zealand etc. USD $250,000 per year
Employment Abroad - For a person who is going to work abroad USD $250,000 per year
Medical Treatment - For people who are travelling abroad for treatment USD $250,000 per year
Studies Abroad - For students pursuing studies abroad USD $250,000 per academic year

Purpose of travelling abroad fixes the limit of Forex.

Personal visit or Holiday

Personal Visit or Holiday abroad may require spending in foreign currency for hotel accommodation, tour arrangements, shopping, etc. Under this category, an individual is allowed to draw foreign exchange up to $10,000 per Trip in a year for one or more private visits abroad.

Business trip

If you are going abroad for business travel, attending conference or specialized training, you can apply to your bank for release of foreign exchange up to $25,000.

Employment Abroad

RBI has allowed drawing foreign exchange up to $250,000 for taking up employment abroad.

Education - Studies Abroad

You can draw up to $250,000 equivalent per academic year for studying abroad. Studying abroad covers all expenses relating to education including admission fee, tuition fee and purchase of study material. However, if you require funds in excess of $250,000, you need to produce an estimate from the institute you intend to study to the concerned bank.

Medical treatment

An individual willing to travel abroad for getting medical treatment is allowed to withdraw foreign exchange up to $250,000 based on self-declaration of essential details without providing any estimate from a doctor or hospital. However, if the individual wishes to take money over the prescribed limit, she/he will have to provide an estimate from a hospital or doctor. In addition, a maintenance expense of up to $25,000 is allowed.

Emigration facilities

RBI has allowed withdrawal of foreign exchange for Emigration facilities up to $250,000 based on self-declaration or an amount prescribed by the country of emigration.

Liberalized Remittance Scheme (LRS)

In addition to these limits there is a scheme known as Liberalised Remittance Scheme in force since 2004 which allows resident individuals to draw foreign exchange up to a specified limit. The remittance limits under LRS keep changing and under the present limit an individual can draw up to $250,000 per year for the transaction permissible under the scheme. Under this scheme, an individual can freely acquire and hold shares, debentures, units of mutual funds, venture capital funds, unrated debt securities, promissory notes or any other instrument of like nature. Further, the resident can invest in such securities out of the bank account opened abroad under the Scheme. He can also set up a company, enter into joint venture or buy immovable properties abroad provided the law of the host country allows such transactions. Apart from the above, this scheme allows an individual to make remittance as gift or loan to his relative abroad who is a non-resident Indian i.e. an Indian.

Citizen who resides outside India. Further, where an individual has availed of a loan at a time when he was non-resident, he can take the benefit of this scheme to make remittance for repayment of loans.

How to buy Foreign Currency in India?

Foreign exchange can be purchased from any authorised dealer.

Passenger needs Valid passport, Air-ticket and Visa (if visa is not on arrival) to buy foreign currency notes. He can convert foreign currency upto Rs. 50,000/-  in cash per person and more than Rs. 50,000/- he has to pay through cheque.

Maximum limit per person to buy foreign currency notes is equivalent to USDollar 3,000. What does it mean by Equivalent? If USD to INR conversion is Rs. 67.00 per USD, limit to buy other currency is set to buy for INR 201,000/-. So if you are travelling Australia and want to buy Australian Dollar (AUD) @ convertion rate of Rs. 50.00 you can buy AUD 4,000.

  • How much Rupees(INR) can be carried while travelling abroad?

Any person resident in India, may take outside India (other than to Nepal and Bhutan) currency notes of Government of India up to an amount not exceeding Rs.25,000 (Rupees Twenty Five Thousand only) per person.

And an Indian may take or send outside India (other than to Nepal and Bhutan) commemorative coins not exceeding two coins each.

Officially, a person cannot carry more than Rs.25,000/- while travelling abroad in Indian currency. But while travelling abroad a person can carry foreign currency equivalent to US$ 3,000/- and upto US$ 10,000/- in other forms like Forex Card (Foreign Currency Debit card) or Traveler's Cheque.

For more information visit : A.P. (DIR Series) Circular No. 45/2015-16 [(1)/6(R)

  • Travellers Cheque

A safe way to carry back-up travel money with wide acceptance

Convenience

Easy to use and theft - proof way to protect your money when on the move. Visit us and get the Travellers Cheque for amount required.

Choice of Multiple Currency
Travellers Cheques are offered in 6 major currencies like USD, GBP, EURO, CAD, AUD and JPY. These are available in various denominations to suit your needs.

Acceptance

Polo Forex offers American Express Travellers Cheques which are widely accepted at Merchant Establishments and Financial Institutions across more than 200 countries.In the U.S they can be used like cash at retail locations, hotels and restaurants. Outside the U.S they can be used like cash at many locations, or exchanged for local currency at banks, currency exchanges, and travel service locations.

Security

American Express Travellers Cheques comes with signature based security. Loss of Travellers Cheque can be reported anywhere in the world by making a single phone and the pre-fixed amount on the Cheques are made refundable.

Expiry
Valid forever! You can save any unused Travellers Cheques for future trips or you can get the same encashed in any of our Branch.

Buy-Back
When you return back to India, you can en-cash any unused TCs issued with us.

  • TT / Wire Transfer / Demand Draft

Telegraphic Transfers & Wire Transfers

Wire Transfers are considered most secure, reliable and globally accepted remittance mechanism in the world today. We send your money through Banks, which are member of a SWIFT Organization (Society for Worldwide Interbank Financial Telecommunication). Our banks wide network of correspondent banking relationship numbering more than 250 with the world's top banks covering virtually every part of the world ensuring transfer of funds of any amount covering all major currencies.

How does it work ?
  1. Send us a cheque (may take couple of days) or send money through NEFT / RTGS from your local bank to our correspondent bank.
  2. Ensure that your local bank mentions your account number, name address and purpose of remittance in the payment message to avoid any delay in processing your transaction.
  3. Provide us the senders Pan Card copy and Passport copy.
  4. Provide us Swift / BIC Code of receiving bank and country for remittances.

  • Foreign Currency - Travel Card

Travel Cards on VISA / MASTER Network & Multi Currency Travel Card

A safer and modern way to carry money with your

Choice of Currency.

Visa Card is available in US Dollars, Australian Dollars, Canadian Dollars, Swiss Francs, Euros, British Pound, Singapore Dollar, Arab Emirates Dirham and Japanese Yen. Whereas Master Card Travel Card is available in US Dollars only.

The new Multi Currency Travel Prepaid Card will allow you to carry multiple currencies of choice like USD, EUR, GBP, CHF, AUD, CAD, SGD, JPY and AED at the same time to ease your travel needs.

Use them to dine, shop till you drop and take delight in tourist spots to explore exotic landscapes, cultures that is bound to make your trip a memorable one. 27 million merchant establishments across 200 countries accept this card for your convenience and allows access to withdrawal of cash at ATMs with Visa/Plus logo in any part of the world.

Convenient, Secure & Worldwide Acceptance
No more hassles of finding Money Changers and encashing Travelers Cheques. Customers can also shop at over 27 million merchants who accept VISA Flag through out the world. and allows access to withdrawal of cash at ATMs with Visa/Plus logo in any part of the world at nominal charges.

Replacement Card
To take care of emergencies abroad, a Replacement Card is given free of cost as part of the Travel Card Kit.

SMS Alerts & Worldwide Assistance
SMS alerts are sent after every transaction to Indian mobile number updated by the card holder. The Travel Card also provides a comprehensive travel and personal accident insurance to cover the card holder. Bank's 24 hour customer care is also available to assist the customer.

Online Access
Both customers and corporates can get online access to card details, including statements and balance. Internet Transactions on Travel Card can be used to transact over the Internet. Currently we are offering world's 9 major currencies:
  1. US Dollars
  2. Euro
  3. Sterling Pound
  4. Swiss Francs
  5. Australian Dollars
  6. Canadian Dollars
  7. Singapore Dollars
  8. Japanese Yen
  9. Arab Emirates Dirham
So the US Dollar card will have USD loaded on to it (just like the USD Traveler's Cheque). The Card will work in all countries and will dispense local currencies only on usage at ATMs, but in case the US Dollar card is used in say Europe, conversion charges from USD to Euro will be applicable.



FEMA Limits

Purpose Limit
Basic Travel Quota (BTQ) - For Holidays, Personal visits etc USD $10,000 per financial year
Business Travel USD $25,000 per Trip
Immigration - For people who settle abroad in countries like Canada, New Zealand etc. USD $250,000 per year
Employment Abroad - For a person who is going to work abroad USD $250,000 per year
Medical Treatment - For people who are travelling abroad for treatment USD $250,000 per year
Studies Abroad - For students pursuing studies abroad USD $250,000 per academic year

  • Which Currency to carry while travelling to Indonesia / Bali?

It is best to travel with USDollar from India. Indonesian local currency is Indonesian Rupee (IDR).

Conversion Rate from One Indian Rupee = 205 IDR Indonesian Ruppees 1 US Dollar = 14400 IDR Indonesian Rupees

USD is a best currency to carry Indonesia but also can be carried major currencies like Pound, Canadian dollar, Australian Dollar, Newzealand Dollar, Euro etc. In Bali one can have best conversion rates from any currencies to Indonesian Rupees than any other city of  Indonesia.

You can change any currency anywhere without any difficulty so there is probably no need to worry. Hotels and Banks will give you a lower rate - though not by much - than the myriad Money changers in the street stalls and shops. Generally the latter will quote one of two rates: the higher rate will have commission deducted from the total, the lower rate does not. In the end there is very little difference between the two.

If you are in restaurant and your food bill is Rupees 100000, don't get shocked its just 7 US Dollar.

  • Travelling Singapore & Malaysia from India, which currency to carry?

Local currencies are Malaysian Ringgit (MYR) and Singapore Dollar (SGD). But both countries  are good with USDollar, EURO, Pound,  Australian Dollar or Canadian Dollar can be easily converted into to their local currency. In India, if you don't have SGD. In the local market, you need to have local currency only.

What is best to carry SGD, MYR, USD or any other currency??

  • There are no fees or charges to bring your home currency, and no fees or charges to exchange it into Ringgit in Malaysia and Dollar Singapore.
  • The rates offered in Malaysia and Singapore are always BETTER than you could get back home.
  • FOREX booths accept ALL MAJOR currencies.
  • DO remember to bring ONLY bank notes in good overall condition.
  • FOREX booths generally WILL NOT accept bank notes that are torn, ripped, damaged or are excessively marked/stamped.
  • It is the easiest to use, and in most cases the cheapest as well, but has obvious risks associated with loss.
  • You do not have to present ID to exchange foreign currency.

You can get some money changed up at India so you have enough for your incidentals when you arrive, or convert your other currency in your arriving airport.

There are lots of money changers in Malaysia and Singapore, especially in areas popular with tourist. The money changer is pretty straight forward - you give him your money, he will press a few buttons on his calculator and come out with the exchange rate. If you are happy with the rate you will convert your currency for Ringgits. They work exactly as a bank or Travel exchange.  Money changers will usually give a better rate than banks. Do check the money you are receiving is correct.

Debit or Credit cards / ATM / prepaid cash cards

  • Your Indian bank may levy a fee or fees.
  • Using ATMs is a safer option than cash and more convenient than T/Cs.
  • This may be an excellent option if your Indian bank does not charge high fees.
  • ATMs are plentiful and located just about everywhere.
  • *Prepaid Forex Cards - Like ATMs, may also be subject to fees by issuer as well as the local bank ATM.

Remember, you DO NOT need any Ringgit before your arrival as it will subject you to a considerably poorer rate of exchange plus probable commission fees.

The easiest and most secure method of getting your currency in Malaysia is no different than almost anywhere in the world. ATM's are located at the major bank branches, most shopping malls, airports, bus terminals, etc. As normal, a 4 digit PIN is required, so if your password has more digits, change it before you depart on your trip.

Credit cards are widely accepted.  But be careful of possible scamming and do not let the card out of your sight.  Use credit cards for hotel deposits or payments or purchases in department shops.  Use an ATM for topping up your cash.  ATM's to get out cash as needed -usually use May-bank or Public Bank with no problems as long as you tell your bank before you go.  ATM/Credit Cards will usually give good exchange rates but some banks do make a charge, check which bank cards give the best deal.

  • Currency to carry while travelling to Thailand


As on today 20th may 2019, with Indian Rupees INR,

  • THB available @ 2.29
  • USD available @ 71.0
  • And conversion rate from USD to THB is 31.60 THB per USD.
If you buy US Dolllar and convert it, 71.0 /31.60 = 2.24.  THB is cheaper by 0.05 paisa (2%).

Local currency in Thailand is Thai Baht (THB). You should carry THB with you if you have visa on arrival and/or if you need to pay for taxi or bus after leaving airport.

For Thailand, GBP, Euro and USD is fine to carry, but for Indian it's easy to buy USD from local market and you can get good conversion rate for Thai Baht all over the country. On every street you will find a Forex shop to convert your USD. But if you carry 100 dollar bill you'll need to convert all of it and you won't get change back in dollars and you will get lower rate for 20's and 50's bill compared to 100 dollar bill. Also note that you might get bad conversion rate at airport or hotel.

Prepaid Currency card of THB and Credit/Debit Card

Prepaid currency card are safe to carry, but it will cost almost 3% higher to carry and moreover if you withdraw cash from ATM in Thailand, card will charge you 100 Thai Baht extra for every withdrawal. Banks also charges higher conversion rate upto 3.5% for their Debit/credit cards. Indian Rupees can also be converted in THB, but rates are poorer and at every place you do not get it converted.

Carrying currency depend upon your length of stay and pattern of spending money.

Summarising : Best idea is to carry few Thai Baht and rest in USD.

Why Thai Baht ?

All of the below may not apply to you.

1. arrival visa - 1000 baht.
2. prepaid Sim card - 300 baht.
3. duty free shopping - 1500 baht for a bottle of double black.
4. Cab - 300 baht to Bangkok Hotel.
5. Hotel - 2000 baht(incase your hotel needs any deposit)

Almost 5100 baht.

Why US Dollar ?

  1. While you buy foreign currency USD Conversion rate is better. Converting to Baht will give you poor rates
  2. Again, while coming back with remaining Baht, you'll face poor conversion rates than USD.
  3. USD will be less in volume so easy to carry.
  4. Not everyone in Thailand will exchange INR to Baht. USD can be exchanged anywhere.
  5. After returning back with remaining USD, you might just want to keep them for next travel/USD to go up and then exchange with INR.
  6. Also, on one hand you will lose some money during converting INR to USD, but, on the other hand selling USD back to THB could counter some of your earlier losses, as you have a leverage of a significant amount in hand.

Remember to carry a couple of passport size photographs. They need you to have a passport photograph to staple on your application, and take that with you or you will have to pay a large amount to get your picture taken.

Always use the Locker at hotel room to keep money safe.

  • Currency to carry while travelling Dubai(UAE)

The only currency you can spend in Dubai or Sharjah is the Arab Emirates Dirham (AED). So if you are not planning to shop much you should carry Dirhams with you. The currency in Dubai is the UAE dirham (Dhs or AED), which is pegged to the US dollar at the rate of US$ 1 = AED 3.67, this means it doesn't change.

What currencies is best to carry while travelling to Dubai, US$ , AED or Indian Rupees.

You need Dirham everywhere to spend and shop but US Dollar is pegged to the conversion  rate of 3.67 and can be easily exchanged with Money Changer in malls and in shops.

During the month of December to February US Dollar is available cheaper than Dirham in Indian Currency market and if you want a big shopping in Dubai it's a good idea to carry US Dollar.

With USD  you might be able to pay in the bazaar/mall, but the rates won't be all that great, so its always better to have Dirham on hand. Convert your US Dollar to Dirham with Currency Exchange at mall or shops before you need it.

However do not exchange currency USD to AED in the airports or hotels as they give terrible exchange rates.

Somehow, Indian Rupees is also accepted by some of jewellers at Meena Bazar and Gold Souk. Dubai Jewellers might charge you extra for shopping with Debit/Credit card.

ATM are everywhere if you have your debit/credit card or foreign currency card. you as that way you will avoid paying a pointless ATM or over the counter fee and also Indian bank debit/credit card charges higher rate for conversion into foreign currency. Its not advisable use them as you are paying higher rate for foreign currency. Only use them if you are running out of money. But using a foreign currency prepaid card is advisable for shopping because the rate of currency are fixed with card.

Do not take traveller's cheque with you in Dubai, very few places exchange them for currency.

 

Alcohol is expensive in Dubai Bars

If you prefer to drink in hotel room, you should buy couple of bottles from Dubai airport, duty free zone. Bottle of alcohol is not available in Dubai, you can only drink in bars or restaurant.

Drinks are expensive in Dubai and that you are recommended to buy it at the airport.

  • MoneyGram Ahmedabad

MoneyGram Location in Ahmedabad Gujarat India.
MoneyGram, One of the way to receive money in India from abroad.

As any other money transfer company like Western Union or Xpress Money, MoneyGram transfer international money service is fast, simple and convenient to receive money. Some salient features of MoneyGram.

  1. The MoneyGram International Money Transfer Service is a fast, simple and convenient method to transfer money from one place to another.
  2. In India, a person can only receive money from abroad through this service.
  3. This service operates as per the guidelines of the Reserve Bank of India.
  4. Only personal remittances such as remittances towards family maintenance and remittances favouring foreign tourists visiting India are permissible under this service.
  5. Trade related remittances, remittances towards purchase of property, investments or credit to NRE Accounts, etc. or donations/contributions to charitable organizations are not (NOT) permitted to be routed through this service.
  6. A single remittance under this service should not exceed USD 2500 or its equivalent.
  7. Not more than 30 remittances are allowed to be received by a single individual beneficiary through this service in a calendar year.
  8. Payments to the beneficiaries in India should be made in Indian Rupees at ongoing exchange rates.
  9. All payments exceeding Rs.50,000 should be paid only by Cheque or by direct credit in the account of the recipient.
  10. All KYC/AML/CFT norms/rules/regulations/instructions, as mentioned in Reserve Bank of India Master Circular No. 14/2011-12 dated 01 July 2011, as amended from time to time, and all the requirements under the provisions of the Prevention of Money Laundering Act, 2002 and the rules, regulations made there-under, are applicable to the remittances received under this service

  • Xpress Money Ahmedabad

Xpress Money is available the Money Transfer Service Scheme by RBI. It facilitates instant payment of foreign inward remittance in cash (for amount less than Rs. 50,000/-) to individual beneficiaries in India within minutes. The service is a boon to NRIs and their families in India as well as foreign tourists visiting India and foreign students studying in India. It is a hassle free instantaneous payment to beneficiary against photo identification.

Xpress Money, one of the fastest growing Global brands in instant money transfers, has an agent network spanning over 50,000 locations in 100 countries across five continents. This extensive network, together with unique and unrivalled services helps to receive money in India from almost anywhere in the world, within minutes. Swiftness, security and convenience make it one of the favourite brands for instant money transfers. Unique features include payment confirmation to the sender through SMS on payment collection by the beneficiary, which helps avoid costly follow-ups.

Xpress Money in India operates within the purview of RBI guidelines and within the following framework.
  • Only personal remittance such as remittance towards family maintenance and remittances favouring foreign tourists visiting India are permissible.
  • Maximum permissible limit per transaction for Xpress Money is Rs. 50,000/-, per beneficiary
  • Convey the PIN and other details of remittance to the beneficiary over phone or otherwise.
  • Only 12 transactions per beneficiary are permitted in a calendar year
Advantages
  • Extensive network across India
  • Receive money as cash in minutes
  • No Bank account required
  • No back-end charges
  • Phone and pay service at select locations
  • SMS to sender on payment confirmation
  • Full refund on cancellation
Process Flow for Xpress Money  
  • Remitter fills up the Xpress Money form in an Xpress Money outlet abroad and pays the principal amount and charges
  • Details are entered in the system, a receipt is given to the remitter with a unique 16 digit XPIN, Sender informs beneficiary the XPIN, and the amount remitted
  • Beneficiary visits the Receive Agent, fills up the Receive Now Form with details of XPIN and produces a valid photo identity
  • The location confirms the transaction, Beneficiary Receives Cash, Sender receives SMS on payment collection

  • Western Union Ahmedabad

Living abroad, your loved ones are so far away. But when they send money home with Western Union, it brings them closer. With Western Union's state-of-the-art computer systems and a secure global network, the money reaches you safely in minutes.

  1. What is Western Union Money Transfer? Remittances from abroad come by Swift/Drafts/Cheques which takes 10 days to realize the proceeds by the Customer. *In Western Union Money Transfer, the time taken will be very less. *
  2. Describe a typical monetary transaction made through Western Union? If Someone wants to send money to their family in India, all they need to do is walk into a Western Union Agent location. There, they fill out a To Send MoneyForm and hand the amount being sent along with the required service fee to the Agent. The information is then keyed at once into the dedicated Western Union system, which is connected to various centers through a proprietary software around the world. The Receiver/Beneficiary can come to our place offering Western Union Money Transfer Service fill out a To Receive MoneyForm and show proper photo identification. Once this information is verified and found to be satisfactory, Polo Forex pays the Money.
  3. What type of Remittances are permitted / not permitted in this Service?  According to Reserve Bank of India (RBI) guidelines, only personal remittances towards family maintenance and remittances favoring foreign tourists visiting India are permitted under this Service.
  4. All Trade related remittances, remittances towards purchase of property, investments or credit to NRE/FCNR Accounts etc or Donations/Contributions to Charitable organizations are not permitted under this Service.
  5. What is the maximum amount permitted by RBI under this Scheme? Any single remittance under the scheme shall not exceed US Dollors 2500 or its equivalent. We as agent of Western Union can pay up to Rs.49,999/- by Cash and all amounts of Rs.50,000/- and above shall be paid by Pay Order/Demand Drafts (without our Bank Charges) or Direct credit to the Beneficiary Account in the Branch. For Foreign Tourists amount exceeding Rs.50,000/- can be paid by Cash as per RBI permission. Only 30 Remittances shall be permitted in a year by a single recipient.
  6. What the salient features of the Service? The Service is approved by Reserve Bank of India. The Beneficiary/Receiver pays no fee. Neither the Sender nor the Receiver has to have a bank account. The Service is Fast, Safe, Legal & Reliable. Each transfer is protected by a world class security system.
  7. What Identity proof to be submitted for receiving money? Any of the below identity issued by State Government of Central Government with photo id and address can be submitted to receive money.
    • Passport
    • Driving License
    • Voters ID
    • PAN Card with address proof
    • Refugee Card
    • Student ID issued by Government College
    • Bank Pass Book (with Photo)
    • Army card
    • Police Card.
    All these IDs must be valid at the time of transactions.