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Tips for Utilizing Left Over Foreign Currency After Returning to India

February 2025 5 min Read
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Just back from an unforgettable trip abroad? While the memories last a lifetime, your leftover foreign currency doesn’t have to! Instead of letting it sit idle, here’s how you can put it to good use. You have two options; either exchange it right away or play the waiting game if you think the currency value of the notes you have will rise. 

Instead of waiting for it to gather dust or receiving unfavorable exchange rates, why not make the most of it? Let’s deep dive into how to utilize your remaining foreign currency wisely.

Regulations About Keeping the Foreign Currency

Before deciding what to do with your leftover foreign currency, it’s important to understand RBI’s regulations. Here’s what you need to know:

1. According to the Reserve Bank of India, individuals can hold foreign currency notes or traveler’s cheques up to USD 2,000 or equivalent indefinitely for future use. 

2. If they possess more foreign exchange in cash beyond this limit, they are required to deposit the unused foreign currency within 90 days, and traveler’s cheques within 180 days after returning to India. 

3. There are no set restrictions on the amount of foreign currency that can be brought into India.

4. However, if the value of the foreign currency in cash exceeds USD 5,000, or if the combined value of cash and traveler’s cheques (TCs) exceeds USD 10,000, individuals are required to declare it to the customs authorities upon arrival in India using the Currency Declaration Form (CDF) at the airport.

Tips to Utilize the Leftover Foreign Currency in India

All you want to do after an amazing trip abroad is return to the comfort of your home, but you might still have some leftover foreign currency that you don’t know what to do with. Well, here are a few tips to use the leftover foreign currency:

1. Encash Forex Card or Exchange Currency Notes

The most straightforward way to handle leftover foreign currency is to encash it for INR. While banks offer this service, they often impose hidden charges or offer poor exchange rates. Instead, online forex platforms like BookMyForex provide real-time, transparent rates, ensuring you get the best value for your money.

Now if you have funds left in your Forex card, you can unload them via the card provider’s website or mobile app. Note that forex card unloading may take 3-4 working days to process however, with BookMyForex, you can unload funds instantly to the INR wallet and then use the money in India.

2. Don’t Play the Waiting Game

A few travelers play the waiting game in order to convert when the value of the currency rises. For instance, if you traveled to the US, and you are now back in India, you would like Indian currency to weaken against the US dollar so that you may get more INR when exchanging USD.

It is advised not to use this tactic; here’s why. You shouldn’t be making forecasts if you are not a forex expert, which many of us are not. You may or may not get a better value for it with time. So, it’s better to exchange the currency rather than wait for its value to rise.

3. Keep the Foreign Currency for the Next Trip

You can put the currency aside for your upcoming trip if you frequently travel to the same country for work, business, leisure, or any purpose. Basically, you can choose not to encash the Forex card or keep the currency notes for your subsequent trip.

However, make sure the currency you are keeping for future use is within RBI limits only. If not, you may have to encash the extra amount.

4. Keep it as a Souvenir or Gift It to Family/Friends

Many people like to collect coins and foreign currency. It is indeed an interesting hobby to collect unique exotic notes and coins. Do you enjoy collecting coins? If yes, then you keep some leftover currency with you as a Souvenir.

Does anyone in your family or friends collect coins? Another other option is to give some currency to family or friends as a gift. This would make a truly unique gift.  You can keep foreign coins indefinitely, according to the RBI.

5. Utilize it at Duty-Free Shops

Many international airports in India—such as Delhi, Mumbai, and Bangalore—allow travelers to use leftover foreign currency at duty-free stores. You can use it to buy perfumes, chocolates, gadgets, or luxury items before heading home. Some stores only accept certain denominations (not coins), so check before purchasing.

How Do I Sell the Leftover Currency Notes in India?

If you are not a forex specialist, making any sort of prediction is risky. Hence, we suggest that you encash your leftover currency notes as soon as you can because the value of the currency fluctuates constantly. 

Why settle for less when you can get the best rates with BookMyForex? With real-time exchange rates and doorstep pickup, we ensure you save time and money while exchanging your foreign currency. Don’t just take our word for it—our Trustpilot rating of 4.6/5 speaks for itself!

To exchange your currency, simply place a “Sell” currency order online on our platform from the comfort of your home and a designated person will visit your location to give you the Indian currency in return for the foreign currency notes. Follow the below-mentioned simple process to place an order on BookMyForex:

Step 1: Go to BookMyForex’s website. Tap on ‘Sell Forex.

Step 2: Select your city and currency.

Step 3: Select the amount you want to exchange. Upload the required documents and your order is placed. That’s it. It is that simple!

How to Unload Left Over Foreign Currency From the BookMyForex Card?

If you have a BookMyForex Card, you can effortlessly unload it once you’ve returned from your trip. Here are the steps to follow:

Step 1: Visit the BookMyForex card page (https://www.bookmyforex.com/forex-card/) and tap the ‘Unload’ button.

Step 2: Enter your Forex card number, city, currency, the amount to unload & upload the required documents. 

Step 3: Enter your bank account details where the funds will be transferred or choose the option to instantly unload funds in your INR wallet. And that’s it!!!

Final Thoughts

Leftover foreign currency doesn’t have to be a hassle! Whether you choose to exchange it instantly, save some of it for your next trip (as per RBI guidelines), shop at duty-free stores, gift it to someone, or exchange it for INR, there are plenty of smart ways to make the most of it. If you want the best value for your leftover foreign currency, BookMyForex offers live, transparent exchange rates with doorstep service for currency exchange. Visit bookmyforex.com now.

 

About the Author

Bhawna Nijhawan

Bhawna Nijhawan is the Content Manager at BookMyForex and the go-to person for creating engaging, informative content that resonates with the platform’s diverse audience. With over 8 years of experience in content writing and more than 4 years in the forex industry, she knows exactly how to simplify complex forex topics into something everyone can relate to.

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