People exchange currency when they travel to foreign countries for vacations or leisure trips.
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As per RBI's Liberalised Remittance Scheme (LRS), Indian residents can buy and carry foreign exchange up to USD 2,50,000 per financial year for a wide range of purposes. Out of this, only USD 3000 (or equivalent) can be taken as cash exchange, while the rest can be exchanged through forex cards. Here are the key purposes allowed:
People exchange currency when they travel to foreign countries for vacations or leisure trips.
Students going abroad for studies require foreign exchange for tuition fees, living costs, and personal expenses.
Currency exchange is needed for expenses like food, accommodation, etc for business travel.
Individuals emigrating to another country exchange currency to pay for initial living costs, rent, and other expenses.
People going abroad for medical treatment exchange currency to pay for hospital charges, medicines, and accommodation.
Investors exchange currency to fund international investments, such as stocks, property purchases, or business ventures.
When you return to India after an international trip, you must ensure that you deal with your leftover foreign currency in line with RBI regulations.
You can keep up to USD 2000 (or equivalent) indefinitely for future trips; no need to sell forex immediately.
Any amount above USD 2000 must be surrendered to an authorized dealer or money changer in India within 180 days of return.
Airport or offline money exchange counters in India may charge up to 10% extra. Instead, use BookMyForex, which offers the best “sell rates” and hassle-free forex exchange services, including 24/7 digital booking and doorstep collection.
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BookMyForex is the world's first & only forex platform with a rate comparison engine. We have special tie-ups with hundreds of banks & RBI-licensed forex vendors in your area. The vendors quote their rates, and our website shifts through the quotations to compare rates in real-time, so you get the absolute BEST deal!!
To exchange currency online in Secunderabad with BookMyForex, simply follow these Steps!
The BookMyForex App offers a seamless way to manage your money exchange needs. Access live exchange rates, buy or sell forex effortlessly, and reload your forex card instantly, all from the convenience of your smartphone. Plus, enjoy exclusive cashback rewards and other amazing app-exclusive offers.
BookMyForex's scale and technology have helped us create established processes and technologies to ensure that your foreign currency exchange experience is safe and secure. We have built safeguards to protect you from everything from counterfeit currency to unscrupulous vendors to document forgery and payment frauds.
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RBI authorized forex dealers onboarded after background checks
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There are several ways to spot fake currency when you are opting for currency exchange in Secunderabad. Some of them are mentioned below:
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