Tips for using leftover currency when you return from your trip to India
If you have traveled abroad, it is likely that you still have foreign currency bills and balances on your currency card. Once you return from the foreign country, you have the option to exchange it on the spot or play the waiting game if you think the monetary value of your tickets will increase.
There are some rules that you must follow when storing foreign currency. The first is that the maximum amount of foreign currency bills allowed is $3,000 and any excess must be declared at the airport by completing a CDF form, also known as a Currency Declaration Form.
Under the policy of the Reserve Bank of India, an Indian is entitled to hold up to US$2,000 in foreign currency or its equivalent indefinitely. Foreign coins worth more than the above limit must be exchanged within 180 days of your return to India.
Here are some tips for managing leftover change:
1. Don’t play the waiting game and wait for the value of the currency to rise: Some travelers play the waiting game to convert once the value of the currency rises. For example, if you went to the United States and bought US dollars and now you are back in India, you would like the Indian currency to depreciate against the US dollar so that you can earn more INR by converting currencies.
It is strongly recommended not to go for this strategy as it may backfire on you. Unless you are an expert in Forex, which many of us are not, you should not make predictions. We assume that there were no major currency fluctuations during your trip. So you don’t have much profit/loss on currency conversion.
If you are playing the waiting game, it is possible that the banknotes in your possession will lose value and you will receive less value if you choose to go through the currency conversion process.
2. Exchange your Forex card balance and sell foreign currency notes through an online exchange platform: Many travelers choose this simple method, where they exchange the balance for local currency (Indian rupee) and the remaining foreign currency notes . You can use the cash withdrawal feature if you have foreign currency on a travel card. You can simply contact the company that issued the travel card and request Indian rupees in exchange for the foreign currency available on the card.
If you want to sell your currency notes, you can do so through our BookMyForex platform, which offers you the best exchange rates that you will not find anywhere else. You can simply place an order on our platform and do the whole process from home. Our designated person will visit you and give you Indian currency in exchange for foreign currency notes. You can see the prices when booking the order. So we have full transparency about it.
3. Save foreign currency for the next trip: If you travel frequently for work or visit the same country frequently, you should save money for your next trip. If you plan to visit this country soon, you can choose not to use the forex card and keep the tickets to use on the next trip. By sticking to the foreign currency holding limit set by the RBI, you can easily save foreign currency for your next trip abroad.
4. Keep some foreign currency bills as a souvenir and give them to your family/friends: If you have any cash left, you can keep some foreign currency bills as a souvenir. This can be done by people who think they will never return to the country. You can save the pieces and keep them as a centerpiece. The other thing you can do is that you can also gift bills to your family or friends. It would be a very special gift.