Are you an Indian planning a trip abroad in the coming vacations? Do you want to send your daughter abroad for further education? Do you need to travel out of India for a business trip? If you answered positively, then you should learn all about foreign currency exchange to ensure smooth financial transactions during your stay out of India.
1. What Are Foreign Exchange Limits When Traveling From India?
According to the Liberalised Remittance Scheme (LRS), Authorised Dealers i.e. banks can allow foreign exchange up to USD 2,50,000 per financial year to Indian residents. For minors, their guardians can sign LRS declaration form in their behalf. This does not apply to corporates, HUF, partnership firms, Trusts, and other organizations.
1. For Employment Purpose
If you are going abroad for employment purpose, you can draw foreign exchange up to USD 2,50,000 from any Indian Authorised Dealer in a financial year.
2. For Business Trip
If you are going abroad from India for attending a specialised training, international conference, apprentice training, seminar, or any other business trip, you can get foreign exchange up to USD 2,50,000 for any number of visits per year.
3. For Studying Abroad
For higher studies abroad, you can draw foreign exchange up to USD 2,50,000 without any estimate from the foreign University.
4. Medical Treatment
If you are going abroad for medical treatment, you can get foreign currency exchange up to USD 2,50,000 without any estimate from a doctor or hospital in India or abroad.
You can gift or donate up to USD 2,50,000 each financial year as gift or donation to a person or organization abroad.
6. For Private Visits
- Individuals traveling to all other nations other than Iran, Iraq, Libya, Russian Federation, and any other Republic of Commonwealth of Independent States are permitted to buy foreign currency notes and coins up to USD 3000 only per visit. You can carry balance amount in form of Travellers cheque, debit or credit card, store value cards, and Demand Draft.
- If you are visiting Libya or Iraq, you can draw foreign exchange in form of foreign currency coins and notes up to USD 5000 or equivalent per trip.
- When traveling to Russian Federation and other Republics of Commonwealth of Independent States or Islamic Republic of Iran, you can benefit by drawing entire foreign currency exchange up to USD 2,50,000 in form of notes and coins of foreign currency.
- While traveling for Haj/Umrah pilgrimage, you can get the entire amount of entitlement i.e. USD 2,50,000 in cash or till cash limit as per the Haj Committee of India.
Suggested Read: 10 Things To Check Before You Get Your Currency Exchange
2. Three Best Ways For Foreign Exchange When Traveling Abroad From India
1. Prepaid Forex Card
Multicurrency Forex Card or Borderless Prepaid Travel Card, like one available at Thomas Cook, is one of the best and safest options to carry out smooth transactions when traveling to different countries at reasonable foreign currency exchange rates.
2. Credit & Debit Cards
Another safest option for smooth transactions abroad are credit and debit cards with reasonable foreign exchange rates.
3. Travellers Cheque
Get your Travellers Cheque from Thomas Cook for safe, smooth, and easy transactions in foreign countries without any concerns.
So, make no delay in contacting Thomas Cook for your foreign exchange requirements to enjoy a hassle-free trip abroad.