Cheapest way to get foreign currency

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Friends what is cheapest way to get foreign currency for 80000 inr? Currency needed is us dollars. which organization charge lowest forex and other charge?how to do kyc for same?

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1.00 US Dollar = 74.386321 Indian Rupees

Find friends who have US$ and trade.. other wise there is tax and GST and foreign exchange markup..

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If you’re traveling to US you can take niyo card and just it directly they have 0% charges.

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Are you planning on any online purchases or use it during any travel?

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alienteck wrote:

1.00 US Dollar = 74.386321 Indian Rupees

Find friends who have US$ and trade.. other wise there is tax and GST and foreign exchange markup..

please explain other wise there is tax and GST and foreign exchange markup..

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GuruGhantaal wrote:

If you’re traveling to US you can take niyo card and just it directly they have 0% charges.

need currency

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andromeda wrote:

Are you planning on any online purchases or use it during any travel?

friend travelling to north america for job purposes.

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kukdookoo wrote:

need currency

I think you can take out from Atm as well.
Indusind also have one dc with 0 forex check that as well

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GuruGhantaal wrote:

I think you can take out from Atm as well.
Indusind also have one dc with 0 forex check that as well

no indusind acc sirg. anyway to convert inr to usd

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kukdookoo wrote:

no indusind acc sirg. anyway to convert inr to usd

Arey bhai, why trying to save a few hundred rupees when going to spend lakhs. Just get the currency from any bank, stop looking for “cheaper” way as there is none(other than getting it directly from friends/relatives in US when your friend lands there).

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GuruGhantaal wrote:

If you’re traveling to US you can take niyo card and just it directly they have 0% charges.

He needs currency & international ATM withdrawals are chargeable.

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I think you can get sbi forex card I heard it is good. They also give currency in their main branches

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guest_999 wrote:

Arey bhai, why trying to save a few hundred rupees when going to spend lakhs. Just get the currency from any bank, stop looking for “cheaper” way as there is none(other than getting it directly from friends/relatives in US when your friend lands there).

Is having account mandatory?

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kukdookoo wrote:

Is having account mandatory?

For banks, yes. For RBI licensed money changers like Muthoot Finance, no. Documents like passport etc are required everywhere though.

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Local money exchange desks are the cheapest, look for popular travel agencies, they generally give better rates. Use 2 passports to get 40k + 40k (more than 50k I think you will need PAN and extra money will be needed).

Forex card from Banks are good, but use them if you need atm withdrawals. I have experience with HDFC’s forexplus regalia card, it was very helpful while travelling.

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Seinfeld wrote:

Local money exchange desks are the cheapest, look for popular travel agencies, they generally give better rates. Use 2 passports to get 40k + 40k (more than 50k I think you will need PAN and extra money will be needed).

Forex card from Banks are good, but use them if you need atm withdrawals. I have experience with HDFC’s forexplus regalia card, it was very helpful while travelling.

Local money exchange desks are the cheapest
like western union?
from which website to get price of usd buy and sell for each day?

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guest_999 wrote:

He needs currency & international ATM withdrawals are chargeable.

Understand that i hope it was clear to everyone that i was just trying to help and give options.

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kukdookoo wrote:

need currency

ICICI Forex card is good…
Works flawlessly..they provide 2 cards in the welcome kit itself (1 as back-up), works online along with all ATMs
Cheapest option is to ask some friend in US to give you $ in exchange if Indian Rs in India..(technically wrong but it’s not that big amount)
Quickest and expensive option will be exchange shops at airport .

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well there are many international tourist in city specially hotels, try to talk with local taxi operator for reference (not ola, uber) near these places, trust me you will find many tourist which can exchange money for very less commission from you as they also give high conversion rates for exchanging currency, In Delhi this is very common in Pahar ganj, connaught place, Chanakyapuri, Hauz Khaz all tourist hubs…

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GuruGhantaal wrote:

Understand that i hope it was clear to everyone that i was just trying to help and give options.

Your options are spot on. He just doesn’t want to exercise those. Please continue with your inputs.

IndusInd got 2 debit cards with 0 ATM withdrawal fees. SBI got one.

There are 3 credit cards also with 0 ATM withdrawal fees.

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Sudarshan61 wrote:

ICICI Forex card is good…
Works flawlessly..they provide 2 cards in the welcome kit itself (1 as back-up), works online along with all ATMs
Cheapest option is to ask some friend in US to give you $ in exchange if Indian Rs in India..(technically wrong but it’s not that big amount)
Quickest and expensive option will be exchange shops at airport .

All forex cards have Fx markup fees already charged to the amount while loading.

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kukdookoo wrote:

Local money exchange desks are the cheapest
like western union?
from which website to get price of usd buy and sell for each day?

Not sure about western union, but yes local currency exchanges are cheapest. Searching in google “chandigarh currency exchange” will give you one’s near you. You might call up and enquire USD selling rates.

This is Hdfc’s rates for the day. Compare the USD selling rate with that of local exchangers and you’ll know which is better.
https://www.hdfcbank.com/content/bbp/repositori...

Banks and currency exchangers has a bit margin over the rates shown at Google and other currency conversion websites.

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Ramta_Jogi wrote:

All forex cards have Fx markup fees already charged to the amount while loading.

That’s correct….
But that is the most convenient way instead of carrying cash….

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These worked best for my international travel in the past.

Friends/family who recently returned and have excess currency (thanks to covid, the chances are bleak now)
Social groups, I used Spread The Word and found people in Hyderabad who could help. These were travellers who returned from US and had excess dollars.
BookMyForex – they have the best exchange rate, especially their Axis Forex Card. The last time I got one for Euros they had give two free ATM withdrawals as well per card which was quite handy

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Sudarshan61 wrote:

That’s correct….
But that is the most convenient way instead of carrying cash….

The most convenient way is debit cards with 0 fx markup and no ATM withdrawal fees

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checkout travelers cheques as well .. non used ones can be returned

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Ramta_Jogi wrote:

The most convenient way is debit cards with 0 fx markup and no ATM withdrawal fees

Do we have such option in India ?

Missing