Are you an Indian traveler looking to travel abroad soon? Do you regularly visit foreign countries for business trips? Do you wish to send money to your loved ones living abroad? If your answer is yes, you in the right spot. Learn about all the foreign currency exchange services to plan your next trip much better.
1. What Are Foreign Exchange Limits for Indian Travellers
Banks usually allow foreign exchange up to USD 2,50,000 for each financial year to Indian residents. This is according to the Liberalised Remittance Scheme (LRS). The guardians can sign the LRS declaration form on behalf of their minors. HUF, corporate, trusts, partnership firms, and other organizations are exempted.
a. Business Trips
If you are traveling for an international conference, specialized training, seminar, apprentice training, or any business trip, you can avail of foreign exchange up to USD 2,50,000 for each financial year.
b. Employment Reasons
You can have a foreign exchange up to USD 2,50,000 if you are traveling abroad for employment reasons.
c. Study Purpose
You can have a foreign exchange up to USD 2,50,000 even if you do not have an estimate from the foreign university where you will study.
d. Donation or gift
You can donate or gift up to USD 2,50,000 for each financial year to any individual or organization located abroad.
e. Medical Treatment
You can get foreign currency exchange up to USD 2,50,000 if you are traveling abroad for any medical treatment. This is even when you do not have an estimate from a doctor based in India or abroad.
f. Private Visits
If you are traveling to Iraq or Libya, you can draw a foreign currency of up to USD 5000 per trip.
If you are traveling to any country apart from the Republic of Commonwealth of Independent States, Russian Federation, Iraq, Libya, or Iran, you can draw foreign currency of up to USD 3000 per trip.
If you are traveling for Haj/Umrah pilgrimage, you can draw a foreign currency of up to USD 2,50,000 or the limit specified by the Haj Committee of India.
2. What Are The Two Best Ways For Foreign Currency Exchange When Traveling Abroad From India
a. Debit And Credit Cards
Debit and credit cards are the safest option for smooth transactions abroad as the foreign exchange rates are reasonable as well.
Orient Exchange offers multi-currency forex cards, which is an ideal way to travel abroad. You can get reasonable foreign currency exchange rates with our forex cards.
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