Banks typically charge a combination of fees and markups on the exchange rate when you exchange currency, and the exact amount can vary depending on the bank and the type of service used. Common charges include an exchange rate markup, which can range from 1% to 5% above the interbank rate, and service fees, which can be a flat fee or a percentage of the transaction amount, usually ranging from $5 to $20 or more. Additionally, if you withdraw foreign currency from an ATM abroad, there may be extra fees from both the local bank and your home bank.

Yes, you can use a travel card in an ATM. Travel cards, including those from Multimoney Forex, are designed to be used like debit or credit cards, allowing you to withdraw local currency from ATMs worldwide. However, be aware that some ATMs may charge a withdrawal fee, and there may also be a small fee from the card issuer. Despite these potential charges, Forex cards from Multimoney Forex often offer competitive exchange rates and added security, making them a convenient option for accessing cash while traveling.

Using a travel card abroad is often the best option due to its convenience and security. Forex cards, such as those offered by Multimoney Forex, provide competitive exchange rates and help you avoid the high fees often associated with using credit or debit cards internationally. Additionally, travel cards can be easily reloaded and offer protection against fraud, making them a safer alternative to carrying large amounts of cash. With the ability to withdraw local currency from ATMs and make purchases directly, travel cards provide a hassle-free and economical way to manage your finances while travelling abroad.

To avoid foreign transaction fees, consider using a travel card or credit card that does not charge these fees. These cards are specifically designed for international use and provide competitive exchange rates without additional charges. Additionally, avoid using ATMs that charge high withdrawal fees and opt for withdrawing large amounts of cash less frequently to minimize fees. Always check with your card issuer about any potential fees before traveling, and plan to use cards that offer fee-free international transactions to save money while abroad.

As per the previous guidelines, Indian residents were allowed to carry up to USD 3,000 or its equivalent in other foreign currencies in cash for a leisure trip. However, this limit could vary based on factors such as the destination country and the purpose of travel.

Typically, travelers to India, whether residents or non-residents, are required to declare to custom authority any amount exceeding USD 5,000 (or its equivalent in other currencies) in cash, or USD 10,000 (or its equivalent) in cash and traveler's cheques combined, on their arrival in India.

An Indian resident is allowed to draw Permissible Foreign Exchange up to 60 days in advance.

If the amount of foreign exchange you want to withdraw is Rs. 50,000 or less in one go, you can pay Indian Rupees in cash, except for corporate payments. However, if the foreign exchange value is more than Rs. 50,000, whether from a single or multiple past transactions, you should use a bank account for the payment.

A traveler returning from a trip can hold onto any unused foreign exchange for up to 180 days. If they plan another journey within this period, they are allowed to use the same funds for the upcoming trip, provided it is scheduled within 180 days from their last return from abroad.

If you plan to go on cultural trips abroad, like being part of a dance group or as an artist, you need permission beforehand from the Ministry of Human Resource Development (Department of Education and Culture) in the Government of India, based in New Delhi.

Yes, if you are selling foreign exchange to someone in India, they must provide their PAN (Permanent Account Number) details. This rule is mentioned in A.P. (DIR series) Circular No. 32, dated June 19, 2018.