Foreign currency exchange is one of the important aspects when you are planning an international trip for leisure, business or study abroad purposes. Finding a reliable and convenient source for currency exchange services is crucial too. Among the best ways to exchange currency, foreign currency exchange with banks is highly recommended.
So, whether you are exchanging currency before your trip or exchanging the leftover funds after your return, many Indian banks can help you. In this blog, we have compiled a list of banks that exchange foreign currency.
Table of contents
Banks That Exchange Foreign Currency
RBI allows the exchange of currency 60 days before your scheduled trip, so it’s ideal to exchange currency in advance with banks because airport currency exchange at the last minute is expensive. Many banks in India offer currency exchange services like ICICI Bank, Axis Bank, HDFC Bank, State Bank of India, and Kotak Mahindra Bank. Let’s check out their details.
| Banks | Features |
| ICICI Bank | Offers foreign currency as well as prepaid Forex cards |
| Axis Bank | Provides convenient payments in your choice of currency |
| HDFC Bank | Foreign currency cash in 15 global currencies |
| State Bank of India | Hassle-free currency exchange in multiple branches in more than 20 countries |
| Kotak Mahindra Bank | Services at your doorstep through the Kotak Mobile Banking App an be availed |
Also Read: Check out all the major details about Citibank’s currency exchange services and how they can benefit Indian students studying abroad.
ICICI Bank
ICICI Bank is one of the best banks that offers great currency exchange services. Their foreign exchange services include Forex products and services that are safe to use. They provide convenient and secure ways to transfer your money overseas through their online remittance services.
- If you wish to carry foreign currency notes, the bank provides foreign cash in various denominations at specific Forex branches.
- You can exchange foreign currency in 12 different currencies which include USD, EUR, GBP, AUD, CAD, CHF, JPY, AED, SGD, HKD, SAR, and THB.
- Doorstep services for delivery of foreign currency notes can be availed in Mumbai.
- Travellers and international students can also avail of ICICI Forex Prepaid Cards that can be loaded with 15 major global currencies- USD, EUR, GBP, CAD, AUD, CHF, JYP, SGD, AED, SEK, ZAR, SAR, THB, NZD, and HKD.
- Forex cards can be reloaded through ICICI bank Internet Banking or the iMobile Pay app.
- Customers can also buy and sell foreign exchange through their FX Retail platform which offers Cash/ Tom/ Spot deals in USD/ INR.
Also Read: Are you in Pennsylvania? Know how to exchange currency with PNC Bank online and other features of PNC currency exchange.
Axis Bank
Axis Bank also offers foreign currency cash that allows you to make convenient payments in the choice of currency that you want.
- Axis Bank provides the exchange of foreign currency in more than 14 currencies and a variety of denominations.
- One of the advantages of choosing Axis Bank currency exchange services is the buy-back policy which allows customers to encash any remaining foreign currency.
- Axis Bank forex card for students and travellers offers efficient management of money and saves them from currency conversion charges.
HDFC Bank
You can also exchange foreign currency at any HDFC Bank branch at competitive rates. The process is very convenient and unused currency can also be converted back to INR.
- Customers can get foreign currency cash in 15 global currencies for their international travels which include AED, AUD, CAD, CHF, THB, JPY, MYR, NZD, OMR, EUR, GBP, HKD SAR, SGD, and USD.
- You don’t have to pay any charges for encashing foreign currency. Only GST charges are levied from INR 45 to INR 10,800 depending on the amount of currency exchanged.
- Your international payments can be easily managed through an HDFC Forex Card that can be purchased online.
Also Read: Check out a detailed comparison of the HDFC Forex Card vs Axis Bank Forex Card to understand the suitability of one over the other for different scenarios.
State Bank of India
SBI is another popular bank where you can exchange foreign currency. You can visit the nearest bank branches to avail of SBI currency exchange services.
- SBI has multiple branches in more than 20 countries including Japan, Australia, South Korea, Belgium, and others which makes exchanging foreign currency convenient and hassle-free.
- EUR, USD, and GBP are the primary currencies that can be exchanged at almost every branch.
- Existing customers can get exchange services at nominal prices.
- A reloading fee of INR 100 to start the card and INR 50 thereafter are applicable on the SBI Multi-currency Travel Card.
Kotak Mahindra Bank
To navigate currency exchange risks, Kotak Mahindra Bank also offers easy and convenient currency exchange services at competitive forex rates. You can avail of foreign currency cash services at your doorstep through Kotak Mobile Banking App.
- You can get cash delivered in 15 global currencies for your travel.
- Branch visits can be skipped and you can easily apply through their app.
- Kotak Mahindra Bank offers delivery of currency to your phone with a fee is INR 100.
- GST charges are applicable based on the amount of currency exchanged.
Please note that as per RBI guidelines and FEMA, the maximum foreign currency cash of USD 3000 per financial year can be availed for travel purposes. The balance amount can be carried in the form of Forex Cards.
Also Read: Travelex offers the best exchange rates with no commission or hidden charges. Learn about Travelex currency exchange when you are abroad.
This was all about banks that exchange currency foreign currency. Make sure to check the charges and applicable GST.
FAQs
Many banks in India offer currency exchange services like ICICI Bank, Axis Bank, HDFC Bank, State Bank of India, and Kotak Mahindra Bank.
Banks typically offer a wide range of major and popular currencies for exchange, including US Dollars (USD), Euros (EUR), British Pounds (GBP), Japanese Yen (JPY), and more. However, the availability may vary depending on the specific bank and branch.
Yes, banks usually charge a service fee or commission for currency exchange transactions. The fees may vary based on factors such as the amount being exchanged, the type of currency, and the mode of exchange (cash, traveller’s cheques, or forex cards).
While many banks offer currency exchange services at their branches, not all branches may provide this facility. It’s advisable to check with your bank or visit their website to find the nearest branch that offers foreign currency exchange.
The timing of currency exchange depends on various factors such as exchange rates, convenience, and security. Some travellers prefer to exchange currency before travelling to ensure they have cash on hand upon arrival, while others opt to exchange currency at their destination for potentially better rates.
You’ll need to present a valid government-issued photo ID, such as a passport or driver’s license when exchanging currency at a bank. Additionally, some banks may require additional documentation for larger transactions or non-account holders.
Yes, most banks allow customers to exchange leftover foreign currency back to Indian Rupees, subject to applicable regulations and terms. However, the exchange rate and any applicable fees may differ from the original transaction, so it’s advisable to inquire about the process beforehand.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
