If you are travelling abroad for higher studies or any other purpose and wondering how much cash to carry legally, then we got you all covered. Well, as a student you can carry cash in the form of banknotes, coins, and Forex cards to manage your finances. An Indian citizen is allowed to carry an amount not exceeding INR 25,000 and a traveller is allowed to carry foreign currency up to USD 3000 per visit. USD 5000 and USD 10,000 can also be carried legally but under certain restrictions. Any amount above the prescribed limit can be carried via a traveller’s check or a banker’s draft. Let’s read further to know how much foreign currency to carry abroad legally in detail and what are the different conditions affecting it.
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Also Read: Confused between Indian Banks and Foreign Banks to apply for education loans? Check out our blog on Why Choose Indian Banks over Foreign Banks for Education Loans to Study Abroad.
How Much Cash to Take Abroad Legally?
Many countries have regulations to control the amount of money that can be transported across borders. An Indian citizen is allowed to carry foreign currency including coins and banknotes worth INR 25,000. Any foreign citizen can purchase coins and banknotes up to USD 3000.
Note: There is no limit set to how much money you can carry abroad electronically in various forms like traveller’s checks, bank drafts, credit cards, debit cards, forex cards and much more.
An amount of more than USD 5000 can also be carried in the form of banknotes and coins, and USD 10,000 in the form of banknotes, coins, and traveller’s checks. However, the amount needs to be declared to the customs officers at international airports by filling Customs Declaration Form.
If you are travelling abroad to pursue higher studies, for travelling, medical purposes, or a job abroad, there are different limits set for different purposes. Let’s have a look at those scenarios.
| Purpose | Foreign exchange up to USD 5000 on the production of letters of employment. |
| Study Abroad | Foreign currency up to USD 30,000 up to the estimate from your study abroad institution (whichever is higher). Note: Documentary evidence is needed to indicate the requirement of the amount to be carried. |
| Job Abroad | Foreign exchange up to USD 5000 on the production of letters of employment. |
| Medical Purposes | Foreign currency up to USD 50,000 to meet medical expenses. If an amount of more than USD 50,000, banks are permitted to exchange the required amount. |
Please Note: If you are not travelling abroad, but want to make international transfers, an individual can freely remit USD 250,000 in a financial year under the Liberalised Remittance Scheme of RBI.
How Much Forex Can I Carry Abroad?
To carry foreign currency cash abroad legally, one needs to purchase it from an authorized person against cash payments below INR 50,000. If the amount exceeds INR 50,000, the payments need to be made via a credit card/ debit card/ crossed cheque/ demand draft/ banker’s check/ prepaid card. Other payment methods won’t be considered.
Other means of carrying foreign currency include taking Forex Cards. They are a great way for students to manage their expenses and withdraw money from ATMs with minimal transaction costs. You can carry an unlimited amount of foreign currency in Forex cards. But carrying up to USD 5000 and 10,000 would require declaring the amount to the customs. Also, the amount must be purchased or issued by the RBI-approved foreign exchange providers. You may consider IDFC First Bank Forex Cards, HDFC Bank Forexplus Cards, or other Cheapest Forex Cards options for students.
How Much Indian Currency Can Be Brought Back to India?
If you are travelling back to India from overseas (except Nepal or Bhutan), you can bring back currency notes up to an amount that does not exceed INR 25,000. From Nepal or Bhutan, only currency notes in denominations not exceeding INR 100 can be brought. If the traveller is not an Indian resident but is a citizen of Pakistan or Bangladesh or coming and going from either of these countries, are not allowed to carry Indian currency.
The table below helps in understanding the same clearly-
| Amount not exceeding INR 25,000, if the entry is through the airport only | Amount |
| From Nepal or Bhutan | Denominations not exceeding INR 100 |
| From other countries | Amount not exceeding INR 25,000 |
| If the traveller is a citizen of Pakistan and Bangladesh or coming from and going to either of the countries | Not allowed to carry Indian currency. |
| From other countries (not a resident of Pakistan or Bangladesh) | Amount not exceeding INR 25,000, if the entry is through airport only |
What Happens If I Carry Cash Illegally?
If you disregard the rules and regulations as stated by the RBI and carry cash illegally, it can have serious consequences. Your undeclared cash will be confiscated, you might be charged with heavy fines, and legal proceedings can take place depending on the severity of the violation.
Also Read: Education student loans to study in the US are a fantastic option to bridge the gap and overcome the financial barrier. Learn all about Education Loans in the US for International Students.
FAQs on How Much Cash You Can Carry Abroad Legally
A traveller can carry cash in the form of coins and banknotes worth USD 3000 per visit. The balance amount can be carried in the form of traveller’s checks or banker’s drafts.
As per the guidelines of the RBI, Indian travellers are not allowed to carry cash abroad for more than INR 25,000. However, you can carry the balance amount in other forms like debit cards, credit cards, traveller’s checks, banker’s drafts and money orders.
A person returning to India from any country (except Nepal or Bhutan) can bring currency notes up to an amount not exceeding INR 25,000. From Nepal or Bhutan, only currency notes in denominations not exceeding INR 100 can be brought.
There’s no specified limit on the amount of cash you can carry to the US in the form of traveller’s checks, money orders, or banker’s drafts. If the amount exceeds USD 5000, you need to declare it by filling out the Customs Declaration Form.
A traveller can carry USD 3000 per visit. However, one may also carry above USD 5000 subject to filling in the declaration form.
This was all about how much cash to carry abroad legally. In different countries. So, before getting off to your travel destination, or fulfilling study abroad plans, research the cash limits and know how much cash you take abroad or bring back to your home country.
To know about the loan application process, 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.
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