Money Matters
Forex & Money Guide
Everything an Indian traveller needs to know about carrying, exchanging and spending money abroad — without losing money on fees.
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Best Forex Cards for Indians (2025)
Niyo Global (SBM Bank)Best overall
Zero forex markup. Use at 200+ countries. Free VISA card. Top-up via UPI. Best for frequent travellers.
IDFC First Bank Forex CardBest rates
0% markup on international transactions. Free ATM withdrawals abroad. Available in 23 currencies.
IndusInd Multi-Currency ForexMost currencies
15 currencies on one card. Emergency card replacement worldwide. Good for multi-country trips.
BookMyForex CardBest rates lock-in
Lock exchange rates in advance. Door delivery. No hidden charges. Good for Schengen/Europe trips.
Thomas Cook Borderless PrepaidReliable backup
Widely accepted. Good customer support. Reload online anytime. Chip & PIN protected.
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Where to Exchange Currency
✓ BEST
RBI-authorised money changers — Thomas Cook, Centrum, BookMyForex. Best rates, regulated, safe. Order online for home delivery.
✓ GOOD
Bank branches — SBI, HDFC, ICICI all exchange currency. Slightly below market rate but trustworthy.
⚠ OK
Airport counters (India) — Convenient but rates are 3–5% worse. Use only for small emergency amounts.
⚠ AVOID
Hotel exchange desks — Worst rates. Only in genuine emergency.
⚠ AVOID
Street money changers abroad — Risk of counterfeit notes and short-changing.
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RBI & PAN Rules for Forex
LRS Limit: USD 2,50,000 per person per financial year under Liberalised Remittance Scheme
PAN required: For any forex transaction above ₹50,000 in cash or equivalent
TCS (Tax Collected at Source): 20% TCS on forex remittances above ₹7 lakh per year (can be claimed back in ITR)
Cash carry limit: Max USD 3,000 (or equivalent) in cash. Excess must be on forex card or traveller cheque
Declare at customs: If carrying foreign currency above USD 5,000 cash or USD 10,000 total (cash + instruments)
Aadhaar + PAN: Both required for loading forex cards above ₹50,000 at any authorised dealer
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Money Tips by Destination
🇦🇪 Dubai/UAE: AED is pegged to USD. Cards accepted everywhere. Carry AED 200–500 cash for souqs and taxis.
🇹🇭 Thailand: ATMs charge ₹500–600 per withdrawal. Bring THB cash from India. Niyo card works well here.
🇯🇵 Japan: Cash is still king. Japan Post Bank and 7-Eleven ATMs accept international cards. Bring ¥50,000–80,000 in cash.
🇪🇺 Europe: Card accepted almost everywhere. Notify your bank before travel. Carry €100–200 for emergencies.
🇸🇬 Singapore: Cards everywhere. SGD 100–200 cash for hawker centres and wet markets.
🇱🇰 Sri Lanka: Change USD/EUR on arrival. ATMs work but charge fees. Carry USD 200–300 for a week.
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International SIM & Connectivity
Airtel International Roaming: ₹699–999/day. Best for short trips where convenience matters most.
Vi International Pack: From ₹499/day. Good coverage in 150+ countries.
Local SIM on arrival: Cheapest for stays over 5 days. UAE/Thailand/Singapore sell tourist SIMs at airport for ₹500–1,500.
eSIM (Airalo/Holafly): Buy online before travel. From ₹700 for 1GB/7 days. Works on iPhone XS+ and most Android.
Pocket WiFi rental: ₹300–500/day. Share with family. Collect at Indian airport before departure.
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Avoid These Costly Mistakes
❌ Dynamic Currency Conversion (DCC) — always pay in local currency, not INR, when card machine asks
❌ Exchanging all cash at airport — rates are 4–6% worse than authorised dealers
❌ Using credit card without informing bank — card may be blocked for fraud suspicion
❌ Bringing back unspent foreign currency too late — must convert within 60 days of return under RBI rules
❌ Loading one card only — always have a backup card from a different network (Visa + Mastercard)
❌ Ignoring TCS — for remittances above ₹7 lakh, 20% TCS applies but can be claimed in your annual ITR