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Going abroad? Know how much cash you can carry

May 22, 2019

Going abroad? Know how much cash you can carry

In general, it is easier for holiday goers to pay for their food in cash at local restaurants than dish out a card. This works especially if you have just landed and need a quick coffee before your meal.

Paying by credit card will also mean that you’ll be levied a transaction fee during every use. For most people, there is a relief in the clear knowledge of the cash they have in hand and decide their expenditure accordingly.

Besides, local flea markets and bargain shops may not accept cards easily. It is for this reason that you need to plan ahead on how much cash you wish to carry during your travel.

As per RBI regulations, this cash was limited to $2000 per person during a single visit. In a move towards further liberalization of foreign policy, the RBI, in May 2010, increased this figure by 50% to $3000. The currency amount is further decided based on the nature of your travel and set in its annual value.

Here are the details

  • Holiday travel: An individual is allowed up to carry up to $10,000 a year for private visits abroad

 

  • Business trip: If you are traveling for a conference or business meet you can apply for forex up to $25,000

 

  • Education: Students can avail up to $100,000 annually to cover their expenses related to education (fee, study material etc.)

 

  • Medical treatment: Persons traveling abroad for treatment can avail up to $100,000 in lieu of self-declaration without any supporting documents from a hospital or doctor.

 

  • Employment: Individuals traveling abroad for work assignments or taking up employment abroad can draw up to $100,000

Now that you know, all you need is a trusted forex partner. With million things to plan around your travel abroad, the last thing you need is spending time and efforts at a forex exchange counter and worrying if you are getting the best rates.

For this, look up Buy Forex which does not levy any charges when you pay by net transfer and do a free door step delivery too. The forex is usually in your hands in just one working day. What’s more, the service is available in over 60 cities in India from Gorakhpur to Warangal.

The intuitive website makes availing forex safe, seamless, quick and convenient. With that out of your hands, all you need to decide is your travel dates and what to pack in your suitcase.


 

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