FAQ's

What Are Currency Notes?

Currency notes are the physical notes. In India we typically use notes of Rs. 10,20,50,100,500 and 1000 denomination. Similarly, each currency has its own denomination set.

How Much Foreign Exchange Can I Buy When Traveling Abroad On Private Visits?

For private visits abroad, any resident can obtain foreign exchange up to USD 2,50,000 or equivalent in one financial year, irrespective of the number of visits undertaken during the year. No foreign exchange is available for visit to Nepal and/or Bhutan for any purpose.

How much foreign exchange can I avail for a business trip?

For business trips abroad to countries other than to Nepal and Bhutan, a person can avail of foreign exchange up to USD 25,000 per visit.

How much foreign currency notes can I take while buying foreign exchange for travel abroad?

You can purchase foreign currency notes up to USD 3000 or equivalent. Balance amount can be carried in the form of Travel Cards or Travelers Cheques.

Are children and minors also entitled to foreign exchange when they travel abroad?

Yes, children of all ages are allowed same entitlements (limits) as adults.

How much foreign exchange is available for studies abroad?

USD 2,50,000 or equivalent per academic year can be availed. In case the estimate received from institution abroad is higher, the same needs to be supplemented with requisite documents while procuring. 

What is a Prepaid Forex Card?

Prepaid Cards are the safest and most economical instruments to carry forex overseas. As the name suggests, these cards are pre loaded with the currency and the amount that you need to carry along with you when going overseas. Centrum Prepaid Forex cards are available on Visa Platform and give you the choice of loading 17 Currencies on it. The cards are safe to use for online transactions and can be reloaded too.

In which currencies are the Prepaid Forex Cards available?

US Dollar, British Pound, Euro, Japanese Yen, Australian Dollars, Canadian Dollars, Swiss Francs, Singapore Dollar, New Zealand Dollar, UAE Dirham, Saudi Riyal, Omani Riyal , Hong Kong Dollar, Thai Baht, Swedish Krona, Norwegian Krona and South African Rand. The Centrum Multi Currency Prepaid Forex Card is reloadable and valid for a period of 5 years from the date of issue printed on the card. Within this period you can use this Prepaid Forex Card as many times as you like. On your next trip overseas, you can recharge your Card through buyforex.com. Simply provide the card number, along with the necessary documents and make the payment; your Card will be credited with the new amount within hours. This is subject to RBI regulations. (For latest on RBI regulation: www.rbi.org.in) 

Once I get the Prepaid Forex card, can I use the card in India?

Since this is a Foreign Currency card, usage is limited only to foreign countries excluding India, Nepal and Bhutan as per RBI guidelines.

Can I take foreign exchange against studies abroad in shape of pre-paid cards, traveler’s cheques?

Yes, forex for studies abroad can be taken in all forms except cash currency where the limit of USD 3000 applies. Pre-paid cards can be re- loaded by student’s parents / guardians at any time. TCs however can be taken only when the student is physically present in India for the transaction.

What is the foreign exchange (limit) in cases of overseas medical treatment?

Up to USD 2,50,000 or its equivalent for the patient going abroad for medical treatment or checkup.

Upto USD 2,50,000 for accompanying as attendant to a patient going abroad for medical treatment/checkup.

Personal Visit entitlement of USD 2,50,000 per annum can be availed over and above the specified amount under this scheme.

In case I am going abroad for medical treatment / check-up accompanied by an attendant, is that person also entitled to foreign exchange under the overseas medical treatment scheme?

Yes the attendant is entitled to USD 2,50,000 per annum.  

How much foreign exchange can be availed if I am going abroad for employment?

A person going abroad for employment can purchase foreign exchange up to USD 2,50,000.

How much foreign exchange is available to a person migrating abroad?

A person migrating abroad can purchase foreign exchange up to the amount prescribed by the country of emigration or USD 2,50,000.

How many days in advance can I buy foreign exchange for a travel abroad?

Foreign exchange can be bought 180 days in advance from the proposed date of travel.

Can Non resident Indians, foreigners buy foreign exchange for personal / leisure travel?

Non Resident Indians living in India beyond 180 days in the preceding Financial Year are eligible to purchase forex under the said scheme

Foreign Nationals permanently resident in India are eligible to avail of this quota provided the applicant is not availing of facilities for remittance of his/her salary, savings etc. abroad in terms of the existing FEMA regulations.

Similarly, Foreign born wife of an Indian national.

What is the definition of an Indian resident?

"Person resident in India" is defined in Section 2(v) of FEMA, 1999 as : A person residing in India for more than one hundred and eighty-two days during the course of the preceding financial year but does not include:

  1. A person who has gone out of India or who stays outside India, in either case - 
    • For taking up employment outside India
    • For carrying on outside India a business or vocation
    • For any other purpose,in such circumstances as would indicate his intention to stay outside India for an uncertain period
  2. A person who has come to or stays in India, in either case, except: 
    • For taking up employment in India
    • For carrying on in India a business or vocation in India
    • For any other purpose, in such circumstances as would indicate his intention to stay in India for an uncertain period
    • Any person or body corporate registered or incorporated in India
    • An office, branch or agency in India owned or controlled by a person resident outside India
    • An office, branch or agency outside India owned or controlled by a person resident in India
How much forex can be brought into India by a foreigner or a Non resident Indian?

No limit on amount of foreign exchange that can be brought into India. However currency notes beyond USD 5000 (equivalent) need to be reported at customs and currency declaration form (CDF) obtained

Customer Declaration Form (CDF) is required whenever currency / forex surrender exceeds respective limits

If I sell Travelers Cheques/ Foreign Currency notes, how much can be paid to me in the form of cash?

Foreign national / NRI can be paid in cash for USD 3,000 or equivalent. Residents can be paid in cash for USD 1,000 or equivalent.

I am travelling abroad. Can my Spouse make the payment through his/her account?

Yes, the same is allowed. Any close relative (family member) or Spouse can make the payment for your Purchase.

What documents do I need for personal / leisure travel?
  • Original and valid passport
  • Valid visa for the country of travel (except where VISA on arrival applies) (in case of visa on arrival, an undertaking form will be provided by us)
  • Confirmed ticket-showing travel within 60 days of taking foreign exchange.
What documents do I need for business travel?
  • Original and valid passport
  • Valid visa for the country of travel (except where VISA on arrival applies)
  • Confirmed ticket-showing travel within 60 days of taking foreign exchange
  • PAN copy for all forex transactions in cases where total amounts exceed US Dollars 25000. Form 60 / 61 in case PAN not available
  • Pan card is mandatory for transaction above Rs. 25,000 if payment mode is cash.
What documents do I need for overseas studies / education abroad?
  • Confirmed one-way Air ticket
  • Original Passport along with the Student Visa.
  • Prospectus/Offer Letter/Admission Letter in original, thereof giving full details of the course of study, tuition fees payable etc.
  • In case of person traveling to USA Form I-20 is required.
  • PAN copy for all forex transactions in cases where total amounts exceed US Dollars 25000. Form 60 / 61 in case PAN not available
  • Pan card is mandatory for transaction above Rs. 25,000 if payment mode is cash.Above documents not required for application fees, only need copy of related page of Application Form etc.
What documents do I need for travel on account of medical treatment abroad?
  • Original and valid passport
  • Valid visa for the country of travel (except where VISA on arrival applies)
  • Confirmed ticket-showing travel within 60 days of taking foreign exchange
  • PAN copy for all forex transactions in cases where total amounts exceed US Dollars 25000. Form 60 / 61 in case PAN not available
  • Pan card is mandatory for transaction above Rs. 25,000 if payment mode is cash.Application / self declaration
What documents do I need for travel on account of emigration?
  • Valid passport and emigration Visa
  • One way confirmed Air Ticket
  • PAN copy for all forex transactions in cases where total amounts exceed US Dollars 25000. Form 60 / 61 in case PAN not available
  • Pan card is mandatory for transaction above Rs. 25,000 if payment mode is cash.
What documents do I need for travel on account of employment abroad?
  • Valid passport and employment Visa
  • One way confirmed Air Ticket 
  • PAN copy for all forex transactions in cases where total amounts exceed US Dollars 25000. Form 60 / 61 in case PAN not available
  • Pan card is mandatory for transaction above Rs. 25,000 if payment mode is cash
How can I send money abroad?

If you need to send money abroad, all you need to do is simply give the beneficiary details along with the documents required or request us to contact you and experience the expertise of our well trained advisors, who make it easy for you to send money abroad with the right documentation and process. We even suggest modes of transfer so that you can send money abroad in a fast, reliable and convenient manner.

What documents do I need on account of sending a remittance towards maintenance of my close relative abroad?
  • Self Declaration regarding relation with the beneficiary.
  • Identity Proof - Govt. issued valid ID with photo & address. Eg: Passport, Driving License, Voter’s ID
  • PAN copy for all forex transactions in cases where total amounts exceed US Dollars 25000. Form 60 / 61 in case PAN not available
What documents do I need when surrendering / selling currency?
  • Upto USD 200 - any government ID no.
  • More than USD 200 - Passport in cases of NREs / Foreign Visitors. A Govt. photo ID such as passport, driving licensee, Voter’s ID etc.
  • Currency Declaration form if the amount in cash exceed USD 5000.
Can I pay for my Foreign Currency in cash in INR?

Foreign exchange for your personal/business foreign trip can be purchased from us against rupee payment in cash only up to Rs. 50,000. However, if the Rupee equivalent exceeds Rs. 50,000, the entire payment should be made by way of a crossed cheque/ banker’s cheque/ pay order/ demand draft/ debit card / credit card / prepaid card only. Please note that providing a PAN Card is mandatory for payments above INR 25,000.  

How do I know that my order is confirmed?

Once you complete your order on Buyforex.com, we will send you a confirmation mail to the email address you enter during your order informing that your order is confirmed. In this mail, you will be provided with a "Unique Order Reference Number" along with your order details when you complete the order. We also make it a point to call each of our customer right after the order is booked to answer any queries she may have.

Do I need to register (create an account) in order to book an order on Buyforex.com?

Yes, you need to maintain an account or create a login ID to book an order on Buyforex.com.

Are there any charges for door delivery?

Door delivery charges are INR 150.

How long does it take you to provide doorstep delivery?

Orders received prior to 3 pm are delivered on the same business day. Any order received after 3 pm may still be delivered on the same business day but in the worst case, we guarantee delivery on the next business day.

Is it safe to use my credit/debit card on Buyforex.com for booking/completing a transaction?

Your online transaction on Buyforex.com is processed over a secure HTTPS connection and guarded with the highest levels of encryption available. All credit card and debit card payments on Buyforex.com are processed through a secure and trusted payment gateway and your credit card/ debit card/ netbanking information is never stored on our servers.

What is Partial Payment?

Partial Payment means that you have the option to pay only the booking amount (a small part payment) to block your rates for one business day.

Are rates published on Buyforex.com updated?

The rates published on Buyforex.com portal are updated on real time basis as they are connected to a live market data feed.

Can I purchase multiple currencies & products in one order?

Yes, you can add multiple currencies & products you wish to purchase in one order. You just need to add the currency/product in the order form and proceed.

What is the definition of "close relative"?

The following are considered to be close relatives:

  • Father
  • Mother (including step Mother)
  • Son (including step Son)
  •  Daughter In Law
  • Daughter (including step daughter)
  • Grand Father
  • Grand Mother
  • Grand Son
  • Grandson’s/Daughter’s Spouse
  • Son In Law
  • Brother (including step brother)
  • Sister
  • Sister's husband
What is your cancellation policy ?

The following cancellation policy applies to our transactions: Partial Payment orders, if not utilised within one working day, will automatically be cancelled and the entire advance payment made to buyforex.com (2 percent) will be forfeited. Explicit cancellation will also result in forfeiture of the advance payment made.

What are the various Forex Products?

Prepaid Travel Cards​
Prepaid travel cards are Visa / Mastercard and are accepted at most ATMs and stores/ hotels etc. abroad. Prepaid cards are the most recommended and the safest way of carrying currency. 

Currency Notes​
Large amount of currency is unsafe to carry but small amounts of currency notes should be carried for incidental expenses. 

Traveller's Cheques
Traveller's cheques (TCs) are safer than currency but are not accepted at most establishments now. Prepaid Travel cards are a much more recommended method of carrying Forex than TCs.

Demand Drafts​
Traveller's cheques (TCs) are safer than currency but are not accepted at most establishments now. Prepaid Travel cards are a much more recommended method of carrying Forex than TCs.

Wire Transfer
Wire transfers are used to remit (send) money directly from an Indian bank account (of the customer) to the foreign bank account (of the beneficiary).

Is the pan card mandatory for my forex transactions?

Pan card is mandatory in following cases:

  • If transaction value exceeds Rs.2 lacs irrespective of the payment mode.
  • If prepaid card is loaded for value more than Rs.50,000/- in a financial year (April – March) irrespective of the payment mode.