Is passport needed to exchange currency?

Do you need ID to exchange currency? Lots of retailers will ask for one of the following forms of ID when you’re exchanging currency: Valid passport. Valid UK or EEA photocard driving licence.

Does it matter where you exchange currency?

If you like to plan ahead and want to exchange currency in the U.S., your bank or credit union will be your best bet. They have access to the best exchange rates and usually charge fewer fees than exchange bureaus. Most big banks sell foreign currency to customers in person at a local branch.

How much foreign currency can I keep in India?

You can indefinitely retain foreign exchange upto US$ 2,000, in the form of foreign currency notes or travellers’ cheques (TCs) for future use. Any foreign exchange in cash in excess of this sum, is required to be surrendered to a bank within 90 days and TCs within 180 days of return.

Can you exchange any currency at the airport?

Much like knowing stadiums overcharge for beers, it’s no secret that airport exchanges are an expensive option for trading in money. Most charge a fee or service charge of anywhere from $5 to $15, and the exchange rate you get can be seven to 15 percent worse than the standard bank rate.

Can I sell foreign currency without a passport?

Passport and PAN card are mandatory for transactions above Rs. For forex sell transactions above USD 5,000 or it’s equivalent in others currencies, foreigners/NRIs have to produce the currency declaration form (CDF) form which can be obtained from Airport Customs Authorities.

How can I exchange foreign currency?

Your bank or credit union is almost always the best place to exchange currency.

1. Before your trip, exchange money at your bank or credit union.
2. Once you’re abroad, use your financial institution’s ATMs, if possible.
3. After you’re home, see if your bank or credit union will buy back the foreign currency.