Frequently Asked Questions
1. Can I purchase currency for my collection?
As per RBI, an Indian can buy currency only if he/she is travelling abroad by providing his/her travel documents.
2. Can a newborn baby/child be entitled to buy foreign currency
Yes, the foreign exchange limit remains the same as for adults. All travel documents and pan card required.
3. Can the payment be made by cash on the next day or before the travel commences for the same trip where already Forex is purchased by paying cash?
A traveler can make payment in cash up to 49999 INR only per trip and per month.
4. How many days before travelling can I buy foreign currency or card?
Permissible foreign exchange can be drawn 60 days in advance..
5. Which are the two different countries for which Forex cannot be released?
Nepal and Bhutan
6. Can different purposes can be combined to buy currency?
Yes. But the limit in the currency remains only 3000 USD even if travel is combined.
7. Can I retain currency if my trip is cancelled or postponed?
If the trip is cancelled, the foreign exchange drawn for the specific reason must be surrendered within 90 days from the date of purchase. If the trip is postponed, Forex can be retained if the postponed journey commences within 60 days from the date of purchase.
8. What is the currency encashment limit for NRI's and Foreigners for cash payment?
NRI's and Foreigners can encash up to 3000 USD/Equivalent per month (30 day’s period) for cash payment.
9. What are the documents required for Foreigners to sell foreign currency?
Foreigners in India can encash currencies by providing original passport with a valid visa.
10. Can I retain the left-out currency after my trip?
On return from a foreign trip travellers are required to surrender unspent foreign exchange held in the form of currency notes within 90 day’s and Traveller Cheque's within 180 days of return. However, RBI has permitted to hold 2000 USD or equivalent for future purposes.
11. What is the limit of Forex that can be brought into India by Indian/NRI/Foreigner?
There is no limit to bring in the foreign currency, but if the currency amount exceeds more than 5000 USD or cumulative of currency, Traveller Cheque's exceeding 10000 USD, traveler should declare the same at customs and obtain CDF (Currency Declaration Form) duly signed and stamped by Customs Officials.
1. What are the features of the forex card?
Forex cards are either Master or Visa and designed to be used abroad only other than Nepal and Bhutan. It can be swiped at merchant outlet for free, Cash withdrawal can be done in the ATMs and Online purchase can be made with the card while in abroad.
2. What are different currencies are available in the forex card?
USD, EUR, GBP, AUD, CAD, SGD, AED, CHF, JPY, THB, SAR, ZAR, NZD, HKD, SEK.
3. Can I check my card balance in the ATM's in India and abroad?
In India, card balance can be checked in the ATMs of the card issuer, but the balance will be shown in USD. In abroad, balance can be checked in the ATM's, but it is chargeable. Best way to check balance is by logging on to card portal.
4. Is ATM withdrawals chargeable? What is ATM Surcharge?
For ATM withdrawal, card issuer levies a fee in the range of USD 2 – 3 or equivalent per withdrawal. Apart from that certain ATM operators may charge an additional transaction fee (surcharge). Card issuer do not have any control on this. It is better to avoid such ATMs. You can use ALL Point ATMs to avoid surcharges.
5. Shall Forex card be used for pre-authorization?
Pre-authorization is a form of guarantee of payment taken by the merchant/hotel by making an estimate of your bill resulting in temporary blocking of funds on the card for 30 days. It is not recommended to use forex card for pre-authorization and instead be used for final bill settlement. For refund of blocked amount, please collect the merchant cancellation letter.
6. Can I load multiple currencies in a forex card at a time?
Yes, multiple currencies can be loaded at a time or different vacations.
7. For what purposes card can be reloaded once traveled abroad?
Leisure, Business, and Education.
For Immigration and employment cards cannot be re-loaded.
8. What is the minimum age limit to buy a forex card?
Travelers above 14 years can buy a forex card.
9. Can I make a payment from a different account for card purchase or reload?
To buy forex card payment should be from the card holder's savings account only. For minor’s payment should be from parents account. In the case of students' parents should transfer funds for card reload.
10. Can I handover my forex card to my relatives/friends for their trip for the usage in abroad?
The card cannot be transferred to anybody else. It is intended to be used by person in whose name the card is being issued.
11. What should I do if my forex card stolen/lost abroad?
Call the customer care immediately and block the card to avoid any misappropriation. You may request for a replacement card, which may be chargeable or encash the balance once you are back in the India.
12. Can I reload and encash the forex card issued by a different vendor?
The vendor who has issued the card only can reload and redeem the forex card.
13. Is there any Inactivity charges?
Yes, if card is not used for six months then Inactivity fees are charged.
14. Can I transfer my balance in the card to any bank account abroad?
Yes, it can be done by way of swiping the card under Cash Advance Transactions or Cash over the Counter. But these transactions are chargeable. Even withdrawal of cash over the counter at a bank or other financial agencies will be treated under this category and will be charged.
1. What are the different purposes to send money abroad through Orient Exchange?
We provide the services to transfer money for following purposes:
- Education Abroad
- Medical Treatment Abroad
- Immigration consultancy fess
- Employment and processing and assessment fees
- Fees for examinations like GRE/GMAT/TOEFL
- Tour Remittances
- Visa processing fees
- Crew wages
- Film Shooting
- Maintenance of close blood relatives abroad
- Gift and many more
2. What is the limit for remitting money abroad?
Under the Liberalized Remittance Scheme (LRS), a resident Indian can remit up to 250000 USD per financial year.
3. How can I pay my university fee abroad? What documents are required?
When a student is travelling for the first time abroad for education, he/she can remit money to the university account. The fund could be received from either student’s or parent’s savings account. In case, student is already abroad, his/her parents can remit money towards overseas university fee.
Documents required are: Student passport, PAN card, university offer/demand letter and Remitter’s pan card and address proof. From 2nd year onward, Student ID and education continuation proof is required.
4. As a student, how can I transfer money from my Indian bank account to my foreign bank account? What are the documents required?
When a student is having NRE account in India then it can be transfer to his/her foreign bank account.
A student is studying abroad, his parents or close relatives can transfer funds to his/her foreign bank account.
Passport/Aadhar card and PAN card of Remitter, Relationship proof and bank details of the beneficiary are required.
5. I am a student studying abroad looking for university fee payment? How can I pay and what documents are required?
When a student is studying abroad, university fees can be paid by the parents. Documents required are student passport, visa , course continuation letter, student ID card, and university bank details.
Remitter’s passport/Aadhar card and pan card is also required.
6. Who are the close relatives who can send money abroad to me?
Father (Including step-father), Mother (Including step-mother), Son (Including step-son), Son's wife, Daughter (Including step-daughter), Daughter's husband, Brother (including step-brother), Sister (including step-sister).
7. What are the documents required to remit to a close relative abroad?
Any valid ID with address proof, pan card of the remitter, and receiver passport.
8. Can I send a gift remittance to my friend? What are the documents required?
Yes, any valid ID with address proof, pan card of the remitter and beneficiary bank details are required.
9.Within how many days amount will reflect in the beneficiary account?
Within 2-3 working days from the date of processing of transaction. Swift copy is made available on subsequent working day of transaction.
10. Should the sender be present to do the money transfer abroad?
The sender should be available as the KYC verification need to be done before processing the transaction.
11. What are beneficiary bank charges while sending money to the beneficiary bank abroad?
The beneficiary banks may levy charges at their discretion to render the services, which is not in control of the remitting agency transferring the fund. The recipient should contact their banker in case of such charges being levied.
12. What are Nostro or Intermediary Bank charges for doing Remittance?
The foreign correspondence bank that receives the transfer may charge an additional amount for receiving and processing the transfer. These charges are commonly referred to as Intermediary charges or NOSTRO Charges. Please note these charges can vary depending on the number of foreign correspondent banks involved and can vary significantly. It is possible to absorb these charges at the sender end for an additional charge
13. What are the modes of Remittance?
Money can be sent abroad through the following modes:
- Wire Transfer
- Foreign Currency Demand Draft
14. Can I transfer funds from my joint account held with other banks in India?
You may transfer funds from such a joint account provided you are the primary account holder.
15. What are the different currencies for which remittance can be processed?
You can send money in 14 currencies through us - USD, EUR, GBP, CAD, AUD, CHF, AED, SGD, HKD, NZD, JPY, ZAR, NOK, SAR.