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  3. FOREIGN CURRENCY DEMAND DRAFT FOR INDIANS TRAVELLING OVERSEAS

FOREIGN CURRENCY DEMAND DRAFT FOR INDIANS TRAVELLING OVERSEAS

Foreign currency Demand Draft

Demand Draft is a negotiable instrument issued by the banker and same is deposited in another bank where the amount gets credited to the beneficiary as mentioned in DD.

As we use INR DD in India, Foreign currency DD is also available.

Foreign currency DD’s are available in:

  • USD
  • EUR
  • GBP
  • SGD
  • AED
  • AUD
  • CAD
  • JPY

DD Denominations:

It is available in 100, 500, 1000, 5000, 10000

Purposes of DD usage in abroad:

  • Immigration
  • Employment
  • Visa consultation fee

We get DD’s from Authorized dealers like banks and Authorized Dealers Category II

Charges for DD process:

Charges are applicable for processing each DD and charges vary from one dealer to another approximately 150 rupees to 300.

Opening account in abroad:

Once traveled abroad one should deposit minimum funds for opening an account and amount varies from one country to another.

Advantages

Immigration

As per RBI guidelines an Indian can carry 250000 USD per financial year under LRS scheme. The traveler immigrating abroad will look for a huge foreign currency to carry abroad and limit in currency remains only 3000 USD. Such limit doesn’t applicable for DD and it is convenient to carry and deposit in the abroad account.

Documents required:

  • Passport
  • Visa
  • Air Ticket
  • Pan

Employment

One more purpose where Indians travel abroad is for employment and forex limit remains same. Many travelers carry forex card, but disadvantage is that reload of forex card is not possible once traveled abroad as per RBI. So carry DD’s and deposit the same to secure your life in abroad

Documents required:

  • Passport
  • Visa
  • Ticket
  • Pan

Visa processing fee

Visa consultancy fee can be paid in DD’s and below mentioned documents required.

  • Passport
  • Pan
  • Embassy letter

ADVANTAGES OF DEMAND DRAFT OVER FOREX CARD

As per RBI guidelines a traveler can carry maximum 3000 USD/equivalent in currency and rest should be in other products such as forex card/travel card/multi-currency card/demand draft/traveler’s cheque. If a person travels under employment and immigration, reload of forex card is not possible once he/she leaves India as per RBI.

There are restrictions for card usage in abroad in terms of usage in ATM withdrawal and swiping as per RBI and sometimes as per local Goverment norms. In forex card along with withdrawal limits, withdrawal charges are also applicable.

When a bank account is opened abroad and transfer of fund from travel card to bank account costs you more, i.e. around 1.75% +GST.

To avoid un necessary cost and other complications and for secured life you can opt demand draft which gets credited to your abroad account within 10-12 days.

Demand draft is one of the recommended products for people travelling abroad for immigration and employment purposes as they plan to carry huge amount in foreign currency. Charges that are applicable for forex card is higher compared to DDs. If you are planning to travel abroad for above mentioned purposes don’t forget to include this product in your travel.

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