How Much Money Can You Carry From India For A Trip Abroad?

If you are doing a money exchange in Bangalore for your next trip abroad, then you must be wondering how much cash can you carry with you. According to the Reserve Bank of India as well as the Liberalized Remittance Scheme, Indian residents do not have a separate limit when it comes to the amount of cash that they can carry abroad. The universal limit of 250,000 USD per financial year applies to this case as well. As a result, a resident of India can carry a maximum of 250,000 USD on their foreign trips. However, this is not as simple as it sounds.

Increase Of Limit:

Till the year 2015, the Liberalized Remittance Scheme restricted the residents of India from exchanging money above 25,000 USD. Thanks to the increase in the limit to 250,000 USD, most people can now comfortably exchange enough cash to carry abroad on trips for various purposes. The limit of 250,000 USD, like before, is applicable for every single resident on a per financial year basis. As a result, the limit gets renewed every new financial year. The total amount of 250,000 USD can be carried all at one go or can be distributed over multiple trips.

Higher Requirement:

While the new limit of 250,000 USD per financial year is more than enough for most of the residents in India, it still falls short for some of them in case of business trips and other niche purposes. In such cases, a written plea has to be submitted to the Reserve Bank of India stating all the details. The apex bank will verify the merits of the case and will grant or withhold their approval accordingly.

Indian Currency:

While the limit for the amount of foreign currency that can be carried from India abroad may be up to 250,000 USD per financial year, the scenario for Indian currency is quite different. The residents of Indian can carry as much as up to 5000 INR when travelling abroad.

Foreign Currency Laws In Various Countries:

While India lets its residents exchange Indian currency into any foreign currency up to the value of 250,000 USD to carry abroad, in a practical scenario, the same limit may not be accepted by the destination country. Different countries have different regulations regarding how much of their currency a foreign traveller can carry while within their borders. For instance, India allows foreign travellers to carry 25,000 INR in cash on their trips. The same kind of law applies to all destination nations across the globe. So check with the laws of your destination country to know exactly how much money you can bring inside its borders.

Multi-currency Forex Travel Cards:

Multi-currency forex travel cards are the solution that you need when travelling abroad to foreign countries. These cards can, as the name suggests, hold multiple currencies after being recharged. Forex travel cards from RRSB Forex can hold as many as fifteen different currencies, making them extremely useful in most of the popular foreign countries that you may be planning your trip to. These versatile cards are accepted at all points of sale, being issued by either Visa or Mastercard. They also offer extremely competitive exchange rates, making them an easy choice over cash.

The 70-30 Rule:

One of the most common, popular and effective ways to carry money abroad is by following the 70-30 rule. This rule is followed religiously by regular foreign travellers, and it helps in making life easier by a huge margin. Breaking down this rule, it is implied that 70% of the total required money must be carried through the means of multi-currency forex travel cards. The remaining 30% should be carried as cash in hand. The card can be used in points of sales that accepts payment through them. The cash can be used to pay for small expenses like cabs, items off roadside stalls or shops, tips and so on.

For an easy and well-guided experience when you perform a money exchange in Bangalore, look no further than RRSB Forex. Our reputed services are here to ensure that you enjoy a smooth and hassle-free currency exchange without having to take any pressure at all.

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