×

Forex

img

Foreign Exchange at Muthoot Fincorp

Muthoot Fincorp equips you with the currency of the place you want to travel. We buy foreign currencies & travellers cheques from resident Indians, Non resident Indians and foreigners, through our wide and vast network of branches. We have an Authorised Dealer Category II license from RBI. All our branches across the country are authorised to offer Forex services.

Foreign Exchange, involves buying a particular currency while simultaneously selling another. Foreign exchange transactions need skill and knowledge as well as requires the mindset to get the best for you. Muthoot Fincorp offers you the best rates through our intimate knowledge of the wholesale and retail financial markets.

Our Foreign Exchange Products & Facilities

Muthoot Fincorp offers you complete assurance and one of the best foreign exchange rates in the market. There are no extra charges for travel currency cards. We also offer one of the quickest turnaround time for sending money abroad, which makes our services ideal for emergency and other needs.

Muthoot Fincorp is authorised to issue prepaid travel cards to travellers visiting foreign lands for leisure, higher studies and other reasons specified by RBI. We offer the most convenient ways to lock in the favourable exchange rates and load several currencies simultaneously at a low cost. Attractive pricing, dedicated support and easy terms make our travel cards the best in India.

Our Currency exchange process helps you to legally convert your currency from Indian Rupees to all major currencies of the world. You can buy a foreign currency with Indian currency, or vice versa – so effectively, if you are travelling abroad, you need to buy dollars by paying with Indian Rupees. The currency is subject to exchange rates applicable on the day of the transaction.

We offer you the facility of a Foreign Demand Draft which allows you to remit the beneficiary in his/her host country’s currency upon presentation at the drawee bank. Muthoot Fincorp is authorised by the Reserve Bank of India (RBI) to issue FDDs in all major currencies for medical treatments, higher studies, journal subscriptions, stall bookings, event participation and more as prescribed by RBI.

We facilitate the transfer of funds from an Indian resident to an account within the country or to a foreign country with the help of our outward remittance services. Our partnership with several banks enable us to help you send money to a family member within the country or in a foreign country to help them with college fees or to book hotels for your travel. Businessmen and corporate houses can use our services to participate in events help internationally or for subscription of journals, etc.

Outward remittance is governed by following norms whichever is applicable:

International

Muthoot Fincorp can issue demand drafts in foreign currency after KYC is completed, as a way to perform international money transfer. Foreign DDs can be issued to:

  • Foreign universities as fee
  • For subscription to journals
  • For booking stalls abroad
  • For participating in international events.

Steps to be followed for Forex (Foreign Currency Exchange)

Foreign exchange is needed to help you convert money from other currencies to Indian Rupees or from Indian Rupees to a foreign currency. We have experienced and dedicated professionals who can help you convert the currency at the best rates. The unspent currencies after trip or NRI/Foreigners coming for visit to India has to convert to domestic currency.

We make the whole process simple, quick and transparent.

Visit a Muthoot Fincorp branch to initiate the process. With close to 3600 branches all over the country, we offer a last mile presence. You can also use our online form to share your details and our customer care executive will get in touch with you as soon as possible to help you complete the process.

You must produce an original proof of identification. Any of the following are acceptable: Passport, Government of India Election ID card with address proof, PAN Card and address proof, driver’s licence, any governmental ID with address proof.

Our customer care executives will help you fill the form and inform you about the applicable conversion rates.

As per the guidelines, if the amount to be exchanged exceeds Rs 50,000, we deposit the amount in your bank or will issue a cheque for the amount.

Please note, we are bound by and follow KYC norms as per the regulator’s guidelines. You can also call us at 1800 102 1616 and talk to a customer care representative to understand the details.

Details of the Documents required

For availing/purchasing foreign currencies from us:

  • Passport ,Pan card, LRS (AD-2 Application form)
  • Ticket /visa copy of the passenger or Declaration for Travel
  • Any other documents stipulated by the RBI depending on the purpose of visit
  • Cash Up to INR 50000/- in a Visit above it should be a bank transaction from the traveler account.

For encashing foreign currencies from a resident Indian

  • Any ID card with address proof issued by Govt of India or State Govt fulfill KYC norms (We are required to keep a copy of the ID if the amount is more than USD 200)

For encashing foreign currencies from an NRI

  • Passport/ ID card with address proof
  • Proof of their NRI status

For encashing foreign currencies from foreigners:

  • Passport copy
  • Valid Indian visa

For sending money abroad:

  • Receiver’s Name
  • Receiver’s Account No.
  • Bank Name & Branch where the money is to be sent
  • Swift / SORT / BSB Code
  • Sender’s Name & Address ( Copy of ID should be attached )
  • Sender’s Account No. & Bank

Avail Forex Money Exchange Service at best rates for all

Muthoot Fincorp provides Foreign Money Exchange at the best rates in the industry. Our forex exchange network deals with major currencies in the wholesale domain. With a vast network of licensed branches dealing across the country, our dedicated professionals offer services that provide you with competitive exchange rates in all major currencies. Currently, we deal with 26 currencies in the wholesale forex market.

Frequently Asked Questions

Each nation has its own currency, and you wouldn’t be able to use Indian Rupee to indulge in any activities on foreign land. Therefore, you should get your currency converted to a target currency at a Forex currency exchange. Most foreign currency converters at your destination will only exchange to US Dollars. If such is the case, you should convert Indian Rupee to US Dollar at a foreign exchange and convert it to local currency at your destination.

Resident Indian can exchange Indian currency to a foreign currency at an exchange House before 60 days from the date of departure. You can keep currency equivalent to USD 3,000(exceptions available to certain countries). If you need more money, you must take it in the form of traveller’s cheque, travel card or bank draft.

An exchange rate is the cost that you will incur for converting one currency to another. The rate will tell you how many USD or Euro you will get in exchange for any amount in Indian Rupees or vice versa. So, if the exchange rate for USD1 is INR75, that means if you want to buy USD 100, you need INR7500. It also means, if someone sends you USD 100, you will receive INR 7500. The foreign (Forex) exchange rates change daily.

Resident Indian can carry foreign currency equivalent as cash when traveling abroad. The rest must be carried in the form of foreign demand drafts or a travel card. You can also use outward remittance to receive money when abroad, in case of an emergency (If offshore Bank A/c Available).

You can carry foreign currency when visiting India. If the value of the currency is higher than USD 5,000, it must be declared at the customs counter and has to Obtain CDF. Any amount greater that this should be converted at a forex currency exchange with CDF when entering India.

To convert to any foreign currency in excess of USD 200 at a foreign money exchange, a copy of your passport + Visa (NRIs/foreign visitors) or any other government issues photo ID and Address proof (Resident Indian). If the amount is above USD 5,000 in cash, you will have to provide a currency declaration form.

You can exchange foreign currency at your nearest Muthoot Fincorp branch. You can locate the branch nearest to you at https://www.muthootfincorp.com/branch-locator

Why Choose Muthoot Blue for Foreign currency exchange?

Muthoot Blue (Muthoot Pappachan Group) has a reputation that has been shaped over decades with high-quality practices, total customer satisfaction, and steady growth. Today, Muthoot Fincorp, our flagship company, is one of the largest NBFCs in India and we continue to work with the aim of providing timely credit to common man with Blue Soch. Hence, our forex currency exchange makes it easy to get the money exchanged in the currency of your choice with minimum hassle!

You can trust Muthoot Blue because:

  • We have over 4200 branches across India. Visit your nearest Muthoot Blue branch to get a loan quickly and without any hassle.
  • Nearly 1,00,000 customers walk into our branches daily and are assured of trustworthy and simple services.
  • Our customer-centric approach and innovation over the past +132 years without compromising on the God-given values of trust, truth, transparency and tradition is what helps us in empowering the human ambitions.

Enquire Now

Send us your query

I authorize Muthoot Fincorp Ltd. & other Muthoot Pappachan Group companies (including its Agents/representatives) to call/communicate with me on their product offerings/promotions through Telephone/Mobile/SMS/email ID.