With the growing population of visitors (for various reasons such as education, career, and medical, among others) to USA from India, there has been a growing need of exchanging Indian Rupee into US dollar. Many times, it is not possible to carry the required exchanged currency from India, thus, it is important to understand the requirement and process of exchanging Indian Rupee into US Dollar and that too in USA.
Requirements To Exchange Indian Rupee To US Dollar In USA
Travellers to USA might require converting their Indian currency in US Dollars. While there are various ways to convert the currency, it is important to understand the requirements for exchanging Indian Rupee to US Dollar in USA. Some of the basic requirements to exchange Indian Rupee to US Dollar in USA would surely include:
- Indian Currency At Hand: Such Indian currency can either be carried by the individual traveller while travelling from India. The same can be withdrawn from banks using an international debit card. Such money can also be sent from India to USA (some relative or friend can send the money if required). Currency can also be carried in the form of traveller’s cheques in case huge amount needs to be carried.
- Understanding The Current Exchange Rate: Each currency is volatile and has a different exchange rate compared to the currency in which it has to be converted. Before the conversion process, the individual should understand the current daily exchange rate carefully. The first step while considering the conversion, thus, is to study and understand the USD to INR selling rate. Similarly, when individual plans to return back to India, he/she needs to convert foreign currency to Indian rupee using such exchange rate.
- Understand The Commissions And Fees Involved In Such A Conversion Process: Usually, such commissions and fees (brokerage or agency) fees are the convenience charges one needs to pay in order to get the exchanged currencies. Thus, it is advisable that a thorough research and comparative study is done related to such commissions and fees.
- Documentary Proofs: In case the amounts converted are greater than USD 200, the individual converting such cash would need to show a documentary identity proof which includes either a passport (in case of NRIs/foreign visitors) or any another government (US government in this case since the conversion is done in USA) issued photo ID such as driving license. In case the amount to be converted exceeds USD 5,000 in cash or exceeds USD 10,000 in total, the individual also needs to carry a Currency Declaration Form.
How To Exchange Indian Rupee To US Dollar In USA?
While planning to exchange currencies or converting currencies (from Indian Rupees to US Dollars in this case), one needs to carefully follow the steps as mentioned below:
- Check the current day’s exchange price (Indian Rupee to US Dollar) which is easily available online on various websites. This would help to ensure the genuineness of the institution which would facilitate such conversion of currency.
- In the case of travel, the individual should wait until he/she arrives at the destination. The airports across the globe have currency exchange desks and kiosks which can facilitate such a conversion process. However, these currency exchange desks offer a lower competitive conversion rate as compared to the local banks and other financial institutions.
- In case minimum cash (local currency) is available, the individual should try to get in touch with the local banks (which can legally convert foreign currency into USD) and get informed about the rate of conversion and only then proceed for such currency conversions at a competitive rate. Even the hotel administration (in which the visitor is staying) can help with such information.
- Once the information is ready and the individual is clear where to convert the cash, he/she should visit the bank or institution and ask the currency exchange desk operator to exchange the requisite currency after remitting the requisite fees and commission.
- In case required, the individual needs to keep the passport and/or other documentary proof handy (as mentioned above). In case converting a huge amount of cash, the individual can also opt for obtaining a traveller’s cheques.
- Count the exchanged currency and tally it with the current daily exchange rate. Do not forget to take the valid receipt of conversion in order to avoid future confusions.
Best Places Or Sources To Exchange Rupee To US Dollar In USA
The Indian currency can be converted into US Dollar in various ways. Some of the best places or sources to exchange Indian Rupee to US Dollar in USA include:
- Online: The exchange can be done online at various websites such as Travelex Services or DoorstepForex
- Currency Exchange Booth at Airports: Almost all major airports globally have facilitated the process of currency conversion. Therefore, these airports have designated currency exchange desks and booths which can help the individuals get their currency converted into local currency. This is probably the easiest method of currency conversion.
- Pay Pal: Any individual can link their Pay Pal account to their local (Indian) bank account and make payments in US Dollar in USA using Pay Pal. In such a circumstance, Pay Pal takes care of the currency conversion process.
- Currency Exchange Desks at Leading Bank Outlets in USA such as the bank of America
However, while considering this decision to convert cash, one needs to be cautious not to fall prey of agents looking for visitors to make quick gains at the cost of such visitors. It is best to trust institutes such as bans and authorized currency exchange desks at airports for such currency conversion process.