Foreign Exchange (Forex)

Angel Gulf Jobs is a full-service Gulf job consultant providing end to end Gulf recruitment services. The services include counselling, job search, skills tests, interview preparation, visa assistance, other documentation, and travel arrangement to foreign exchange (forex) services. As far as foreign exchange is concerned, Angel Gulf Jobs provides latest news & info on GCC / Gulf foreign currency exchange, UAE currency exchange and more. It also provides simple-to-use currency converter and live Gulf currency exchange rates for the convenience of job seekers and candidates.

Point To Remember When Purchasing Foreign Exchange:

What documents are required to purchase foreign exchange?

At first, in-order to purchase foreign exchange you will need copies of the passport, pan card, employment visa, work permit and letter from the overseas employer.

How much foreign exchange is available to a person going abroad on employment?

Person going abroad for employment can draw foreign exchange up-to USD 100,000 from any authorised dealer in India on the basis of self-declaration.

Source: https://rbi.org.in

What is the best source to buy foreign exchange?

There are various players in the market who sell foreign exchange. They include authorised full-fledged money changers, banks, travel agents and the unregulated grey market. However, forex dealers charge the lowest commission as compared to banks or travel agents. If the rupee is trading at 67.59 per euro, a bank will charge you around 70-72. This rate varies from bank to bank. A money changer may charge a rate of 68-70, which again varies from dealer to dealer. The unregulated grey market may offer even "lower" rates, but it comes with a host of risk factors. "A traveller may benefit by way of 10 paise to 25 paise, but it is always advisable to avoid going to the grey market as the risks are counterfeit notes, non-issuance of receipt for the foreign exchange. It is most expensive to exchange currency at international airports. There will be loading of 2-5% depending upon the location.

How do I carry foreign exchange?

Up to a maximum of US $5000 can be withdrawn in the form of foreign currency notes and coins. Instead of carrying cash a traveller can get a prepaid forex card and load the card with the required amount. Rest amount can be carried through traveller’s cheque, bank draft or through bank deposits. An international debit or credit card issued by respective bank can be utilized at the destination country.

What are the different methods for sending money to India?

Bank transfers, money exchange services and express money transfers (like western union money transfer). When sending money to India watch out for “transaction fee”, “exchange rate margins” and other “backend charges”. The transaction charges differ from medium to medium and also from bank / agency to agency.