Steps for buying foreign currency online

Travelling overseas soon and need foreign currency? With online forex services offered by banks and various online platforms, you can now buy foreign currency online conveniently from home. This article provides a detailed guide on how to purchase foreign exchange online in India. It includes associated benefits, charges, and other key aspects.

Documents required for buying foreign currency online 
 

To buy foreign currency online in India, you need the following documents handy:

• Scanned copies of your passport's first and last pages
  
• Scanned copy of visa pages if applicable 
• Scanned copy of PAN card 
• Proof of travel - Flight tickets, visas etc
• A passport-size photo
• Overseas contact number

You may also need to submit additional KYC documents as per platform requirements.

Steps to purchasing foreign currency online
 

Buying foreign currency online is easy if you follow these simple steps:

1. Visit the website or app of the bank/platform providing the forex service

2. Select the foreign currency you want to buy - USD, EUR, etc

3. Enter the amount of foreign currency required

4. Upload the required documents 

5. Make the payment in Indian rupees via UPI, net banking, etc

6. Select a delivery method - home delivery, branch pickup, etc.

7. Receive confirmation and tracking details

The ordered foreign currency will be delivered to your home or you can pick it up from the designated bank branch.

Types of foreign currencies available online

Most platforms allow you to buy popular foreign currencies online such as:

• US Dollar (USD)
  
• British Pound (GBP)  
• Euro (EUR)
• Australian Dollar (AUD)
• Canadian Dollar (CAD) 
• Singapore Dollar (SGD)
• Swiss Franc (CHF)
• Japanese Yen (JPY)
• UAE Dirham (AED)

Some sites may also offer other currencies, depending on demand and regulatory aspects.

Benefits of purchasing foreign exchange online

Buying foreign currency online offers these key advantages:

• Convenience of ordering from home or while travelling 
  
• Eliminates the need to visit a bank branch and stand in queues
• Real-time exchange rates transparently displayed
• Fast doorstep delivery within 1-3 days
• Trackable doorstep delivery reduces risks
• Payment via IMPS, credit/debit card, UPI, net banking
• Availability of hard-to-find currencies

Charges for online forex purchases
 

When you buy foreign currency online, the following charges are applicable:

• Exchange rate - Linked to live forex rates plus markup  
  
• Doorstep delivery fee - Rs 50 to 100 depending on location
• Convenience fee - 1% to 3% of the transaction amount
• GST - 18% on the convenience fee
• Processing charges - Up to Rs 100 per transaction

The total charges are displayed upfront before purchase. Delivery charges may vary between providers.

Documents required for doorstep delivery

At the time of foreign currency delivery at home, you need to present the following proof:

• Original passport
  
• PAN card copy 
• Signed delivery confirmation receipt
• Payment proof of online forex purchase

The person receiving the delivery should be the passport holder who purchased online.

Safety tips while buying forex online

To ensure a safe and smooth experience, follow these precautions:

• Verify legitimacy and RBI approval of the website before use
  
• Check for security features like SSL, PCI DSS compliance 
• Do not make any advance payments or deposits
• Share only the necessary documents and personal details
• Take delivery receipt only after due verification
• Count currency notes carefully before accepting delivery

Being vigilant and dealing only with trusted platforms reduces risks in online forex transactions.

Conclusion

With transparent exchange rates, doorstep delivery, and no need to visit the bank branch, ordering foreign currency online is a very convenient way to exchange foreign currency in India. Following RBI guidelines, using secure platforms, and taking safety precautions are advised for smooth forex purchases. This enables travellers to get their overseas currency delivered in the comfort of their homes. Furthermore, by ordering foreign currency online, travellers can save time, effort, and money, making it the best option for hassle-free foreign money transactions.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.