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This fee is charged by many credit card issuers, typically ranging from 1% to 3% of the transaction. The foreign transaction fee consists of two parts: Network fee (or currency conversion fee): This part of the FX fee is charged by the credit card network (Visa or Mastercard, for example).

Go to your bank. Go to the banking institution that you use and tell them that you'd like to exchange currency. The upside of bank exchanging is that most banks will charge only a very small fee for exchanging currency (if they charge a fee at all) and you'll know you're getting a good rate.

Currency exchange of physical money (coins and paper bills) is usually done over the counter at a teller station, which can be found in various places such as airports, banks, hotels, and resorts. Currency exchanges make money by charging a nominal fee and through the bid-ask spread in a currency.

FFMC License Process Incorporate your business as an FFMC Company. Get your documents ready. File the application for FFMC License. Wait for RBI to process the application. Get FFMC License.

In order to become a Forex dealer, an individual must have a Master's degree in Finance. After passing out from 12th grade, students can take up Finance, Banking, Marketing and Business Management courses in UG. For taking up PG courses, the candidates need to clear entrance exams like CAT, MAT, GMAT, ATMA, XAT etc.

Documentation Required to Exchange Currency in India Passport. ID and address proof like PAN and Aadhaar (For Indian customers obtaining forex) Confirmed air ticket showing travel within 60 days. Valid Visa copy.

Copies of a valid Passport, Confirmed air ticket, Visa (mandatory for some countries) and PAN card (if needed by money changer) are required for buying foreign currency.