While there are various reasons, travel is the primary reason people buy foreign currency in Mumbai. This ensures you have cash for initial expenses upon arrival, like taxis, meals, or public transport, before setting up alternative payment methods.
Business travellers or attending conferences abroad may need foreign currency for incidental costs in Mumbai. Students studying overseas and needing cash for living expenses or tuition fees might also buy foreign currency. Other reasons include sending money as gifts or remittances to family or friends overseas or, less commonly, as part of an investment strategy.
It's generally recommended to avoid exchanging currency at airports and hotels in Mumbai due to their typically less favourable exchange rates and potential transaction fees. These rates are often worse than the mid-market rate, the standard at which currencies are traded.
As a resident of Mumbai (staying in India for over 182 days), you'll need proof of address (Aadhaar card/driving license/Passport) to buy foreign currency in cash. There are limitations on amounts: up to USD 1,000 equivalent (any currency) without additional documents and above USD 5,000 requiring bank account details.
Yes, Mumbai offers convenient online currency exchange platforms. Unimoni's "Remit Forex" allows you to purchase the currency you need at competitive rates from the comfort of your home.
Unimoni offers competitive exchange rates, fast service, and a secure environment for your currency exchange in Mumbai. They also provide a convenient online platform, eliminating the need to visit a physical location.
