India GOCurrency exchange in India
Change money only at a bank or an RBI-licensed money changer, ask for an encashment certificate, and keep it with your passport: it is what lets you change leftover rupees back at the airport. Airport counters are fine for the first day's cash; for larger sums a licensed changer in town usually gives a better rate.
Who is allowed to change money
Changing money in India looks like a maze of counters and signboards. In practice the law is simple: only an authorised person under the Reserve Bank of India (RBI) may buy foreign currency from you. The RBI's Master Direction on money changing names three kinds:
- Authorised Dealer Category I: most banks with a forex desk.
- Authorised Dealer Category II: licensed non-bank dealers.
- Full-Fledged Money Changers (FFMC): licensed exchange offices, the ones on tourist streets and at airports.
These may also work through franchisees (small agents, sometimes inside travel agencies or hotels). Under the current RBI rules no new franchise arrangements are allowed, and existing ones must be wound down within two years from 6 May 2026, so expect fewer of them.
How to recognise a licensed office. An FFMC or non-bank dealer must display a copy of its RBI money-changing licence near the counter, and every authorised person must show a board with the day's buying and selling rates for the major currencies, updated by 10:30 a.m. No licence on the wall, no rate board, no receipt: walk on.
Where to exchange
Each option has its place. Mixing them is normal.
| Bank (forex branch) | Reliable and fully documented. Not every branch has a forex desk, hours are shorter and queues longer. |
| Licensed money changer (FFMC) in town | Usually the most convenient: tourist areas, longer hours, rates on the board. Compare two or three before you change a large sum. |
| Airport counter on arrival | Handy for the first day's cash, but rates are typically worse than in town (about 6–12% worse in the India GO team's experience; not an official figure). Change only what you need to get to the hotel and through the first day or two. |
| ATM with your own card | Often the simplest route to rupees, with its own fees and pitfalls: see below and the [payments guide](/en/guide/how-to-pay/). |
| Street changer without a licence | Skip. No receipt means no way to change rupees back, and counterfeit or short-counted bundles are the classic risk. |
👣 Changing money, step by step
- Bring the right notes
US dollars or euros in clean, recent banknotes are the easiest to change. Worn or marked notes may be refused or bought at a worse rate.
- Take your passport
Money changers follow RBI know-your-customer (KYC) rules, so expect to show your passport and visa. If you declared cash on a Currency Declaration Form (CDF) at arrival, bring it too: the rules require you to show it when you change declared currency.
- Check the rate board and ask the total
Ask how many rupees you will get in total, after any commission, before you hand over money.
- Count the cash at the counter
Count it in front of the cashier, and refuse torn or taped notes: shops won't take them later. Ask for some smaller notes too.
- Ask for an encashment certificate
It is the official receipt for your exchange. RBI rules let an authorised person issue it on request, and it is what lets you change unspent rupees back when you leave. Keep it with your passport.
The rules in numbers
From the RBI Master Direction, the RBI forex FAQ and the currency regulations under FEMA (India's foreign exchange law). Citizens of Pakistan and Bangladesh, and people travelling to or from those countries, have separate rules.
| Foreign currency you bring in | No limit. Declare on a CDF at customs if notes exceed US$5,000, or notes plus traveller's cheques exceed US$10,000. |
| Foreign currency you take out | Unspent foreign currency up to the amount you brought in and declared on the CDF. |
| Indian rupee notes | A visitor may bring in and take out up to ₹25,000. The RBI FAQ adds that rupees may be brought in only when entering through an airport. Travel to and from Nepal and Bhutan has its own rules. |
| Rupees paid out in cash | When you sell foreign currency, a foreign visitor can be paid in cash up to the equivalent of US$3,000 per transaction. |
| Rupees against a card | Authorised persons may sell rupees to foreign visitors against an international credit or debit card. |
Changing rupees back before you fly
Leftover rupees are easy to change back if you kept your paperwork. RBI allows three routes:
- With an encashment certificate: an authorised person may convert unspent rupees into foreign currency at departure.
- Without a certificate: up to ₹10,000, at the money changer's discretion, if you leave India within 7 days.
- Against ATM slips: up to ₹50,000 for foreign tourists (not NRIs), on a valid passport and visa, a ticket for departure within 7 days and the original ATM slips checked against the card you used. Keep every ATM slip for this.
Where. Exchange counters in the departure hall of international airports must stand before the customs or immigration desk, whichever comes first, so change money before you go through. Counters in the duty-free or security-hold area beyond immigration may also exchange rupee notes, but don't count on finding one open late at night.
Whatever you can't change, you may take out up to ₹25,000 in notes for your next trip.
ATMs and cards instead of cash exchange
Many visitors skip exchange offices almost entirely and take rupees from ATMs. It works, with a few caveats from the India GO team's experience (these are bank practices, not RBI rules):
- Indian banks typically charge a foreign card about ₹150–300 per withdrawal, on top of your own bank's fee, and a single withdrawal is often capped around ₹10,000.
- If the ATM or card terminal offers to charge you in your home currency, decline and choose INR. This dynamic currency conversion (DCC) usually hides a markup of 5–10% or more.
- If one ATM declines your card, try another bank's machine. Use ATMs inside bank branches and ignore anyone offering to "help".
Cards, UPI wallets for visitors and how much cash to carry are covered in the [payments guide](/en/guide/how-to-pay/).
"Better rate, my friend"
Offers to change money in a back room, a shop or on the street at a rate "better than the bank" are how tourists end up with short-counted bundles, counterfeit notes or no receipt to change back. Exchange only where an RBI licence or a bank sign is on display, and count everything at the counter.
❓ Questions people ask
Should I buy rupees before I fly?
You may bring in up to ₹25,000 in notes, entering through an airport. Most travellers simply bring dollars or euros and change on arrival, which also gets them an encashment certificate.
Which currency is best to bring?
US dollars or euros in clean, recent notes are the easiest to change at any licensed changer. Other major currencies are taken in big cities; check the rate board first.
Do I need to declare my cash?
Only if foreign notes exceed US$5,000, or notes plus traveller's cheques exceed US$10,000. Then fill in a CDF at customs on arrival and keep it.
I lost my encashment certificate. Can I still change rupees back?
Yes, up to ₹10,000 at the changer's discretion if you leave within 7 days, or up to ₹50,000 against original ATM slips.
Can a hotel change money for me?
Only if it is an authorised person or a franchisee of one; ask to see the RBI licence or the authorising bank's name, and get a receipt.
Is it better to use an ATM or a money changer?
For small, frequent amounts, ATMs are simpler; for a large sum in cash you brought, a licensed changer in town usually wins. Always choose INR at the ATM.