Can we hold more than 1 multi-currency travel card in India?
I generally buy multi-currency travel cards from Forex agents. This time I approached a bank and they are saying it is illegal to hold 2 multi-currency travel cards in India.
I doubt this. Can someone confirm this?
Best Answer
This doesn't appear to be accurate based on the RBI regulations. I'm quoting the relevant section here.
Q 3. How much foreign currency can be carried in cash for travel abroad?
Ans. Travellers going to all countries other than (a) and (b) below are allowed to purchase foreign currency notes / coins only up to USD 3000 per visit. Balance amount can be carried in the form of store value cards, travellers cheque or banker’s draft. Exceptions to this are (a) travellers proceeding to Iraq and Libya who can draw foreign exchange in the form of foreign currency notes and coins not exceeding USD 5000 or its equivalent per visit; (b) travellers proceeding to the Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States who can draw entire foreign exchange (up-to USD 250,000) in the form of foreign currency notes or coins. For travellers proceeding for Haj/ Umrah pilgrimage, full amount of entitlement (USD 250,000) in cash or up to the cash limit as specified by the Haj Committee of India, may be released by the ADs and FFMCs.
Based on my reading of this, there is a restriction on the amount of currency (cash or coins) you can carry, it doesn't seem like there is a limit on the number of store value cards that you can carry additional money in.
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Can we take two forex cards?
Imagine you're visiting two different countries in a single trip, then you should ideally purchase a multi-currency forex card that allows you to load the card in different currencies. You can thus avoid the hassle of carrying two different cards for two countries.How much foreign currency can a person hold in India?
You can bring into India foreign exchange without any limit. If, however, the value of foreign currency in cash exceeds US$ 5,000 and/or the cash plus TCs exceed US$ 10,000 it should be declared to the customs authorities at the airport in the currency declaration form (CDF), on arrival in India.Which currencies can be loaded in multicurrency card?
There are 20 currencies offered which can be loaded on the card, namely,- USD (U.S. Dollar)
- EUR (Euro)
- GBP (British Pound)
- AED (UAE Dirhams)
- AUD (Australian Dollar)
- BHD (Bahraini Dinar)
- CAD (Canadian Dollar)
- CHF (Swiss Franc)
Which is the best multi-currency card in India?
11 Best Forex Cards in India 2022- Axis Bank Diners card.
- HDFC Bank Multicurrency ForexPlus Card.
- HDFC Bank ISIC Student ForexPlus Card.
- HDFC Regalia ForexPlus Card.
- Thomas Cook Borderless Prepaid Card.
- Thomas Cook One Currency Card.
- IndusInd Bank Multi-Currency Forex card.
- ICICI Bank Multi-Currency Platinum Travel Card.
Forex Cards in INDIA Ranked Worst to Best
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Answer 2
While there is a restriction on how much cash, foreign currency or INR that can be carried, there is no restriction on the number of foreign currency cards that one can hold. On the amount held on the card, possibly below applies.
Reading the RBI guideline from above answer again, 3000 USD can be carried in cash and balance can be carried in store value cards, travellers cheques etc. Given the subsequent text put the limit for Iran etc as 250K USD, assume same overall limit for other category as well. Hopefully that is the extent of money you need to carry.
Ans. Travellers going to all countries other than (a) and (b) below are allowed to purchase foreign currency notes / coins only up to USD 3000 per visit. Balance amount can be carried in the form of store value cards, travellers cheque or banker’s draft.
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