What’s the limit of currency conversion at any bank?

What’s the maximum amount a common individual can convert at a bank, in terms of USD?

And, what about the folks who earn a living trading currencies at the Forex Market? Do they have their currencies converted at a specialised institution, or do they just convert them through the banks? And if they do, are they required to hold some sort of license?

2 Replies to “What’s the limit of currency conversion at any bank?”

  1. The maximum foreign currency in usd that u can convert in a bank has no limits, only if its more than 5000usd, u should have your cash declared at the airport. With the reciept from the airport u can change any amount of cash. But if u do not like to declare cash at the airport (as the custom off counts it at the airport, so risk of robbery) u can change it in black at any jewellers shop at chira bazaar if ur in mumbai. But remember then u cannot put the whole amount in the bank as it is black money.

  2. Travellers going to all countries other than (a) and ( b) below are allowed to purchase foreign currency notes / coins only up to USD 3000. Balance amount can be carried in the form of 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; (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 in the form of foreign currency notes or coins.

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