Currencies vary from one nation to another and my uncle travels foreign lands a lot. I have a collection of coins belonging to several countries but never knew how to deposit foreign currency into a bank account. Last month I asked my father about it and he said that it is not a very easy task. There are several ways by which it can be done so let me tell you what they are one by one so that you understand it better.
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How to deposit foreign currency in Indian bank?
One can open a Resident Foreign Currency (Domestic) account with a bank in India and deposit foreign exchange earnings repatriated to India through a banking channel.
One can also create a Resident Foreign currency account in the form of current or savings or term deposit and the funds here are free from all restrictions.
Foreign money can be received in Indian bank account by doing remittance through SWIFT
There are several banks which change foreign currencies into Indian money so ask your bank branch first and then proceed.
These are some ways as my father mentioned while answering
how to deposit foreign currency into a bank account and I hope it was helpful to you.
Read More:Can I deposit money in NRI account from India?
Who can open NRE account?
Authors Of The Question
How To Deposit Foreign Currency Into A Bank Account?
Syed Kashif
542Views
2 Year
2022-08-22T10:01:38+00:00 2022-08-22T10:01:39+00:00Comment
1 Answers
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