Foreign exchange
The rate you
googled isn't
the rate you get.
Nobody gets the interbank rate — not us, not your bank, not the counter at the airport. What separates a fair forex deal from a bad one is how much sits on top, and whether anyone showed it to you.
Currency, cards & delivery
Currency notes, a prepaid travel card, or both — arranged through RBI-authorised channels and delivered before you fly.
How your forex is provided
Arranged by us,
issued by an
authorised partner
Foreign exchange in India may only be sold by RBI-authorised entities. Tripgation is a travel management company, so we arrange your forex through our authorised partners and stay with you through the paperwork and delivery — the regulated transaction itself is theirs.
Thomas Cook (India)
An RBI-authorised foreign-exchange provider. Currency, prepaid forex cards and remittance under this tie-up are issued and settled by Thomas Cook under its own authorisation.
EbixCash / Ebix Forex
An RBI-authorised money-changing and forex provider. Where your order is fulfilled through this partner, the regulated transaction is carried out under EbixCash’s authorisation.
Tripgation’s role
We are a travel management company, not an authorised dealer. We help you compare, complete the paperwork and take delivery alongside your trip — the regulated exchange itself is done by the authorised partner.
What we arrange
Currency,
cards &
remittance
Foreign currency
Currency notes for your destination, issued against your trip within the permitted cash limit.
Prepaid forex card
A reloadable travel card, rate locked at load, blockable and replaceable if lost.
Buy & sell forex
Buy currency for an upcoming trip, or encash unused foreign exchange within the FEMA surrender window on return.
Outward remittance
Fees, deposits and maintenance sent abroad under LRS with the correct purpose code.
Student forex
Tuition and living costs for students abroad — card, remittance and the education-rate TCS handled together.
Corporate & travel forex
Currency arranged with the booking, cards per traveller, and one GST-compliant statement for finance.
What sits above the rate
The six layers
between you
and the rate
Only one of these six is a margin any provider actually competes on. Knowing which one is the difference between comparing forex deals properly and comparing headline numbers.
| Layer | Component | What it is | Charged by |
|---|---|---|---|
| IBR | Interbank rate | The rate banks trade with each other at. This is what a search engine shows you, and no retail customer anywhere is offered it. | Reference only |
| MRGN | Dealer margin | The money changer's spread over interbank. This is the only layer that is genuinely negotiable, and the only one that differs between providers. | Us & every competitor |
| GST | GST on conversion | Charged on the value of the conversion itself, on a slab basis, so it is a smaller proportion on larger amounts. | Statutory |
| TCS | Tax Collected at Source | Collected on remittances above a threshold. Not a fee and not lost — see below. | Statutory, recoverable |
| XCUR | Cross-currency markup | Charged when you spend in a currency your card is not loaded in — a USD card used in Europe converts twice. | Card issuer |
| ATM | ATM & reload fees | A flat fee per overseas withdrawal, plus whatever the local ATM operator adds on its own screen. | Card issuer & ATM |
When a provider advertises "zero margin," check the other five layers. The money has to come from somewhere, and it is usually the cross-currency markup or the ATM fee — the two nobody thinks to compare.
Cash, card or plastic
Four ways to
carry money,
one right mix
For most trips the answer is a forex card for the bulk of it, a small cash float, and a credit card kept for deposits. The proportions change by destination — we will say how.
| Type | Method | Strong at | Weak at | Use for |
|---|---|---|---|---|
| CASH | Foreign currency cash | Taxis, tips, small shops, and any country where cards are unreliable. | Cannot be replaced if lost. Statutory limits apply to how much you may carry per trip. | A small float only |
| FXCD | Prepaid forex card | Rate locked on the day you load it, so a falling rupee mid-trip costs you nothing. Blockable and replaceable if lost. | Cross-currency markup if you spend outside the loaded currency. Unspent balance needs handling on return. | The default for most trips |
| CRED | Credit or debit card | Universally accepted, useful for hotel pre-authorisations and emergencies. | Converted at the issuer's rate on the day of settlement, plus a foreign transaction markup. You find out the cost afterwards. | Backup & deposits |
| REMT | Outward remittance | For fees, deposits and family maintenance sent directly to a foreign account. | Purpose code and documentation required. Not a way to carry travel money. | Education & medical |
The regulated numbers
What the law
allows you
Foreign exchange in India runs under FEMA and the Liberalised Remittance Scheme. These figures shape what you can buy, and they move — so we date them.
Six things worth knowing
Where money
quietly leaks
Always decline "pay in rupees" abroad
When an overseas card machine offers to bill you in INR, that is dynamic currency conversion, and the exchange rate is set by the terminal operator. It is reliably worse than your card issuer's rate. Choose the local currency, every time.
TCS is a credit, not a charge
Tax Collected at Source on foreign remittance is adjusted against your income tax liability — you claim it in your return, or set it against advance tax. It reduces your cash in hand for a while. It does not reduce your money.
Buy only from an authorised dealer
Foreign exchange in India may only be sold by RBI-authorised entities. A cheaper rate from an unlicensed source is a FEMA violation by you as well as by them, and there is no recourse if the notes are refused abroad.
Unused currency has a deadline
Foreign exchange brought back must be surrendered or converted within the period prescribed under FEMA. Cards left loaded and forgotten are the most common breach, and nobody sends a reminder.
Nepal and Bhutan are different
Indian residents travelling to Nepal and Bhutan cannot take foreign currency in the usual way, and there are restrictions on the denominations of Indian notes permitted. Ask before you assume.
Airport counters are the worst rate
Captive customers, no comparison shopping, and a margin that reflects it. If you have landed without currency, draw the minimum you need there and sort the rest properly.
Corporate forex
Currency that
arrives with
the ticket
Rate locked at the quote
The rate we quote is the rate you get for the stated window, so a trip approved on Monday and loaded on Thursday does not cost more.
Cards issued per traveller
Loaded to the trip budget, topped up remotely, and blocked the moment a traveller reports it lost. No company card details in circulation.
Forex with the booking
Currency arranged alongside the ticket and visa, so nobody lands at 1am with an unloaded card and no cash.
Documented for audit
Purpose, traveller, amount and TCS certificate against every transaction, ready for your return rather than reconstructed at year end.
Unused balance handled
We track loaded balances after return and process the encashment inside the statutory window, instead of leaving it on a card in a drawer.
One consolidated statement
Monthly, with cost centre and project code per load, and GST invoicing against your GSTIN.
To buy foreign exchange
Bring these
six things
Forex is issued against a specific journey, so the paperwork ties to your trip rather than to you in general.
- Passport, original — the currency is issued against it and the trip is endorsed on record
- Confirmed air ticket showing travel within the permitted window before departure
- Valid visa for the destination, where the destination requires one in advance
- PAN card, which is required for the transaction and for the TCS certificate
- Form A2 and the declaration, which we prepare and you sign
- For students: admission letter and fee demand; for medical: the hospital estimate
KYC, delivery & refunds
The rules and
the logistics
KYC
A standard KYC is completed by the authorised partner for every transaction — identity and address proof, plus PAN. For companies, the entity KYC and an authorised-signatory mandate.
PAN
PAN is mandatory for buying foreign exchange and for the TCS certificate. The transaction cannot be completed without it.
FEMA / LRS
All purchases run under FEMA and the Liberalised Remittance Scheme, against a genuine, documented purpose within the annual LRS limit.
Delivery & collection
Doorstep delivery of currency and cards in serviceable cities, or collection from an authorised branch. Cards can be reloaded remotely during your trip.
Refund & cancellation
Unused foreign currency is bought back / encashed at the prevailing rate within the FEMA surrender window; a card can be encashed of its residual balance. Cancellation terms and any charges follow the authorised partner’s policy and are shown before you confirm.
Good to know
Common
questions
Is Tripgation an authorised money changer?
What documents do I need to buy forex?
What is TCS on forex and is it a cost?
How much foreign currency can I buy?
Can I return unused foreign exchange?
Last updated: August 2026
Forex disclaimer: Tripgation Private Limited is a travel management company and is not an RBI-authorised dealer or money changer. Foreign-exchange services are provided by our RBI-authorised partners (Thomas Cook (India) Limited and EbixCash / Ebix Forex), who carry out the regulated transaction, KYC and settlement under their own authorisation. Exchange rates, statutory limits, TCS and fees are set by the authorities and the authorised partner and are confirmed to you before any transaction. Figures on this page are indicative and dated — confirm the current position before relying on them.
Get a rate
Ask us what our margin is.
It is a fair question and we will answer it with a number. Ask every other provider the same thing before you decide.