What is btq withdrawal?
Below is a list of Frequently Asked Questions about outsourcing and BTQ's services. the concerted action of depositors who try to withdraw their money from a bank because they think it will fail. These entries show up so that the person who holds the account can verify every financial transaction in her account.
We understand that foreign exchange is one of the most important requirements for you while you are travelling abroad.
Also arranging for foreign exchange can sometimes be a lengthy, irritating and tedious job. Hence, we bring to you the best Foreign Exchange Services that meet all your forex requirements with utmost ease and convenience.
Students can make use of Foriegn Exchange Demand Drafts to apply to the desired universities, as well as fulfill thier semester fee requirements, all at competitive rates. Exchange can be released up to USD 100,000/- or equivalent per academic year. Against Cash up to Rs. 50,000/-, the student can avail of speedy Foriegn Exchange in the form of drafts to pay for his/her application fees to universities etc.
Individuals deciding to go abroad for a holiday can fulfill his/her Foriegn Exchange needs and can avail of BTQ up to USD 10,000/- per year or equivalent.
Individuals going abroad permanently can avail fo Foriegn Exchange facilities up to USD 100,000/- or equivalent OR the amount prescribed by Country of emigration.
Persons going abroad for employement can avail of Foriegn Exchange up to USD 1,00,000/- or equivalent.
An Individual wishing to avail of medical treatment abroad can acquire Foriegn Exchange up to USD 1,00,000/- or equivalent OR more as per estimate from the doctor in India or Hospital/Doctor abroad.
An Individual traveling abroad on business or attending a conference or specialised training can on behalf of his/her Company, avail of Foriegn Exchange up to USD 25,000/- or equivalent per visit irrespective of period of stay abroad.
RBI Regulations
The first thing to do is familiarise yourself with rules and regulations related to foreign exchange as laid down by the Reserve Bank of India (RBI), regarding travel abroad for various purposes. Here’s what the RBI has to say about taking money out when travelling abroad for pleasure.
Related: The changing face of RBI - from Rajan to Patel
How much foreign exchange can you buy when going to another country on holiday?
For private visits abroad, such as tourism purposes, the RBI says foreign exchange up to US $10,000, in any one calendar year, may be obtained from an authorised dealer.
Related: A guide to raising funds to make your dream vacation a reality
Foreign currency in cash
Travellers can purchase foreign currency notes/coins only up to US $2,000. The required balance amount can be taken in the form of traveller’s cheques or banker’s draft.
Some exceptions to this are: a) Travellers to Iraq and Libya can draw foreign exchange in the form of foreign currency notes and coins not exceeding US $5,000 or its equivalent; (b) Travellers to the Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States, can draw entire foreign exchange released in form of foreign currency notes or coins.
Related: Travel insurance myths you have got to stop believing
International Credit Card (ICC)
While international credit and debit cards can be used without reservations in India, while travelling abroad, they can be used only for making personal payments up to the extent of the limits specified earlier. However, use of these instruments for payment in foreign exchange in Nepal and Bhutan is not permitted.
When using these cards abroad, it is important to remember that transactions made outside India could attract a foreign currency conversion fee, based on the card type. Similarly, using your credit card to withdraw cash from an overseas ATM could become quite expensive. In some cases, you may also be charged between 2 – 3% in foreign transaction fee when swiping your card.
Related: Situations when you should never use your credit card
Travelers Cheque
This is another way to carry foreign currency while abroad, without having to keep cash or cards on hand. These cheques include a prepaid fixed amount that can be exchanged for cash, or for buying goods and services. They are accepted worldwide at hotels, banks, exchange bureaus and other establishments.
Travellers cheques are available in major currencies such as US or Canadian Dollars, Sterling Pounds, Euros, Chinese Yuan or Japanese Yen, and in fixed denominations (20, 50, 100). As travellers cheques aren’t linked to bank accounts, there is less risk of identity theft. They include unique serial numbers so that if lost or stolen, you can contact the issuing agency, who will cancel the cheques and issue new ones to you.
Forex Cards
Prepaid forex cards can also be used for transaction purposes while travelling abroad. With this, you can withdraw cash in foreign currency, check balance and shop. Banks such as ICICI, HDFC, SBI, Standard Chartered, and Axis, offer prepaid forex cards, which are fast growing in popularity.
One primary reason for this is that Forex cards are a less expensive option than cash, which as stated earlier, is harder to come by. These cards can be loaded with the currency of your choice, and are independent of market volatility. For tourism purposes, you can have a maximum limit of US $10,000 or its equivalent of foreign exchange on forex cards.
Advantages of Forex Cards
Easy Reload: If you exhaust your foreign exchange while travelling abroad, you can log into your account at a cyber cafe anywhere, at any time and “reload” the desired amount of forex.
Cashless Travel: A forex card eliminates the need to carry bulky banknotes and cumbersome traveller’s cheques.
Multi-Currency Option: You can have more than one currency loaded on forex cards, which eliminates the need to carry various currencies when travelling to more than one country. There is also no risk of encountering fake or outdated currencies.
Regular Updates: Forex card providers usually issue monthly statements and offer online access to help customers track spending and transactions.
