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Foreign Currency You Can Carry to the US from India

Updated on Jul 02, 2019
Money-wallet

Living away from home makes you homesick after a certain point of time, and going back to your country every now and then is not a viable option, considering a backlog of assignments and study commitments. However, there is the alternative of your parents visiting you, giving you the chance to spend some quality family time and eradicating that homesick intuition.

So in case, your parents do decide to visit you in the US, chances are that they are completely oblivious about the various procedures associated with the travel. However, by providing them with the right information, you can ensure that there are no complications and they go back home with bags full of good memories.

Following are certain important pointers that must not be overlooked when traveling to the USA:-

- Currency Limit

There are no limits on currencies going in and out of the US. However, you must declare it at the customs by filling FinCEN 105, if you are carrying $10,000 or more in currency or negotiable monetary instruments. There is a ceiling limit of USD 10,000 irrespective of the number of trips from India as per the RBI guidelines. So if your parents feel the need to carry more money, they can apply for traveler's cheques or prepaid travel cards.

- Requisites for Applying Traveller’s Cheque (TC) or Travel Card

While travel cards are only available at banks, TCs can be obtained from authorized money changers and travel operators as well. A TC worth USD 50,000 can be purchased in cash, however, for a value above this, one has to pay via a cheque or demand draft.

To apply for a traveler’s cheque or travel card, an individual will have to:-

  • Fill a form explaining the purpose of the visit
  • Provide copies of your passport and tickets
  • Extend a copy of PAN card (for a prepaid travel card)
- The Use of Credit Cards

Traveling costs can quickly add up when visiting a country like the USA and credit cards are a popular go-to solution to manage those escalating expenses. However, it is recommended to avoid using a credit card as much as possible because every transaction is subjected to currency conversion charges and high transaction fees.

- Customs Clearance

Inform your parents to obtain a customs clearance if they are carrying expensive items like jewelry or electronics for the trip. Post the customs clearance, they will be provided with an export certificate from the Indian Customs. This certificate is proof that they’ve not purchased those particular items from the US, allowing them to walk through the green channel on return without any questioning or inspections by the customs officers.

Lack of knowledge with regards to the currency, foreign exchange, and customs procedures and regulations can create a lot of hassles, especially when traveling to the US. Therefore, it is always recommended to conduct prior research, understand the dos and don’ts, and plan a trip that adheres to the respective laws of the country.

While traveling to the US, it is highly recommended that you get a good insurance plan. The policy cost will generally depend upon your age, previous and current medical conditions, as well as the duration of your stay abroad. You can find the great plans and tips on insurance for US visitors at VisitorsCoverage.

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