Hi guys . i am traveling to india next month ,but my DH is not going to join me due to work pressure.I have saved some money to buy a few jeweleirs etc. to pamper myself which i am sure my DH won't be too happy to approve as he is thinks gold is a trashy and crazy idea of investing. Now my question is that I never worked in USA till date.So when I go to some agency for converting the dollar amount in India, what are the documents I need to produce ? I heard they need a photocopy of my passport which I am not comfortable to give because I don't want any unnecessary hassle and giving explanation about the money exchange during immigration and even when filing tax here in USA. Do we have to mention that in my 2010 tax filing?Does anyone know any place in Kolkata where I can exchage money with good exchange rate and they don't also require my passport or any documented evidence? If that's not possible, I was thinking I'll ask my brother to exchange that money for me as he also has a passport.But He has never used his passport to travel or anything else. So is he eligible for this at all? If so,does he have to show this conversion in his next year tax returnin India or anywhere else? I need an easy method to exchange the money without involving too many people and too many paperwork etc.bonk Thanks
Richa: I have exchanged lots of times in India and a reputable exchange place always get the passport copy in order for the paperwork for the encashment certificate. Technically if you bring money into India you are supposed to show how it was converted. This encashment certificate can be used when you leave the country to get the same exchange rate that you got when you entered. I never had any of this done-- seems now its a big formality. USA IRS will not be involved in this as taxes are paid here and what you do with your money is your business. India has restrictions about gold in customs so please check their website. USA is unconcerned about jewelry.
I dont know about passport as such. All our family has individual and joint accounts in many banks in India. Hence my dad always asks each of the banks and gets it exchanged where we get the best rate. It hasnt come to passport or anything for me any time.Maybe becoz we have accounts in those banks for more than 10 yrs.The best place to look for good exchange rate is banks where you have accounts.Good Luck.
I have found you cannot rely on any place having the best rate from month to month or year to year. Some will continually give good service but may not have the absolute best rate. Sometimes American Express is best, other times its someone else. You just have to check around. Also some private exchangers will give a slightly better rate if you change a large quantity. Also, its best to change $100 bills as the exchange places always need them for exchanges for Indian business travellers.
Thanks you guys for your valuable suggestions.Bank looks a nice option if they offer a good rate and also does't ask for my passport copy or any documents. Ill check with them.I don't want to convert it back to USD , so I don't require certificate.And ifther are restriction on bringing jeweleries over herr, I'll leave em in India for the time being.But my biggest concern is not getting into any paperwork related complexiites here in US and n India too. If anyone has more specific information, Please share with me.I'll really appreciate. And somebody mentioned about $100 bills or denomination.I don't have too many 100 dollar bills. Where can I go and change my lower dinominations to 100?DO they do that in walmart or any other store ?
Thank you guys for your valuable suggestions.Bank looks a nice option if they offer a good rate and also does't ask for my passport copy or any documents. Ill check with them.I don't want to convert it back to USD , so I don't require certificate.And if there are restrictions on bringing jeweleries over here, I'll leave em in India for the time being.But my biggest concern is to avoid getting into any paperwork related complexities here in US and n India too, of course in a legal way. If anyone has more specific information, Please share with me.I'll really appreciate. And somebody mentioned about $100 bills or denomination.I don't have too many 100 dollar bills. Where can I go and change my lower denominations to 100?DO they do that in walmart or any other store ?
Lower denominations are easily changed to $100's in any bank. If you are changing huge quantities then you should call the bank to make sure they have enough that day and if not they may arrange for it the next day.
If you don't want to use your passport The other options is TRAVELLERS check. You can go to the bank and get travellers check. their will be a small fee but it is worth in your case if you don't want anything documented on your passport or give passport copies to anybody. Now a days lot of stores accept travellers checks. Last time I went to india I gave the dollars directly to the jewellery store because the dollar exchange rate is same as bank or any agencies.
When you reach India, at the airport itself you can exchange the money, but you have to provide the passport. There is nothing to worry about giving the passport to exchange the money. Most of the airport have at least couple of banks to exchange money. You can go to any bank in US to get $100 bills.
The exchange rate on traveller's check is less but the safety for the person is more. They don't write anything in USA passports when you exchange, they just keep the copy of the passport with the encashment papers. Some change places do the exchange without paper work which is not really legal but they do it. My friends who keep tabs on exchange places have found better rates in the private exchangers than in the banks.
