Answers to: Can one deposit a cheque in USD denomination to an Indian currency bank account? Can one deposit cash dollars in an INR currency bank account?
There are two scenarios to this question. One is to be able to deposit a cheque in US dollars denomination to your Indian savings bank account and the other is to be able to deposit dollars as cash to your Indian bank account.
Deposit USD Cheque in Indian Bank Account
Yes, one can deposit check any currency cheque in his or her bank account. The process for clearance is longer than the Indian bank to bank clearance. The reason being, the cheque needs to be sent to the bank in the source country for clearance. Once cleared by the source bank the amount will be converted to Indian rupees. The forex rates are pre-set by the banks for conversion. Finally, after the conversion, the INR amount will be credited to your bank account.
I have shared the exact process with every possible detail on do’s and don’ts of depositing USD Cheque in Indian Bank Account. I have been encashing cheque from ClickBank, Amazon, and Adsense check to my savings bank account in India.
Deposit USD Currency in Indian Bank Account
If you have done an International visit, you may be leftover with some foreign currency that you plan to pay for the transportation to the airport or may even have some cash for an emergency and end up carrying the money to India.
Having a foreign currency isn’t very unnatural. It isn’t even illegal to own some foreign currencies either. Passengers can bring in foreign currency in the form of travelers’ cheque or cash but within the prescribed limits.
We aren’t discussing the limits and want to deal with small denominations that may be leftover as traveling abroad.
One can deposit foreign currency into his or her bank account. However, one may need to show proof of travel as well as passport and visa details. Some bank’s branches may not even accept foreign currency. The process varies from bank to bank and often from branch to branch. HDFC Bank even offers a foreign currency bank account.
The other choice can be to keep the foreign currency or USD with you as cash. If you have plans to travel again or if your close relatives are traveling, you can give it to them. They can also carry foreign currency cash to a certain limit. In my visit to Saudia Arabia, I was left with some Saudi Riyals and I have kept them as I know I will be visiting again for sure.
However, the easier alternative is to visit a money changer in your locality and exchange the foreign currency for cash. It is much simpler with minimal documentation and one may get a better forex rate as well.
For significant large amount, money changers may offer cheque instead of cash and this is when banks make more sense.
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