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To avoid hidden fees, you should make sure to calculate the foreign exchange rates as well as compare the mid-market exchange rate to the rate offered by your currency exchange provider. Watch out for currency:POS - Counterfeiting currency is a common technique used by fraudsters in every country.

But did you know that you are legally bound to exchange foreign currency within in 30 days of returning. If you don't, you will be subject to penalties from the Reserve Bank. A few banking institutions will still exchange your money but you will need to write a letter explaining why.

Do banks accept foreign currency in the US? Some banks may let you exchange unspent foreign currency you bring back to the U.S., but you generally won't be able to deposit foreign money into your checking or savings account. Instead, you'll have to exchange foreign currency for dollars before making a deposit.

Most multicurrency accounts ? also called foreign currency accounts ? are reserved for businesses and high net worth individuals through international or private banking services at banks such as Citibank and HSBC.

Resident foreign currency (domestic) account A Resident foreign currency domestic account can be opened in the form of a non-interest bearing account. The RBI defines a resident as someone who is living in the country for over 182 days. This can include foreigners who are working or running a business in India.

In case you visit the same foreign country in near future preserve the currency notes and utilize them. But it is important to adhere to the RBI's foreign currency holdings limit. You can retain a few foreign currency notes and coins as a souvenir and share them with your dear ones.

You can open a foreign currency account in the US with select banks or with a non-bank alternative provider. Different banks have their own eligibility requirements, and not all global banks accept applications from US persons or non-resident customers.