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Money Exchange Services

Currency Notes

Currency notes are regular paper cash. Carrying large amount Cash is involves Risk, Normally Traveler carry small Amount of Currency Notes for their unplanned Travel Expenses. But, Traveler choose currency as their preferred forex products for their International trips.

Prime Forex deals in the following 33 Foreign Currencies at present

United States Dollar Malaysian Ringgit New Taiwan Dollar
British Pound New Zealand Dollar Vietnam Dong
Euro Chinese yuan Bangladesh Taka
Australian Dollar Hongkong Dollar Qatar Riyal
Canadian Dollar South Korean Won Omani Riyal
Singapore Dollar South African Rand Bahrain Dinar
Swiss Franc Indonesian Rupee Kuwait Dinar
Japanese Yen Mauritius Rupee Swedish Krona
UAE Dirham Srilankan Rupee Danish Krona
Saudi Riyal Russian Ruble Norwegian Krona
Thai Bhat Philippine Peso New Taiwan Dollar

Prepaid Forex Card:

Prepaid travel cards are VISA/ Master Cards similar to credit and debit cards, but with certain additional advantages. You can use prepaid cards at ATMs worldwide to withdraw cash and at most businesses throughout the world. You can load these cards with the desired amount of foreign currency at a fixed rate. Some of the key benefits of prepaid travel cards are as follows:

  • Most recommended and safest form of carrying currency nowadays. Prepaid travel cards are pin protected, have configurable spending limits and are fully replaceable in case lost or stolen.
  • Usually available at better rates than currency notes (cash) and traveler's cheques.
  • Better than credit/ debit cards - With Prepaid Travel cards you avoid paying the 2% to 5% transaction fee (Visa/ MasterCard, Issuing bank fees) that is charged when you use your international debit/ credit card. Also unlike credit, debit cards you aren't susceptible to variable rates as forex loaded on your prepaid card is loaded at a fixed rate.
  • Convenient - can be re-loaded.
  • Always available - unlike foreign cash and traveler's cheques, which are subject to availability, prepaid cards can be loaded with any amount of foreign currency at any time
  • Travel cards (VISA or MasterCard) are accepted at most foreign establishments (hotels, stores etc.) without any charge.
  • Ability to withdraw cash from ATMs abroad.

Prime Forex deals in the following 10 Countries Forex Card at present:

United States Dollar Singapore Dollar
British Pound Swiss Franc
Euro Japanese Yen
Australian Dollar UAE Dirham
Canadian Dollar Saudi Riyal

Traveler's Cheques (TC's)

Traveler's cheques are pre-printed fixed amount cheques that have to be signed twice, once upon delivery and once at the time of use, to encash. Traveler's cheques have been losing popularity and have been mostly replaced with prepaid travel cards. Although safer than currency notes, traveler's cheques are not as safe as pre-paid travel cards and are also not accepted by most foreign establishments. It is therefore recommended to use prepaid travel cards in place of traveler's cheques.

Read our FAQ's to learn more about how to book your order and other foreign exchange related queries.

Money Transfer Services

Inward Money Transfer Services:

Our Company Prime Forex Private Limited is one of the prominent players in the field of International Money Transfer Services as per the regulations issued by the Reserve Bank of India and offering world class services of Western Union, Money gram, Xpress Money, Transfast & RIA Money Transfer Services.

SAFE: The beneficiary can receive the amount within the minutes of the transaction being remitted from abroad. Each transaction is protected with world -class security systems, is electronically remitted and paid out immediately. The Standard Operating Procedure (SOP) for collecting documents and payment process designed in a way to ensure that the payment is made only to the right recipient in India.

EASY: The Receiver in India has to fill up a very Simple form which is called “To Receive Money” (TRM) Form. This form has basic information related to the transaction like Money Transfer Control Number ( MTCN), the name of the receiver and his/her contact details, the name of the sender, amount, purpose of the transaction, sending country etc., Our Front Office Executives are well trained & always keen to assist the customer to fill up the Receive Money Form. The Receiver is required to be physically present at our location with an original Photo Identification and address proof to process the Transactions.

Further, to receive money, a person does not need to open a bank account if his transaction is less than Rs.50,000/- for Indian Nationals. In the Case of foreign Nationals the cash Limitation is extend up to USD 2500 or it’s Equivalent. Payment in such cases is made in Cash. Payment above Rs.50,000/- for Indian Nationals would be paid by Account Payee Cheque only as per Reserve Bank of India Guidelines.

One Customer can receive up to 30 transactions in the Calendar year for the Family Maintenance and Personal Use only and this Inward Money Transfer Services cannot be used for Commercial Purposes.

LEGAL: Inward Money Transfer Services through Western Union, Money gram, Xpress Money, Transfast & RIA Money Transfer is totally legal and authorized by the Reserve Bank of India under the Money Transfer Services Scheme (MTSS) guidelines.

Outward Money Transfer Services (Send Money Abroad):

Our Company Prime Forex Private Limited is partnered with Various Authorized Dealers II and banks for sending Money abroad under Liberalized Remittance Scheme.

Liberalized Remittance Scheme:
Banks may now allow remittances up to USD 250,000 per financial year, under the Scheme, for any permitted current or capital account transaction or a combination of both.

All Resident individuals are eligible to avail of the facility under the scheme.

RBI has also brought the following purposes mentioned in the Schedule III under the umbrella of LRS:

  • Private visits to any country (except Nepal and Bhutan);
  • Gift or Donation;
  • Going abroad for employment;
  • Emigration;
  • Maintenance of close relatives abroad;
  • Travel for business, or attending a conference or specialized training or for meeting expenses for meeting medical expenses, or check-up abroad, or for accompanying as attendant to a patient going abroad for medical treatment/check-up;
  • Expenses in connection with medical treatment abroad;
  • Studies abroad;
  • Any other current account transaction.

The 3 Pre conditions set by RBI for making remittance under LRS:

  • PAN card is mandatory to make remittances under LRS. 
  • Remitter’s Account should be at-least One year old, if not then the Remitter is required to produce the bank statement of his / her account of another bank for cumulative period of 12 months. If such a bank statement is not available, copies of the latest Income Tax Assessment Order or Return filed by the applicant may be obtained.
  • The remitter should use Owned Funds and not from any type of Loan Account for making such remittance under LRS (for capital account transactions only).

Choice of Multiple Currencies:

SWIFT / Wire Transfer / Telex Transfer are an electronic mode of International Fund Transfer from Remitter Local/Indian Bank account to Receiver Overseas Bank Account.

Prime Forex facilitate to send money overseas in the following 15 Currencies through SWIFT.

United States Dollar Singapore Dollar Hong Kong Dollar
British Pound Swiss Franc Danish Krona
Euro Japanese Yen Norwegian Krona
Australian Dollar New Zealand Dollar Swedish Krona
Canadian Dollar UAE Dirham South African Rand

Prepaid Forex Card:

Prime Forex reserves the right to reject the request on any Foreign Exchange transaction if the transaction is not adhering to our internal compliance or RBI guidelines.

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