Documents Required for Currency Exchange & Forex Services in India — Complete Checklist
Nothing is more frustrating than arriving at a forex counter without the right documents and having to turn back. Whether you're exchanging travel currency, collecting a Western Union transfer, sending a wire transfer for university fees, or buying travel insurance — every service requires specific documentation as mandated by the RBI. This checklist ensures you arrive fully prepared and get served without delay.
Why Are Documents Required?
All foreign exchange transactions in India are governed by FEMA (Foreign Exchange Management Act) and regulated by the Reserve Bank of India (RBI). Authorised money changers like Currency Buzz are legally required to collect and verify KYC (Know Your Customer) documentation for every transaction. This compliance framework protects customers and the financial system against money laundering and fraudulent transactions.
Currency Exchange Documents
For buying or selling foreign currency — whether USD, EUR, AED, GBP, SGD, THB, or any other currency — the following documents are required:
| Document | Required For | Notes |
|---|---|---|
| Valid Passport | All transactions | Original + photocopy required |
| PAN Card | Transactions above ₹50,000 | Form 60 accepted if no PAN |
| Air Ticket / Travel Itinerary | Travel-purpose exchanges | Confirms purpose of exchange |
| Visa | If applicable to destination | Copy acceptable |
Western Union / MoneyGram — Receiving Money
To collect an inward remittance via Western Union or MoneyGram at Currency Buzz, Gota, bring the following:
- Any valid government-issued photo ID — Passport, Aadhaar, Voter ID, or Driving Licence
- MTCN (Money Transfer Control Number) for Western Union, or Reference Number for MoneyGram — provided by the sender
- Mobile number linked to the transfer (as registered by sender)
- PAN Card for collections above ₹50,000
Wire Transfer (TT) — Outward Remittance
Wire transfers (also called TT or SWIFT transfers) for education fees, business payments, medical expenses, or family support require the most documentation. Here's the complete list:
- Valid Passport (original)
- PAN Card (mandatory)
- Form A2 declaration — we will help you fill this at our counter
- Purpose document: university fee invoice, purchase agreement, or commercial invoice as applicable
- Beneficiary's full bank details: Account name and number, Bank name and address, SWIFT/BIC code, IBAN (for Europe)
Travel Insurance Documents
Travel insurance is mandatory for Schengen visas and strongly recommended for all international travel. To purchase travel insurance at Currency Buzz, bring:
- Valid Passport (all pages)
- Confirmed air ticket and travel itinerary
- Visa approval letter (if already received)
- Date of travel confirmation
Scan and WhatsApp your Passport and PAN to +91 96878 99981 before your visit. We'll start the paperwork so you save 15–20 minutes at the counter — especially useful if you're short on time before a flight.
Quick Reference Summary
| Service | Key Documents Required |
|---|---|
| Buy Foreign Currency | Passport + PAN (if above ₹50,000) + Air ticket |
| Western Union / MoneyGram Collection | Any photo ID + MTCN or Reference Number |
| Wire Transfer (TT) | Passport + PAN + Form A2 + Purpose docs + Beneficiary bank details |
| Travel Insurance | Passport + Air ticket + Visa (if available) |
Always carry original documents — we may need to verify them against copies. To speed up your visit, WhatsApp soft copies to +91 96878 99981 before arriving so we can prepare your paperwork in advance.