PAYFX - Global Payment Solutions & Students Education Loan

FAQ

Frequently Asked Questions

Frequently Asked Questions

You can find more informations in this page. Feel free to contact us if you need more help.

image
  • What is Currency?

    Currency notes are the physical notes. In India we typically use notes of Rs. 10, 20, 50, 100, 500 and 1000 denomination. Similarly, each currency has its own denomination

  • What is Limits of Private Visit?

    For private visits abroad, any resident can obtain foreign exchange up to USD 2, 50, 000 or equivalent in one financial year, irrespective of the number of visits undertaken during the year. No foreign exchange is available for visit to Nepal and/or Bhutan for any purpose.

  • What is Limits of Business Visit?

    For business trips abroad to countries other than to Nepal and Bhutan, a person can avail of foreign exchange up to USD 25,000 per visit.
    You can purchase foreign currency notes up to USD 3000 or equivalent. Balance amount can be carried in the form of Travel Cards or Travelers Cheques.

  • What is the Limit of Children?

    Yes, children of all ages are allowed same entitlements (limits) as adults.

  • What is the Limit of Prepaid Cards/Forex Multi Currency Card and limits?

    Prepaid Cards are the safest and most economical instruments to carry forex overseas. As the name suggests, these cards are pre loaded with the currency and the amount that you need to carry along with you when going overseas. Centrum Prepaid Forex cards are available on Visa Platform and give you the choice of loading 14 Currencies on it. The cards are safe to use for online transactions and can be reloaded too. USD 2,50,000 or equivalent per academic year can be availed. In case the estimate received from institution abroad is higher, the same needs to be supplemented with requisite documents while procuring. US Dollar, British Pound, Euro, Japanese Yen, Australian Dollars, Canadian Dollars, Swiss Francs, Singapore Dollar, New Zealand Dollar, UAE Dirham, Saudi Riyal, Hong Kong Dollar, Thai Baht and South African Rand. The Multi Currency Prepaid Forex Card is reloadable and valid for a period of 5 years from the date of issue printed on the card. Within this period you can use this Prepaid Forex Card as many times as you like. On your next trip overseas, you can recharge your Card through www.payfx.co.in. Simply provide the card number, along with the necessary documents and make the payment; your Card will be credited with the new amount within hours. This is subject to RBI regulations. (For latest on RBI regulation: www.rbi.org.in) Since this is a Foreign Currency card, usage is limited only to foreign countries excluding India, Nepal and Bhutan as per RBI guidelines.

  • What is the Limit of Student Studying Abroad?

    Yes, forex for studies abroad can be taken in all forms except cash currency where the limit of USD 3000 applies. Pre-paid cards can be re- loaded by student’s parents / guardians at any time. TCs however can be taken only when the student is physically present in India for the transaction.

  • What is the Limit Limits for Medical Treatment?

    Up to USD 2,50,000 or its equivalent for the patient going abroad for medical treatment or checkup. Upto USD 2,50,000 for accompanying as attendant to a patient going abroad for medical treatment/checkup. Personal Visit entitlement of USD 2,50,000 per annum can be availed over and above the specified amount under this scheme.

  • Is any limit for Medical Treatment?

    Yes the attendant is entitled to USD 2,50,000 per annum.

  • What is the Limit Limits for employment?

    A person going abroad for employment can purchase foreign exchange up to USD 2,50,000. Point to be noted is that once the person goes for Employment, Forex cannot be released to them in any form be it in Currency, Forex Card Reload, Wire Transfer, DD.

  • What is the Limit Limits for Indian Migrant to overseas?

    A person migrating abroad can purchase foreign exchange up to the amount prescribed by the country of emigration or USD 2,50,000. Foreign exchange can be bought 180 days in advance from the proposed date of travel.

  • Is Non Resident or Foreign Nationals can buy Forex?

    Non Resident Indians living in India beyond 180 days in the preceding Financial Year are eligible to purchase forex under the said scheme Foreign Nationals permanently resident in India are eligible to avail of this quota provided the applicant is not availing of facilities for remittance of his/her salary, savings etc. abroad in terms of the existing FEMA regulations. Also the applicant needs to submit past 3 years ITR proof which shows that he is a Resident, only post the verification can be Forex released.

  • Who is resident Indian?

    Person resident in India is defined in Section 2(v) of FEMA, 1999 as : A person residing in India for more than one hundred and eighty-two days during the course of the preceding financial year but does not include: A person who has gone out of India or who stays outside India, in either case - For taking up employment outside India For carrying on outside India a business or vocation For any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period A person who has come to or stays in India, in either case, except: For taking up employment in India For carrying on in India a business or vocation in India For any other purpose, in such circumstances as would indicate his intention to stay in India for an uncertain period Any person or body corporate registered or incorporated in India An office, branch or agency in India owned or controlled by a person resident outside India An office, branch or agency outside India owned or controlled by a person resident in India

  • What is the Limit of taking foreign exchange into India?

    No limit on amount of foreign exchange that can be brought into India. However currency notes beyond USD 5000 (equivalent) need to be reported at customs and currency declaration form (CDF) obtained Currency Declaration Form (CDF) is required whenever currency / forex surrender exceeds respective limits

  • Is it possible to make Payment for the foreign exchange by Spouse or any family member?

    Yes, the same is allowed. Any close relative (family member) or Spouse can make the payment for your Purchase. Original and valid passport Valid visa for the country of travel (except where VISA on arrival applies) Confirmed ticket-showing travel within 60 days of taking foreign exchange. PAN Card of the customer availing Forex & PAN Card of the person paying for Forex (in case of close relatives)

  • What is the Document and Limits for Private Visit?

    Original and valid passport Valid visa for the country of travel (except where VISA on arrival applies) Confirmed ticket-showing travel within 60 days of taking foreign exchange PAN copy for all forex transactions in cases where total amounts exceed US Dollars 25000. Form 60 / 61 in case PAN not available Pan card is mandatory for transaction above Rs. 25,000 if payment mode is cash.

  • What is the Document required for Student?

    Confirmed one-way Air ticket Original & Valid Passport along with the Student Visa. Prospectus/Offer Letter/Admission Letter in original, thereof giving full details of the course of study, tuition fees payable etc. In case of person traveling to USA Form I-20 is required. PAN copy for all forex transactions. Form 60 / 61 in case PAN not available

  • What is the Document required for Business Visit?

    Original and valid passport Valid visa for the country of travel (except where VISA on arrival applies) Confirmed ticket-showing travel within 60 days of taking foreign exchange PAN copy for all forex transactions in cases where total amounts exceed US Dollars 25000. Form 60 / 61 in case PAN not available Pan card is mandatory for transaction above Rs. 25,000 if payment mode is cash.Application / self declaration

  • What is the Document required for Medical Treatment?

    Original and valid passport Valid visa for the country of travel (except where VISA on arrival applies) Confirmed ticket-showing travel within 60 days of taking foreign exchange PAN copy for all forex transactions in cases where total amounts exceed US Dollars 25000. Form 60 / 61 in case PAN not available Pan card is mandatory for transaction above Rs. 25,000 if payment mode is cash.Application / self declaration

  • What is the Document required for Emigrant from India?

    Valid passport and emigration Visa One way confirmed Air Ticket PAN copy for all forex transactions. Form 60 / 61 in case PAN not available What is the Document required for the travel on Employment? Valid passport and employment Visa One way confirmed Air Ticket PAN copy for all forex transactions. Form 60 / 61 in case PAN not available

  • Can I Send Money Abroad?

    If you need to send money abroad, all you need to do is simply give the beneficiary details along with the documents required or request us to contact you and experience the expertise of our well trained advisors, who make it easy for you to send money abroad with the right documentation and process. We even suggest modes of transfer so that you can send money abroad in a fast, reliable and convenient manner.

  • What are the Document required for surrender/encashing the currency?

    Passport & PAN Card. Currency Declaration form if the amount in cash exceed USD 5000. What is the cash limit to by Foreign Exchange? Foreign exchange for your personal/business foreign trip can be purchased from us against rupee payment in cash only up to Rs. 50,000. However, if the Rupee equivalent exceeds Rs. 50,000, the entire payment should be made by way of a crossed cheque/ banker’s cheque/ pay order/ demand draft/ debit card / credit card / prepaid card only. Who all are Close Relatives? The following are considered to be close relatives: Father Mother (including step Mother) Son (including step Son) Daughter (including step daughter) Husband Wife Brother Sister Son In Law Daughter in Law

  • What all the product in Foreign Exchange?

    Prepaid Travel Cards Prepaid travel cards are Visa / Mastercard and are accepted at most ATMs and stores/ hotels etc. abroad. Prepaid cards are the most recommended and the safest way of carrying currency. Currency Notes Large amount of currency is unsafe to carry but small amounts of currency notes should be carried for incidental expenses. Traveller's Cheques Traveller's cheques (TCs) are safer than currency but are not accepted at most establishments now. Prepaid Travel cards are a much more recommended method of carrying Forex than TCs. Demand Drafts Traveller's cheques (TCs) are safer than currency but are not accepted at most establishments now. Prepaid Travel cards are a much more recommended method of carrying Forex than TCs. Wire Transfer Wire transfers are used to remit (send) money directly from an Indian bank account (of the customer) to the foreign bank account (of the beneficiary).

  • Is The Pan Card Mandatory For My Forex Transactions?

    Yes, PAN card is mandatory for Forex Transactions.

  • How Much Time Does It Take To Encash A Forex Card?

    It takes around 3-4 working days for encashment of Forex Card. The rates which are displayed while placing the order are indicative and the encashment will be processed with the effective rate at the actual time of encashment.

Do You Have Any Questions