Download the nbfc application form and enter the required information. In india the process to exchange foreign currency has been modernised over time.
Take note that this must not take later than 6 months.
How to open money exchange business in india. After the establishment of your money transfer business you can already proceed to registering your business with fincen. This is the reason why one of the most in demand businesses today which is very ideal for you to venture into is the money exchange business. How to run a money exchange business that makes money.
Here you would be looking to exchange the foreign currency in hand for indian rupee. Next upload the form so you can receive a reference number. Need to get license pay fees.
This is done in order to avoid any kind of illegal acts of money laundering. Money gives birth to money. Both buying selling foreign currency broadly falls under the category currency exchange.
After you choose a business model apply for finance company registration. You have to incorporate a company with 25 laks and 50 laks for single and several branches respectively. The work of the travellers has been reduced substantially.
You can explore some of the established and well known foreign exchange forex franchises here. Opening a merchant bank account. Head over to a local branch of the reserve bank of india or visit its official website.
After that you need to set up your transactions with certain banks. Find a vacant office or shop space in a good location for you currency exchange. These include airports train stations and bus stations.
Look for available spaces around other shops where there are travel agencies and travel equipment shops. Also locations that are close to modes of transport are good choices. The first and foremost like all other businesses involves deciding on a venue to set up your money exchange business.
Full fledged money changer ffmc is an authorized entity who may purchase foreign exchange from non residents and residents of india and sell the same for private and business travel purposes only to the people visiting abroad. Then you have to apply for ffmc license with rbi. Reporting of taxes.
Franchise india offers wide variety of foreign exchange forex franchise opportunities to run a successful foreign exchange forex franchise business. In this post we present to you the complete guide on how to exchange foreign currency in india easily. Now the banks have employed the online currency exchange method to help their customers exchange the currency they want to replace while they are going to or coming from abroad.
Decide on a location. The list of the docs to be submitted to rbi. This is called selling foreign currency.
How to start a money exchange business. And other details can be found in the below link. Procedure and documents required for money changer license in india.