Here is a complete and ready-to-use guide on Forex & Currency Exchange in Akola — designed so that any new tourist or visitor will not need to search anywhere else.
Where to Get Currency Exchanged in Akola
The most reliable places to exchange major currencies (like USD, EUR, GBP, AUD) or traveler’s cheques are specialized dealers and authorized financial branches.
1. Dedicated Foreign Currency Exchangers (Best Option)
The best option is a business explicitly focused on currency exchange, as they often offer better rates than banks and have longer operating hours.
| Venue | Address | Typical Operating Hours |
| AKSH Currencies | Khedkar Nagar, Chhoti Umari, Akola, Maharashtra 444001 | Monday to Saturday: 10:30 AM – 8:30 PM |
2. Authorized Financial Institutions
Reputable Non-Banking Financial Companies (NBFCs) like Muthoot Finance have an RBI license to deal in foreign exchange (Category II Authorized Dealer) and are reliable options, particularly for major currencies.
| Venue | Address | Phone Number |
| Muthoot Finance (Mahatma Gandhi Road) | 1st Floor, Mahatma Gandhi Rd, above Khandelwal Abhushan, Nimwadi, Akola | +91 1800 120 2838 |
| Muthoot FinCorp (Tilak Road) | SN 2 & 3, PN 6/2C, Tilak Rd, Mominpura, Akola | +91 92890 49374 |
Note: While these branches are often advertised primarily for Gold Loans, as RBI Authorized Dealers, they are authorized to handle foreign currency exchange.
3. Banks (Major Branches)
While the maps search did not pinpoint a specific bank’s Forex desk, all major Indian banks with international operations are authorized to handle foreign exchange. If the dedicated changers are closed or inconvenient, try the largest branches of these banks:
- State Bank of India (SBI)
- HDFC Bank
- Axis Bank
- ICICI Bank
Important Tip: Only larger, main branches (e.g., Civil Lines, Tilak Road areas) will handle cash Forex transactions. Call ahead to confirm the branch offers the service you need.
Essential Information for Tourists
To complete a currency exchange transaction (whether buying INR or selling foreign currency), you must present the following documents:
| Document Category | Required Documents | Purpose |
| Identity Proof | Original Passport (mandatory for all foreigners) | Mandatory legal identification. |
| Visa | Original Visa (or e-Visa printout) | Proof of legal entry and stay in India. |
| Address Proof (Local) | Proof of accommodation (Hotel Booking Confirmation) | Required for KYC (Know Your Customer) compliance. |
| Currency Declaration | Foreign Currency Declaration Form (if carrying over $5,000 in cash or $10,000 in instruments/cash) | Declaration of large amounts of foreign currency brought into India. |
| Indian Customs Card | Copy of the white landing/departure card (if issued upon arrival) | Record of your entry into the country. |
General Exchange Tips
- Check the Rate: Always ask for the “buying rate” (if you are selling currency to them) or the “selling rate” (if you are buying foreign currency from them) before handing over any money.
- Count Your Cash: Count the Indian Rupees (INR) immediately before leaving the counter and ensure you receive a valid receipt.
- Use ATMs for INR: If you have an international Debit/Credit card, using ATMs of major banks (HDFC, SBI, Axis) is often the quickest way to get INR, although foreign transaction fees will apply. Akola has many ATMs near the main commercial areas.
- Avoid Unlicensed Vendors: Never exchange money with unauthorized individuals or small shops. Only use RBI-licensed institutions mentioned above to avoid scams and counterfeit currency.