Forex Services

If you have an issue with your forex provider, you could be entitled to a refund. Use our free tool to raise an issue with the service provider.

The foreign exchange market is the largest, of all financial market in the world. Forex brokers in India are required to follow the guidelines put forward by the Foreign Exchange Management Act (FEMA). They are regulated by the Securities and Exchange Board of India (SEBI) in  Forex trading. However, due to a lack of knowledge, scam and fraudulent activities from the brokers part, the majority of traders lose their money. This guide will brief you on your rights and will provide you with suggestions and solutions if you face an issue.

How to complain to a forex provider?

If you face any issue with the Foreign Exchange Service Provider, You may:

  • Lodge the complaint in writing (online/offline) at the consumer care department of the concerned branch of your bank. Specify all the essential details and documents to support your complaint.
  • If the Bank is unable to resolve the issue you may contact the Grievance Redressal Officer of the concerned Bank. Thereafter you may approach the Principal Nodal Officer.
  • Thereafter, take the complaint to the Internal banking ombudsman.
  • If still not satisfied, escalate the matter to the External Banking Ombudsman, appointed by the RBI.
  • If the issue still persists, you may lodge the complaint with RBI online by accessing the website of the Reserve Bank,  under the link ‘For Common Person’ on the Home page.
  • The Award by the Ombudsman is not binding on the Non-Banking Financial Company (NBFC) or the complainant as they have the right to appeal against the decision of the Ombudsman before the Appellate Authority. In case the NBFC doesn't comply with the directions, you can approach the RBI directly.
  • Further, you may also take a long route by taking the bank to the Consumer Court.

How will RBI help me with my issue?

The External Ombudsman appointed by the RBI will make a decision on your case either through conciliation or mediation between the complainant and the bank complained off. If the terms of the settlement, offered by the bank are fully accepted by you, the Banking Ombudsman will pass an order as per the terms of the settlement. Further, the outcome will be binding on you and the financial organisation. Compensation offered by RBI:

  • For Loss suffered: The Ombudsman has the power to direct the Bank to pay as compensation, equal to the amount of loss suffered because of the act or omission by the Bank or amount up to Rs 20 lakh, whichever is lower. 


  • For Mental Agony and Harassment: You will be awarded compensation not exceeding Rs.1 lakh.


If the issue is still not settled by way of an agreement within a period of one month, the Banking Ombudsman will proceed further to pass an Award. However, a reasonable opportunity is provided to both the bank and the complainant to present their case. But, this award is not binding it is upon the complainant to either accept or reject it. Upon rejecting the award, you may approach the Appellate Authority which is vested with a Deputy Governor of the RBI. It will pass the order as it may deem fit in the best of your interest.

How will Resolver help you?

If you have a bonafide complaint, Resolver will help you to submit your issue for free. Any complaint from Resolver is an official complaint, and thus the Forex dealers are obliged to act upon it. Resolver acts as a link between you and the authority you’re complaining to, making it easier for you to get your complaint to the right place at the right time. Resolver is free, with no adverts or no hidden costs. Start by telling us the name of the Forex dealer you have an issue with, raise a case and leave feedback afterwards.

I have to travel abroad, can I buy foreign exchange in advance?

You are permitted to draw foreign exchange 180 days in advance. In case you didn’t use it and the period lapses, then it should be immediately surrendered to an authorized person. However, residents can retain foreign exchange up to USD 2,000, in the form of foreign currency notes for future use or they can also credit it to their Resident Foreign Currency (Domestic) [RFC (Domestic)] Accounts.

What can I do in case my account was debited twice?

To recover the extra amount, contact the customer care of the concerned Bank. Your money should be refunded within 7-10 working days. If it is not refunded, Resolver will help you contact the Grievance Redressal Officer of the concerned Bank. Thereafter you may approach the Principal Nodal Officer of the concerned Bank. If still not satisfied, escalate the matter to the Banking Ombudsman, appointed by the RBI. You may use Resolver to solve the issue from start to finish.

I did not receive any receipt for the forex transaction

It is advisable to check the status of your order through the “Track your Order” option Internet Banking portal of your Bank. Alternately, contact the Customer Care of the concerned Bank by either calling them or dropping an email. You may also pay a visit to the concerned bank branch. If you still do not receive the forex, Resolver will help you contact the Grievance Redressal Officer of the concerned Bank. Thereafter you may approach the Principal Nodal Officer. If still not satisfied, escalate the matter to the Banking Ombudsman, appointed by the RBI.

What will be the consequences if I cancel my forex transaction?

In such a case a differential loss arising out of fluctuations in exchange rates will be deducted from the amount refunded. However, if there is a profit, will not be passed. If you think you have been wrongly charged, Resolver will help escalate the complaint and resolve the issue. 

How much foreign exchange can I buy when I am travelling abroad?

You can obtain a maximum of USD10,000, foreign exchange in any one calendar year, from an authorised dealer if you are travelling abroad. However, foreign exchange is not available for visit to Nepal and/or Bhutan for any purpose.

I am going abroad for employment, how much foreign exchange can I get?

If you are going abroad for employment, you can draw foreign exchange up to USD100,000 from an authorised dealer in India. Self-declaration will be required for the same.

How much foreign exchange can I send as gift/donation to a person resident outside India?

You can remit a maximum of USD 5,000 in any one year as:

  •  A gift to a person residing outside India, 
  •  A donation to a charitable, educational, religious, cultural organisation outside India. 

You can exceed the limit with prior permission from the RBI.

In case you face any issue, use Resolver to help you.

Is there any purpose for which the remittance cannot be made?

  • Remittance cannot be made directly or indirectly to Bhutan, Nepal, Pakistan, Mauritius, or ‘Non-co-operative Countries or Territories' viz., Cook Islands, Egypt, Guatemala, Indonesia, Myanmar, Nauru, Nigeria, Phillippines and Ukraine, as identified by the Financial Action Task Force (FATF).
  • Additionally, remittances cannot be made to individuals/ entities identified as posing a significant risk or involved in terrorist activities as is advised to the banks by RBI from time to time.

If you face any trouble with the forex transaction, Resolver will help you through the process.

In Summary

  • Know your rights before making any transactions in forex.
  • If you face any issue contact the helpdesk
  • Make sure you know the terms and conditions thoroughly
  • You may escalate the issue via Resolver.

Helping you with Forex Services services

You can raise issues with 99 companies in Forex Services services
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