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US Dollar
About The US Dollar: The World’s Reserve Currency
Quick Facts About the US Dollar Notes
| Country of Origin | United States of America |
| Symbol | $ |
| Currency Code | USD |
| Nick Names | Buck (1 USD), C-Note (100 USD) |
| Minor units | Cent |
| Denominations (Banknotes) | 1, 2, 5, 10, 20, 50 and 100 dollars |
| Motto | In God We Trust |
| Identification Feature | The new 100 Dollar note boasts an image of Independence Hall. |
| Issuing Bank | Bureau of Engraving and Printing (Currency Notes), U.S Mint (Coins) |
| In Circulation Since | July 6, 1785 |
| INR Exchange Rate | 85.3497 |
The US Dollar is currently the official currency of the United States of America - USA and various other countries besides being the de facto currency in many parts of the world. In fact, the US Dollar is one of the strongest currencies around the globe and started gaining ground post World War II.
History of the US Dollar
The U.S Congress passed the Coinage Act of 1792, authorising the production of the US Dollar which was valued at par with the Spanish silver dollar. And the current US Dollar that is being used widely by the public was first printed in 1914.
As per the Bretton Woods Agreement of 1944, the US Dollar was then established as the world’s reserve currency. Under this system while most of the currencies were pegged to the Dollar, the Dollar was pegged to gold.
Countries Accepting the US Dollar
About 65 countries in the world peg their currencies to the US Dollar. In fact, the US Dollar is easily accepted in most of the countries.
Here is a list of the countries where the US Dollar is used as the official currency:
- United States of America
El Salvador
Ecuador
Virgin Islands (British)
Panama
Turks and Caicos Islands
Zimbabwe
Bonaire, Sint Eustatius and Saba
Timor-Leste
Palau
Marshall Islands
Micronesia (Federated States of)
Also, there are a few countries that allow you to use the US Dollar for transactions instead of the local currency. These countries include Canada, Bahamas, Belize, Bermuda, Barbados, Costa Rica, Burma, Caribbean Netherlands, Cayman Islands, Cambodia,, Haiti, Jamaica, Dominican Republic, Lebanon, Liberia, Laos, The Maldives, Mexico (mostly in tourist areas), Peru, Uruguay, Nicaragua and Vietnam.
Amount in the US Dollar You Should Carry for Your Trip
The amount of US Dollars you need to carry for your trip depends on the place you are visiting.Moreover, your travel expenditure also depends on how much you are spending on transportation and flight tickets, your accommodation option as well as the food options available in the country you are visiting.
On an average, it costs about USD 75 per person per day if you are embarking on a budget trip to the US. The cost can go as high as USD 225 per person per day if you choose to travel via private transportation, visit renowned restaurants for meals instead of budget eateries and stay in 3-star or above accommodation options.
On average, accommodation in the US costs USD 50 to USD 102 per night (single occupancy). Also, transportation may cost USD 15 to USD 36 per day, depending on your choice between public and private transportation options.
Best Ways to Identify Counterfeit US Dollar Notes
There are a few ways through which you can spot the counterfeit US Dollar notes:
Hold a US Dollar note up to the light and take a look at its bottom-right corner, a real note will have colour-shifting ink.
Keep an eye on the watermark. An authentic watermark will be visible as you would hold the US Dollar note in the light. And it should be on the right side of the bill.
Counterfeit US Dollar notes will not have raised printing, unlike the real ones. Moreover, make sure that there is no blurred printing or texts on the notes which is a dead giveaway of the notes being counterfeits.
Counterfeit US Dollar notes will not have a security thread with microprinting.
Fake US Dollar bills will not have the micro red and blue threads woven deep into the notes.
Process of Exchanging the US Dollar
The process of converting the US Dollar to Indian Rupee is immensely easy. Please note that the 1 US Dollar to INR value is subject to change so keep an eye on the US Dollar rate alert. Below, we have mentioned some of the popular ways to convert US Dollars to Rupees.
Internationally-Accepted Card
A multi-currency forex card is counted among the most economical and safest way of carrying the US Dollar.
The BookMyForex Multi-Currency card can be loaded in 14 currencies and features zero forex mark-up.
Online Forex Marketplace
The simplest and most cost-efficient way of converting your US Dollar is using an online forex marketplace such as BookMyForex, a platform by MakeMyTrip, offering the best conversion rates and currency exchange service. The platform offers a 5-minute fully-digital online process for currency exchange.
Visiting Your Bank
The most traditional way of converting the US Dollar to Rupee is by visiting a bank and standing in long queues. It is not only time-consuming but you also end up paying a high cost for making the US Dollar convert to Indian Rupees.
Local Money Changers
You can look for an Authorised Dealer Category II or someone who has a money changers licence. Money exchangers offer competitive US Dollar exchange rates, and you’d not need a bank account in this case. However, the process of rate haggling can be quite frustrating for those who are looking for an easy way to convert US Dollar to INR.
On the other hand,BookMyForex, the online marketplace, offers internationally-accepted forex card and currency notes at the best rates via a convenient online process.
Airport
If you would like to convert the US Dollar in India, one of the costliest ways to do so would be to get the US Dollar exchanged at an airport due to the exorbitantly high USD exchange rates. Currency exchange at the airport will prove to be 5%-15% costlier than BookMyForex.
Exchange the US Dollar with BookMyForex
BookMyForex, the online forex marketplace by MakeMyTrip, makes it a hassle-free affair for you to convert the USD to Indian Rupees as well as Indian Rupee to US Dollar. Please note that the 1 US Dollar to INR value is subject to change so keep an eye on the US Dollar rate alert. You should choose MakeMyTrip for currency exchange for the following reasons:
Wide Range of Products
Forex (Currency Notes) - Available in 100+ cities across India, BookMyForex allows you to get your currency notes delivered on the same day or the next day after 100% digital booking.
BookMyForex Multi-Currency - You can load this card in 14 currencies with 0% Forex Mark-up. Once you have booked this card, you can receive it the same day (if booking is made before 1 PM) or the next.
International Travel Insurance - TripMoney also offers international travel insurance at cheapest rates in the market. Also, you can opt for this product if you’d like TripMoney to handle your mandatory travel insurance requirements along with a VISA application.
Travel Loan - With TripMoney, you can avail a travel loan of up to INR 1,00,000 (lifetime limit) for all your travel and holiday needs.
Best Exchange Rates
BookMyForex makes it easy for you to buy US Dollar or sell US Dollar at live and best exchange rates.
Quick Money Transfer
You can also enjoy quick international money transfers on BookMyForex. The 5-minute digital process offers the best forex rates, and you can receive funds abroad within 12 to 48 hours.
Home Delivery
BookMyForex delivers the US Dollars at your doorstep. So, you can simply order and receive your currency from the comfort of your home.
Best Rates to Exchange the US Dollar
You’d need to keep an eye on the current currency rates, if you’d like to know the exact value you’d get on converting 1 US Dollar in Rupees. The exchange rates keep on fluctuating. BookMyForex, an online forex marketplace by MakeMyTrip, keeps you updated with the live currency exchange rates. You can keep up with the changing value of 1 US Dollar in India in real-time on the platform and get the best deal. Currently, 1 USD is equivalent to 85.3497 INR .
Best Ways to Carry the US Dollar
BookMyForex allows you to convert INR to the US Dollar at the best exchange rates so that you can carry the US Dollars without any hassle. Some of the best ways to carry the US Dollar are mentioned below:
Currency Notes
You can buy the US Dollar notes at live and best exchange rates on BookMyForex so that you can be ready for your trip with sufficient cash in your hand.
BookMyForex Multi-Currency Card - 0% Forex Mark-Up
The Multi-Currency Forex Travel Card available on MakeMyTrip with BookMyForex as the co-branding partner comes with 0% forex mark-up over interbank rates.
How to Buy the US Dollar at Best Rates - Currency Notes and Cards
Whether you want to buy forex cards and currency notes or sell the US Dollar, MakeMyTrip makes the entire process quite easy. It doesn’t matter whether you want to convert the US Dollar to Ruble or INR to US dollar, you only need to follow the below-written steps:
- STEP 01
Select your city from the drop-down list.
- STEP 02
Choose the currency you have and the currency you want.
- STEP 03
Opt for a forex card or currency notes from the list.
- STEP 04
Mention the forex amount. The live currency exchange rate will show up next to it.
- STEP 05
The converted currency amount according to the exchange rate will show up automatically.
- STEP 06
Then proceed with booking your order.
Documents Required to Buy or Sell the US Dollar
Here are some important documents mandated by the RBI that you must submit in order to buy or sell the US Dollar in India.
Copies of your valid Indian passport
PAN Card
Confirmed air ticket indicating your plan to travel within 60 days
Valid visa (it may not be required for every country)
Different Purposes for Exchanging the US Dollar
Private Travel: You can avail of up to USD 10,000 for a private trip to the The United States.
Studying Abroad: You can purchase foreign exchange of up to USD 30,000 or up to the estimate shared by your educational institute.
Employment Purpose: In case you have a letter of employment, you can buy foreign exchange of up to USD 5,000.
Emigration: If you have an emigration visa, you can buy foreign exchange for up to USD 5,000.
Gift and Donation: You can gift or donate up to USD 5,000 annually on the basis of self-certification
Medical Treatment: On the basis of self-certification, you can buy foreign exchange of up to USD 50,000 for medical treatments outside of India. Once the limit is surpassed, you have to provide the estimated expense that would be incurred at the hospital.
Buy and Sell the US Dollar Online at Best Exchange Rates
With BookMyForex, the online forex marketplace by MakeMyTrip, you can easily convert your currency. Enjoy unbeatable currency exchange rates and opt for BookMyForex Multi-Currency Cards as well as foreign currency notes. with no forex mark-up. MakeMyTrip also present the real-time value of one US Dollar in Indian Rupees so that you can stay updated with the ever-changing US Dollar value when converting your money to other currencies.
Home Delivery of the US Dollar
In addition to a smooth online process, BookMyForex also delivers the US Dollars right at your doorstep. In fact, you can enjoy same-day door delivery. So, you do not have to waste any time visiting a local money exchanger and picking up your money.
Other currencies to INR Conversion
- USD to INR
- EUR to INR
- AED to INR
- THB to INR
- SGD to INR
- KWD to INR
- CHF to INR
- HKD to INR
- SAR to INR
- CAD to INR
- ZAR to INR
- AUD to INR
- JPY to INR
- GBP to INR
- NZD to INR
- MYR to INR
- VND to INR
- BHD to INR
- IDR to INR
- KRW to INR
- NOK to INR
- DKK to INR
- RUB to INR
- LKR to INR
- PHP to INR
- MUR to INR
- BDT to INR
- PLN to INR
Frequently Asked Questions
How do I get cashback after placing my forex order?
Find out more about the cashback offer on your US Dollar purchase by clicking here.
What will happen to the leftover US Dollar currency when I return from my trip?
You can easily exchange any leftover currency notes or the money left in your Forex card with MakeMyTrip, powered by BookMyForex, once you have returned from your trip.
How much time will it take for USD to be delivered to home?
US Dollar exchanged through currency notes and cards reach your home in a day.
How much USD can I carry to the USA as a student?
There is no maximum limits for carrying US Dollar to the USA, but anything above $10,000 needs declaration upon arrival on Forms FinCEN 105 and 6059B.
Can I invest in the US Dollar?
Yes, you can invest in the US Dollar via mutual funds, ETFs, or ETNs. However, you should keep an eye on market fluctuation and geopolitical concerns.
Will I receive authentic US Dollar notes?
Yes. MakeMyTrip offers genuine notes from RBI-licensed companies only.
Is it legally allowed to hold US Dollar in India?
While it is acceptable to hold the US Dollar up to the amount authorised by RBI, you cannot use this currency for any kind of transaction in India.
What if I run out of the US Dollar currency while travelling?
If you are carrying a MakeMyTrip multi-currency Forex card while travelling, then you can easily load it up and receive the money abroad within 48 hours.
What is the most common denomination of US currency?
When it comes to the US Dollar, the most commonly used banknotes are $1, $5, $10, $20, $50 and $100. Meanwhile, the denominations of the most frequently used coins are 1¢, 5¢, 10¢ and 25¢.
Which countries allow the use of the US Dollar?
In addition to the US, there are 11 other countries where the US Dollar is the legal tender. So, you can buy US dollar and use them for all kinds of transactions there.
When did the US Dollar become the world’s reserve currency?
As per the Bretton Woods Agreement, the USD became the world's primary reserve currency during the Second World War, displacing the pound sterling.
What is the reason behind the fluctuation of the US Dollar in the market?
The US Dollar is considered to be the most stable currency in the world. However, if you are seeking to convert the US Dollar to Indian Rupee at the best currency rates, the USD can still be subjected to market fluctuation due to the central bank policies as well as economic growth with regard to inflation.
Tell me about the commemorative coins issued by the Federal Reserve.
The United States has been issuing commemorative coins to celebrate personalities, places and events since the year 1848. Some of the most recent commemorative coins include the silver Coca-Cola round reverse proof coins issued in the year 2023.