If you are traveling abroad, here’s a site that you must check out: Bookmyforex. The website lets you buy and sell foreign currency. The currency, forex card or travelers cheque is delivered to your door steps and you get live exchange rates! It’s that simple.
It also lets you book remittances out of India.
The best thing about this service is the live exchange rate you get and its much quicker. Usually when you go to a bank, you get a flat rate for the whole day. With live exchange rates, you can get the best price for the money you pay.
BookMyForex has tied up with banks & exchange companies to deliver forex products & do remittances. One can pick-up forex from more than 4000 locations in India and door delivery is available for orders over Rs 25,000.
While booking a forex or remittance order, you will be informed about the documents required for the transaction. The company verifies it. If you want to freeze the exchange rate & don’t want to transact on live rates (which can change), you can opt for a fixed rate order. It requires you to pay a fully refundable deposit of 2% of your order total. The money is returned to you as soon as the transaction is completed.
The company was founded by Sudarshan Motwani, the former head of Foreign Exchange Services at ING Vysya Bank and HDFC Bank. Foreign exchange trading is illegal in India. But Bookmyforex is not a forex trading platform.
“There were a whole lot of regulatory clearances,” said Motwani who started the company in late 2012. The company plans to add inward remittances and other products related to travel. This month the company is on track to book Rs 16 cr worth of forex.
Bookmyforex has already sold forex cards worth over half a million dollars. The startup also sells travel insurance and currently employs over 30 people. Motwani says that the company is in the process of raising funds and is also about to break even. “We are burning almost nothing now,” he says.
The total addressable market for Bookmyforex which includes all the foreign exchange that comes under travel travel and private transfers to India, Indians who travel abroad and the remittances that we send abroad, is about $34 bn. Most of this is currently done offline now.