In a game-changing move, BookMyForex the world’s largest marketplace for retail foreign exchange and private remittances has launched the ZERO Margin Campaign. With this initiative, the company is enabling customers to buy forex at exact Interbank rates with zero exchange margin. This is the world’s first such campaign where retail consumers can buy foreign exchange at rates at which banks deal with each other when making transactions of $1 million or more.
This revolutionary campaign includes several incredible features which will help in the evolution of the current market scenario. Apart from providing perfect Interbank or Mid-Market rates with zero-exchange margin added, customers can also enjoy the benefit of other features that are a hallmark of BookMyForex. The website offers forex pricing in real time, round-the-clock. This is a dramatic departure from current practice where banks and exchange companies display fixed buy and sell rates that rarely change during the day despite the fact that forex rates, just like stock exchange rates, alter every second.
Through the ZERO Margin Campaign that is currently available for forex travel cards, customers can enjoy the benefits easily on foreign currency notes as well. They are eligible for a unique offer of 3 free ATM withdrawals every month. One can withdraw foreign currency notes from any ATM overseas and save up to 10% in the summer months when foreign currencies are in acute shortage.
BookMyForex is changing the face of foreign exchange business in India and is facilitating serious savings for travellers. It is helping them save a substantial amount of money, hitherto being spent on commissions, which they can now spend on buying more foreign currency to use overseas. They can also save precious time they currently spend in trying to find places that could offer them the best value for their money.
BookMyForex offers a full suite of forex products including currency bank notes, forex travel cards, traveller’s cheques and overseas remittance products such as foreign currency demand drafts and wire transfers. All products are delivered by either RBI authorized money changers or banks that have signed up with the platform or from their own stores.
Speaking on the campaign launch, Sudarshan Motwani, Founder and CEO of BookMyForex said,
“Banks and Money Changers load exchange margins ranging from 2 to 5% at their city offices to as high as 10 – 12% at their airport counters. They also often charge various fees & commissions over and above heavily loaded forex rates. Through our unique arrangements with several Banks and exchange companies that offer us volume (wholesale) rates and high service standards that we track all the time, we have been able to offer zero commission on sale of foreign currency notes, travel cards and traveller’s cheques. Our propriety application compares forex rates and service track record of all our channel partners and shows up the most suited bank or exchange company branch that offers the best rates in real-time. The campaign delivers further on our commitment to create widespread tech disruption in the forex industry for the benefit of consumers.”
“Through our unique arrangements with several Banks and exchange companies that offer us volume (wholesale) rates and high service standards that we track all the time, we have been able to offer zero commission on sale of foreign currency notes, travel cards and traveller’s cheques.”
Launched in October 2012 in Gurgaon, BookMyForex was incepted with a view to eliminate the chronic issues that the currency exchange market in India has been plagued with. BookMyForex introduced the first-ever marketplace model in August 2014.
The USP of BookMyForex is that it compares exchange rates and service quality metrics across thousands of banks and exchange companies and connects the customer with the most ideal forex vendor in real time. With over 100,000 customers mainly from metro cities, BookMyForex is now working towards strengthening its presence in other large, tier II and III cities and geographies that are known to be big forex hubs.
BookMyForex also offers same-day delivery and pick-up options in over 560 cities across India. Users receive regular status update notifications on their forex purchases and the site also tracks customer orders until transactions are completed to ensure complete customer satisfaction. In addition, BookMyForex also offers customers the option to set automatic rate alerts, freeze rate options until the third working day and gives many more flexibilities and conveniences that customers buying, selling or remitting foreign exchange have never had so far.
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