BookMyForex, a marketplace for retail foreign exchange and private remittances, has launched a Zero Margin Campaign, which will enable customers to buy forex at Interbank rates with zero exchange margin. With this, retail consumers can buy foreign exchange at rates at which banks deal with each other when making transactions of $1 million or more.
Apart from providing Interbank or mid-market rates with zero-exchange margin added, customers can avail forex pricing in real time, round-the-clock. This is a departure from current practice where banks and exchange companies display fixed buy and sell rates that rarely change during the day.
Sudarshan Motwani, Founder and CEO of BookMyForex said, “Banks and money changers load exchange margins ranging from 2-5 per cent at their city offices to as high as 10-12 per cent at airport counters. They also often charge various fees & commissions over and above heavily loaded forex rates.”
Motwani said the propriety application compares forex rates and service track record of all channel partners and shows up the most suited bank or exchange company branch that offers the best rates in real-time.
BookMyForex also offers 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.
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.