BookMyForex has launched the ZERO Margin Campaign, through which, the company is enabling customers to buy forex at exact interbank rates with zero exchange margin
BookMyForex, one 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 US$ 1 million or more.
This campaign includes several features which will help in the evolution of the current market scenario. Apart from providing 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 considered 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.
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, it 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.
Speaking on the campaign launch, Sudarshan Motwani, founder and CEO, BookMyForex said, “Banks and money changers load exchange margins ranging from two per cent to five per cent at their city offices to as high as 10-12 per cent at their airport counters. They also often charge various fees and commissions over and above heavily loaded forex rates. Through our unique arrangements with several banks and exchange companies that offer us volume 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 the ZERO Margin Campaign that is currently available for forex travel cards, customers can enjoy the benefits on foreign currency notes as well. They are eligible for an offer of three free ATM withdrawals every month. One can withdraw foreign currency notes from any ATM overseas and save up to 10 per cent in the summer months when foreign currencies are in acute shortage.