• Customers will be able to send money abroad from India online, any day, anytime within a few minutes by booking an order on the BookMyForex website or App.
• "Book Now, Pay Later" option allows the customers to lock in forex rates 24X7 and complete the transaction within 3 days.
Chandigarh, 18th August 2022: BookMyForex.com, India’s leading online foreign currency exchange services provider, has launched a 24X7 remittance service to offer its customers a fast and convenient experience. Remittance orders can be booked on both the BookMyForex website and App. The customers will be able to lock in the forex rates for up to 3 days under the "Book now, Pay later". Customers have a choice to make full payments or Lock Rates by paying 2% refundable advance under “Book Now and Pay Later” option. The new features is built on BookMyForex’ s existing low-cost, completely online, and paperless remittance service.
Commenting on the launch, Sudarshan Motwani, Founder & CEO, BookMyForex.com said, "At BookMyForex, we have always aimed to offer innovative solutions and a seamless experience to our customers. Our latest launch, 24X7Fforex Services that include Overseas Money Transfers, is a great example of our tech innovation and customer-oriented approach. The "Book Now, Pay Later" service is especially beneficial in current times when the currency rates are volatile. The new features will help our customers get the maximum value, fast service, and complete peace of mind. "
BookMyForex has been at the forefront of innovation in the forex space, being the first to launch an online and paperless money transfer service in India in association with trusted partner banks. With these new features, BookMyForex hopes to attract international students in Punjab & Haryana whose parents are still reliant on the time-consuming money transfer process at Money Changers or Bank branches, where they end up paying exorbitant forex rates and transfer fees. Users can transfer money abroad under RBI’s LRS scheme through BookMyForex in just 4 easy steps:
1. Specify your requirements, such as currency, amount, and beneficiary information.
2. Submit your KYC
3. Online Payment
4. Rates are locked and the transfer is processed.
India is pioneering digital payment revolution that makes financial transactions not just very convenient but also saves enormous costs for the customers. Consumers from metro cities have adapted to digital payments very quickly. We see very similar trends at BookMyForex where consumers in metros and major cities have adapted our services very quickly and have benefited from very high standards of service and enormous savings in this large value transaction market. However, things are evolving swiftly, and more cities, including Tier II and III towns, are increasingly embracing the digital world. In this context, Punjab and Haryana would be particularly significant due to high rates of migration and students going overseas for higher education. The city of Chandigarh is the best illustration of how popular going abroad for higher education has become.
The remittance market is growing at a fast pace in India. While outward remittances under RBI’s LRS scheme amounted to remittance of $12.68 billion in FY21. Outflows under the LRS scheme totalled $19.61 billion in FY22, a 54.6 percent increase over FY21.
The month of August witnesses high outward remittance as universities abroad start their new sessions during this month and students remit funds for university fees and living expenses. Education led money transfers have been the fastest growing segment for BookMyForex & we are expecting to double our growth forecast for outward remittance in Punjab & Haryana as our rates are almost a rupee or two lower (USD/ equivalent) than what the Money Changers and Banks offer. Additionally, the demand in the market has exponentially improved post COVID. commented Sudarshan Motwani, Founder & CEO, BookMyForex.com
The company has launched “BookMyForex Student Offer” to provide exclusive rates and offers to students going abroad. Students will be able to get attractive discounts on Wire Transfers for their tuition fees, International SIM cards, Forex Cards, etc. One can get up to Rs. 5000 Cashback on Money Transfers. The offer will be applicable for all bookings done via BookMyForex platform/App.
About BookMyForex.com
BookMyForex (a MakeMyTrip Group Company) is India’s very first tech initiative in the foreign exchange domain and the market leader in the online retail forex space.
Customers can place orders on our website www.bookmyforex.com or through our mobile app to buy or sell foreign cash currencies, forex cards, make cross-border payments from India to anywhere in the world, and purchase international SIM cards or international travel insurance.
BookMyForex operates a hybrid model where we execute the majority of forex pre-paid travel card orders and use the network of banks and reputed money changers for cross-border payments, foreign currency bank notes, and international SIM cards, etc. Faering Capital has been invested in BookMyForex since 2016 and recently MakeMyTrip acquired majority stake in BookMyForex.
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