Gurgaon, 16th August 2022: BookMyForex.com (a MakeMytrip Group Company) , 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 will build 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 newest launch, 24X7 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 whose parents are still reliant on the time-consuming money transfer process at bank branches, where they end up paying exorbitant forex rates and transfer fees.BookMyForex’s remittance solution will enable digitally savvy customers to send money abroad from their home 24 hours a day, seven days a week at the best guaranteed and transparent forex rates.Users can transfer money abroad for education, maintenance of close relatives, investment abroad, gifts, and several other purposes 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.
The remittance market is growing at a fast pace in India.While outward remittances under RBI’s LRS scheme amounted to $1.33 billion in FY15, they jumped to $4.60 billion in FY16 and rose to $18.76 billion in FY20.Covid-led disruptions led to a slump in outward remittance, leading to a total outward 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 as our rates are almost a rupee or two lower (USD/ equivalent) than what the banks offer.Additionally, the demand in the market has exponentially improved post COVID.commented Sudarshan Motwani, Founder & CEO, BookMyForex.comThe 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.
