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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. The ‘Book Now, Pay Later’ option allows the customers to lock in forex rates 24X7 and complete the transaction within 3 days.
BookMyForex.com, a MakeMyTrip group company, 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 “Book Now, Pay Later”.
Customers have a choice to make full payments or lock rates by paying a 2 percent refundable advance under the “Book Now and Pay Later” option. The new features are 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, 24X7 forex 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. ”
With its new features, BookMyForex hopes to attract international students 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. India is pioneering a digital payment revolution that makes financial transactions not just very convenient but also saves enormous costs for customers. Overseas money transfers, especially student fees, can be a big burden for students and their parents. Easy and convenient ways to pay student fees, family and gift transfers, immigration and employment-related overseas money transfers, and many other forex transactions can now be conveniently made through the highly reliable digital platform of BookMyForex, which also offers a high-quality support service.
Users can transfer money abroad under the RBI‘s LRS scheme through BookMyForex in just four easy steps:
- Specify your requirements, such as currency, amount, and beneficiary information.
- Submit your KYC.
- Online Payment.
- Rates are locked in and the transfer is processed.
The remittance market is growing at a fast pace in India, while outward remittances under the RBI’s LRS scheme amounted to a 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 and we are expecting to double our growth forecast for outward remittances 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.
BookMyForex operates a hybrid model where we execute the majority of forex prepaid 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 acquired a majority stake in BookMyForex.
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