India’s first online platform for buying and selling foreign exchange Launched - Bookmyforex.com

NEW DELHI - April 29, 2013 - PRLog -- Delhi, 29th April 2013: Even as e-commerce continues to observe a steady growth in India across various categories, retail foreign exchange and foreign remittances have, thus far, not seen an Internet based solution. BookMyForex.com, a new e-commerce venture, has been introduced to fill exactly this need gap. The website is poised to become India’s first full featured money exchange & foreign remittances portal offering users the convenience of booking foreign exchange products and foreign money transfer orders online. BookMyForex.com offers a full suite of forex services & product offerings that consists of currency notes, prepaid travel cards (forex cards), traveler's cheques, foreign currency demand drafts and foreign currency wire transfers. Its interactive portal guides visitors through the order booking process step by step, ensuring a pleasant user experience and guaranteeing compliance with all applicable laws and regulations.

The company offers one standard rate for each currency& product across the country. For the first time in India, customers have the option to book currency at live and real-time market rates. Customers can even freeze the currency exchange rates for as many as 3 working days.To provide their services through a vast network, the company has done an exclusive tie up with Axis Bank. The tie-up allows BookMyForex.com to fulfill forex orders from all Axis Bank branches nationwide, effectively making BookMyForex’s networkof over 1700 locations, the largest in India. At present, BookMyForex.com offers Money Exchange in Delhi and NCR through its own locations and through its network of participating Axis Bank branches. One can also transfer money from India by booking an order online on BookMyForex.com and completing the order at a participating Axis Bank branch.

The objective of the company is to bring forex & personal remittance products to the customer’s doorstep at best currency rates.

Sudarshan Motwani, CEO & Founder, BookMyForex.com says, “The foreign exchange markets in India have lacked standardization in exchange rates and regulation requirements. Exchange rates can vary wildly from 0.5% margin to over 5% margin between different money changers and documentation requirements for different forex transactions mayalso vary between different Banks and forex dealers. A forex deal therefore often ends up requiring a lot of time as customers haggle for the bestcurrency rates and go through multiple back and forths to acquire appropriate documentation to process their order. BookMyForex was born with the goal to address exactly these issues. BookMyForex aims to bring standard and extremely competitive currency rates across India. Our online order booking process also provides customers with the exact documentation requirement that is required to complete an order swiftly and smoothly.The company’s long-term vision is to create a much more organized and customer friendly foreign exchange and remittances market in India.”

The founders of BookMyForex.com are extremely experienced and renowned in the foreign exchange market in India. The company’s CEO,Sudarshan Motwani, is known in the forex industry for delivering product innovations. He has set up and headed the foreign exchange business vertical from scratch in 4 different private sector Banks of India including HDFC bank.The IT head is a young ex Silicon Valley professional with plenty of exposure to the startup scene in the valley.The BookMyForex team comprises of young people with diverse skills & background. Furthermore, the advisors include the erstwhile promoter of a reputed private sector bank, amongst others.

The site explainer video can be seen by clicking on this link:http://youtu.be/y7AVRb9jims



About BookMyForex

BookMyForex is India’s first full featured retail foreign exchange & remittances portal. Incorporated in September 2011, BookMyForex – Gurgaon based start-up firm started its operations in November 2012.It offers full suite of forex products to customers. Company’s long-term vision is to use its exclusive tie-ups, large distribution network and the pervasiveness of the Internet to create a much more organized and customer friendly foreign exchange and remittances market in India.For more information, please logon to www.bookmyforex.com

For Further Information, Please contact

Sowmya Iyer

SI Brand & Communication

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