Paytm launches forex services offering both forex card and cash1 min read . Updated: 11 Jul 2018, 05:09 PM IST
The Paytm forex card and forex cash can be ordered on a real-time basis, and can be delivered at your doorstep within 48 hours
New Delhi: Fintech startup Paytm (One97 Communications Ltd) on Wednesday launched launch of its forex services for money exchange of top 20 international currencies, including the US dollar. The forex service, currently available on the Paytm website, will soon be available on the Paytm app as well. “These multi-currency Forex Card and Forex Cash can be ordered on a real-time basis, and can be delivered to your doorstep within 48 hours. It can also be conveniently collected from any of our nearest partner seller’s outlets across India," the Vijay Shekhar Sharma-run firm said.
Paytm also promises not to charge any commission, service charge or hidden charges on forex purchases, unlike what is charged offline by forex sellers. Paytm’s offering include US dollar, euro, pound, Chinese yuan, Hong Kong dollar, Singapore dollar, etc.
This new offering will complement the requirement of frequent travellers as they can now buy forex instantly along with their travel bookings. Paytm allows customers to lock-in the current rates at the time of placing an order by making a 2% partial payment with the flexibility to make the remaining payment at the time of delivery.
The forex card balance can be checked online and, in most ATMs, abroad. It can be used at almost all merchant outlets and ATMs across the world.
You can load up to $250,000 in a financial year into the forex card and buy up to $3000 as currency notes. “We learned that our customers usually are in a need of a trusted and seamless forex service for themselves. We considered this as an important opportunity for us and are delighted to launch a convenient way of buying Forex Service on our platform. This is in line with our goal to be the most preferred destination for all travel needs," said Abhishek Rajan, vice president at Paytm.