MakeMyTrip’s group company BookMyForex.com has launched a 24X7 remittance service through which customers can book orders on its website and app. Customers will be able to lock in the forex rates for up to three days under the “book now, pay later" option.
Customers have a choice to make full payments or lock rates by paying 2% refundable advance under the book now and pay later option. The new feature is built on BookMyForex’ s existing low-cost, completely online, and paperless remittance service.
“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," said Sudarshan Motwani, Founder & CEO, BookMyForex.com.
With these 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.
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.
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.
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 ₹5000 cashback on money transfers. The offer will be applicable for all bookings done via BookMyForex platform/app.
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