New startup offers online forex services
By Pramod Thomas | Published: 15th May 2016 03:06 AM |
KOCHI: It seems that there is a startup for every human need. For those who want to send money abroad, that too at cheaper rates, extravelmoney.com comes handy.
The startup is an online aggregator of banks and exchange houses. Customers can make wire transfer, perform foreign currency exchange or buy prepaid forex card through the 4,000-odd partner outlets across the country.
The company was launched in December 2015 by businessman Kochouseph Chittilappilly. However, it took some time to get the product market-ready. Ashwin Narasimha (CTO), Nisanth Isaac (CMO), George Zachariah (COO) and Ajin Baby (CEO) are the brain behind extravelmoney.com.
The portal allows customers to search for and compare the exchange rates offered by various exchange houses, and place order online to transfer money abroad, perform currency exchange and buy forex travel card. The company ensures a smooth experience for customers while transferring money abroad for education, medical expenses and maintenance of relatives. It also facilitates gift remittance, under which Indian citizens can send cash equivalent to US$2,50,000 abroad.
“Those who want to send money abroad often find it difficult to get a clear idea about the rates offered by various agencies. As a general rule, exchange houses offer better rates than those offered by banks. Transferring `20 lakh abroad through bank will cost the customer `20,000-25000 more than what it would have cost them while transferring through our service,” said ExTravelMoney CEO George Zachariah.
The service is completely free of cost. ExTravelMoney, which has tied up with Muthoot Forex, Spice Money, Orient Exchange, Paul Merchants and BFC Forex, has more than 4,000 stores under it. It will soon rope in banks too to offer the service. The stores are spread all over the country, including metros.
“Once an order is placed, customers have the options for ‘store pickup’ or ‘door delivery/pickup’ of the forex product. All the required KYC documents will be verified by the chosen exchange house,” said Nisanth Isaac.