Today the world has become a global village thanks to the trade opportunities and globalization. Well, one aspect of going global is getting proper Forex services. One startup that understands this very well and is working tirelessly towards realizing this goal is ExTravelMoney.com.
ExTravelMoney.com is an online aggregator of forex services by RBI approved Foreign Exchange Houses & Banks in India. They help people save money every time they do a currency exchange or remittance transaction. For a typical 20 lakh INR transfer outside India, one could save Rs 20000 – 25000 via ExTravelMoney when compared to bank rates. To make this happen, they have tied up with the leading exchange houses in India such as Muthoot Forex, Orient Exchange, Wall Street Finance covering 4500+ locations across the country. One simply need to enter the transaction details and the location. He/she will receive instant quotes from the nearest RBI authorized Forex outlets. Customer can compare the stores based on exchange rates offered, customer ratings, proximity etc, and can choose the one of their choice. All one needs to do is to get the required KYC documents ready and transfer the funds directly to the chosen exchange house. The Forex product can then be picked up from the chosen store or can avail door delivery.
The forex services present in ExTravelMoney are :
1.Currency Exchange (Buying & Selling foreign currency in India)
2.Outward Remittance (Send Money Abroad from India)
3.Prepaid Travel Cards
Founded in 2015, ExTravelMoney.com was founded by George Zachariah (CEO), Ajin Baby (COO), Ashwin Narasimha (CTO) and Nisanth Issac (CMO). The startup is based out of Kochi, and they are a team of young and dynamic professionals from backgrounds in Computer Engineering, Electrical Engineering, Business, Management and Finance. Pitching the product idea to banks and money changers, investor relations & day to day operations are taken care of by George and Ajin. Nisanth handles the marketing team by creating marketing campaigns and setting milestones for the company to reach out to a wider audience. Ashwin is our chief techie in charge handling the tech team to keeps the technology updated and running. And one of the most important aspect of their team is their customer service agents who directly report to George. They value their customer service and ensure that it is top notch at all times.
ExTravelMoney so far has 4500+ tied up forex outlets across India- They have tied up with 12 major money changers including Muthoot Forex, UAE Exchange, Cox & Kings, and have 4500+ Forex stores in our platform, with information on their location, exchange rates and quotes for performing Forex services. They act as an open marketplace in which, when a customer orders a Forex product, the different banks and money changers present competitive exchange rates and quotes to grab the customers. As a result of this competition, they are able to provide the best Forex rates to their customers. Not just that, the rate at which you order Forex, will be available to you throughout the day regardless of fluctuations in the market. Even if the exchange rate goes up, you’ll get the currency at your promised rate. They have more than 12000 users on their platform and have served 16000 orders till date.
As of now, they have a stable and well established machinery in place to order Forex with 12 exchange houses on board. Their next and very important area of focus is to rope in more money changers and banks to the platform. They want to be, the one stop shop for Forex and this is a step in that direction.
Once they consolidate their position within India which they have set a target of within two years to do, they’d be looking to replicate their business model on a global scale. The expansion would start with Southeast Asia, Middle East, Europe and the US. Eventually they wish to facilitate low cost Forex services for people all over the world.