With rising income levels in Indian households, travelling abroad is no longer a distant dream, be it for business, leisure, education or even medical treatments. Several reports already suggest that outbound travel from India will grow @ 10% this year, despite the value of the rupee falling viz. a viz. the US Dollar. Herein lies the opportunity for currency exchangers, particularly in metro cities, Bangalore being no exception.
However most money exchangers in Bangalore are quite expensive, considering their high profit margins of upto 10% over the interbank rates. Also, they normally operate on 'daily rates' rather than live and real time market rates. This may not suit the pockets of the price-conscious middle income segment, which is the fastest growing market for foreign exchange in India.
Now that BookMyForex, a currency exchanger in Bangalore and other locations in India, has opened a branch in Bangalore, people can buy foreign exchange at highly competitive rates, owing to the fact that we operate on 'live rate basis and work on marginal profits. In fact, BookMyForex is the first website in India to offer currency exchange at 'live rates'. To choose the best forex rate, one can select a rate by using the "Freeze the rate" option on the website and get their currency exchanged at exactly that rate. We currently have a tie-up with Axis Bank and ING Vysya Bank to facilitate currency exchange in Bangalore. Customers can book an order on our website, over phone or at our branch in Bangalore and visit ING Vysya or Axis Bank to make the payment, submit the necessary documents and avail our foreign exchange products.