BookMyForex.com catering to Foreign exchange needs of SMEs

Top Stories

»	India can adjust to changes in global economy sans hurting its own growth: FM Sitharaman
»	Over 7.5 crore non-audit taxpayers filed ITRs for AY27 so far: I-T Dept
»	Semicon 2.0: Govt notifies Rs 1.27 lakh crore scheme, Vaishnaw announces high-level chip panel
»	ITR deadline today: Income Tax Dept urges non-audit taxpayers to complete filing for AY 2026â27
»	India, Brazil aim to expand bilateral trade to $30 billion by 2030

SME Times News Bureau | 03 Nov, 2017
In a truly globalized marketplace, small and medium enterprises (SMEs) have also realized the importance of global connectivity across major international commerce hubs to accelerate their business growth and expand their reach.

Unlike a big multinational corporate, foreign trip are 'budgeted' for SMEs and its vital to keep a check on their finances and expenditure while travelling abroad for business purpose.

The greatest challenge these types of businesses face is minimizing financial loss as a result of fluctuating foreign exchange rates. Fulfilling currency exchange requirement from the right platform is important, especially for the SMEs as they rightly say â 'Money saved is money earned'.

SMEs have limited know-how of financial markets, hedging risks, etc. They don't realize, but currency exchanges at banks and traditional money changers involve huge cost as they charge a massive margin which increases the cost for currency exchange. The Airport exchange counters across the globe can even charge a traveler up to 10 percent or more than the standard cost. Predicting the trends in the Forex market, this can be a challenge for many small businesses.

Now, this is where technology comes to the rescue in the form of new age platform like BookMyForex.com, with forex expert as founders - They not only offer discounted rates but also bring transparency to an otherwise opaque and fragmented currency exchange market by connecting the customers with the most ideal vendors with same day delivery at the customer's doorstep, informed a release on Friday.

The site actually works like the 'stock market' where money changers compete to provide minimum rate.

Instead of giving in to the whims of individual banks and vendors, the model facilitates utmost transparency through real time update of currency rates. (Every 3 seconds), it said.