Commenting on the offer launch, Sudarshan Motwani, Founder, and CEO of BookMyForex.com, stated, "We have seen that many students require small remittances of under USD 1000 equivalent to obtain prospectuses, make small payments for assistance with writing admission-related essays, filling out complex forms etc. Transfer charges and intermediary fees levied by most banks can often exceed Rs. 1000 and can be quite burdensome for the student. Hence, we have taken the initiative to completely waive all remittance charges, both for Indian and international banks, for all cross-border wire transfers up to USD 1000 or 1000 units of any foreign currency."
"Our special tie-ups with reputed private banks ensure secure international transactions, offering better rates-typically up to 5% better than those provided by banks and other fintech players in the market. By eliminating transfer fees and offering substantial cashback rewards, we expect to drive our growth rate beyond 50%, solidifying our commitment to delivering exceptional value in the remittance market," he added.
The number of Indian students seeking higher education abroad has surged, with projections indicating that by 2025, two million Indian students will be enrolled in foreign universities, spending up to $70 billion. The United States, Canada, Germany, the United Kingdom, and Australia are the most chosen destinations for Indian students. This trend presents a significant opportunity for the remittance market. According to the latest RBI data, outward remittances from India under the Liberalised Remittance Scheme (LRS) hit a new high of $31.73 billion in FY24.
Nitin Motwani, Founder and CTO of BookMyForex, commented, "The money transfer process on BookMyForex is designed to be smooth and effortless. Users can book their international transfers with the option to pay later where BookMyForex freezes the exchange rate for 3 days, ensuring that users benefit from stable rates even if market fluctuations occur. For added convenience, BookMyForex offers door-step KYC service, making the entire process hassle-free and accessible right from the home."
The "BookMyForex Student Offer" is a limited-time promotion, valid up to September 30th, 2024. During this period, all money transfer bookings made via the BookMyForex website or app will be eligible for zero transfer fees, cashback rewards, and bundled student centric deals.
For more information, visit BookMyForex.com.
About BookMyForex.com
BookMyForex (a MakeMyTrip Group Entity) is India's very first tech initiative in the foreign exchange domain and the market leader in the online retail forex space. Customers can place orders on https://www.bookmyforex.com or through the BookMyForex Android/ iOS app to buy forex cards, send international money transfers and buy or sell foreign cash currencies. Customers can also purchase international SIM cards or international travel insurance.
BookMyForex operates in a hybrid model where the majority of forex card transactions are executed by BookMyForex and orders for foreign currency notes and international money transfers are executed via BookMyForex's network of Banks and Reputed RBI licensed moneychangers.
BookMyForex is the most visible and trusted online retail forex brand with over USD 1.2 billion exchanged on its platform. Faering Capital has been invested in BookMyForex since 2016 and MakeMyTrip has acquired a majority stake in BookMyForex.
