What is BookMyForex.com?
BookMyForex.com is the first e-commerce initiative in India in the retail and international money foreign exchange space. Customers can buy forex for reasons such as medical, employment, emigration, maintenance, education, business travel, and personal travel. BookMyForex has partnered with various banks and reputed foreign exchange institutions to fulfill the forex requirements of their companies in more than 650 cities across India.
Since the company was launched in 2012, it has served more than 300,000 happy customers who have transacted more than ₹4,500. MyBookForex.com is headquartered at Gurugram, India.
Supported Destinations and Currencies of BookMyForex
Some of the top destinations where customers can send money to be: Saudi Arabia, United States, Myanmar, Malaysia, China, Germany, France, Nepal, Kenya, Nigeria, Sri-Lanka and Bangladesh.
Contrastingly, some of the top currencies which are supported by MyBookFirst.com are US dollar, Singapore dollar, Saudi riyal, New Zealand dollar, Japanese yen, Hong Kong dollar, British pound, Euro, Swiss Franc, Canadian dollar and UAE dirham.
Registration and Transfer Process at BookMyForex
- Choose the country and amount you wish to transfer.
- Sign up your account by filling your details such as full name, mobile number, and email address.
- Once you login to your account, you will see the charges for the amount you wish to transfer.
- Choose the transfer type and if you are an Indian resident.
- There is also an option to upload scanned copies of relevant documents for Know Your Customer (KYC) process.
- If you are a foreigner, you will need a passport and permanent account number for Indian nationals.
- Enter your contact details and also the SWIFT code of the recipient’s bank.
- The partner branch will correct your KYC documents. Alternatively, you can visit the branch so that you can complete your wire transfer process.
Top Services Offered by BookMyForex
- Foreign currency demand drafts – These are physical paper drafts which can be mailed/couriered or carried internationally to a beneficiary abroad. Customers can use this service to send money from India for visa fees, medical fees, and educational payments. In case the demand draft gets stolen or lost, it can be reissued. The good thing with demand drafts is that customers are not charged any hidden fees. They are used to save the recipient and sending charges which apply for wire transfers.
- International wire transfers – International wire transfers refer to direct bank to bank money transfers where you can send money from your Indian bank to your recipient bank account. Typically, international wire transfers from India are the most convenient and best way of transferring money abroad. Funds sent to the beneficiary are made available between 12 to 48 hours business hours.
- Traveler’s cheque – Traveler’s cheque is an outdated way of foreign exchange which has been replaced by more economical and advanced forex cards. Although it is safer than currency notes, only a few locations abroad accept it. However, BookMyForex still allows customers in specific locations to make transfers in the form of traveler’s cheques.
- Foreign currency notes – BookMyForex is able to compare foreign currency rates across various money changers within your area to find the best money exchangers that offer affordable rates. You can withdraw your foreign currency notes at ATMs abroad using our forex card at zero margin rates.
- Forex card – Forex card is the most economical, safest, and smartest way of carrying forex. Forex cards offered by BookMyForex come with zero commissions, zero hidden charges, and best interbank rates.
BookMyForex Exchange Rates and Fees
BookMyForex.com offers an affordable service that offers zero fees and very competitive rate margins. For instance, the exchange rate margin is as low as 0.09% when transferring pound sterling and 0.036% for US dollars. All transfers are free of charge.
If you opt to pay for your transfers using a credit card, you may pay a cash advance fee. For wire transfers, you will be charged ₹225 tax.
BookMyForex Transfer Fees
BookMyForex does not charge any transfer fees. However, as per the Indian laws, customers must pay Goods and Services Tax and a bank fee of INE225.
BookMyForex Minimum and Maximum Transfer
There is no minimum transfer amount under this platform. Conversely, there is a maximum limit of US$ 250,000.
BookMyForex Payment Options
You can pay for your transfers using bank transfer, debit card and credit card.
BookMyForex Withdrawal Options
Your recipients can have funds deposited directly into their designated accounts or through demand draft.
BookMyForex Regulation and Security
BookMyForex is fully regulated and authorized as a money exchanger by the Reserve bank of India under the license number FE.DEL.FFMC/U070/2013.
All transactions are processed over an encrypted and secure HTTPS internet banking information.
BookMyForex Mobile application
MyBookFirst has a mobile app which runs on Android and iOS platforms. Customers can use the app in doing activities such as track their transfers, manage recipients, set rate alerts, check rates and make transfers.
Can you cancel your transfer?
Yes. If you had placed an order and it has not been paid, you can cancel it. You could lose the rate of the guarantee deposit or charged 2% if your order had been completed.
- There is live support during business hours.
- Same day delivery is guaranteed for money transfer orders which are initiated before 2 pm between Monday to Friday.
- The service does not attract any fees.
- You can lock your foreign exchange rate for a maximum of 3 days, but you must pay 2% of the order amount.
- Foreign nationals can transfer money abroad once MyBookForex verifies them.
- You can only transfer money from India.
- Recipients can only receive money through their respective banks since there is a mobile transfer or cash pickup option.
- You cannot complete the registration process online as the partner branch is required to verify your KYC documents.
BookMyForex Customer support
MyBookForex customer support can be accessed through:
- Live chat, which is available during business hours.
- You can send you’re an email through info2bookmyforex.com.
- You can call the support team from Monday to Friday between 9.30 am to 6.30 pm through +919212219191. On Saturday you can call between 9.30 am to 5.00.pm.
BookMyForex is the best alternative to major banks in India, especially when making international money transfers from India. Additionally, BookMyForex can be a cost-effective method of sending money abroad. However, it is good that you compared the exchanged rated offered by MyBookForex against its competitors before you make your transfers.