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BookMyForex is one of India’s leading currency exchange marketplaces, connecting customers in India with more than 5,000 forex money exchangers and banks. It is authorised and regulated by the Reserve Bank of India (RBI).
This review will take you through the rates and fees charged by BookMyForex, the payments you can make on the platform, transfer speeds, and anything else you could want to know before deciding if they’re the right service for you.
BookMyForex offers very competitive exchange rate margins and zero fees, making their service a very affordable option for transfers to a variety of currencies. The service has over 300,000 customers who have so far transferred over ₹4,500 crores around the world since the company was founded in 2012.
Exchange Rates
BookMyForex charges exchange rate margins as low as 0.036% when transferring to hard currencies like the United States dollar and 0.092% when transferring to the pound sterling.
Fees
BookMyForex money transfers are free of charge.
Additional Costs
Paying for your transfer using a credit card may attract a cash advance fee. You will also be charged ₹225 tax inclusive for wire transfers.
BookMyForex Pros and Cons
BookMyForex is a service packed with lots of benefits for customers. There are also a few cons to think about before using this money transfer solution.
- Competitive exchange rates: The provider offers rates at nominal margins.
- Zero fees: The service does not attract any fees.
- Fast transfers: Most transfers are completed within 24 hours.
- Live chat support: There is live support available during business hours just in case you need to clarify a few things.
- Lock-in an exchange rate: You can lock in a rate for up to 3 business days.
- Limited coverage: You can only transfer money from India to other destinations.
- Limited payout methods: Beneficiaries can only receive funds sent via their respective banks. There is no cash pickup or mobile transfer option.
What Kind of Payments Can I Make With BookMyForex?
Before choosing a money transfer provider, it’s crucial to make sure they can support the transfer you’re looking to make. Here are the options you have with BookMyForex.
Payment Methods Available
You can pay for your transfer using either a credit or debit card, or with a bank transfer.
Withdrawal Options Available
Your beneficiary can have the funds directly deposited into their designated beneficiary account or available via a demand draft.
In addition to their money transfer services, BookMyForex also offers travel insurance and forex travel card solutions.
Does BookMyForex Have a Mobile App?
Yes. BookMyForex has an app running on both iOS and Android platforms through which users can do the following:
Make a transfer
Check rates
Set rate alerts
Manage recipients
Track their transfers
The BookMyForex app has a rating of 4.5 on the Play Store and 3.9 on the App Store.
How Fast Are BookMyForex’s Transfer Speeds?
Most transfers are delivered within 24 and 48 hours after the transfer has been processed.
Are There Maximum and Minimum Transfer Amounts?
Under the Liberalised Remittance Scheme, the limit for international money transfers from India to other countries is USD$ 250,000 per financial year per resident.
Can I Trust BookMyForex?
Trust is fundamental when looking for money transfer services. Here is a summary of the factors that have made BookMyForex attract over 300,000 clients to date.
History and Regulation
BookMyForex was founded in 2012 in Gurgaon, Haryana, India. It is fully authorised and regulated by the Reserve Bank of India as a money exchanger under license number FE.DEL.FFMC/ U070/2013. In 2012 the company received angel funding and in 2016 it got an additional private equity investment amounting to ₹850 million.
Encryption
Online transactions are processed over a secure and encrypted HTTPS connection and internet banking information is never stored on BookMyForex’s servers.
Reputation
BookMyForex is a well-regarded platform, and has been mentioned favourably in industry-leading publications such as The Financial Express, The Hindu, DNA, The Economic Times, and on other media outlets such as CardRates.com and CNBC TV 18.
Can I Cancel My Transfer?
Orders that have not been paid for can be cancelled. Where payment has been made, cancellation attracts a 2% fee or loss of the rate guarantee deposit.
Top Destinations
BookMyForex can transfer money all across the world. Customers using this service often send to the following destinations:
Customer Support
Support is available through the following channels
Telephone: Customers can call +919212219191 during office hours Monday-Friday 9:30am to 6:30pm and Saturday 9:30am to 5:00pm.
Email: You can send the team an email at [email protected].
Live Chat: There is a live chat service available during office hours.
Summary
BookMyForex is an India-based foreign exchange marketplace offering competitively priced money transfer services among other solutions. It only allows for sending from India to a variety of destinations and is trusted every year to transfer money all over the world.
From 2012 to date, the provider has exchanged over ₹4,500 crores and expanded its customer base to more than 300,000 users. With an extensive network bringing together over 5,000 banks and money exchangers, BookMyForex is one of the leading players in the currency market in India.
Having said that, it is a good practice to compare the services of different providers to help you get the right fit. Using our money transfer comparison tool, you can quickly run through the available options to see where BookMyForex ranks among the options best-suited to your transfer needs. As the provider offers very low exchange rate margins and zero fees, it’s likely to be near the top of any list of options for transferring money out of India.
