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.
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.
BookMyForex money transfers are free of charge.
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 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.
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.
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.
Yes. BookMyForex has an app running on both iOS and Android platforms through which users can do the following:
The BookMyForex app has a rating of 4.5 on the Play Store and 3.9 on the App Store.
Most transfers are delivered within 24 and 48 hours after the transfer has been processed.
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.
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.
Online transactions are processed over a secure and encrypted HTTPS connection and internet banking information is never stored on BookMyForex’s servers.
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.
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.
BookMyForex can transfer money all across the world. Customers using this service often send to the following destinations:
Support is available through the following channels
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.
Artiom is a marketing graduate from the University of Portsmouth, Artiom’s primary experience is in SEO but he has a broad knowledge of all facets of digital marketing. He optimises the organic experience on MoneyTransfers.com with the content team, manages and creates unique marketing tactics, and generally supports the overall growth of the website.