KOCHI:
Shamsusheen got an incentive trip to visit Dubai. Travelling abroad for the first time, he didn’t have any currency conversion experience. At the airport and the shopping arcades in Dubai, he had used foreign exchange booths to convert the currency and found that they were charging a high percentage as exchange commission. Had earned money getting wasted, he really felt bad.
Anand hails from a village near Tirunelveli and he got an invite to visit his friend at Penang, Malaysia. Before going, from a forex tout in the city shopping area of Tirunelveli, Anand converted some cash to Malaysian currency and carried with him to Penang and reaching there he found that whatever foreign currency he had carried was counterfeit. He was indeed crestfallen as there is no proof of purchase.
Jacob Francis has his son studying in Australia for MBA. Every 6 months he sends his money for tuition fee, stay and incidental expenses. The process is done thru his bank that was charging high exchange rates and additional bank charges for doing the transfer. Could there be another option, Jacob Francis wondered always.
Yes, there is a better way and that is www.ExTravelMoney.com. Extravelmoney.com is completely transforming the way money is sent abroad. The company acts as an online aggregator of exchange houses and banks. It allows customers to search for and compare exchange rates offered by various exchange houses and place an order for money transfer abroad, perform currency exchange or buy a forex travel card, all online itself, all sitting in the comforts of his home.
Since it is based on the bids received from various exchange houses and banks, ExTravelMoney.com always gets competitive quotes
from forex vendors. It also avoids people running around helter-skelter to organise foreign exchange. It is perfectly legal.
Thus ExTravelMoney.com delivers high utility value at lowest cost, a true blue ocean strategy based on value innovation.
“Extravelmoney.com delivers a smooth and easy experience for customers when transferring money abroad for education, medical expenses, maintenance of close relative etc. Gift remittances are also covered by it under which any person in India can send up to US$ 250000 equivalent to any other person outside the country. The basic requirements for gift remittance are a PAN card and a valid photo ID of the person sending the money. The service is completely free for customers to consumers”, says Ajin Baby, Chief Executive Officer, ExTravelMoney.com
ExTravelMoney has tie-up with almost all major foreign currency dealers and banking institutions. Some of them are Muthoot Forex, Spice Money, Orient Exchange, Paul Merchants and BFC Forex and has more than 4000 stores plus the banks spread across the country in almost all major cities.
ExTravelMoney.com follows a marketplace model, empowering customers. They can search for a RBI approved money changer near their place and compare the exchange rates offered and not just tied down to one option. Each exchange house is given a rating on the basis of customer reviews.
Once an order has been placed, customers have the option of store pickup or door delivery of the forex product. All the required KYC documents will be verified by the chosen exchange house.
“People who want to send money abroad usually do not have a good idea about the rates offered by different institutions. This is particularly true in case of remittance for education or medical expenses. As a general rule, money exchange houses offer better rates than banks. ExTravelMoney platform would educate a customer on the best possible option to choose for their forex needs and help them place an order online itself. Typically, An INR 20 lakh transfer outside done thru Extravelmoney.com in comparison with that done thru a bank directly could let you save anything between INR 20,000 to 25000”. Said George Zachariah, Chief Operating Officer, ExTravelMoney Technosol Pvt. Ltd.
“Technology had allowed many disruption in the way business is done which had resulted in delivering positive benefits to consumers. Extravelmoney.com is such a disruptive game changer in the Fintech industry”. Added Nisanth Issac, Chief Marketing Officer, Extravelmoney Technosol Pvt.Ltd.
The Kochi based start-up had won many accolades already for this innovative solution including “Hot100 Technology Awards 2014” fromAmazon.com & Microsoft Ventures. Recently Cochin Institute of Science and Technology selected Extravelmoney.com for its first Dr APJ Abdul Kalam Start-up Award. Kerala State Industrial Development Corporation had chosen the company for the seed funding program.
