Now, all you need is to swipe your phone to get the best foreign exchange rate in town! And, if that is not enough get it delivered at your door step, too. Thanks to a new smartphone app for forex introduced by the country’s first foreign exchange aggregator, FXKart.
“For years, the forex industry in the country is unorganised,” said Ankit Anubhav from FXKart. “We wanted to give it a professional shape and help people — who want to migrate out of the country — with the best possible forex rate available in town. The new app would (answer) all their queries about foreign exchanges.”
The app has a locator, where users can enter the city or the locality from where they want to collect the foreign exchange, and automatically the screen would display the foreign exchange stores in and around the locality along with the rates they are offering.
Users will have to then select the best offer and soon a customer care executive would call them to know the tentative timing they would reach the store.
“This is to ensure that most of the formalities are ready by the time you reach the store and you only need to put your signature and carry out the exchanges. If you don’t have time to visit the store, we would carry the exchange at your doorstep,” added Anubhav.
The Dubai-based company has already tied up with several foreign exchange stores across all the metropolitans, state capitals and even district towns. It is also giving special training to the store managers on how to use the app and on how to handle the customers.
“In Kolkata, we have tied up with 10 stores and the number would cross 100 soon. We believe that if there is competition on one platform, the forex stores would start giving better offer and the customers would get the best possible rates,” said Anubhav.
One of the advantages of this app is that the customers can compare rates at transit destinations and if the rate is better they can easily book a deal and order it at the airport.
“For example, if someone is going to Europe via Mumbai and have found rate in Mumbai is better than Kolkata, they can always place an order and get it delivered somewhere in Mumbai. We can deliver at the airport as well, but outside the terminal building,” said Anubhav.