Rate check allows guest users to compare live rates with the rate offered by your bank.You can check at most 3 transactions.You will get to know the money you have lost in the transaction.
Routeforex is equipped with the most sophisticated dealing room.Rates are picked up from multiple sources including more than 40 banks across the country with support from updating and feed.
You can check maximum of 3 transaction. If you are convinced that banks overcharges you, then you have reached to the right place. Register yourself with us for our forex transaction processing services.You pay us only a fraction of your savings.For more details read our FTP FAQ.
We are ex-bankers with a combined experience of more than 30 years having worked in private bank treasuries and have handled millions of transaction.We are expert in this field so when we negotiate we ensure you pay only what you agreed for. We have deployed the same infrastructure as in any bank dealing room.
Each saved penny adds up your profits and at the year end these savings gets accumulated to significant amount. And today you might be small but 3 years hence you can be big.Bring right practice in your organisation today.
Bankers are here for business? What is the surety that bank will not overcharge you in future? It is not just about trust but bringing professionalism and right practice in your company.
Involving Routeoforex will bring down the margins of the bank and vice versa bring savings to you.So it is detrimental for banks to allow clients to outsource rate bookings to RouteForex.As corporate you might have outsourced your accounts activity to CA who handles and negotiate with the bank regarding accounting on your behalf similarly banks outsource their back office operations to third party.So it is you who will decide who has to handle which transaction.
This practice isn’t new and it is the best way for banks to make higher margins.Here in Routeforex, we will guide you and handhold you to streamline this process.
No, Its completely free for the clients looking to check 3 transactions.By the end of the third rate check you will be clear if you get genuine rates from the bank.
You pay us only after RouteForex has transacted for you. You do not pay any upfront amount or retainer amount and what you will pay us will be just a fraction from your savings.
Routeforex deals with serving more than 200 corporates across India and negotiating rates with more than 40 banks on behalf of our clients.
Historical rate audit allows customer to conduct an audit of past 3 deals done with the bank for cash and forward.
Only transaction value cash and forward can be audited and transaction done after 1st Jan can be audited.
No, it is completely free service for 3 transactions. It is chargable after 3 transaction.
You will get to compare the rate you got from the bank with the days high and low.You will find yourself the amount you might have lost from a single deal if the rate is outside days range.If it is within the days range you can compare with the average rate for that day.
In case we see the difference, can we ask the bank to refund the same?
What has gone is over and you should look forward to saving money in next deal.
The report can be cross checked with multiple agencies and auditors.Routeforex authenticates such report to be correct.
It is because you can still find delayed Inter bank rates in some websites and television however forward rates are not available anywhere.
Historical rate is available for last 1 year.For checking older transaction you can get in touch with our dealing room.
The rates can be checked on our Mobile app.You just need to download our app and enter through quest section and compare the rates
Many times client insist us for showing a demo of how can negotiate rates better than the client or how much will they save and only after that they would be able to decide.In this case for such client we request them to share transaction with us and then we negotiate with their bank and demonstrate the way we execute the transaction and do the savings.
You can avail a maximum of 3 trail Transaction. More than 3 trials are not allowed.
Yes trial transaction is a paid service. For the trial transaction, we will charge 20% of the savings in the transactions.
The Client has to sign the letter of intent before requesting for the trial transaction.
It is a intent of the client to avail a trail service from Routeforex for which it agrees to pay 20% of the savings on the transaction with RouteForex.Letter of Intent can be made available from our website.
Forex Transaction Processing (FTP) is a concept devised by RouteForex to bring Treasury front office services to corporate and HNI clients in India. The service helps corporate limit transaction costs in the forex markets by brining transparency at affordable cost.
FTP has many benefits
The Relationship Managers at RouteForex engages with finance teams to do a short audit on the previous transactions to ascertain the current costs. This current cost forms the basis of the benefits this company will accrue in future.
We don't advocate client's to change their banks. We believe bank is a partner in their businenss in different form and shape. Currently, we are servicing more than 200 corporates Pan India who bank with more than 40 banks. We have been able to convince clients and banks to process forex transactions once client mandate is shared with the bank and us. Mandate is a letter of authority in favour of Dealers at RouteForex to cover transactions on behalf of clients.
That is good news for you. We are happy to note that you have taken cognisance of the fact that bank has charged you over and above what was agreed. The dealers at RouteForex have been successfully convincing banks on the prevailing inter-bank, Cash/Tom rates. Though in some cases it may take us 2-3 transaction to bring the bank at par to our costs and requirements. Dealers at RouteForex need a supportive and understading client to quickly normalize the operations.
We are a corporate entity which is not governed by Reserve Bank of India (RBI). Nevertheless, RBI guidelines doesn’t restrict any third-party intervention in forex dealings. They only want the transaction (cash flow) to be routed through a Authorized Dealer (AD). We have been successfully concluding transactions for more 200 companies today.
We are extremely sensitive of the fact that Client relationship with the bank is prime. At all times we ensure that all our interactions with the bank are professional, cordial and smooth.We have ensured all interactions with the banks are done on a recorded line to safeguard interests of our clients and dealers. We have zero-tolerance for non-compliance on this front.
A dealing room is a place where financial transactions are undertaken on real-time. The room is equipped with all systems to assist dealers to undertake transactions in a secure and timely manner. When we say secure, it means, all transactions are audio recorded.
The dealing room has a restricted entry and only dealers appointed by RouteForex can enter that premises. The systems are secured and encrypted to protect client information. Further, we don’t seek ask for information which is privy to clients and their businesses. Only information sought is Amount, Currency, Nature of Transaction (Export/Import), Type of Transaction (Cash/Tom/Spot/Forward) and the bank.
Yes we provide the service of timing the market for a good rate for client transactions which comes under the purview of Advisory services. Our dealers are required to cover the transaction as and when a request is received from clients. Yes, we can surely watch for any particular levels at which client wants to transact. Once those levels are traded in the market, dealers at RouteForex will inform the client.
RouteForex acknowledge the fact that this is a new concept and most of the prospective clients are hearing about it for the first time. To demostrate the benefits we provide One Free Trial to clients.
The documentation is very basic and easy. We have a service agreement letter to be signed by the client and us which has all the Do's and Don't's of this service.
Bank Margin is the commission which the bank charges over inter-bank rates. In most of the sanction, it is not mentioned by the bank. The treasury decides on case to case basis. The bank does an analysis of the relationship to arrive at the margin to be charged from a particular client.
No, we don't undertake task to negotiate bank margin with banks on behalf of clients. We provide basic advisory on the range of bank margin basis the turnover and industry.
No, RBI doesn’t have any control over the rates quoted by banks. The rates in forex markets are quoted Over-the-counter (OTC) and volatility is very high. Also, the marketable lot in the inter-bank market is $250k, below which banks covers their position by aggregating. Clients needs to put in place systems to watch the volatility and real-time rates to control cost leakages.
All client orders and subsequent cover with banks are taken over recorded lines. The deal confirmation comes with the exact time of the transaction covered with the bank. A client can request for the voice recordings for some of the transactions randomly to keep a check. The IT team at RouteForex is working on providing complete information on the transaction on our website through a User ID and Password for each client.
The bank covers transactions with people mentioned in the Board Resolution (BR for Companies) and Letter of Authority (Sole Proprietor/Partnership Firms). It is the prerogative of client to assign this responsibility on the person. Most SME Corporates doesnt have the know-how of the forex market operations. In case, they decide to hire treasury professional, the costs are too high. Thus, RouteForex provides a cost-effective outsourcing model.
The references are shared subject to client permission. At all times, we keep client transactions private and confidential. A prospective client can ask the Relationship Manager at RouteForex to provide industry/location based references. Additionally, we keep updating Client Testimonial section of our website to share opinions and feedbacks.
Yes, technology is the answer for the future. Many MNC and Private sector banks are offering transaction portals and Live screens to their clients to improve efficiency and reduce costs. While we conduct trial transactions for clients having Online rates from banks, we have shown them the difference in the rates. The back-end of all such screens is administered by banks and is prone to tweaking. We have 4 such clients who have shifted from Screen based transaction portals to manual coverage by RouteForex dealers.
RouteForex has created additional capacity in the dealing room to conclude transactions in a timely mannner. As soon as we receive a transaction, dealers contact the bank officials for rate covering. It usually takes not more than 3 minutes to cover a particular transactions. Yes we admit that while on boarding a new client, it takes 2-3 transactions to smoothen the operations. It is important to bring bank officials in the know how of the change of operations.
RouteForex works for its clients. Our relationship with the bank is Limited to the extent of covering transactions. We keep an eye on all client transactions to limit any leakages in rate offered by banks.
FTP is a revolutionary service which can reduce costs upto 2% on each transactions. We have shown maximum difference of Rs.2.50 per Dollar on rates offered by banks. This difference increases in case of forward contracts and cross-currency transactions. We are working hard to service 500 corporates by March 2019 covering transactions worth USD 4 billion for our clients.
RouteForex covers the entire spectrum of corporate clients in India. Our smallest client is a 8 cr forging exporter in Faridabad . On the other extreme, we cover transactions for clients with annual forex volumes of USD 150 mn.
Management dashboard is the Management information system that is required by the management to track their forex exposure .It shows the complete picture of the forex exposure from Hedge ratio, Average hedge cost, working capital cost, effective hedge cost and even Mark to Market (MTM ) of the forward hedges undertaken. Same can be tracked by a customer through our mobile app.
You need it is because so far you have been relying on excel sheet for your MIS which used to get updated either fornightly or on a monthly basis.With the help of RouteForex Dashboard you will to be able to track it live even on the move and can take informed decision.You can set various alerts around these features which will enable you to stay updated on the levels and condition of your portfolio if its going against you.
We haven’t heard of any company providing such service in India.This is a unique product which has been designed by Routeforex only.
It tells you the exact cost of borrowing or cost of capital for a particular period or particular currency including the hedge cost.
Effective hedge cost considers the exact cost borne by an importer or premium received by an exporter including the rate fluctuation during that time and forward premium received or to be received by him.
Yes you will be able to track your exposure month wise and currency wise also.
Yes you will be able to see your net exposure also.
Yes you can track your MTM live here for all the forward hedges undertaken by you.
Yes you can set various alerts here like hedge ratio, working capital cost , and even for effective hedge.
The Forex prepaid travel card made available through RouteForex, is a pre-paid foreign currency card that makes your International travel hassle-free and convenient. You can load this pre-paid card with foreign currency in India, and use it to withdraw cash in local currency from networked ATMs, or swipe it at merchant establishments that accept network cards, while abroad. The card also comes equipped with never before offered features such as travel insurance, emergency assistance & advanced account management. Instead of spending time encashing traveler’s cheques or converting currency through traditional Money Changers, a Forex Travel Card ensures that you have 24/7, instant access to your funds. With a pre-paid card, it is now so much easier to plan your budget and expenses. What’s more, you save big on time, effort and money by getting the most competitive and transparent foreign exchange rates available.
Your Pre-paid Travel card* is loaded with funds at the time of purchase. You can use the card for cash withdrawal at ATMs or for shopping at merchant outlets. With each transaction, the balance on your card decreases, and this balance can be reloaded with fresh funds at any point in time, based on your requirement.
*This card cannot be used in India, Nepal & Bhutan.
A Forex card offers negligible or no transaction fee versus high Credit/Debit card transaction rates which can go up to 8.5%!
RouteForex is a first-of-its kind platform to simplify the process of acquiring foreign exchange for your personal travel (Including students travelling for higher studies). It aims to insulate you from rate volatility, physical visits to money changer/bank, outdated currency, hassles of arranging hard copies of travel documents, and subsequent re-visits for reloading card and encasement.
RouteForex offers Prepaid Foreign currency travel cards which can be used globally to withdraw cash from ATMs and for making payments at merchant establishments. While we encourage our clients to carry prepaid forex cards as opposed to cash, as a convenient and safe alternative, we do understand the need for having spending cash in hand. To ensure the best of both, we also deliver USD 300 in cash, which takes care of all your immediate spending needs. In case you experience any technical difficulties in withdrawing money, we have made arrangements to deliver money to you at any point, anywhere in the world – a service offered by no other.
We have a simple and easy to use interface which simplifies your forex buying experience. Just register, view rates, enter travel details, choose currency, make payment, and upload documents and viola..! Your card is delivered right to your doorstep. No more cumbersome DD’s or cheques which take forever to be cleared. Pay online by your preferred means via Debit, Credit or Net Banking.
You may buy these cards from RouteForex in eleven different currencies – US Dollar, Euro, Pound Sterling ,Swiss Franc, Australian Dollar, Canadian Dollar, Singapore Dollar ,Japanese Yen, Arab Emirate Dirham, Swedish Krona, Danish kroners , Honk Kong doller, New Zealand dollar, Saudi riyal, Thai Baht though your card is loaded with a base currency, it can be used to withdraw local currency in a different country, after the application of a small conversion fee, giving you multi-currency flexibility
Rate are in sync with market updation and it can change without prior notice
You can order forex as early as 60 days before the date of travel. Also the latest you can order your forex is 2 days before your scheduled date of travel - For instance, if your date of travel is the 10th, please ensure that you order your forex by the 7th.
You will need to upload the following documents to avail your foreign exchange. Passport Copy (Kindly upload first and last pages – namely, Personal details page and the Address page). Visa (Not applicable if VISA is on arrival). E-Ticket. Delivery Address Proof. (For primary traveler) Admission confirmation letter. (If travelling on student visa) Please note: Per regulatory norms, it is mandatory to show original documents for verification at the time of delivery. So, please keep them handy.
The following documents are accepted:
Unfortunately, No. As Per regulatory Know Your Customer (KYC) norms, persons availing forex should sign in-person at the time of delivery. Copies of uploaded documents will be provided to you, which need to be duly signed. To experience a smooth and speedy delivery process, please choose a delivery time that is convenient for you and ensure that all persons availing forex are present during the time of delivery at the address provided
For orders place by making complete payment online, immediately after your uploaded documents are verified, you will receive a call for scheduling a convenient delivery time. If customer chooses to pay by cheque then forex will be delivered after clear funds are received in service partner's bank account.
The minimum loading amount allowed on your prepaid card is 200 units of a given currency (for JPY it is 20000 units.)
For tourism or leisure trip, (other than to Nepal and Bhutan) any Indian resident can obtain foreign exchange up to an aggregate amount of USD 10,000 equivalent- in a financial year, on self-declaration basis, irrespective of the number of visits undertaken during the year. For Instance, assuming the exchange rate is on a particular day is 1 USD – 60 INR, a person can buy foreign exchange up to 6,00,000 INR, considering that there was no foreign exchange purchase made by this individual in the current year. Likewise, if the rate for 1 GBP = 85 INR, the buyer is entitled to purchase a maximum of GBP 7058 (6,00,000/85). The permissible limit for other currencies can be calculated in a similar way that is by using 10,000 as a benchmark.
Yes you can. This limit of USD 10,000 can be used for personal expenses on overseas travel
Yes, your forex prepaid card bought from RouteForex comes with an insurance cover including one for lost card liability, counterfeit card liability etc. Detailed information is available in your card instructions booklet. Call us on +91-120-6500741-42 if you need to know more about insurance options.
Yes! Cards made available to you through RouteForex can be used for online transactions, but certain regulatory norms have to be followed. – You first need to login to your card account, activate the card for internet transactions, generate an online window which remains active for a certain period and then proceed to make a transaction. This process ensures that your transaction is safe, secure and free from phishing attacks that are usually known to plague conventional credit cards.
Yes, your Prepaid Forex travel card bought from RouteForex comes equipped with an internet login which allows you to monitor your spend. You can also choose to receive SMS alerts by updating the mobile number available on your travels abroad.
We recommend the card to be used at POS with the base currency loaded to avoid any other applicable charges. Schedule of charges is available in our general terms and conditions page, and is subject to change by card issuing bank. For any specific assistance get in touch with us @ 91-120-6500741-42
Pre-authorization transaction involves the blocking of a certain amount by the service provider for safe-guarding their payments due. We recommend that the prepaid forex card should not be used for this purpose. While checking-in at the hotel or booking a cab please make the advance payment of the required amount, instead of allowing the service provider to block the required amount. Further, when the service is completed, the balance amount can be paid by re-swiping the card. In case you have you have already used your card for such transactions please follow the following guidelines. At the time of checking out of the hotel/settling the bill, you should: Ask the executive to settle the final bill against the pre-auth that was taken. Ask the executive to cancel the pre-auth (credit back the amount) that was taken and settle the bill by taking an authorization for the actual bill amount. Ask the executive to provide you with the cancelled or VOID transaction slip for the same transaction and present the same to your bank for reversal of the unsettled transaction. In the event of the Merchant neither reversing the amount nor providing you with the VOID transaction slip for submission to your bank, card issuing bank would credit the amount back to your account after 30 days.
Please ask the merchant to ensure that he is swiping your card through a credit card terminal and not a debit card terminal. He also needs to ensure that the machine is online and connected. In case both these scenarios don’t work, please report it to us immediately.
You can block your card by logging into your account online, or by calling the card-issuing bank’s helpline directly. You may simultaneously get your additional/secondary card activated and start using it.
Yes, We offer multi-currency card, so that you can use the same card even if you are travelling to various countries in same or different visits
Yes, once your card is active and loaded with the requested amount it can be used anywhere around the globe. Minimal cross currency conversion rate will be applicable if used in a non-base currency location. For instance, if you choose These cards cannot be used in India, Nepal and Bhutan.
Yes, you can purchase multiple cards based on requirement, but we suggest that you maintain only one card per currency to help you keep better track of transactional details.
Yes, you can retain the card if the leftover balance on card is less than USD 2000 or its equivalent. In case the balance exceeds this limits, per regulatory norms, you are required to surrender it in not more than 180 days of your return.
You will receive an SMS alert on your registered mobile number every time you load/reload. Alternatively, you can log in to your account and check your card balance. You can also check fund status at a card issuing bank’s ATM (please note: balance will reflect in equivalent rupee). Or you can just pick up the phone and call us for fund status anytime!
You can withdraw cash from any networked ATMs by paying a nominal charge. Kindly ensure that you select the type of Account as "Checking / Current" or "Credit”. The Savings option will not work for prepaid Forex Travel Card.
Yes you can check the balance in most ATMs abroad, and you’re the figures will be reflected in local currency. Please note that this might incur a nominal fee. However, You can check your balance on your online account free of cost.
You may withdraw any amount using your travel card if sufficient balance is available on the card. Cash withdrawal is confined to a certain amount per transaction to enhance the security feature of your card. The table below gives an approximate applicable limit for daily withdrawal. Please note these limits may vary based on the ATM operator and hence should be used for reference only.
|Swiss Franc Card||CHF||2000|
|Canadian Dollar Card||CAD||2000|
|Australian Dollar Card||AUD||2000|
|British Pound Card||GBP||1000|
|Arab Emirate Dirham||AED||7500|
Cards purchased from RouteForex are highly secure from unauthorized usage. For any ATM transaction you are required to input your secured ATM pin. Upon four unsuccessful attempts to input this pin, your card will be blocked immediately. At any POS, your merchant has to match your signature on the card with the one on your charge slip. To aid this, please ensure you sign on the signature panel immediately after receiving your card.
You can reach out to us and we will get it regenerated. Call us at 91-120-6500741-42.
If you have lost both your primary and secondary card, you may call our helpline and request for a replacement card.
Your replacement card will be sent to you by courier. You will receive the same within 48 hr to 7 working days depending on your location.
No, your replacement card will be sent along with a fresh ATM pin.
Your card is inactive when couriered to you. Only after you receive and confirm the receipt by calling our customer care, and after a complete verification process, will your card be activated for use.
You can login to your RouteForex account and apply for a refund of balance amount on card. Refund will be processed within 72 hours. In case of some unsettled transactions please allow between 11 to 30 days for these transactions to be settled, before this refund is credited to your account. You will receive an SMS alert on your registered mobile number after the transaction is completed.
Your forex card refund will be done per the prevailing buy rates as displayed on our website.
We will try our best to ensure that this situation does not arise. However, if the transaction is cancelled due to some unavoidable technical issues or regulatory norms, your order amount will be refunded after deduction of payment gateway charges
You can write to us with the subject line "Cancellation for Order No:" and request a refund. Please note however that the amount will be refunded after a deduction of payment gateway charges (1.25% for Debit card, 1.75% for Net Banking and 2.25% for Credit cards) and Rs.350 towards Operational charges.
Yes, you can use your travel card for transactions over phone or through mail. Please note that prepaid cards are not suitable for pre-auth transactions at hotels/car rentals etc. Always make complete payment rather the blocking the amount.
For enhanced security features, all major currency cards available through RouteForex are chip based cards. These cards are more secure than conventionally used magnetic strip based cards. Considering that some merchants may not have this advanced facility, these cards are built-in to be used at even swipe-in terminals where only strip cards can be used.
Your card is inactive when couriered to you. Only after you receive and confirm the receipt by calling our customer care, and after a complete verification process, will your card be activated for use.
If you have more questions for us, feel free to write us at ffmc@RouteForex.com or call us on +91-120-6500741-42.
You will be provided a spare card if you order a prepaid card only with the following 11 currencies with.