May 19 2018

Corporate Giant made a huge saving

CASE

A Pune based large corporate giant is having huge quantum of inflows on a regular basis. They are very much focused on their routine business operations having banking arrangements with a private sector bank. They are having regular foreign exchange transactions and coverts dollar 2-4 times a week with a value of 1 million every week. They are having a fixed margin of 4 paisa and are not using any Forex live terminal for their own reference.

Myforexeye Value Addition

The management is more concerned about the group’s activities and with the profitability of each division. They are having a good margin in their products and they trust the bank in respect of getting the forex quotes from them. As they are not keeping an eye on the forex rates by referring to any live interbank platform, with an exposure of 50-60 million yearly even a small deviation from live rates will affect them badly. While doing an audit of a transaction for them we discovered that the bank was not giving the live quotes to them. We took it further and assisted them in the very next transaction resulting in a huge saving of 60 paisa from the initial rate bank offered to them. They assigned us the task to get the conversion done for them with their bank with immediate effect.