Alert and Cover helps you set a rate alert for different types of forex transactions with foreign currency amount less than USD 0.25 million or equivalent that notifies you as and when your target rate, including your bank margin, entered in the App is traded in the forex market for the first time since you have set an alert and sends TPO instructions to Myforexeye Dealing Team to book your forex deal, for which the alert has been set, with your bank at the target rate set by you.
Alert and Cover can be used for both import and export forex transactions including cash, tom, spot, forward booking, forward cancellation, EEFC conversion and Export Bill Discounting (both in foreign currency and INR).
You shall be intimated about your target rate being set, met or expired and deal processed via SMS and Email. The same shall be notified on the App as well. You can choose theDealer Call Back'option in order to receive a call from the Myforexeye Dealing Team before the dealer books your transaction at the target rate specified by you.
The benefit of using Alert and Cover is that you dont need to keep a check on the market rates. Just set your target rate on Alert and Cover and you shall be intimated as and when your target rate is achieved as well as when your forex deal is processed by the Myforexeye Dealing Team with your bank at the target rate specified by you.
Only Alert alerts you about your target rate being met whereas Alert and Cover not only notifies you about your target rate being met but also sends TPO instructions to Myforexeye Dealing Team to book your forex deal with your bank at the target rate specified by you.