When we refer clients to our partner banks with an objective to ensure FX margin for the client stays protected and the client benefits from transparent management of their FX needs. In addition, the client gets to enjoy superior banking experience our new-age Private sector banks provide.
There are many benefits to all parties involved
For Clients – Where clients do not enjoy any credit facilities, it is relatively easy to move FX remittances to another bank. The client is assured that due to the involvement of Myforexeye, FX will always be priced at agreed rates without any slippages.
a. User can start with using the RateAudit feature which allows checking of 3 historical transactions over last 90 days.
b. Generate report of savings from Myforexeye App
c. Listen to Voice Recording Machine to ascertain the savings
RBI prohibits third party to generate deposits banks (i.e., liability balances). For FX remittances, third party service providers are permitted to refer clients. In any case, our referral model to partner banks is without consideration, therefore, strictly speaking we are not a Direct Selling Agent (DSA) of our partner bank. We perform this service for our clients and our commercials are just TPO fee, which Myforexeye charges to the client.
Yes, they have that choice. However, it is more prudent to shift day-to-day banking where major export collections & import payments are being made. Our partner banks are new-age private sector banks that provide superior banking experience to clients and due to our arrangement, will also provide cost-effective banking charges for any banking service the client might have a requirement for.
If the client is enjoying cash collateralised facilities, we may refer them to our partner banks. The procedure for on-boarding will be longer as the incoming partner bank will need to approve the cash-collateralised limits and take over facilities of the out-going bank. Besides, NOC from existing bank may be required.
If the client is enjoying credit facilities backed by collaterals other than cash (like building etc), then such cases too may be referred but the process will be longer and will be at sole discretion of the partner bank.
We are the agent of our clients. We are providing him a comprehensive solution wherein their FX margins are fixed and continue that way till such a time we are appointed on their behalf to book FX under TPO.
1. SLA needs to be executed between the client & Myforexeye.
2. On-boarding documentation for account opening between partner bank & the client.
This pack will also contain the mandate form authorising dealers from Myforexeye to deal FX on behalf of clients.