Place Order helps you place an order for different types of forex transactions with foreign currency amount greater than or equal to 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 placed the order and sends TPO instructions to Myforexeye Dealing Team to book your forex deal in question with your bank at the target rate set by you.
Place Order 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).
The validity of an order placed on Place Order for cash, tom and spot transaction is the maturity date itself. For all other transaction types, the validity can be selected as today or good till cancellation.
You shall be intimated about your order being placed, hit or expired and deal processed via SMS and Email. The same shall be notified on the App as well. You can choose the Dealer 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 Place Order is that you don't need to keep a check on the market rates. Just place your order on Place Order and you shall be intimated as and when your order is hit as well as when your forex deal is processed by the Myforexeye Dealing Team with your bank at the target rate specified by you.
Place Order notifies you about your order being hit and sends TPO instructions to Myforexeye Dealing Team to book your forex deal with your bank at the target rate specified by you with foreign currency amount greater than or equal to USD 0.25 million or equivalent while Alert and Cover does the same for forex deals with foreign currency amount less than USD 0.25 million or equivalent.