A fastener and machine components’ manufacturer with exports mainly in Europe and the U.S. Client had to book EURINR export forward for EUR 2,30,000 with the bank. The client did not have a direct access to his bank’s Treasury and the forward contract was to be booked after negotiating rates with the banker at the Branch.
Myforexeye Value Addition:
Client had recently started using our TPO service and he connected Myforexeye dealer on call to the banker at their Branch. Myforexeye dealer asked the banker to quote the EURINR spot rate first. The banker quoted EURINR spot rate as 78.19 after taking quote from the Treasury. Our dealer argued that the EURINR spot rate was at 78.26. She then offered 78.20 as the best rate. Our dealer negotiated for a better rate but the banker turned aggressive saying that if you do not agree to this rate, you can opt to not book the forward contract at this rate adding that she can’t spend too much time in closing one deal. She further added to avail E-Forex facility of the bank and book forex deals using that platform.
EURINR spot had come to 78.22 by this time but the banker said that now the spot has come to 78.1950. Our dealer argued to quote the correct rate. But the banker resisted saying she doesn’t have access to live rates and she is quoting only what the Treasury is quoting her. After a lot of negotiations, the spot was locked at 78.20.
Myforexeye dealer then asked for EURINR forward premium for 75 days and the banker quoted 79 paise as the premium on which our dealer argued that the premium was 124 paise on the Reuters’ terminal. The banker immediately quoted 123.50 paise. This was a reflection of how the banks overcharge their clients on forex transactions who are not cognizant of the live forex rates. The client was satisfied with the service of Myforexeye as our dealer serviced the client to save approximately 45 paise on a transaction of EUR 2,30,000 that amounted to a saving of INR 1,03,500.
07 Sep 2019 03:03 PM
A large importer based in Delhi. The client had started a relationship with Myforexeye 6 months back. The client was getting extremely worried about persistent rupee weakness. Their import payment of USD 1 million was due for September 2019.
17 Aug 2019 05:53 PM
A South Indian Electric Vehicles manufacturer well known for selling battery operated two-wheelers. The company regularly imports various components required to assemble two-wheelers from different geographies of the world. Given the focus on green e
03 Aug 2019 02:13 PM
A Mumbai based X-Ray film importer with import turnover of INR 6 cr had to make an import payment of EUR 1,00,000 against the import of master rolls of x-ray film from Germany. The client deals with a PSU bank which has been charging card rate on all
20 Jul 2019 06:09 PM
A Surat based woven products’ manufacturer and exporter. The firm exports woven fabric, post bags, laminated bags, cement bags, and other industrial packaging products in the international market with an annual export turnover of INR 10 cr. The firm
29 Jun 2019 04:49 PM
Myforexeye has appointed ‘Referral Partners’ (RPs) across the country in order to bring users of foreign exchange closer to our technology platform. The Referral Partner in Kolkata referred close to 10 exporters and importers in last 1 month. Our tea
15 Jun 2019 05:00 PM
Case: A Delhi based leading export house engaged in the manufacturing and exporting of garments. The company has export receivables of around USD 100k – 150k each month. The company had an inward remittance of USD 15,000 recently for which the owner