IT Services Importer Reduced His Forex Transaction Cost by 51 paisa/dollar
CASE
An IT services importer had his account with HDFC bank. He did his forex transactions through HDFC bank. We reached out to him with our services. Just to check, whether his bank was quoting him a correct rate for his forex conversions, we did a rate audit for his past payment of £31000. In a rate audit we compare the rate quoted by the bank and the correct rate applicable at that point in time.
VALUE ADDITION
- The results were astonishing! In our audit report we found that for his imports the bank was quoting 31 paise higher and for his exports the bank was quoting 54 paise lower.
- On an average, the bank was off-quoting by 61 paise by labelling this as "bank charges".
- Myforexeye shifted the client's account from HDFC bank to IDFC bank, which is one of our affiliates. IDFC Bank charges a fixed margin of 10 paise only.
- All the transactions are now covered by Myforexeye TPO desk to ensure that the client receives the correct rates.
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