A Mumbai based Food and Nutrition Company involved in sales and marketing of food ingredients. The company imports flavoring fruit essence oil from Europe worth EUR 30,000 to EUR 50,000 every month for the past two years but didn’t have a margin agreed upon with the bank and the bank used to close transactions on rates near to the card rate.
Myforexeye Value Addition:
The client had an import payment of EUR 30,000 recently and the bank was offering a rate of 83.00 which was 2.40 rupees above the spot rate of 80.60 at that time, saying to be offering a betterment of 54 paise on the bank’s rate published on the website, which was the Bill sell card rate of the bank on the particular day at 83.54. Client asked for a better rate as the bank was charging a margin amounting to INR 72,000. The bank then offered 82.80 as the best rate saying that the margin charged has been decided as per the forex volume of the client. Client approached Myforexeye for closing this transaction with his bank at the best rate possible. Myforexeye dealer, with direct access to the actual forex rates prevailing in the market and with a lot of negotiations with the bank, was gradually able to bring down the margin being charged on the transaction to 30 paise over the spot rate. The client saved INR 63,000 on that particular transaction and gradually on all import transactions since then closed by Myforexeye team with his respective bank.
Client is very much satisfied with our service as Myforexeye serviced the client to save handsome amount of money that he was losing on forex transactions.
19 May 2020 12:06 PM
A cloth exporter based out of Tirupur booked around $100,000 of export forwards per month. The client’s bank margin was fixed at 10 paise. The bank had been quoting a cash spot rate of 10 paise above the margin. The client had recently signed our “FX
16 Nov 2019 04:30 PM
Delhi based manufacturers of institutional and home furnishings, fabrics and hospital textiles exporter with market base across the country and other Asian and European nations. The client had recently started using our TPO service and had to book a
05 Oct 2019 05:30 PM
A Pune based industrial Instruments importer engaged in manufacturing of Electrical/ Instrumentation Systems. The client regularly avails import funding in foreign currency from Overseas branches of Indian Origin Banks. The client shared a transactio
21 Sep 2019 06:14 PM
A New Delhi based electronic goods importer. The working capital cycle of the client is 180 days but the Import payments terms are at sight against DP documents. The client used to utilize the Cash Credit facility with a PSU Bank. The client had appl
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