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.