A Pune based cutting and welding machines manufacturer. The company exports Robotic Welding Systems, Heavy Welding Fixtures and other welding equipments to different countries in Europe. Client had an inward remittance of EUR 23,000 and the bank was charging a huge margin in the transaction.
Myforexeye Value Addition:
Client approached Myforexeye to close this transaction with his bank. The bank was offering a rate of 80.66 against a market spot of 81.26 and near to the card rate of 80.52, amounting to a loss of INR 10,120 to the client. Myforexeye dealer, with direct access to terminal displaying actual forex rates prevailing in the market, argued with the banker that the client should get a better rate as the agreed bank margin was 8 paise only and the bank was charging a margin of around 51 paise on the cash rate, with a cash-spot of 8 paise. Banker then offered a rate of 80.70, saying that this was the best rate that they could offer as the foreign currency amount was small. Myforexeye dealer continued to negotiate for a better rate. The banker then offered a rate of 80.90. The margin being charged was still high so the Myforexeye dealer kept on asking for better rate. After a lot of negotiations with the bank, the transaction was closed at a final rate of 81.00. The client saved INR 7,820 on this particular transaction and gradually Myforexye helped the client save on all his forex transactions closed since then by Myforexye team with client’s bank.
Client is highly satisfied with our service as Myforexeye serviced the client to save the money that he was losing on forex transactions.