RateAudit allows ‘User’ to conduct a preliminary audit of past 90 days transactions. The Guest can check 3 transactions on MFE App done with their bank.
A user can check 3 transactions using RateAudit function.
Yes, MFE charges Rs.4000 for RateAudit for 3 transactions. The user gets to download the report of each deal. In addition, user also gets complimentary subscription to Daily Research reports (Morning, Afternoon and Evening) and Opening/Closing exchange rates for a period of 1 year on MFE App.
Yes. The functionality is available to subscribers of Myforexeye. The user has to subscribe to RateCheck function in Registered User section by paying Rs.20000 per annum. RateCheck comes with host of other benefits like Connect with dealing room, refreshable rates etc
|What is it?||Audit of forex margins and spreads on historical transactions done with your bank.||Paid users can check exchange rates in real-time while transacting with their banks.||Outsourcing forex front office operations to a team of professionals.|
|Why should I do this?||To validate and compare transaction rates vis-à-vis the prevailing live market rates.||To prevent banks from overcharging on exchange rates for export/imports.||To focus on core business while delegating forex transactions to market experts.|
|How does it help?||It helps to verify revenue leakages from forex rates accrued on each forex transaction.||Ensures transparency of forex rates for all foreign exchange transactions.||Complete transparency of all forex deal vectors. Exact time, market data, voice recording, etc.|
Users can check the rates for following currencies – USD/INR, EUR/INR, GBP/INR, JPY/INR. The data is available for the last 90 days from 9 am to 5 pm IST between Monday to Friday.
Historical data is only available for 90 days. In case Guest User wants to check rates for an older transaction, he/she can get in touch with MFE dealing room at 011-41460015-16.
MFE picks up data from 4 global service providers, blend this data from 27 contributors and populate its database. These rates are accurate and can be verified from external auditors.
MFE daily processes hundreds of transactions for clients in India subscribing to Transaction Process Outsourcing (TPO) services. These transactions are processed using global information provider platforms which forms the basis of rates populated in MFE application. Myforexeye process USD 75 million transaction per month for TPO subscribers.
The banks never provides exact time of the transaction. It is difficult to arrive at the overcharged amount. Nevertheless, if users have been charged below/above Low/High rates then a client can contest the same with their bank. We advise not to get into any litigation with your bank.
Yes, Guest users can subscribe to RateCheck or TPO services from MFE. The services allows Clients to get assistance of State-of-the-art dealing room of MFE. TPO allows clients to sit back and relax while MFE dealers do the entire handling of transactions. Over last 40 months MFE dealers have processed 50,000+ client transactions worth USD 2 billion.
Your bank is smarter than you think. They have complete knowhow of ways to make money from you. Further, volatility in forex markets has risen manifold which makes it difficult for clients to keep strict watch on forex transactions. This is a global phenomenon. However, it is advisbale to outsource the job to professionals who shall ensure strict vigilance over bank quotes.
It is good news that you keep a watch on forex transactions. The arithmetic involved in arriving at Cash rates will still leave your vulnerable to leakages. Additionally, none of the websites provide real-time rates except for 4-5 global majors. And access to these rates comes at a cost.
MFE audit report is 100% accurate. You can get the data verified from external auditors.
MFE is a pioneer in Treasury front office outsourcing by conceptualizing TPO. Yes, you can immediately outsource forex operations to MFE.
Banks is a companies looking to enhance shareholder value. It is in their interest to look for means to improve their profitability. It is incorrect to say such overcharging tantamount to cheating.
Yes, you can lodge a complaint with the regulator but it will be disheartening to note that the regulator (in this case RBI) will leave this between you and the bank to fix this. Few of our clients have written to RBI where response of the regulator was lukewarm.
It is good news that you have a bank who listens to your requests. What is the surety the bank will not overcharge in future once they build trust with you? We have seen many customers returning to MFE to handle their Fx transactions when they rechecked rates after some time. It is impossible for bank to work on agreed margin due to profitability pressures from seniors, shareholders etc
The forward premiums are not quoted on free websites.
MFE has state-of-the-art dealing room which is equipped to handle simple to complex forex transactions.
A user can check Cash, Tom, Spot, Forward – Fixed date/Window, Forward cancellations transactions.
Yes, you can use MFE audit report which is a transparent depiction of markets rates during the chosen period to claim refund for excess charged. Don’t be disheartened when bank doesn’t oblige with your request. But be careful in future while transacting with banks.