RateCheck allows paid users to check rates for live transactions.
Please refer to comparison table to know the difference between RateCheck/RateCheck/TPO
A paid user can check the rates for following currencies – USD/INR, EUR/INR, GBP/INR, JPY/INR. RateCheck is available between 9 am to 5 pm IST between Monday to Friday. As per RBI guidelines, merchant transactions are permitted till 4:30 pm only.
Yes, MFE rates are real-time and updated once every minute. These rates are picked from multiple sources including rates negotiated with 50+ banks for customers using TPO service of MFE.
RateCheck comes with a beautiful feature of refreshing rates every one minute while you are on a call with your bank. It is simple, Open MFE App > Input transaction in less than 30 seconds and DON’T press Submit button > Go to phone dialer > Call banker > Once the bank quotes rate open MFE App and press Submit to check the difference in rate offered. It is beautiful, isn’t it?
Paid users can directly call MFE dealing room from RateCheck screen. Before calling the dealing room, user has to update the last best quoted rate by the bank. MFE dealers will negotiate rates from the bank and try to reduce the gaps. In case we bring down the difference, MFE will charge 30% of savings.
RateCheck customers who finds it tough to negotiate rates from banks can upgrade to TPO services. A resolution needs to be passed in favour of MFE dealers allowing them to cover transactions from respective banks. TPO customers pay annual charges which are dependent on Annual forex volumes. More than 300 customers avail this service currently.
It is detrimental to banks interest to allow its customers to outsource rate booking. It directly and immediately affects their profitability from you. Are you aware, banks outsource most of their sales, back office operations to third party to save costs. The banks also sells third party products through their branches. If they can outsource their operations why restrict the client. As a business entity it is completely your discretion to decide on outsourcing. Even RBI doesn’t stop you from hiring a professional to manage forex operations.
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.
It is natural for bank not to accept differences in rates. Rate negotiation isn’t easy. You are fighting with bankers who are more knowledgeable than you or your staff. The ultimate solution is to sign for TPO services and relax as far as forex rates are concerned.
MFE charges are fractional when compared with the savings. MFE provides services to customers having forex exposure of less than 1 crore as well. These customers find value in our services.
So far we have serviced more than 500 clients all over India. We have 3 international clients as well. No, we can’t share the list of clients as we don’t have permission from our customers.
Yes, we are aware of such practices. This largely happens in case of MNC, IT/ITES clients who are not bothered to check rates. We suggest you to immediately instruct your bank to seek disposal instructions before applying rates. Disposal instructions makes it mandatory for banks to call and take orders before converting currencies.
MFE currently deal with 50+ banks on behalf of its customers.
Yes, RateCheck is chargeable. A client has to make online payment of Rs.20000 per annum for availing RateCheck services. It comes with host of other services which makes the service highly cost effective.
Yes, clients have to pay 30% of the saved amount for all successfully negotiated transactions. The bills due date is within 30 days of transaction for support in subsequent transactions.
RateCheck subscription can be paid online using MFE App or website. Once payment is received account is activated in less than 24 hours.
RateCheck services are for individual companies and can’t be clubbed for the entire group.