Client is a scrap metal importer based in Surat with imports worth INR 30 crore annually. Client was dealing with a PSU bank and was not using any credit limits with the bank. On doing audit of historic forex transactions, it was found out that a margin of 35 paise per USD was being charged by the bank on all forex transactions. Client was also made to pay 0.12% of transaction value as remittance charges.
Myforexeye Value Addition:
Myforexeye gave reference of dozens of its clients where margins are below 10 paise. The client made multiple visits to his bank to get clarification and cross check information provided by Myforexeye. Initially bank refuted over charging but when we provided audit trails, the banker said that they won’t charge high margins again. Surprisingly, in next transaction, bank again charged 35 paise without giving any relief.
Myforexeye introduced the client to another bank and got his account opened in that bank where the margin on all forex transactions was reduced to a fixed margin of 3 paise per USD thereby saving 32 paise on all forex transactions. Additionally, remittance charges are zero and document handling charges stand at INR 500. Now monitoring of his account happens through Myforexeye dealing room to ensure 3 paise is sancrosanct. This way Myforexeye serviced the client to save INR 13.75 lacs on Fx charges and INR 3 lacs on document handling charges which accounted to an annual saving of INR 16.75 lacs of the client.
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