The client is a scrap metal importer based in Surat with imports worth INR 30 crore annually. The client was dealing with a PSU bank and was not using any credit limits with the bank. On doing an 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. The client was also made to pay 0.12% of the 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.
16 Nov 2019 04:30 PM
Delhi based manufacturers of institutional and home furnishings, fabrics and hospital textiles exporter with market base across the country and other Asian and European nations. The client had recently started using our TPO service and had to book a
05 Oct 2019 05:30 PM
A Pune based industrial Instruments importer engaged in manufacturing of Electrical/ Instrumentation Systems. The client regularly avails import funding in foreign currency from Overseas branches of Indian Origin Banks. The client shared a transactio
21 Sep 2019 06:14 PM
A New Delhi based electronic goods importer. The working capital cycle of the client is 180 days but the Import payments terms are at sight against DP documents. The client used to utilize the Cash Credit facility with a PSU Bank. The client had appl
07 Sep 2019 03:03 PM
A large importer based in Delhi. The client had started a relationship with Myforexeye 6 months back. The client was getting extremely worried about persistent rupee weakness. Their import payment of USD 1 million was due for September 2019.
17 Aug 2019 05:53 PM
A South Indian Electric Vehicles manufacturer well known for selling battery operated two-wheelers. The company regularly imports various components required to assemble two-wheelers from different geographies of the world. Given the focus on green e
03 Aug 2019 02:13 PM
A Mumbai based X-Ray film importer with import turnover of INR 6 cr had to make an import payment of EUR 1,00,000 against the import of master rolls of x-ray film from Germany. The client deals with a PSU bank which has been charging card rate on all