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.
20 Jul 2019 06:09 PM
A Surat based woven products’ manufacturer and exporter. The firm exports woven fabric, post bags, laminated bags, cement bags, and other industrial packaging products in the international market with an annual export turnover of INR 10 cr. The firm
29 Jun 2019 04:49 PM
Myforexeye has appointed ‘Referral Partners’ (RPs) across the country in order to bring users of foreign exchange closer to our technology platform. The Referral Partner in Kolkata referred close to 10 exporters and importers in last 1 month. Our tea
15 Jun 2019 05:00 PM
Case: A Delhi based leading export house engaged in the manufacturing and exporting of garments. The company has export receivables of around USD 100k – 150k each month. The company had an inward remittance of USD 15,000 recently for which the owner
01 Jun 2019 03:38 PM
A Surat based client engaged in manufacturing and wholesaling of a wide range of polyester yarn. The company exports products to Turkey, Jordan, Gulf Regions and has foreign currency receivables in the U.S. dollar. The client had recently subscribed
17 May 2019 04:25 PM
Myforexeye was approached by a firm at Surat that is run a young Chartered Accountant who had been following Myforexeye keenly for a while before approaching us for a partnership. We have appointed him as an Affiliate to promote services offered by M
04 May 2019 06:18 PM
A fastener and machine components’ manufacturer with exports mainly in Europe and the U.S. Client had to book EURINR export forward for EUR 2,30,000 with the bank. The client did not have a direct access to his bank’s Treasury and the forward contrac