CASE
A cloth exporter based out of Tirupur books around $100,000 of export forwards per month. The client’s bank margin was fixed at 10 paisa and the bank was overcharging a cash spot rate of 10 paisa above the margin. The client had recently signed our “FX on Call” service and this was the first transaction to be covered by Myforexeye for this client.
In the FX on Call service, the dealers at Myforexeye do live negotiation with the Bank on a conference call with the client. The dealers negotiate with the bank to provide the best rate to the client.
In this case, the Relationship Manager (RM) of the Bank quoted a Cash rate of 74.46. He also confirmed that the bank margin is 10 paisa.
SOLUTION
Myforexeye dealers found the actual cash spot rate at that time to be 74.56 as per the current market spot rate of 74.68 which was 10 paisa higher than what the bank was quoting.
After a good session of negotiations, the deal was finally closed at a net rate of 74.54 with a 10 paisa margin.
VALUE ADDITION
The client was satisfied with our service as, with the intervention of Myforexeye the forex rates being charged to the client were successfully brought down. The client saved 8 paisa which amounts to INR 8,000 on this one transaction.
We also took Bank Authorization by passing a Board Resolution, to be a part of the client’s organization and act as their Forex consultants. In this way, Myforexeye now makes sure that every time our client does a forex transaction, he gets the true live rates from the bank.
24 Dec 2020 12:21 PM
Trade call given my Myforexeye on 10th November was to sell GBPUSD 25th November Futures.
17 Dec 2020 03:06 PM
A Spansih Exporter/Importer was on a trial for the Transaction Processing Outcourcing (TPO) service. His Bank was ICICI bank and was charged a margin of 3 paisa.
19 Nov 2020 12:01 PM
An IT services importer had his account with HDFC bank. He did his forex transactions through HDFC bank. We reached out to him with our services.
06 Oct 2020 11:28 AM
Tirupur based textile exporter had to import Solar Panels from China. Duty was very high. The client had to make a choice regarding funding of the import.
15 Sep 2020 12:27 PM
An importer based out of Delhi had taken up TPO and Advisory services from Myforexeye. He had an import payment of $500,000 ten days later which he wanted to hedge using multiple forward contracts.
17 Aug 2020 07:31 PM
A textile-manufacturing company based out of Tamil Nadu has a large scale domestic business and recently decided to enter the international market. Belonging to a small town and new to foreign currency exposure, they had little awareness of Forex. Th