Client is a garment exporter in Tirupur, Tamil Nadu with exports worth INR 100 cr annually to U.S. and Europe and bills majorly in Euro. Client was dealing with a PSU bank and had credit limits with the bank but seldom utilized them. The client was being charged a margin of 8 paise per foreign currency on both USD & EUR transactions by his bank along with 0.16% as remittance charges.
Myforexeye Value Addition:
Client has been using TPO service of Myforexeye for the past 4 years. A margin of 8 paise might look contained today but when Myforexeye took over this account 4 years back, the client was being charged margins on forex transactions within a range of 40 to 60 paise which was brought down by Myforexeye to 8 paise. Client discussed with Myforexeye that he needed to get the margin charged by the bank reduced from 8 paise as his forex volume was gradually increasing but his bank was resisting in reducing the margin and other bank charges. Myforexeye introduced the client to another bank and got his account opened in the bank where the margin on all forex transactions was reduced to 2 paise per foreign currency with a flat charge of INR 500 for document handling. This way Myforexeye serviced the client to save INR 7.5 lacs on Fx charges and INR 12 lacs as processing fee which accounted to an annual saving of INR 19.50 lacs of the client.
Date : 4-Mar-2019
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