Western India based formaldehyde manufacturing firm
We recently met a manufacturing firm located in Gujarat & Maharashtra. They are one of the leading producers of formaldehyde, para-formaldehyde and UFC. They have monthly receivables of forex in both USD and JPY. The bank quoted 10-15 paisa lower than the real-time rate.
Myforexeye Value Addition
The client had stopped our services as they thought they were getting real-time rates from bank. Now after 4-5 months, the bank realized that since he isn’t availing any forex advisory service, because of which the bank again started reducing 10-15 paisa lower than the real-time exchange rate on every transaction.
Last week we restarted the services and the first transaction itself saved the client 42 paisa. USD 13118 was to be converted to INR on Aug 24. The bank quoted USD/INR as 69.40 whereas the real-time exchange rate at that time was 69.9950. The Myforexeye Dealer along with the client spoke to the bank and increased the net price to 69.82 inclusive of the bank margin. Thus there was a net saving of 42 paisa on $13118 received which made them save INR 5509 on a single dollar transaction.
We have advised client to subscribe to Transaction Process Outsourcing (TPO) service, wherein the client authorizes our dealers to book rates against their forex transactions on behalf of the company. Our dealer transacts using live inter-bank terminals to negotiate with the bank and gets the best rate for the client. In turn, clients get complete information on their transactions including – voice recordings of Myforexeye discussion with their bank, exact time of transaction, corresponding charts etc. Complete transparency is guaranteed by sharing complete information around the transaction.