BookMyForex international money transfers

BookMyForex is a fully fledged money changer (FFMC) licensed by the Reserve Bank of India (RBI). It started operations in November 2012 and has tied up with major Indian banks and foreign exchange providers to offer its customers preferential rates and seamless service.

Customers can use BookMyForex to transfer money overseas and can lock exchange rates for up to three days by paying a nominal amount, regardless of the exchange rate fluctuation after they book the order.

BookMyForex foreign exchange rates

BookMyForex displays live rates that are refreshed every three seconds. The exchange rates for the 12 currencies you can remit overseas, using BookMyForex, are listed below as an example. These rates are accurate as of 15 May 2018.

BookMyForex claims that the rates it offers has no hidden charges, apart from a nominal bank fee, which you will see before you complete the order. BookMyForex also claims that it will beat any competing provider if you find a better rate elsewhere.

How much does it cost to transfer money with BookMyForex?

BookMyForex does not charge any fees to its users for transferring money, but there is a bank fee of INR225 and Goods and Services Tax (GST) as per Indian laws which the customer is responsible to pay.

Minimum transfer amount and available countries

BookMyForex does not have a minimum amount for its overseas money transfer service. Before making any overseas money transfers from India, it is important for you to know the rules and regulations that cover international remittances from India.

You can transfer a maximum of US$250,000 in a financial year as per RBI rules. This is also the maximum limit for overseas transfers by an individual using BookMyForex.

You can transfer money from India to most countries across the world using BookMyForex. Contact BookMyForex customer service for further details if you are unsure whether it supports the country you are looking to transfer money to.

What types of transfers can you carry out with BookMyForex?

• Wire Transfers. BookMyForex can carry out a wire transfer (Telegraphic Transfer/Swift Transfer) from India to recipient bank accounts overseas.

The registration and transfer process

You must have an account with BookMyForex to make a wire transfer. Follow the steps below:

• Step 1. Select the currency and the amount you want to transfer.
• Step 2. Open an account by filling in your name, email address and mobile number.
• Step 3. After logging in, you’ll be able to see the total charges for the transfer amount.
• Step 4. Select the transfer type and whether you are an Indian resident. You also get an option to upload soft copies of relevant documents for Know Your Customer (KYC) purposes.
• Step 5. Enter contact details, including the recipient bank SWIFT code.
• Step 6. Have the partner branch pick up your KYC documents (free for transfer amounts of INR 50,000 or more) or go to the partner branch and complete the wire transfer formalities.

The money is usually credited to your recipient’s bank account within two days.

Customer Service

You can contact a BookMyForex customer representative over chat, email, over the phone or through their Android or iOS app.

Pros and cons of using BookMyForex

What other products and services does BookMyForex offer?

• Buying and selling foreign currency. You can buy and sell foreign currency notes using BookMyForex.
• Foreign currency demand draft. BookMyForex will issue foreign currency demand drafts. You can carry these with you while you travel abroad or you can send them overseas through international post/courier.
• Forex travel card. BookMyForex issues prepaid travel cards (single currency/multi currency) which are currently available in 17 currencies.

How does BookMyForex compare to other providers

Sort by:

Name	Product	Minimum Transfer	Transfer Time	Transfer Fee
Skrill		INR 80	1 day	None	Skrill offers easy transfers to many popular destinations, but keep an eye out for added fees.	Go to site		loading Fetching your data...
InstaReM		INR 4,000	1-2 days	1%	Quick and simple international money transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies.	Go to site		loading Fetching your data...

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FAQs about BookMyForex

• Can I transfer money from my account in India to my own account in another country?

  No, the sender and the recipient must be different.

• What are the documents needed for KYC purposes?

  If you are an Indian national you will have a copy of your Permanent Account Number (PAN) card. As a foreign national you will also have your passport. If you are transferring money to a close relative, you will also require documentation proving the relationship.

• Are the beneficiary/intermediary bank charges included in the quote?

  No. The beneficiary/intermediary bank charges are separate from the quote.

A final word

BookMyForex is an alternative option to major Indian banks for international money transfers from India. BookMyForex could be a cost-effective solution for sending money abroad. Be sure to compare the exchange rates it offers against its competitors before transferring money overseas.