Transfers typically take
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BookMyForex money transfer review
Send money overseas from India using BookMyForex wire transfers.
- Great for locking in exchange rates in advance.
- Not so great if you are looking for a wide variety of currencies.
BookMyForex is a fully-fledged money changer (FFMC) licensed by the Reserve Bank of India (RBI). It operates as a marketplace for foreign exchange, analysing quotations from different channel partners in real-time to provide customers with competitive exchange rates. Customers can use BookMyForex to make international money transfers and can lock exchange rates for up to 3 days by paying a nominal amount, regardless of the exchange rate fluctuation after they book the order.
Why should I consider BookMyForex?
- Exchange rates. You can lock the exchange rate for up to three days by paying 2% of the order amount.
- No transfer fee. At the time of writing, BookMyForex has waived its usual bank fee of Rs. 225.
- Online transfers. BookMyForex has a fully online remittance process which means you don’t need to visit a branch to complete your transfer.
What to be aware of
- Limited currencies. BookMyForex does not support all currencies, so you may have to consider an alternative provider if you’re looking to transfer money in an exotic currency.
How much are BookMyForex’s international transfer fees?
BookMyForex doesn’t charge any fees to users for transferring money. Under its promotion ZEROBANKFEE, its usual bank fee of Rs. 225 has been waived. However, senders will be required to pay the Goods and Services Tax (GST) as per Indian laws.
How are BookMyForex’s exchange rates?
Customers are able to book at live market rates through BookMyForex. Live and transparent transfer rates are displayed 24×7 with the option to lock in your rate for as much as 3 days.
Keep in mind that banks and money transfer providers usually add a margin on top of the mid-market exchange rate on international transfers. It is best to compare the displayed rate on BookMyForex with the current interbank rate to work out the size of this margin.
Available currencies
BookMyForex supports money transfers in 19 currencies, including:
- AUD Australian dollar
- AED Emirati dirham
- GBP British pound
- SGD Singapore Dollar
- EUR Euro
- HKD Hong Kong Dollar
- CAD Canadian dollar
- USD US dollar
What are the ways I can send money abroad with BookMyForex?
BookMyForex has two ways to send money abroad from India. Customers can either opt for a foreign currency demand draft or use BookMyForex’s wire transfer service.
What payment methods does BookMyForex accept?
You can pay for your BookMyForex remittance via credit card, debit card or Net banking.
How long does an international transfer with BookMyForex take?
All transfers are processed within 24 working hours after receipt of the fund and documents. Once funds have been received, the money should be available in your beneficiary’s bank account within 24 hours.
How to make your first international transfer with BookMyForex
You can book your money transfer order through BookMyForex and then sign the forms either online or offline.
Making an international money transfer with BookMyForex
- Select the currency and the amount you want to transfer.
- Open an account by filling in your name, email address and mobile number.
- After logging in, you’ll be able to see the total charges for the transfer amount.
- Select the transfer type and whether you are an Indian resident. You will also be required to disclose the purpose of your transfer.
- Upload or send the relevant documents for Know Your Customer (KYC) purposes.
- Transfer funds to one of the BookMyForex partner banks.
- Complete the transaction by signing a digital A2 form.
Is BookMyForex safe to use?
- Security and regulation: Government regulated.
- Established 2012
BookMyForex started operations in November 2012 and is a fully fledged money changer (FFMC) licensed by the Reserve Bank of India (RBI). It processes remittances via trusted and authorised banks in India. All online transactions are completed over a secure HTTPS connection and secured with the highest levels of encryption available.
How does BookMyForex compare to other money transfer services?
If you want to see how BookMyForex compares to the exchange rates and fees offered by other money transfer services, enter the details of your transaction into the table below.
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