Send money abroad at competitive rates using FxKart international money transfers
FxKart is an Indian foreign exchange aggregator offering forex services across the country. It started operations in 2015 and currently has tie-ups with more than 200+ RBI-licensed forex providers across India. For international money transfers, after you place your order on FxKart’s website, the forex providers bid with their lowest rates (within a five-minute window) to win your order. FxKart displays a list of all the providers in your city, allowing you to choose the best exchange rate possible.
FxKart foreign exchange rates
FxKart displays the foreign exchange rates, for the 17 currencies you can transfer overseas, on its website and these are updated in real time. For indicative purposes, we have listed its rates as on 15 May 2018.
Telegraphic transfer (TT) selling
|GBP||Great Britain pound||91.9042|
|HKD||Hong Kong dollar||8.7554|
|NZD||New Zealand dollar||46.926|
|USD||United States dollar||68.14|
|ZAR||South African rand||5.5202|
Keep in mind that the rates displayed do not take into account the transfer fees and the fees that the beneficiary bank will charge for the transfer.Back to top
How much does it cost to transfer money with FxKart?
FxKart charges a flat transfer fee of INR1,500 for each money transfer. The sender also has to pay Goods and Services Tax (GST) as per Indian tax laws.Back to top
Minimum transfer amount and available countries
There is no minimum amount that you need to transfer using FxKart. However, before initiating any transfer, you should know the Indian regulations that govern international money transfers. Indian nationals can transfer a maximum of US$250,000 or its equivalent in a single Indian financial year.
You can make overseas money transfers to bank accounts in the following countries using FxKart:
- Eurozone countries
- Hong Kong
- New Zealand
- Saudi Arabia
- South Africa
Contact FxKart’s customer support if you are looking to make an overseas money transfer to a destination not in the above list.
What types of transfers can you carry out with FxKart?
- Wire transfers. You can transfer money in the form of a wire transfer (TT/Swift Transfer) to bank accounts in different countries across the world using FxKart.
The registration and transfer process
You need to have an FxKart account to make an overseas money transfer. The steps are:
- Step 1. Create your remittance request by selecting the currency and amount you are looking to transfer. You also need to select the purpose (overseas education, medical remittance or tour payment).
- Step 2. Create an account by entering your name, email address, mobile number and password.
- Step 3. After logging into your account, the next screen will show the tentative payable amount, then you’ll need to fill in your details, such as name, passport number, Permanent Account Number (PAN), Aadhaar number, etc.
- Step 4. Upload soft copies of your Know Your Customer (KYC) documents for verification.
- Step 5. Fill in the beneficiary details, including SWIFT code.
- Step 6. Select the forex provider of your preference from the list displayed on the next screen.
- Step 7. You can choose to pay either the full amount now by National Electronic Funds Transfer (NEFT), Immediate Payment Service (IMPS)or Real Time Gross Settlement (RTGS) transfer. Alternately you can block the order by paying a certain amount by NEFT/RTGS/IMPS transfer.
- Step 8. Submit the money transfer request.
The money is usually credited to your beneficiary’s bank account within two working days.
You can contact FxKart customer service over email or over the phone. You can also use FxKart’s Android app to get in touch.Back to top
Pros and cons of using FxKart
- No minimum amount.
- Flat transfer fee of INR1,500.
- Entire wire transfer process can be completed online without going to a forex provider in person.
- Not all currencies are supported. If you need to make an overseas remittance in an exotic currency, you may have to use another provider.
- Only Indian nationals can use FxKart.
What other products and services does FxKart offer?
- Buying and selling foreign currency. FxKart can buy and sell foreign currency notes.
- Forex travel card. FxKart can issue prepaid forex travel cards in 16 currencies.
Frequently asked questions about FxKart
A final word
FxKart is a convenient online option for remitting money overseas from India. Being an aggregator of forex providers, it may be a cost-effective service for overseas money transfers. However, you should check the current foreign exchange rates offered on the FxKart website before transferring any money.