Foreign exchange buying
and selling is now a transparent and convenient process with the rates
aggregation platform from Nafex India. Nafex India has collaborated with more
than Nine hundred RBI approved money changers and authorised dealers, who
bid real-time for any individual currency, prepaid forex card or
remittance requirements put up on the platform. Rates comparison allows consumers
to compare rates offered, proximity of the money changer, and make an informed
decision to get the best deal for their forex requirements. This is a
significant shift from the traditional model of rates dictated by banks, travel
agencies, and grey market operators. The reverse bidding for currency
exchange, forex cards and outward remittances is uniquely available only on the
Nafex India platform.
According to Annie
Kumar, co-founder and Managing Director, Nafex India “ The money changer market
in India and several parts of the world is going through a disruptive phase.
Monopolistic rates controlled by few agencies is no longer working out with
consumers. Flexibility, transparency, convenience and value are emerging as key
considerations for forex buyers and sellers. Nafex India endeavors to
safeguard interests of consumers and build trust in transactions.”
The promoters of the
company, Jeethmal Mutha and Annie Kumar, have spent two decades in the forex
and travel & hospitality industry. The company has tied up Pan India Money
changers like Weizmann, Poundwize, UAE Exchange, Spice Money, Centrum along
with several hundreds of regional money of changers are participating in
the reverse auction. Leisure travel, education, medical treatment are key areas
of focus for Nafex India.
Nafex India platform
includes currencies from US, Canada, UK, Australia, Europe, UAE, Saudi,
Singapore, China, Sri Lanka, Malaysia and Thailand. Forex is delivered at
the consumer location. Within a short time. From its launch, the Nafex
India platform has witnessed 100,000+ transactions worth USD 40+ Mn in currency
alone apart from Forex cards & remittance. “Convenience without
compromising privacy is the hallmark of our platform,” said Jeethmal Mutha
Nafex plans to add more features to the platform
such as B2B and to build end-to-end expertise for enterprise and
individual money changing solutions globally. Currently present in 100
cities, Nafex plans to rapidly launch its services in other Indian cities.
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