Latest News
HomeAsia-PacificUAE Exchange, Muthoot Forex ties up with online foreign exchange marketplace ExTravelMoney.com
Partnership

UAE Exchange, Muthoot Forex ties up with online foreign exchange marketplace ExTravelMoney.com

Foreign exchange outlets of both companies would together bring more than 4000 service locations under the portal. This includes metros Mumbai, Delhi, Kolkata, Chennai, Bangalore, Hyderabad and popular tourist destinations such as Goa and Jaipur.

KOCHI, India – UAE Exchange and Muthoot Forex (foreign exchange division of Muthoot Group) have signed up with ExTravelMoney.com for facilitating online booking and door delivery of foreign currencies and forex travel cards in India. Foreign exchange outlets of both companies would together bring more than 4000 service locations under the portal. This includes metros Mumbai, Delhi, Kolkata, Chennai, Bangalore, Hyderabad and popular tourist destinations such as Goa and Jaipur.
 
UAE Exchange India always seeks to serve with more facilities and this tie-up has enabled us to cater to the international travelers, in purchase and exchange of foreign currency at a faster rate, adding further convenience to the forex service provided at our counters,” said V George Antony, MD, UAE Exchange India.
 
The tie-up is a major boost to our operations. We are also in talks with few other exchange houses. We are aiming at bringing in 10,000 stores under ExTravelMoney by mid 2015,” said George Zachariah, COO, ExTravelMoney.com.
 
Travel money is one of the latest entrants in to the e-commerce bandwagon. While nearly 100% of the air tickets and hotel bookings in India are made online, foreign exchange business has been reluctant to come out of the conventional brick and mortar business. The portal has adopted a marketplace model where the customers can compare the exchange rates offered by tied-up RBI authorized money changers in the selected region and can place the order online after considering factors like customer reviews, ratings, proximity etc. The customers can either opt for a store pickup or can request door delivery of the forex product. Selling of foreign currency or leftover amount in forex card also follows the same procedure.
 
Ajin Baby, CEO, ExTravelMoney.com, says, “We want to make currency exchange easier for international travelers and at the same time bring down the customer acquisition cost of exchange houses. We are bringing in the hyper local commerce model to money exchange business.
 
Apart from currency exchange, ExTravelMoney.com also facilitates international money transfer (outward remittance) from India. Indian students studying overseas are expected to benefit from the rate comparison platform as international tuition payments usually involves high value transactions.
 
Co-Founder & Managing Director - Travel Media Applications | + Articles

Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.

22/04/2024
19/04/2024
18/04/2024
17/04/2024
16/04/2024
15/04/2024