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• Founded in: 2015
• Founding Members: George
3. Prepaid Forex Travel Cards for in retail foreign exchange and Zachariah, Ashwin
International Trips remittance space. He previously Narasimha, Nisanth Issac
Our Vision worked with Reliance Capital • Office Locations: Kochi
and Centurion Bank of Punjab.
The Forex Remittance & Money Biggest Challenges: • Company Strength: 15
ExTravelMoney: largest in India, and yet remain Logistics - When a customer • Total Funding: Seed funding
Changing markets are amongst the
books a forex service through
totally fragmented. 80% of digital
of Rs 25 Lakhs from KSIDC
commerce in India is in the online
our platform, our customer care
(Kerala State Industrial
travel sector – the majority of
which is confined to flight tickets, executives first check with the Development Corporation)
respective money changer to
hotel bookings, car rental etc. Yet, confirm if they have stock of the • Website: www.
the most important need of an required currency. This increases extravelmoney.com
international traveller – foreign the time taken to process an
exchange and remittance services order.
– still remains a brick and mortar For this, we are developing a
business. Finding a forex store component in our IT solution the use of intelligent bots and IT
and confirming the best available where money changers can automation solutions.
exchange rate is thus a massive update their stock of currencies
pain point for travellers in India. in real time. This also serves Key Features:
Indian travellers are unable to to help them in their inventory These are the features of
compare available exchange rates management and bookkeeping. ExTravelMoney that differentiates it
and invariably rely on airport Regulatory Framework - When from competitors;
vendors or banks – often losing as it comes to foreign exchange 1. Forex Comparison - Customers
much as 10-15 % on commissions! business in India, the reserve can compare exchange rates of forex
Further - forex remittance abroad bank of India has a lot of red services offered by forex centres
remains problematic and highly tape put in place to weed out near them on the basis of exchange
mired in the existing bank systems. spurious transactions. The rates, location and customer ratings.
ExTravelMoney hopes to bring a online forex booking platform The best forex service can then be
booked online.
disruption to this state of affairs of ExTravelMoney simplifies
in the forex industry through this process through technology 2. Marketplace Model - Our
the power of technology. We - and helps customers to order online platform is designed as an
want to be the one-stop solution forex products easily. We open marketplace. That is, when
for all forex needs. We wish to are constantly upgrading our customers search for forex services,
facilitate forex transactions like IT solution to make it more only those money changers offering
money transfer abroad completely convenient and give value the best exchange rates and service
online through our portal and help addition to forex customers get chosen more often by customers.
customers do currency exchange or visiting our portal. We are This directly results in competition
buy forex card, just the way they making the process of booking between money changers to grab
are able to purchase and deliver forex simpler by making it a customers and thus competitive
goods to their doorstep through lot easier to comply with the exchange rates are offered by them.
e-commerce websites. With the government regulations through 3. Best Forex Rates - We have
onset of a marketplace model in our online platform. a special agreement with money
forex, the monopolized fees and Automation of the forex changers to provide forex services
exchange rates of foreign exchange booking process - Booking at wholesale exchange for
houses will become competitive a forex service in India is customers booking forex through
and fair, benefitting millions of still not perfectly online. In ExTravelMoney.
customers. ExTravelMoney a forex order 4. Maximum Forex Stores -
About the Author requires intervention from our ExTravelMoney has tied-up with
customer support agents who
George Zachariah, CEO help customers order the forex 25+ money changers including
He has 15+ years of banking order in accordance with the Thomas Cook, Unimoni, Cox &
Kings, and Orient Exchange etc.
experience with a consistent history Reserve Bank of India rules. Currently, we have more than 6500+
of leadership, driving sales and We are trying to automate this forex stores spread across many
successful operational management part of the process through
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