What do you think is the most crucial need for an international traveler apart from his visa, passport, and luggage? If you guessed foreign currency, then you are right! The Forex Remittance & Money Changing markets are amongst the largest in India. However, it remains confined to being a brick and mortar business with traditional forex stores and banks. There aren’t many options available for online foreign exchange services in India, especially searching and booking the best exchange rate on forex services like currency exchange or money transfer abroad. This is a massive pain point for travelers in India. ExTravelMoney is a start-up that recognizes this issue and is your one-stop destination for all your foreign exchange needs.
What exactly is ExTravelMoney? How does it work?
ExTravelMoney is an innovative technology startup in the fin-tech niche that is revolutionizing the method of booking foreign exchange in India. It is basically a Forex marketplace where every exchange house outbids others to get you the best possible exchange rate and services. ExTravelMoney has tie-ups with stores across the nation that guarantees you a same day transaction and even delivery of foreign currency at your doorstep. With over 6500 forex stores across the nation in all major cities in India, ExTravelMoney is now the face of foreign exchange services in India.
How did ExTravelMoney come into existence?
Launched in December 2014, ExTravelMoney was founded by three founders who met in a startup event, leading to the initial spark for ExTravelMoney. CEO George Zachariah, has over 14 years of banking experience with successful ventures in leadership, driving sales and successful operational management in foreign retail exchange and remittance space. Having worked with Reliance Capital, Centurion Bank of Punjab, he’s also the founder of Finex Forex. The co-founders Mr. Ashwin Narasimha and Mr. Nisanth Issac have over 5 years of experience in the fields of web development and business development respectively. They both complete the technological and marketing part of this one-of-a-kind startup, giving it a dynamic paradigm according to the changing trends in the market.
What exactly are the services provided by ExTravelMoney?
ExTravelMoney provides a series of essential forex services to help students and travellers going abroad from India.. From Buying and Selling of Foreign Currency, Buying Forex Card, and Money Transfer Abroad, ExTravelMoney delivers an extensive list of services. Here are some of the breakdowns:
- ExTravelMoney.com helps travelers find the nearest RBI authorized money changers at the click of a button and help them make the best choice on forex services based on the exchange rates offered, customer ratings, proximity etc. One can freeze the rate of the forex transaction and can conduct forex transactions from the comfort of their home through the online platform. Home delivery of forex is also available for currency exchange and Travel Card services.
- The information ExTravelMoney provides on their portal is literally wealth and can save money for travelers by helping them pinpoint forex stores near them with better exchange rates. One can save as much as 60-90% on extra charges of banks and money changers when buying forex services through ExTravelMoney.
- To solve the problem of costly, monopolized and not easily accessible forex services, ExTravelMoney is breaking the mold on how customers buy forex. For booking forex services at the best exchange rate with low service charges, there’s absolutely no need to conform to the archaic and time-consuming process of visiting a bank. One simply needs to visit ExTravelMoney.com’s online Forex portal, compare foreign exchange rates offered by foreign exchange centers in their area and book the best service online at the guaranteed rate. It’s that simple! Any person in India can book forex services online from the comfort of their home or office.
How are things going on for ExTravelMoney? What are its Future Targets?
Currently, ExTravelMoney has tie-ups with 25 money changers including Thomas Cook, Muthoot Forex, Cox & Kings, Unimoni (formerly UAE Exchange), Orient Exchange etc. There are now over 6500, and counting, forex stores present in the online platform across the length and breadth of India. ExTravelMoney has also been recognized by NASSCOM for its 10K StartUp programme in 2016 and has bagged several awards like CISAT – Dr. APJ Abdul Kalam StartUp Award (FinTech) 2016 with its legacy flying high in 2018 as it won the “Best Emerging Startup in Kerala – 2018” by Project Management Institute of Kerala. Furthermore, ExTravelMoney has also been covered by The Times of India, The Economic Times and other esteemed publications in India.
Speaking on their future targets, the founders said to The Startup Journal:
“We are looking to expand the platform further by adding more money changers and increasing the total number of forex store to 10,000 and above. We want to be the one stop shop for forex and this is a step in that direction. We are also looking to expand into markets abroad within a span of 2 years to facilitate low-cost forex and are targeting Southeast Asia first where we have a major customer base in the form of a huge volume of students and travelers going abroad for studies. Within 5 years, we hope to establish operations in the Middle East, Europe, and the US.”
In recent times when the eyes of the world are set on India, strong fin-tech organizations and programmes are the footholds that can lead the nation to a brighter future. As for ExTravelMoney, we are certain that they have already established themselves as the flag bearers of that very beginning! As Robert Frost would put it, “Miles to go before I sleep…”