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Bangalore-based Fxkart has launched an app which aggregates foreign currency changers and allows users to locate a dealer in the city who gives the cheapest rate, as indicated by this Press Trust of India report. The takes into account a user’s location and also allows options for home delivery and store pickup. The app is available on the iOS and Play store.
International tourists have an option to book it even before they travel to India and can get the deal once they land at the airport.
The app allows users to book currency at a particular rate and allows customers to compare rates at transit destinations and book better deals if the rates are better at that point. It is currently present in 650 locations across India. Apart from foreign currency, the app also aggregates travel card dealers and wire transfer services in a city. The app can also answer customer queries via a chat option.
Fxkart isn’t the only player in this space. Earlier in September, remittance and foreign currency exchange player UAE Exchange launched its XPay Wallet. The app allows users to buy currency or cards, send money abroad and check live rates of currencies, online foreign exchange booking and home delivery facilities.
But, Fxkart’s advantage lies in the fact that it aggregates money changers in a city. We tried out the app and they seem to provide generally better deals, while UAE Exchange gives you self-standardized rates.
Other services in foreign exchange
– In October, ICICI Bank launched an online remittance product called Money2World which would even allow non-bank customers to transfer money from any bank account in India to any bank account overseas in 16 major currencies.
– In August last year, British banking and financial services company Barclays launched a mobile payment service between the UK and India, called Barclays Pingit. Ther service allowed non-Barclays customers to transfer money between the two countries. Users in the UK could send payments to India simply using a mobile number. The minimum transaction limit was set at £25, with a maximum transaction limit £1500.
– In 2013, Yes Bank tied up with Times of Money to launch its own online remittance solution called Yes Remit, which allowed non-resident Indians (NRIs) to send money to any Yes Bank account or other bank accounts in India.
– In 2013, online payment solution provider Avenues India had tied up with IndusInd Bank to launch an online remittance service called Remit Guru, allowing non-resident Indians (NRIs) to send money to their friends and family. While the service was initially limited to United Kingdom, Avenues India had stated that it plans to extend the service to Canada, United States, Australia, Germany, Singapore and others.