BookMyForex, India’s leading online retail foreign exchange platform has announced the launch of the “BookMyForex Student Offer,” designed specifically for Indian students embarking on their studies abroad this academic term.
This exclusive offer includes zero-fee remittances, guaranteed exact amount transfers up to 1000 units in any major currency, and up to INR 5000 cashback on international money transfers. Additionally, students can enjoy up to a 25 per cent discount from MakeMyTrip on international flights and hotels, alongside other offers on airport services and accommodations abroad. These benefits are available for all bookings made through the BookMyForex website or mobile app.
Sudarshan Motwani, Founder and CEO, BookMyForex.com, highlighted the initiative’s value, stating, “Many students need to make small remittances, under USD 1000, for various purposes such as obtaining prospectuses or making small payments for admission-related assistance. The charges and fees imposed by most banks can often exceed INR 1000, which can be burdensome for students. Hence, we decided to waive all remittance charges, both for Indian and international banks, for all cross-border wire transfers up to USD 1000 or 1000 units of any foreign currency.”
Motwani added, “Our special tie-ups with reputed private banks ensure secure international transactions, offering rates typically up to 5 per cent better than those provided by banks and other fintech players. By eliminating transfer fees and offering substantial cashback rewards, we aim to drive our growth rate beyond 50 per cent, reinforcing our commitment to delivering exceptional value in the remittance market.”
Key factors contributing to this growth include improving infrastructure, rising disposable incomes, behavioral shifts in travel patterns, and the government’s enhanced focus on boosting domestic tourism. These elements will collectively support the continued expansion of the sector’s revenue. Moreover, steady profitability and strong balance sheets will bolster the sector’s health.
The trend of Indian students seeking higher education abroad continues to rise, with projections indicating that by 2025, two million Indian students will be enrolled in foreign universities, spending up to USD 70 billion. Popular destinations include the United States, Canada, Germany, the United Kingdom, and Australia. This growing demand presents a significant opportunity for the remittance market. According to recent RBI data, outward remittances from India under the Liberalised Remittance Scheme (LRS) reached a new high of USD 31.73 billion in FY24.
Nitin Motwani, Founder and CTO, BookMyForex, commented on the user-friendly process, “The money transfer process on BookMyForex is designed to be smooth and effortless. Users can book their international transfers with an option to pay later, where BookMyForex freezes the exchange rate for three days, ensuring users benefit from stable rates even if market fluctuations occur. Additionally, BookMyForex offers a door-step KYC service, making the entire process hassle-free and accessible from home.”
