The world of foreign exchange and outward remittance services in India is undergoing a huge transformation by entering the online sphere. Traditionally, these services were provided by banks and brick-and-mortar forex stores. Now, with forex services going online, it has become much easier for individuals to manage their foreign currency needs. Whether forex is required for international travel or money transfers abroad, the online approach offers unparalleled convenience and efficiency.

Platforms today are harnessing cutting-edge technology to provide real-time exchange rates, ensuring that users get the best possible deals for their currency conversions.

This convenience is further amplified by the ability to carry out transactions from anywhere, at any time, eliminating the need for tedious visits to banks or exchange counters.

In this growing market, ExTravelMoney stands out as a true game-changer. With unmatched ease, efficiency, and transparency, it is reshaping the financial landscape for users across India, making foreign exchange and remittance services more accessible and user-friendly than ever before.

ExTravelMoney.com: An Online Marketplace for International Remittance and Currency Exchange

Founded by George Zachariah, Ashwin Narasimha, and Nisanth Issac, ExTravelMoney has rapidly become India’s largest online marketplace for outward remittance, forex cards, and money exchange services. By bringing the hyper-local e-commerce model to the forex and remittance market, ExTravelMoney has essentially created India’s largest ‘forex search engine.’ This innovative platform allows customers to find the nearest authorized forex provider and the best available rates.

Their network is made up of only the most trusted and reputable banks and RBI-approved forex dealers. George Zachariah, the CEO, brings over 22 years of experience in the banking industry, with a special focus on the retail forex sector. Under his leadership, ExTravelMoney is not just a service but a revolution in the way Indians send money abroad and do foreign currency exchange.

“To a normal walk-in customer, traditional banks or money changers often charge high fees & exchange rates, hidden charges,  increasing the overall cost for Indian students aspiring for an international education (tuition fee, foreign bank account opening & accommodation transfers). This issue inspired the creation of our platform, enabling students to compare exchange rates and remittance fees from various forex vendors. ExTravelMoney also partners with different banks and money changers willing to provide wholesale exchange rates,” says George Zachariah in an exclusive conversation with The StartupLab.

USP of ExTravelMoney

This startup boasts five major USPs that make it unique in its market segment:

• Rate Comparison: Users can easily compare exchange rates from nearby forex centers based on rates, location, and customer ratings. This feature allows customers to book the best service online, ensuring they get the most value for their money.

• Marketplace Model: Operating as an open marketplace, ExTravelMoney allows only money changers who offer the best conversion rates and services to thrive. This fosters healthy competition, resulting in better rates for customers.

• Best Exchange Rates: ExTravelMoney has special agreements with money changers to provide wholesale exchange rates. Customers booking through ExTravelMoney benefit from these exclusive rates, which are often better than those available elsewhere.

• Biggest Network of Stores: With partnerships with over 25 money changers, including big names like Thomas Cook, Ebixcash, BFC Forex, ICICI Bank, and RBL Bank, ExTravelMoney boasts a network of more than 6,500 forex stores across India. This extensive network ensures that customers have access to forex services wherever they are.

• Locked Exchange Rates: Customers can lock in the transaction rate at the time of booking, ensuring they are protected against rate fluctuations. As an extra option, this rate can be extended for up to 2 days by paying a refundable rate lock fee.

The process is streamlined, transparent, and often accompanied by lower fees compared to traditional methods, making international remittance and foreign currency exchange more accessible and efficient for ExTravelMoney’s users.

Present Situation and Growth Plans

ExTravelMoney has reached impressive milestones since its inception. The company now boasts a user base of over 140,000 and has facilitated business volumes exceeding ₹700 Crores for banks and money-changing networks. Their dedicated team of more than 350 agents, including foreign education consultants, travel agents, and individuals, spans across India. This extensive sales network, combined with a robust platform, enables them to serve customers effectively and drive substantial business growth.

The remarkable performance metrics of ExTravelMoney highlight their unwavering commitment to excellence and innovation in the industry. As leaders in their field, they continue to set new standards and expand their reach, reshaping the future of foreign exchange and remittance services in India.

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