Kochi-based start-up's one-stop shop for forex gets off to a good start

Extravelmoney.com, the Kochi-based fin-tech start-up, has set up a one-stop shop for customers to meet their forex needs online.

Acting as an online aggregator of exchange houses and banks, the company allows customers to search for and compare rates offered by foreign currency dealers before making their deal.

The company follows a marketplace model by empowering customers to search for an RBI approved moneychanger and compare the exchange rates offered by others.

“People who want to send money abroad usually do not have a good idea about the rates offered by various exchanges, especially in the case of remittance for education or medical expenses. Extravelmoney.com educates a customer on the best possible option and helps them place an order online,” Anjin Baby, CEO, Extravelmoney Technosol Pvt Ltd, said.  

The company, he said, gets competitive quotes from forex vendors as the business is based on the bids received from various exchange houses and banks. It has tied up with more than 11 major currency dealers and banking institutions, he said.

Besides, the online platform would also place an order for money transfer abroad, perform currency exchange or buy a forex travel card. Customers also have the option of store pick-up or door delivery of the forex product. All the required KYC documents will be verified by the chosen exchange houses.

The company, which received ₹25 lakh seed funding from KSIDC to start operations, has carried out more than ₹5 crore worth of transactions since its launch last year.

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