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Money Transfer From India to Abroad
September 18, 2023 Forex Card
5 minutes, 22 seconds Read

A Comprehensive Comparison: BookMyForex vs Banks for Forex Services

Money Transfer From India to Abroad


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When it comes to forex services like currency exchange, forex cards, and money transfers abroad, individuals have traditionally relied on banks. However, with the rise of online forex platforms like BookMyForex, there is now a viable alternative. In this blog, we will analyze the key differences between BookMyForex and banks for forex services, enabling you to make an informed decision.

BookMyForex vs Banks for Forex Card

In a world where global travel is becoming increasingly accessible, having a reliable and convenient means of carrying foreign currency is essential. Forex cards have emerged as a popular choice, providing travelers with an affordable and hassle-free way to manage their finances abroad. Let’s compare the contrasting features and benefits of two prominent players in the market offering forex cards: BookMyForex and traditional banks.


Forex Card Issuance

Quick issuance, 24*7 Online Booking Option, No Account Opening Required, Hassle-free Process

Mainly offline from Bank Branches. Few Banks offer online options for non-customers but the process is generally not smooth
Forex Card Delivery

Super Fast Delivery, Same-Day Doorstep Delivery of the Card

3-7 Working Days, Dispatched via Courier Services
Reload/Unload Process

Free Reloading/Unloading, Reload/Unload Through the Website or Mobile App

Visit the Bank Branch or Use Internet Banking to Reload the Card, Reloading is not Free

Fees and Charges

Issuance Fee: Zero, Annual/Inactivity fee: Zero, Reload/Unload fee: Zero,
Replacement fee: INR 250, ATM Withdrawal fee: USD 2 or eqv
Approx Fees: Issuance Fee: INR 500,
Annual/Inactivity fee: INR 200-500, Reload/Unload fee: INR 75-100, Replacement fee: INR 100-300, ATM Withdrawal fee: USD 3-7 or eqv
Exchange Rates

Interbank-Linked Best Exchange Rates, True Zero Markup Rates2-3.5% Markup Over Base Rates
Rate Lock Feature

Book Now & Pay Later Option Available, Lock-in Desired Rates for up to 3 Days

Book Now & Pay Later Option Not Available

Card Spend Management

Manage Transactions Using BookMyForex App, Real-Time Transaction Notifications, and In-App Virtual Card to Manage Online Transactions

Only few banks provide Card Management using the Bank’s Mobile App or Online Net Banking
Replacing a Lost or Stolen Card

Easy Replacement Process, Insured Against Lost Card Liability, Minimal Replacement Charges

Report to the Bank about a Lost/Stolen Card, Replacement Card to be Provided Within 5-7 Working Days

Final Verdict: In the battle between BookMyForex and traditional banks for Forex cards, it’s clear that BookMyForex offers a more convenient and cost-effective solution for travelers. With free issuance, same-day delivery, zero reload/unload fees, live interbank rates without any markup, and advanced features like the book now pay later and in-app spend management, the BookMyForex card stands out as the superior choice.

BookMyForex vs Banks for International Money Transfer

Whether it’s sending money to family overseas or paying for education abroad, finding a reliable and cost-effective method for money transfer is crucial. As the world becomes more digitally connected, it is vital to explore alternatives to traditional banking for international money transfers. There are lots of options out there, but one name stands out as a symbol of trustworthiness and innovation – BookMyForex. Let’s compare BookMyForex and traditional banks and see who offers the best convenience and savings.


Exchange Rates

Approx. 0.3% Markup Over Base Rates Up to 2.5% Markup Over Base Rates

Transfer Fees & Charges

Service Charges: Zero,
Bank Charges: Zero,
Approx: Service Charges: INR 250-500,
Bank Charges: INR 1000-1500
Transfer Speed

12- 48 Business Hours

Up to 24-72 Business Hours
Safe & Reliable Process

Trusted Forex Platform, Follows Stringent Regulatory Guidelines, Employs State-Of-The-Art Encryption TechnologyA Reputed Financial Institution, KYC and AML Procedures Followed, Multi-Factor Authentication
Hassle-Free Booking Option

24*7 Online Booking Option Available, Book Online in Just 5 Minutes, Simple Documentation Process

Both In-Branch & Online Booking Options Available,
Some Banks May Not Offer Online Booking

Customer Service Support

Both On-Call and Online Customer Support Available

Branch Visits are Mostly Required, Lack of Dedicated Staff to Assist Customers
Transparency and Trustworthiness

Provides Real-Time or Live Exchange Rates, Rates Get Updated Every 3 Seconds

Provides “Fixed Exchange Rates of the Day” to Counter Rate Fluctuations, No Transparency in Rates

Rate Lock Feature

Book Now & Pay Later Option Available, Lock-in Desired Rates for up to 3 Days

Book Now & Pay Later Option Not Available

Final Verdict: When it comes to international money transfers, BookMyForex outshines traditional banks as the ultimate choice. With significantly lower exchange rates, zero transfer fees, lightning-fast transfer speed, and a commitment to offer the best customer support, it offers unparalleled convenience and savings. Choose BookMyForex for a hassle-free, cost-effective, and quick money transfer experience.

BookMyForex vs Banks for Currency Exchange

While banks have traditionally been the go-to option for currency exchange, a lot of other players have emerged in the market now including BookMyForex, a MakeMyTrip group company and India’s most trusted forex platform for currency exchange. In the battle between BookMyForex and banks for currency exchange, let’s compare them to see who stands out.




Exchange Rates

Best & Live Rates, Rates Compared Across Hundreds of RBI-Authorized Forex Dealers
Traditional Financial Institutions, Often Have Higher Overhead Costs, Offers highly loaded Exchange Rates usually between 2 to 5%
Booking Process

Buy & Sell Foreign Currency Online, 24*7 Hassle-free Booking Process, Simple Documentation Process

Visit the Local Bank Branch to Exchange Currency, Online Booking Option Not Available

Currencies Available

40+ Currencies Available, Availability of Rare or Exotic Currencies, Even Possible to Get Denominations of Your Choice

Only 10-14 Top Currencies Available, Very Limited Availability at select Bank branches
Currency Delivery

Super Fast Delivery, Same-Day Doorstep Delivery of the Currency Notes

Limited Forex-specialized Branches, Doorstep Delivery Not Available

Option to Freeze Desired Rates

Book Now & Pay Later Option Available, Lock-in Desired Rates for up to 3 Days

Book Now & Pay Later Option Not Available

Final Verdict: While banks have been a traditional choice for currency exchange, BookMyForex emerges as a more competitive and customer-centric option. It offers better exchange rates and a hassle-free online booking process. Moreover, the same-day doorstep delivery of currency notes provided by BookMyForex adds an extra layer of convenience that traditional banks often lack. So, choose the best, choose BookMyForex.

Wrapping Up

BookMyForex stands out as a revolutionary platform that has disrupted the traditional banking system. With highly favorable exchange rates and the lowest fees & charges, BookMyForex offers customers a host of advantages over traditional banks when it comes to forex services. Don’t let the traditional banking system hold you back; choose BookMyForex and unlock a world of convenience and savings.

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Book My Forex Pvt. Ltd., a MakeMyTrip group company, is a currency exchange service provider authorised by the Reserve Bank of India (RBI). | License number : FE.DEL.FFMC/ U070/2013 | Insurance is the subject matter of solicitation | IRDAI Registration No. CA0429 | IRDAI | Cheques are subject to realization.

* Zero margin rates/ interbank rates are available only on forex cards on specific currencies, in select cities for orders amounting to Rs. 1.5 lakh or more (Use promo code: ZEROMARKUP)

** Same-day delivery is available from Monday to Friday (excluding holidays) when all payments and documents are received before 1PM.

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