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It is next to impossible for customers to find the actual Indonesian Rupiah exchange rates today in Rupnagar especially on the Internet. Most websites on the net don't provide currency exchange rates but only the interbank or base rate. However, BookMyForex has made this easy for the customers because now they can log on to our website at any point in time to see the live and real time Indonesian Rupiah exchange rates today in Rupnagar. Customers have the choice to book their order at live rates or at Indonesian Rupiah exchange rates today in Rupnagar that they can select by using the 'Freeze the rate' option on our website. Our full suite of forex related products includes IDR currency notes, IDR forex cards, IDR traveler's cheques and IDR money transfer and remittance services using IDR DDs and IDR wire transfers. Orders are delivered at our own branches or at the branches of our channel partners.
While BookMyForex's charges are based on live rates, other currency exchangers base their charges on 'daily rates' or 'today's IDR rate in Rupnagar' which are much higher. Charging 'today's IDR rate in Rupnagar' provides a cushioning effect to avoid incurring losses due to IDR price fluctuation in the market because just like stocks IDRs are also traded electronically across the globe like any other financial security. Customers are simply being taken for a ride and exploited, when foreign exchange dealers base their forex rates on 'today's IDR rate in Rupnagar'. Little do customers know that in the the name of 'today's IDR rate in Rupnagar', the rates charged by the currency exchanger are higher because they have to protect themselves from any losses owing to IDR price fluctuation on account of the IDR being traded globally just like any other financial security. To protect themselves from any losses on account of price fluctuation, currency exchangers keep higher margins and therefore their rates are higher. 'Today's IDR rate in Rupnagar' therefore, is just a means to exploit the customer.
The foreign exchange market in India is fairly disorganized and there are several loopholes in the policies governing the market. Mr. Sudarshan Motwani, our CEO, who was earlier heading the foreign exchange division in HDFC Bank and ING Vysya bank, had established BookMyForex with a vision to revolutionize the forex market and make it more streamlined. Our services are already available across India.
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