1. What is RateAudit?
RateAudit allows User to conduct a preliminary audit of past 90 days transactions. The Guest can check 3 transactions on MFE App done with their bank.
2.How many times can I use RateAudit function?
A user can check 3 transactions using RateAudit function.
3. Is RateAudit a paid service?
Yes, MFE charges Rs.3999 for RateAudit for 3 transactions. The user gets to download the report of each deal. In addition, user also gets complimentary subscription to Dail Reseach reports (Morning, Afternoon and Evening) and Opening/Closing exchange rates for a period of 1 year on MFE App.
4. Can I check Live rates too on MFE App?
Yes. The functionality is available to subscribers of Myforexeye. The user has to subcribe to RateCheck function in Registered User section by paying Rs.20000 per annum. RateCheck comes with host of other benefits like Connect with dealing room, refreshable rates etc
5. What is the difference between RateAudit/RateCheck/TPO?
A comparative table will help you understand the difference between various services on Myforexeye Application.

6. Which all currencies we can check using RateAudit function?

Users can check the rates for following currencies - USD/INR, EUR/INR, GBP/INR, JPY/INR. The data is available for the last 90 days from 9 am to 5 pm IST between Monday to Friday
7.Historical data can be access for how many days?
Historical data is only available for 90 days. In case Guest User wants to check rates for an older transaction, he/she can get in touch with MFE dealing room at 011-41460015-16
8. What is the authenticity of rates on Myforexeye (MFE)?
MFE picks up data from 4 global service providers, blend this data from 27 contributors and populate its database. These rates are accurate and can be verified from external auditors.
9.What is the source of historical data?
MFE daily processes hundreds of transactions for clients in India subscribing to Transaction Process Outsourcing (TPO) services. These transactions are processed using global information provider platforms which forms the basis of rates populated in MFE application. Myforexeye process USD 75 million transaction per month for TPO subscribers.
10.In case we see huge difference in rates, can we ask the bank to refund the same?
The banks never provides exact time of the transaction. It is difficult to arrive at the overcharged amount. Nevertheless, if users have been charged below/above Low/High rates then a client can contest the same with their bank. We advise not to get into any litigation with your bank.
11. Can we use MFE audit report to ask the bank to refund excess margin charged?
Yes, you can use MFE audit report which is a transparent depiction of markets rates during the chosen period to claim refund for excess charged. Dont be disheartened when bank doesnt oblige with your request. But be careful in future while transacting with banks.
12. Does MFE provide assisstance to negotiate with the bank?
Yes, Guest users can subscribe to RateCheck or TPO services from MFE. The services allows Clients to get assistance of State-of-the-art dealing room of MFE. TPO allows clients to sit back and relax while MFE dealers do the entire handling of transactions. Over last 40 months MFE dealers have processed 50,000+ client transactions worth USD 2 billion.
13. How can we avoid being overcharged by banks in future?
Your bank is smarter than you think. They have complete knowhow of ways to make money from you. Further, volatility in forex markets has risen manifold which makes it difficult for clients to keep strict watch on forex transactions. This is a global phenomenon. However, it is advisbale to outsource the job to professionals who shall ensure strict vigilance over bank quotes.
14. We generally deal in IBR rates only with the bank, we check these rates from internet and negotiate best rates from banks. What value add MFE will provide over and above this?
It is good news that you keep a watch on forex transactions. The arithmetic involved in arriving at Cash rates will still leave your vulnerable to leakages. Additionally, none of the websites provide real-time rates except for 4-5 global majors. And access to these rates comes at a cost.
15. What is the authenticity of audit report of MFE?
MFE audit report is 100% accurate. You can get the data verified from external auditors.
16. Can we outsource forex operations to MFE to avoid such instances in future?
MFE is a pioneer in Treasury front office outsourcing by conceptualizing TPO. Yes, you can immediately outsource forex operations to MFE.
17. Why do banks over charge? Does this tentamount of cheating?
Banks is a companies looking to enhance shareholder value. It is in their interest to look for means to improve their profitability. It is incorrect to say such overcharging tentamounts to cheating.
18. Can we lodge a complain with the regulator?
Yes, you can lodge a complain with the regulator but it will be disheartening to note that the regulator (in this case RBI) will leave this between you and the bank to fix this. Few of our clients have written to RBI where response of the regulator was lukewarm.
19. We have been approached by a new bank which promises lower margin on Fx rates. What is the surety they will walk the talk?
It is good news that you have a bank who listens to your requests. What is the surety the bank will not overcharge in future once they build trust with you? We have seen many customers returning to MFE to handle their Fx transactions when they rechecked rates after some time. It is impossible for bank to work on agreed margin due to profitability pressures from seniors, shareholders etc
20. We have done the analysis of past transactions and found large differences in Forward rates. The difference are relatively lower in Cash transactions. What could be the reason and ways to avoid this?
The forward premiums are not quoted on free websites.

21. How is MFE equipped to handle such transactions?

MFE has state-of-the-art dealing room which is quipped to handle simple to complex forex transactions.
22. What type of transactions can be checked by using RateAudit functionality?
A user can check Cash, Tom, Spot, Forward - Fixed date/Window, Forward cancellations transactions.


1. What is RateCheck?
RateCheck allows paid users to check rates for live transactions.
2.How is it different from RateCheck and TPO?
Please refer to comparison table to know the difference between RateCheck/RateCheck/TPO
3. Which all currencies we can check using RateCheck function?
A paid user can check the rates for following currencies - USD/INR, EUR/INR, GBP/INR, JPY/INR. RateCheck is available between 9 am to 5 pm IST between Monday to Friday. As per RBI guidelines, merchant transactions are permitted till 4:30 pm only.
4. Rates quoted on MFE are live rates? What is the source of these rates?
Yes, MFE rates are real-time and updated once every minute. These rates are picked from multiple sources including rates negotiated with 50+ banks for customers using TPO service of MFE.
5. There is a time gap between the rates check on MFE App and rates quoted by bank. How can we check the rates while talking to the bank?
RateCheck comes with a beautiful feature of refreshing rates every one minutewhile you are on a call with your bank. It is simple, Open MFE App > Input transaction in less than 30 secs and DO not press Submit button > Go to phone dialer > Call banker > Once the bank quotes rate open MFE App and press Submit to check the difference in rate offered. It is beautiful, is not it?

6. We got huge difference in rates quoted by bank and MFE rates using RateCheck feature. What is the next step?

Paid users can directly call MFE dealing room from RateCheck screen. Before calling the dealing room, user has to update the last best quoted rate by the bank. MFE dealers will negotiate rates from the bank and try to reduce the gaps. In case we bring down the difference, MFE will charge user a sum of Rs.1000 or 20% whichever is higher.
7. How can we get assistance from MFE to automate the forex rate booking process? And what are the costs associated with this?
RateCheck customers who finds it tough to negotiate rates from banks can ugrade to TPO services. A resolution needs to be passed in favour of MFE dealers allowing them to cover tranactions from respective banks. TPO customers pay annual charges which are dependent on Annual forex volumes. More than 300 customers avail this service currently.
8. Our bank is objecting to involving any third party for these transactions. We are not allowed to involve MFE. What is the remedy?
It is detrimental to banks interest to allow its customers to outsource rate booking. It directly and immediately affects their profitability from you. Are you aware, banks outsource most of their sales, back office operations to third party to save costs. The banks also sells third party products through their branches. If they can outsource their operations why restrict the client. As a business entity it is completely your discretion to decide on outsouring. Even RBI does not stop you from hiring a professional to manage forex operations.
9. Our bank has promised not to charge excess margin henceforth. We are confident from now on bank will not charge excess margin. Can we trust the bank?
It is good news that you have a bank who listens to your requests. What is the surety the bank will not overcharge in future once they build trust with you? We have seen many customers returning to MFE to handle their Fx transactions when they rechecked rates after some time. It is impossible for bank to work on agreed margin due to profitab.ility pressures from seniors, shareholders etc.
10. When we find differences in rates, our bank does not listen to when we try and negotiate basis rates shown on MFE. What is the solution?
It is natural for bank not to accept differences in rates. Rate negotiation is not easy. You are fighting with bankers who are more knowledgable than you or your staff. The ultimate solution is to sign for TPO services and relax as far as forex rates are concerned.
11.We have a very low forex turnover (<5 crore per annum). The benefits will be far lower than the cost of MFE in providing these services.
MFE charges are fractional when compared with the savings. MFE provides services to customers having forex exposure of less than 1 crore as well. These customers find value in our services.
12. How many clients have availed this service? Can you share the list of clients?
So far we have serviced more than 500 clients all over India. We have 3 international clients as well. No, we can not share the list of clients as we do not have permission from our customers.
13. Our bank does not inform us before applying rates to forex transaction. What can we do?
Yes, we are aware of such practices. This largely happens in case of MNC, IT/ITES clients who are not bothered to check rates. We suggest you to immediately instruct your bank to seek disposal instructions before applying rates. Disposal instructions makes it mandatory for banks to call and take orders before converting currencies.
14. How many banks does MFE deal with?
MFE currently deal with 50+ banks on behalf of its customers.
15. Is RateCheck chargeable? If yes, how much?
Yes, RateCheck is chargeable. A client has to make online payment of Rs.20000 per annum for availing RateCheck services. It comes with host of other services which makes the service highly cost effective.
16. In case we need dealer assistance while negotiating rates, do we need to pay anything extra?
Yes, clients have to pay 20% of savings or Rs.1000 whichever is higher for all successfully negotiated transactions. The bill should be cleared in 30 days else dealing room support will be withdrawn.
17. How can we pay once we decide to take services?
RateCheck subscription can be paid online using MFE App or website. Once payment is received account is activated in less than 24 hours.
18. We have 3 companies in our group. Are we going to be charged on a group company level?
RateCheck services are for individual companies and can not be clubbed for the entire group.


1. What kind of forex advisory services are provided by Myforexeye?
MFE educates corporates to manage their forex risk. The primary objective is to manage risk rather than speculate on forex.
2. How is it different from other consultants?
The forex advisory services are focused on protecting business budgets rather than targetting market peaks and bottoms
3. What is transactional forex advisory?
Forex risk mitigating process for a specific forex transaction is called transactional forex advisory. In a nutshell, it is forex risk management for a particular forex transaction.
4. Is it chargeable? If yes, what are the charges?
Myforexeye offers customized forex research reports in response to specific queries on forex risk management/market views. These reports are followed up with an explanatory phone/skype call. These are charged at Rs. 4000 per report.
5. The sample report looks complex. It will be difficult to understand the analysis. Does MFE provide online assistance?
All the paid users of Myforexeyes reports will have an explainatory discussion with the research analyst. Such discussions are usually done through a Skype or Phone call.

6. Which set of clients can avail different services of Myforexeye?

Any exporter/importer/individual who is exposed to forex risk can avail services offered by Myforexeye.
7. Adverse forex movement give us nightmare. Is there a way/science to avoid this?
There are forex risk management systems and processes which can be used to avoid nightmarish forex movements.
8. Does MFE predict forex movements?
For managing forex risk, Myforexeye never predicts forex movements.
9. What is fundamental Analysis
It is the analysis of the economic fundamentals of a nation/currency/commodity/stock
10. What is technical analysis
It is the analysis of historical price charts and its patterns.
11. How many currencies does Myforexeye track and advise on?
Myforexeye tracks and advises on the following currencies:USDINR
12. Does Myforexeye help companies build forex policies?
Yes. Myforexeye assists companies to build forex risk management policies incorporating global best practices
13. What science does Myforexeye apply while advising clients?
Myforexeye uses the following ideas: Fundamental Analysis
Technical Analysis
Hedge whenever market rates are better than business budgets
14. Suitability for Small/Medium/Large clients
Transaction Processing and Transactional Advisory are suitable for small clients
Transaction Processing and Need based Market Advisory are suitable for medium clients
Transaction Processing, Regular Market Advisory and Risk Management Policy are suitable for large clients
15. Formats for data sharing for exporters/importers
Myforexeye assists exporters/importers in devising data format/management information systems for quick and effective forex decision making and hedge selections. Myforexeye incorporates industry best practices in devising such data/information systems.
16. What infrastructure MFE has built client servicing?
Myforexeye risk advisory team is an experienced group of advisors with more than 40 years of cumulative market experience. Their dealing room is equipped with Thomson Reuters Eikon and Ticker Plant terminals.
17. Do I need an advisor to manage my currency risk?
Currency risk management is a complex science which needs a focussed and dedicated approach. A professional advisor can manage this risk better
18. USDINR is a stable currency. Why do I need an advisor since my forex risk is not substantial?
USDINR is stable at times but can get extremely volatile on some occasions. From 64.70 to 68.80 in 4 months (Oct17 to Feb18) and from 68.30 to 64.30 in 3 months (Jan18 to Apr18). A forex advisor is need to manage the forex risk using appropriate risk hedging instruments.
19. What is an EEFC account?
Exporters of good and services and beneficiaries of inward remittances can open a foreign currency account with their designated banks called an Exchange Earners' Foreign Currency Account.
20. What is PCFC?
Packing Credit in Foreign Currency (PCFC) is a form of an export credit that exporters can avail for working capital requirements. It is a dollar credit and hence interest rates are LIBOR based. Conversion of dollar to rupees happen when PCFC is taken (or availed). The inward remittances received by the exporter are set off with the PCFC amounts.
21. Why are there forward premiums/discounts on currencies?
Forward premiums/discounts arise due to the difference of interest rate of the two countries. For fully convertible currencies, premiums/discounts are fully dependent on interest rate differentials. For partially convertible currencies like USDINR, in addition to interest rate differentials, forward demand/supply and Central Bank actions also play a part.
22. What is a forward contract?
It is a contract to buy or sell a particular amount of one currency in exchange for another currency at an agreed future data for an agreed exchange rate today. It is a binding and obligatory contract. Usually, the two counter-parties to the contract are exporter/importer on one side and the bank on the other side.


1. What is a Forex travel card?
The Forex prepaid travel card made available through Myforexeye, is a pre-paid foreign currency card that makes your International travel hassle-free and convenient. You can load this pre-paid card with foreign currency in India, and use it to withdraw cash in local currency from networked ATMs, or swipe it at merchant establishments that accept network cards, while abroad. The card also comes equipped with never before offered features such as travel insurance, emergency assistance & advanced account management. Instead of spending time encashing traveler’s cheques or converting currency through traditional Money Changers, a Forex Travel Card ensures that you have 24/7, instant access to your funds. With a pre-paid card, it is now so much easier to plan your budget and expenses. What’s more, you save big on time, effort and money by getting the most competitive and transparent foreign exchange rates available.
2.How does a Prepaid Card Work?
Your Pre-paid Travel card* is loaded with funds at the time of purchase. You can use the card for cash withdrawal at ATMs or for shopping at merchant outlets. With each transaction, the balance on your card decreases, and this balance can be reloaded with fresh funds at any point in time, based on your requirement. *This card cannot be used in India, Nepal & Bhutan.
3. Why should I buy a Prepaid Forex Card Vs. a Credit/Debit card?
A Forex card offers negligible or no transaction fee versus high Credit/Debit card transaction rates which can go up to 8.5%!
4.  What is Myforexeye ?
Myforexeye is a first-of-its kind platform to simplify the process of acquiring foreign exchange for your personal travel (Including students travelling for higher studies). It aims to insulate you from rate volatility, physical visits to money changer/bank, outdated currency, hassles of arranging hard copies of travel documents, and subsequent re-visits for reloading card and encasement.
5 . Why should I use Myforexeye ?
Myforexeye offers Prepaid Foreign currency travel cards which can be used globally to withdraw cash from ATMs and for making payments at merchant establishments. While we encourage our clients to carry prepaid forex cards as opposed to cash, as a convenient and safe alternative, we do understand the need for having spending cash in hand. To ensure the best of both, we also deliver USD 300 in cash, which takes care of all your immediate spending needs. In case you experience any technical difficulties in withdrawing money, we have made arrangements to deliver money to you at any point, anywhere in the world – a service offered by no other.

6. How can I make a purchase from Myforexeye ?

We have a simple and easy to use interface which simplifies your forex buying experience. Just register, view rates, enter travel details, choose currency, make payment, upload documents and viola..! Your card is delivered right to your doorstep. No more cumbersome DD’s or cheques which take forever to be cleared. Pay online by your preferred means via Debit, Credit or Net Banking.
7. Which currencies are Pre-paid Forex cards available in?
You may buy these cards from Myforexeye in eleven different currencies – US Dollar, Euro, Pound Sterling ,Swiss Franc, Australian Dollar, Canadian Dollar, Singapore Dollar ,Japanese Yen, Arab Emirate Dirham, Swedish Krona, Danish kroners , Honk Kong doller,new zealand dollar,Saudi riyal,Thai Baht though your card is loaded with a base currency, it can be used to withdraw local currency in a different country, after the application of a small conversion fee, giving you multi-currency flexibility
8. I see some rates displayed on your website. How often are these rates updated?
Rate are in sync with market updation and it can change without prior notice
9.  How early can I order my foreign exchange on Myforexeye?
You can order forex as early as 60 days before date of travel. Also the latest you can order your forex is 2 days before your scheduled date of travel - For instance, if your date of travel is the 10th, please ensure that you order your forex by the 7th.
10.  What are the documents required to get my foreign exchange Myforexeye ?
You will need to upload the following documents to avail your foreign exchange. Passport Copy (Kindly upload first and last pages – namely, Personal details page and the Address page). Visa (Not applicable if VISA is on arrival). E-Ticket. Delivery Address Proof. (For primary traveler) Admission confirmation letter. (If traveling on student visa) Please note: Per regulatory norms it is mandatory to show original documents for verification at the time of delivery. So, please keep them handy.
11.What documents can I use as delivery address proof?
The following documents are accepted:
  • Aadhar Card.
  • Permanent Driving license (Not Expired). (Except driving license issued by the Govt of Maharashtra)
  • Landline telephone bill/Electricity bill of Public and approved Private operators in the State (Not older than 3 months).
  • Ration card -Election card / Voters ID [if it has address].
  • Latest Property tax or water tax bill / Property tax paid Receipt.
  • Senior citizens card issued by the State /Central Govt. of India (if it has address)
  • Mobile postpaid bill (Not older than 3 months)
  • Photo ID card with photograph (issued by J&K & Goa State Govt.)
  • Photo Social Security Card issued by the Central/ State govt. /Union territories.
  • Pension payment card issued by State/Central Govt. of India with photograph of the applicant
  • IRIS scanned household Card with photograph (issued by Andhra Pradesh govt.)
  • Credit card statement where customer is primary card holder. This needs to be supported by photocopy of credit card. Credit card should not be expired. Credit card statement date should not be older than 2 months.
  • Government issued Photo ID card containing address: PAN (Permanent Account Number ) intimation letter addressed to the customer intimating the PAN.
12. Can I collect Forex on behalf of other travelers during delivery?
Unfortunately, No. As Per regulatory Know Your Customer (KYC) norms, persons availing forex should sign in-person at the time of delivery. Copies of uploaded documents will be provided to you, which need to be duly signed. To experience a smooth and speedy delivery process, please choose a delivery time that is convenient to you and ensure that all persons availing forex are present during the time of delivery at the address provided
13. How soon will my card be delivered?
For orders place by making complete payment online, immediately after your uploaded documents are verified, you will receive a call for scheduling a convenient delivery time. If customer chooses to pay by cheque then forex will be delivered after clear funds are received in service partner's bank account.
14. Is there a minimum amount to be loaded on the card?
The minimum loading amount allowed on your prepaid card is 200 units of a given currency (for JPY it is 20000 units.)
15.  How much Forex can I carry on a Leisure/Private trip?
For tourism or leisure trip, (other than to Nepal and Bhutan) any Indian resident can obtain foreign exchange up to an aggregate amount of USD 10,000 equivalent- in a financial year, on self-declaration basis, irrespective of the number of visits undertaken during the year. For Instance, assuming the exchange rate is on a particular day is 1 USD – 60 INR, a person can buy foreign exchange up to 6,00,000 INR, considering that there was no foreign exchange purchase made by this individual in the current year. Likewise, if the rate for 1 GBP = 85 INR, the buyer is entitled to purchase a maximum of GBP 7058 (6,00,000/85). The permissible limit for other currencies can be calculated in a similar way, that is by using 10,000 as a benchmark.
16. I am travelling on a business trip. Can I avail foreign exchange for personal expenses from Myforexeye ?
Yes you can. This limit of USD 10,000 can be used for personal expenses on overseas travel
17. Is there any insurance provided with the card?
Yes, your forex prepaid card bought from Myforexeye comes with an insurance cover including one for lost card liability, counterfeit card liability etc. Detailed information is available in your card instructions booklet. Call us on +91-120-6500741-42 if you need to know more on insurance options.
18.  Can I use my Forex card on Internet?
Yes! Cards made available to you through Myforexeye can be used for online transactions, but certain regulatory norms have to be followed. – You first need to login to your card account, activate the card for internet transactions, generate an online window which remains active for a certain period and then proceed to make a transaction. This process ensures that your transaction is safe, secure and free from phishing attacks that are usually known to plague conventional credit cards.
19.Can I track my transactions while I am travelling abroad?
Yes, your Prepaid Forex travel card bought from Myforexeye comes equipped with an internet login which allows you to monitor your spend. You can also choose to receive SMS alerts by updating the mobile number available on your travels abroad.
20. Are there any additional charges applicable for the usage of the card?
We recommend the card to be used at POS with the base currency loaded to avoid any other applicable charges. Schedule of charges is available in our general terms and conditions page, and is subject to change by card issuing bank. For any specific assistance get in touch with us @ 91-120-6500741-42
21.What is a 'Pre-Auth transaction' that is done during hotel check-in and car rental, etc.?
Pre-authorization transaction involves the blocking of a certain amount by the service provider for safe-guarding their payments due. We recommend that the prepaid forex card should not be used for this purpose. While checking-in at the hotel or booking a cab please make the advance payment of the required amount, instead of allowing the service provider to block the required amount. Further, when the service is completed, the balance amount can be paid by re-swiping the card. In case you have you have already used your card for such transactions please follow the following guidelines. At the time of checking out of the hotel/settling the bill, you should: Ask the executive to settle the final bill against the pre-auth that was taken. Ask the executive to cancel the pre-auth (credit back the amount) that was taken and settle the bill by taking an authorization for the actual bill amount. Ask the executive to provide you with the cancelled or VOID transaction slip for the same transaction and present the same to your bank for reversal of the unsettled transaction. In the event of the Merchant neither reversing the amount nor providing you with the VOID transaction slip for submission to your bank, card issuing bank would credit the amount back to your account after 30 days.
22. What should I do if the merchant says that my forex card doesn't work?
Please ask the merchant to ensure that he is swiping your card through a credit card terminal and not a debit card terminal. He also needs to ensure that the machine is online and connected. In case both these scenarios don’t work, please report it to us immediately.
23.  How do I block my card if it is lost or stolen?
You can block your card by logging into your account online, or by calling the card-issuing bank’s helpline directly. You may simultaneously get your additional/secondary card activated and start using it.
24. Can I load multiple currencies in one card?
Yes, We offer multi currency card, so that you can use the same card even if you are traveling to various countries in same or different visits
25. Can I use this card in any country irrespective of the currency loaded?
Yes, once your card is active and loaded with the requested amount it can be used anywhere around the globe. Minimal cross currency conversion rate will be applicable if used in a non-base currency location. For instance, if you choose These cards cannot be used in India, Nepal and Bhutan.
26. Can I buy multiple Forex cards?
Yes, you can purchase multiple cards based on requirement, but we suggest that you maintain only one card per currency to help you keep better track of transactional details.
27. Can I retain foreign currency balance on my card after returning to India?
Yes, you can retain the card if the leftover balance on card is less than USD 2000 or its equivalent. In case the balance exceeds this limits, per regulatory norms, you are required to surrender it in not more than 180 days of your return.
28. How do I know that my card is funded?
You will receive an SMS alert on your registered mobile number every time you load/reload. Alernatively, you can log in to your account and check your card balance. You can also check fund status at a card issuing bank’s ATM (please note: balance will reflect in equivalent rupee). Or you can just pick up the phone and call us for fund status anytime!
29.How can I draw cash from an ATM while abroad?
You can withdraw cash from any networked ATMs by paying a nominal charge. Kindly ensure that you select the type of Account as "Checking / Current" or "Credit”. The Savings option will not work for prepaid Forex Travel Card.
30.Can I check the balance of my card in an ATM?
Yes you can check the balance in most ATMs abroad, and you’re the figures will be reflected in local currency. Please note that this might incur a nominal fee. However, You can check your balance on your online account free of cost.
31.Can I withdraw any amount using my card?

31. Can I withdraw any amount using my card?
You may withdraw any amount using your travel card if sufficient balance is available on the card. Cash withdrawal is confined to certain amount per transaction to enhance the security feature of your card. The table below gives an approximate applicable limit for daily withdrawal. Please note these limits may vary based on the ATM operator and hence should be used for reference only.

USD Card USD 2000
Swiss Franc Card CHF 2000
Canadian Dollar Card CAD 2000
Australian Dollar Card AUD 2000
Euro Card EURO 1500
British Pound Card GBP 1000
Singapore Dollar SGD 2500
Japanese Yen JPY 2,00,000
Arab Emirate Dirham AED 7500
32. Is my card protected from unauthorized use?
Cards purchased from Myforexeye are highly secure from unauthorized usage. For any ATM transaction you are required to input your secured ATM pin. Upon four unsuccessful attempts to input this pin, your card will be blocked immediately. At any POS, your merchant has to match your signature on the card with the one on your charge slip. To aid this, please ensure you sign on the signature panel immediately after receiving your card.
33. What should I do if I forget my ATM PIN?
You can reach out to us and we will get it regenerated. Call us at 91-120-6500741-42.
34.What should I do if I have lost both the cards?
If you have lost both your primary and secondary card, you may call our helpline and request for a replacement card.
35.  When and how will I get my replacement card?
Your replacement card will be sent to you by courier. You will receive the same in 48 hr to 7 working days depending on your location.
36. Do I use the same PIN for my replacement card?
No, your replacement card will be send along with a fresh ATM pin.
37. Is my card safe if couriered?
Your card is inactive when couriered to you. Only after you receive and confirm the receipt by calling our customer care, and after a complete verification process, will your card be activated for use.
38. How can I apply for refund of balance amount on my card?
You can login to your Myforexeye account and apply for a refund of balance amount on card. Refund will be processed in 72 hours. In case of some unsettled transactions please allow between 11 to 30 days for these transactions to be settled, before this refund is credited to your account. You will receive an SMS alert on your registered mobile number after the transaction is completed.
39.What rates will be applied for my refund process?
Your forex card refund will be done per the prevailing buy rates as displayed on our website.
40. What happens if a transaction is cancelled?
We will try our best to ensure that this situation does not arise. However, if the transaction is cancelled due to some unavoidable technical issues or regulatory norms, your order amount will be refunded after deduction of payment gateway charges
41.How can I cancel my order?
You can write in to us with the subject line "Cancellation for Order No:" and request a refund. Please note however that the amount will be refunded after a deduction of payment gateway charges (1.25% for Debit card, 1.75% for Net Banking and 2.25% for Credit cards) and Rs.350 towards Operational charges..
42. Is my travel card enabled for MOTO (Mail Order/Telephone Order) transactions?
Yes, you can use your travel card for transactions over phone or through mail. Please note that prepaid cards are not suitable for pre-auth transactions at hotels/car rentals etc. Always make complete payment rather the blocking the amount.
43.Is the forex card, a chip card or a magnetic strip card?
For enhanced security features, all major currency cards available through Myforexeye are chip based cards. These cards are more secure than conventionally used magnetic strip based cards. Considering that some merchants may not have this advanced facility, these cards are built-in to be used at even swipe-in terminals where only strip cards can be used.
44.  How long will it take to reload my card?
Your card is inactive when couriered to you. Only after you receive and confirm the receipt by calling our customer care, and after a complete verification process, will your card be activated for use.
45. Got more questions for us?
If you have more questions for us, feel free to write in to us at ffmc@myforexeye.com or call us on +91-120-6500741-42.
46.Will I get a spare card for all currencies?
You will be provided a spare card if you order a prepaid card only with the following 11 currencies with -
  • Australia Dollars (AUD)
  • Canada Dollars (CAD)
  • Euro (EUR)
  • Japan Yen (JPY)
  • Singapore Dollars (SGD)
  • South African Rand (ZAR)
  • Swedish Krona (SEK)
  • Switzerland Francs (CHF)
  • United Arab Emirates Dirhams (AED)
  • United Kingdom Pounds (GBP)
  • United States Dollars (USD)
    • For all other currencies only 1 card will be provided without a spare.


1. What is Transaction Process Outsourcing?
Transaction Process Outsourcing (TPO) is a concept devised by Myforexeye to bring Treasury front office services to corporate and HNI clients in India. The service helps corporate limit transaction costs in the forex markets by brining transparency at affordable cost.
2. Who are your competitors providing similar services?
We havent heard of any company selling similar services in India. We are the pioneer to have launched this revolutionary service.
3. What are the benefits of Transaction Process Outsourcing?
TPO has many benefits -
a) It helps corporate freeze their financial trasaction costs while dealing in foreign exchange markets;
b) It helps corporates engage with forex professionals to keep an eye on their transactions and
c) Reduce the cost of operating their own treasury set-up by outsourcing it to a third party.
4. How do we ascertain the benefits our company will accrue from this service?
The Relationship Managers at Myforexeye engages with finance teams to do a short audit on the previous transactions to ascertain the current costs. This current cost forms the basis of the benefits this company will accrue in future. The dealer team at Myforexeye will provide One Trial Transaction to demostrate the difference we make while covering the transaction with the same bank.
5. Do we need to change our bank to avail this services?
We don't advocate client's to change their banks. We believe bank is a partner in their businenss in different form and shape. Currently, we service 310 clients Pan India who bank with 44 banks. We have been able to convince clients and banks to process transactions once client manadate is shared with the bank and us. Mandate is a letter of authority in favour of Dealers at Myforexeye to cover transactions on behalf of clients.
6. We know there are differences in the exchange rates quoted by the bank. We have tried to persuade the bank many times but they dont listen to us. Why would they listen to you?
That is good news for you. We are happy to note that you have taken congnisance of the fact that bank has charged you over and above what was agreed. The dealers at Myforexeye have been successfully convincing banks on the prevailing inter-bank, Cash/Tom rates. Though in some cases it may take us 2-3 transaction to bring the bank at par to our costs and requirements. Dealers at Myforexeye need a supportive and understading client to quickly normalize the operations.
7. Do you have a RBI approval to undertake this business?
We are a corporate entity which is not governed by Reserve Bank of India (RBI). Nevertheless, RBI guidelines doesn’t restrict any third party intervention in forex dealings. They only want the transaction (cash flow) to be routed through a Authorized Dealer (AD). We have been successfullly concluding transactions for 290 companies since May 2014.
8. In case we outsource this activity to Myforexeye, will it affect our relationship with the bank?
We are extremely sensitive of the fact that Client relationship with the bank is prime. At all times we ensure that all our interactions with the bank are professional, cordial and smooth.We have ensured all interactions with the banks are done on a recorded line to safeguard interests of our clients and dealers. We have zero-tolerance for non-compliance on this front.
9. What is a dealing room? How is Myforexeye dealing room different from that of a bank?
A dealing room is a place where financial transactions are undertaken on real-time. The room is equipped with all systems to assist dealers to undertake transactions in a secure and timely manner. When we say secure, it means, all transactions are audio and video recorded.
10. How securely transactions are handled by Myforexeye dealers?
The dealing room has a restricted entry and only dealers appointed by Myforexeye can enter that premises. The systems are secured and encrypted to protect client information. Further, we don’t seek ask for information which is privy to clients and their businesses. Only information sought is Amount, Currency, Nature of Transaction (Export/Import), Type of Transaction (Cash/Tom/Spot/Forward) and the bank.
11. Can Myforexeye time the market during the day to capture day's high/low for our transactions?
Yes we provide the service of timing the market for a good rate for client transactions. Our dealers are required to cover the transaction as and when a request is received from clients. Yes, we can surely watch for any particular levels which is client wants to transact at. Once those levels are traded in the market dealers at Myforexeye will inform the client.
12. What if my bank doesn't allow us to outsource this service?
It is not in the interest of the bank to allow Corporates to outsource this service. It has a direct bearing on their profitability. A large portion of any banks profitability comes from Treasury operations. The important point to note here is why do they discourage intermediaries? They do have intermediaries for loans, liabilities, retail loans like Home, Personal, Vehicle etc. The simple and obvious answer is this intermediary is working to save client cost. Had Myforexeye approached the bank the other way round we would have received a warm welcome.
13. We would like to avail free trial service to ascertain the benefits? What is the policy on Free Trial?
Myforexeye acknowledge the fact that this is a new concept and most of the prospective clients are hearing about it for the first time. To demostrate the benefits we provide One Free Trial to clients. We also guarantee to show them a difference in the market rates and rates quoted by banks.
14. What is the documentation required to avail this service?
The documentation is very basic and easy. We have a service level agreement to be signed by the client and us which has all the Do's and Don't's of this service.
15. What is a bank margin? How does bank ascertain bank margin for a particular client?
Bank Margin is the commission which the bank charges over inter-bank rates. In most of the sanction, it is not mentioned by the bank. The treasury decides on case to case basis. The bank does an analysis of the relationship to arrive at the margin to be charged from a particular client.
16. Can Myforexeye negotiate a better bank margin fixed by the bank?
No, we don't undertake task to negotiate bank margin with banks on behalf of clients. We provid basic advisory on the range of bank margin basis the turnover and industry.
17. Does RBI has any control over these rates?
No, RBI doesn’t have any control over the rates quoted by banks. The rates in forex markets are quoted Over-the-counter (OTC) and volatility is very high. Also, the marketable lot in the inter-bank market is $250k below which banks covers their position by aggregating. Clients needs to put in place systems to watch the volatility and real-time rates to control cost leakages.
18. How transparent is TPO services from Myforexeye?
All client orders and subsequent cover with banks are taken over recorded lines. The deal confirmation comes with the exact time of the transaction covered with the bank. A client can request for the voice recordings for some of the transactions randomly to keep a check. The IT team at Myforexeye is working on providing complete information on the transaction on our website through a User ID and Password for each client.
19. What if disruptions are caused by bank to let Myforexeye book rates with them on behalf of clients?
The bank covers transactions with people mentioned in the Board Resolution (BR for Companies) and Letter of Authority (Sole Proprietor/Partnership Firms). It is the prerogative of client to assign this responsibility on the person. Most SME Corporates doesnt have the know-how of the forex market operations. In case, they decide to hire treasury professional, the costs are too high. Thus, Myforexeye provides a cost-effective outsourcing model.
20. Does Myforexeye have any references of clients availing these services?
The references are shared subject to client permission. At all times, we keep client transactions private and confidential. A prospective client can ask the Relationship Manager at Myforexeye to provide industry/location based references. Additionally, we keep updating Client Testimonial section of our website to share opinions and feedbacks.
21. We have got a screen provided by bank which flashes online rates. What is the value proposition in such cases for clients?
Yes, technology is the answer for the future. Many MNC and Private sector banks are offering transaction portals and Live screens to their clients to improve efficiency and reduce costs. While we conduct trial transactions for clients having Online rates from banks, we have shown them the difference in the rates. The back-end of all such screens is administered by banks and is prone to tweaking. We have 4 such clients who have shifted from Screen based transaction portals to manual coverage by Myforexeye dealers.
22. What can cause a time delay in covering transactions with the bank and how does it affect clients?
Myforexeye has created additional capacity in the dealing room to conclude transactions in a timely mannner. As soon as we receive a transaction, dealers contact the bank officials for rate covering. It usually takes not more than 3 minutes to cover a particular transactions. Yes we admit that while on boarding a new client, it takes 2-3 transactions to smoothen the operations. It is important to bring bank officials in the know how of the change of operations.
23. How does Myforexeye manage their relationship with the banks with whom they cover client transactions?
Myforexeye works for its clients. Our relationship with the bank is Limited to the extent of covering transactions. We keep an eye on all client transactions to limit any leakages in rate offered by banks.
24. Why should clients trust Myforexeye with their transactions?
TPO is a revolutionary service which can reduce costs upto 2% on each transactions. We have shown maximum difference of Rs.2.50 per Dollar on rates offered by banks. This difference increases in case of forward contracts and cross-currency transactions. A start-up company is on boarding 2 clients per day out of 13 locations with 23 Sales Managers. We are working hard to service 1500 clients by March 2016 covering transactions worth USD 4 billion for our clients.
25. What all client segments does Myforexeye service?
Myforexeye covers the entire spectrum of corporate clients in India. Our smallest client is a garment exporter in Gurgaon with an annual turnover of USD 80,000. We saved Rs.2 per dollar on USD 35000 remittance. On the other extreme, we cover transactions for clients with annual forex volumes of USD 350 mn. Our sales discussions are on with clients with over USD 1 billion wallet size.