BookMyForex is an Indian Fintech company that allows customers to buy foreign currency online at a rate lower than that of the foreign exchange companies, banks, hotels, and airports. Customers can choose among options such as a foreign exchange card, hard currency, traveler’s cheques, or international remittances.
The company compares foreign exchange rates across foreign exchange companies and banks in real time, and it uses an algorithm to determine the best vendor to service a customer’s request. Once a vendor is selected, BookMyForex contacts the customer and fulfills the request within six hours. BookMyForex makes a profit through adding its own margin on top of the exchange rate.
I can see the appeal in simplifying the process of currency exchange. If I’m traveling, I would want the best rates. The current retail currency market has room for expansion; according to a Bloomberg report in 2016, the global currency market has an average daily volume of over $5 trillion. In order to be competitive in the online foreign exchange marketplace, BookMyForex and other similar companies must ensure the lowest rates, system stability, foreign expansion. With the rising use of e-wallets, BookMyForex should consider providing such an option, too.
Reference: http://www.bloombergquint.com/business/2017/02/11/fintech-tracker-can-bookmyforex-make-money-by-selling-money