Nafex India Aims to Simplify Money Changing for International Travel

Bangalore 11th October 2017 : Foreign exchange buying and selling is now a transparent and convenient process with the rates aggregation platform from Nafex India. Nafex India has collaborated with more than Nine hundred RBI approved money changers and authorised dealers, who bid real-time for any individual currency, prepaid forex card or remittance requirements put up on the platform. Rates comparison allows consumers to compare rates offered, proximity of the money changer, and make an informed decision to get the best deal for their forex requirements. This is a significant shift from the traditional model of rates dictated by banks, travel agencies, and grey market operators. The reverse bidding for currency exchange, forex cards and outward remittances is uniquely available only on the Nafex India platform.

According toAnnie Kumar, co-founder and Managing Director, Nafex India “ The money changermarket in India and several parts of the world is going through a disruptivephase. Monopolistic rates controlled by few agencies is no longer working outwith consumers. Flexibility, transparency, convenience and value are emergingas key considerations for forex buyers and sellers.  Nafex India endeavorsto safeguard interests of consumers and build trust in transactions.” 

Thepromoters of the company, Jeethmal Mutha and Annie Kumar, have spent twodecades in the forex and travel & hospitality industry. The company hastied up Pan India Money changers like Weizmann, Poundwize, UAE Exchange, SpiceMoney, Centrum along with several hundreds of  regional money of changersare participating in the reverse auction. Leisure travel, education, medicaltreatment are key areas of focus for Nafex India. 

Nafex Indiaplatform includes currencies from US, Canada, UK, Australia, Europe, UAE,Saudi, Singapore, China, Sri Lanka, Malaysia and Thailand.  Forex isdelivered at the consumer location.  Within a short time. From its launch,the Nafex India platform has witnessed 100,000+ transactions worth USD 40+ Mnin currency alone apart from Forex cards & remittance. “Convenience withoutcompromising privacy is the hallmark of our platform,” said Jeethmal Mutha 

Nafex plansto add more features to the platform  such as B2B and to build end-to-endexpertise for enterprise and individual money changing solutionsglobally.  Currently present in 100 cities, Nafex plans to rapidly launchits services in other Indian cities. 

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