RapiMoneyopens up its forex

 RapiMoneyopens up its forex services inChennai

Aims to extend forex services to the students &overseas travellers

Recently launched forex service provider RAPIMONEYhas furtherexpanded its business presence inChennai.

RapiMoney is an integrated Foreign Exchange Service Provider platform by BSE listed Capital India Finance Limited (CIFL); offering comprehensive forex solutions to various customer segments. Looking at the growing demand of forex and related services in the city, the company decided to open up a branch office in Chennai to provide various services like currency exchange, overseas remittances, multicurrency prepaid forex travel card,and overseas travel insurance for student, leisure as well as business traveller.

This branch will prove to be effective in catering to theuntapped and growing demand for overseas remittances mostly extended to the Indian student community based in various universities in USA, Canada, Australia, UK, Ireland, New Zealand, Germany, Russia and other countries. The company will also provide forex services to its customers through its website https://www.rapimoney.com/.

RapiMoney is the first AD category II license holder to have adopted Video KYC (Know Your Customer) technology to meet the compliance requirement as well as for the convenience of its customers.  With the situation struck by the pandemic, staying at home is more desirable than stepping out for transactions. The Video-KYC feature not only ensures that the customer completes the entire KYC process by staying within the comforts of their home but also reassures RapiMoney'smoto to meet the compliance requirements as well as keep Customer as its highest priority.

RapiMoney also takes pride in having first mover's advantage in launching Blocked Account portal gba.rapimoney.comwhich is a mandatory requirement by government of Germany. Citizens from Non - European Countries need an entry visa to enter Germany. This visa is granted only if the traveller can prove sufficient funds for the duration of his/her stay in Germany. Such Proof of funds is provided by remitting money by opening a Blocked Account in Germany. RapiMoney has developed and launched its own inhouse portal to facilitate Blocked Account especially for students from India and other travellers going to Germany.

Speaking on the launch of Chennai branch, Mr.Ravindran Menon, Chief Executive Officer - RapiMoneysaid, “With the opening up of Chennai branch office, we aim to move a step closer to our aim of being the most preferred provider for forex related services. In India, a large share ofoutward remittances are related to Education and. Expansion in Chennai is a strategic move aimed at increasing our market share in this space and further build up on it.”

The business of foreign exchange markets in India has shown a steady increase, and is expected to recover faster.  Overseas remittances are set to witness an increase with the outbound travel which is most likely expected to resume by the first quarter of FY 21-22.