ExTravelMoney: Transforming the Foreign Exchange Transactions

George Zachariah,Co-Founders

George Zachariah, Co-Founders

They say necessity is the mother of invention. The idea behind ExTravelMoney was born out of one such necessity among international travellers looking for easy online solutions to book forex services. An innovative technology start-up in the fintech space transforming the way Indians do foreign exchange transactions, ExTravelMoney act as an online aggregator and marketplace of forex services provided by banks and RBI approved money exchange houses in India.

It all began when Ashwin Narasimha and Nisanth Issac – two friends turned business partners; we're looking for foreign currency for a trip abroad in 2014. It was then that they realized buying foreign exchange online was not yet an option in India. People couldn’t book foreign currency online or place a money transfer abroad transaction online. An online platform for those services didn’t exist yet. In the same year, when attending a business networking event in Kochi, they had a chance meeting with George Zachariah, who was from the financial industry. George had extensive industry extensive
industry experience and was too was on the lookout for implementing an online platform for currency exchange and money transfer abroad. As the two parties got talking, they realized the immense potential for such a solution and how it can make the process of booking forex easy for international travellers in India. Narrowing down to a solution, they zeroed in upon establishing ExTravelMoney in 2015.

" ExTravelMoney partners with almost all the leading exchange houses in India like Thomas Cook, Unimoni (formerly UAE Exchange), EbixCash, Cox & Kings, Muthoot Forex to name a few. "

To ease the difficulties that international travellers come across while accessing forex services, helps travellers find the nearest RBI authorized money changers at the click of a button and help them make the best choice on forex services based on the exchange rates offered, customer ratings, proximity, among others. “The customer service through ExTravelMoney is top notch, setting a new bar on making the forex service booking process much smoother and simpler. One can freeze the rate of the forex transaction and can conduct forex transactions from the comfort of their home through the online platform,” speaks George.

What makes the company gain an edge over others in the market is its best exchange rate in the city, with minimal service cost and high-end service. “Our customer support team guide the customer
from start to end on the online forex booking process and help money changers and banksto ensure all the transactions are in limits prescribed by RBI and follow the FEMA compliance, advising on the same to the customers,” says George.

A Bright Future Beckons
Since inception, has had a consistent history of year-on-year growth in business and strengthening the network of partners. The company started off with just three money changers in 2015 and that has risen to 13 in 2016 and now it has about 25 exchange houses on board. “We now partner with almost all the leading exchange houses in India like Thomas Cook, Unimoni (formerly UAE Exchange), EbixCash, Cox & Kings, Muthoot Forex to name a few. We have served more than 35,000 customers till date with the transaction volume crossing INR 100 crore,” he avers.

With more than 23 money exchange houses on board and 6500+ forex stores across India currently, team ExTravelMoney is planning to rope in more money changers and is in talks with a couple of banks. “We are looking to expand into markets abroad, shortly. We are targeting Southeast Asia first where we have a major customer base in the form of a huge volume of students and travellers going abroad. Within 5 years, we hope to establish operations in the Middle East, Singapore and UK,” George concludes.