Ever thought of buying currency and having it delivered right to your doorstep? It is a possibility now with CurrencyKart, an online forex portal that allows one to exchange currencies easily.
The portal is an online aggregator that brings together dealers and travelers on a common platform where they can sell/buy currencies and similar products.
Founded in 2016, the online portal gives customers a chance to choose from a variety of dealers and look through different rates before making a final decision.
Speaking to Chillicious, Rohit Gupta, co-founder & Business Head of the portal says that forex is a grey market in India with people wanting to shift to a white market with more transparency.
And this is where CurrencyKart fits in.
The pan-India portal has 80-90 Reserve Bank of India (RBI) approved dealers who offer currency change at different rates. The customers logging in can cherry-pick from options available. They also deliver the currency to buyers.
Gupta says that around 100-110 travelers visit the site every day and the number of transactions on the portal has been increasing by 10-15 percent on a daily basis.
CurrencyKart expects the customer traffic on the portal to rise to 20-30 percent by December this year.
Indians flying abroad usually tap their banks for a forex travel card — similar to a debit card which allows them to load it with cash in the currency of the country they are flying to. And how much ever money is left in the card after the traveller returns, will be reconverted into rupees and handed over.
Travellers Are Key
Data from Airports Authority of India shows that international travel market is growing at a healthy rate. International flights from Indira Gandhi Airport are more than 15 million and is growing at the 8 percent mark.
When customers buy currencies from large companies, they end up paying huge margins. Through CurrencyKart, the user can go through different deals and then select.
But money is a sticky issue and people generally do not like to buy it online over hacking concerns. Gupta says that the dealers on the portal are not only RBI approved, but have to undergo a background check before coming on the site.
The portal, started in Delhi, is currently self-funded. However, in future, they may look at fund-raising options.
Speaking of CurrencyKart’s expansion plans, Gupta says that they are targeting
metro cities. It is a word-of-mouth business wherein deals in different cities look to join after getting to know about it from someone.