Paytm‘s holding company, One97 Communications, has announced the launch of its Forex service for money exchange of 20 top foreign currencies. In a statement posted on its official blog, the company said that customers will be able to order multi-currency Forex card and Forex cash from the service on a real-time basis, and get them home-delivered within 48 hours. Buyers will also be able to able to collect them from the company’s partnered outlets at zero service charge.
To lock-in the prevailing rates, customers will need to make a 2 percent partial payment at the time of placing an order, with the remaining payment to be made at the time of delivery. Additionally, the customer will not be paying any commission, service charge or hidden charges on their purchases. The Forex card balance can also be checked online and in most ATMs around the world, says the company.
Paytm further says that its products can be used at almost all merchant outlets and ATMs across the world. The new offering will also complement the requirements of frequent travelers, who can now buy Forex instantly along with their travel bookings. “You can load up to $250,000 in a financial year into the forex card and buy up to $3000 as currency notes”, says the company. The list of supported currencies include the US dollar, euro, pound, Chinese yuan, Hong Kong dollar, Singapore dollar and more.