FX Retail
Introduction
“FX-Retail” is an electronic platform for booking foreign exchange rates and is developed by the Clearing Corporation of India Ltd. (CCIL) in 2019, at the behest of Reserve Bank of India. FX- Retail platform was launched on August 05, 2019 and is available at https://www.fxretail.co.in.
Key Features
- Easy registration through online portal (https://www.fxretail.co.in).
- Access to Live Interbank Market.
- View and Compare Prices and Mark-up.
- SMS Notification/ Deal Ticket/ Reports.
- Transparency in Margins.
- Customer can buy or sell USD against INR for cash, tom, spot and forwards.
- Availability of transaction wise audit trail.
Registration Process
The Bank’s account holders can use FX-Retail platform following the below mentioned process:
- Visit the FX-Retail portal at www.fxretail.co.in.
- Click on ‘Register Here button’ and completes the registration process by providing the required information including details of the account you are maintaining with the Bank of Maharashtra.
- Post submission of data, you will see a confirmation page with the application request number and your request will be forwarded to the Bank for approval.
- On receiving the request, Bank shall approve your registration after scrutinizing the details.
(It need to be ensured that details submitted on FX-Retail platform will match with those on record with the Bank for the registration request to be approved by the Bank) - Once the registration request is approved, the access credentials for the platform shall be sent to your registered email address.
- Post successful registration and setting up of limits by the Bank, you can login to the FX-Retail and book foreign exchange rates at your convenience.
Transaction Flow
- Submit the completed transaction-related forms (for e.g. Application cum Form - A2 for outward remittance) to the branch.
- Proceed to place an order on the FX-Retail platform up to the limit defined by the Bank.
- FX-Retail shall send order confirmation mail on the registered email address upon successful completion of the order.
- Contact the branch immediately with the order confirmation along with any documents required for execution of the transaction.
Charges and Fees
Clear Corp’s FX-Retail Fees and Charges | |
---|---|
Particulars | Charges |
One Time Customer Registration Charges** | |
a. Individual(Resident), Non-Resident Individual, Sole Proprietorship and Hindu Undivided Family | NIL |
b. Other Categories | Rs. 1000* |
Transaction Charges | |
Monthly Turnover | Charges (applicable on the total INR Value) |
a. Turnover < USD 200 million | 0.0004% |
b. Turnover >= USD 200 million & < USD 350 million | 0.0003% |
c. Turnover >= USD 350 million & < USD 500 million | 0.0002% |
d. Turnover >= USD 500 million | NIL |
* GST is applicable on the above charges ** One Time Customer Registration charges One Time Registration Charges is not applicable for Add Relationship Bank application |
For more information, please contact:
Treasury & International Banking Division
ibd@mahabank.co.in/ 020-22780316/317
Disclaimer:
Please note that the above charges are levied by CCIL. Transaction processing charges levied by the bank shall additionally apply, where ever applicable