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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