BookMyForex tests international money transfers to Visa debit cards

Monday 13 December 2021 09:10 CET | News

BookMyForex, one of India’s largest online foreign currency exchange platforms has recently started testing an alternative method of transferring fund online under RBI’s regulatory sandbox.

Now, BookMyForex’s clients can simply enter the Visa debit card number of the recipient abroad to make a cross-border payment, without having to fill in additional details including SWIFT/BIC code, sort code, and others.

Earlier in 2021, the Indian company has introduced a fully online international remittance process that allowed clients to complete their AML (anti-money laundering), KYC (Know Your Customer), and payment in under five minutes. Combined with Visa Direct, tests made by BookMyForex shows that it will take around 30 minutes to complete the transaction, an improvement from former international fund transfers that could take days to show up in the receiver’s account.

Customers using the new BookMyForex system will also benefit from zero fees or charges to make a transfer, including SWIFT charges, receiving charges or bank sending charges.

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Keywords: Visa, debit card, RBI, cross-border payments, money transfer, transactions , AML, product upgrade, eKYC, SWIFT
Categories: Payments & Commerce
Countries: India
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