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

For more information, please contact:

Treasury & International Banking Division

ibd@bankofmaharashtra.bank.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

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