Nafex.com, An online solution to your forex woes

We have an app or a site to ease all our travel woes but yet foreign exchange is something we struggle with. Nafex.com is one innovative solution that is a virtual market place that connects the buyer and seller and eases our currency woes. Just hop on to the site, enter your requirement (The amount you wish to buy or sell) and get quotes for the same. Choose who is offering to buy or sell you currency at best rate and you are done. The site also offers you the option of home delivery or pick-up option! Nausheen Tareen explores the site, its features and the future plans with Jeethmal Mutha, co-founder, Nafex.com

Idea behind Nafex.com

The Indian travel industry has not seen any innovation on forex. Even the big travel ecommerce companies who have failed the travellers on advice on forex. We have been working in this space for the past decade. Whilst every other industry has moved to a technology platform, forex industry is still reeling under the burden of conventional practices. This accentuates the risk of monopolistic rates, frauds and counterfeit currency. Nafex.com brings together only licensed money changers to the platform for a safe and transparent forex transactions.

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Hop on, enter your requirement, start receiving bids, choose the best rate, hop off. That's how simple currency exchange is on nafex.com

How does it work

Nafex.com has collaborated with more than nine hundred RBI approved money changers and authorised dealers, who bid real-time for any individual currency, prepaid forex card or remittance requirements put up on the platform. This is a significant shift from the traditional model of rates dictated by banks, travel agencies, and grey market operators.  The reverse bidding for currency exchange, forex cards and outward remittances is uniquely available only on the Nafex.com India platform.

What’s on offer

Nafex.com has tied up pan India money changers like Weizmann, Poundwize, UAE Exchange, Spice Money, Centrum along with several hundreds of regional money of changers are participating in the reverse auction. Leisure travel, education, medical treatment are key areas of focus for Nafex India.  
Nafex India platform includes currencies from US, Canada, UK, Australia, Europe, UAE, Saudi, Singapore, China, Sri Lanka, Malaysia and Thailand.  Forex is delivered at the consumer location.

"A service like Nafex underlines smart travel lifestyle. We have found the service particularly useful for solo female travellers who want to safeguard against any physical and financial risk dealing with high street money changers in foreign destinations," Jeethmal Mutha.

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"You don’t pay a monopolistic forex rate as many money changers openly bid for your requirement. You don’t end up paying hefty transaction fees on the so called international debit or credit cards that are marketed aggressively by banks. You plan for your expenses during your travel and remit through Nafex.com for a stress free holiday," Jeethmal Mutha

The journey so far

We have over 1,50,000 users of Nafex.com. In less than two years since our launch, currency exchange transactions on Nafex.com have touched US$ 40M. This figure will be higher by another 30% if we include prepaid forex cards and remittances initiated through the site.
Word is getting around that Nafex.com saves you money when you travel abroad. This is encouraging footfalls to our site. People are now shifting away from common currencies like the US$ to changing local currencies without any hesitation or risk, and further saving their money from the double changeover.  
You don’t pay a monopolistic forex rate as many money changers openly bid for your requirement. You don’t end up paying hefty transaction fees on the so called international debit or credit cards that are marketed aggressively by banks. You plan for your expenses during your travel and remit through Nafex.com for a stress free holiday.
Jeethmal Mutha, co-founder Nafex.com

"We run a 24 x 7 customer support cell to assist travellers even after they put up their requirements in the non-working hours of money changing outlets," Jeethmal Mutha

Future plans

Nafex plans to add more features to the platform such as B2B and to build end-to-end expertise for enterprise and individual money changing solutions globally. Currently present in 100 cities, Nafex plans to rapidly launch its services in other Indian cities and start global operations from starting from Malaysia and Singapore. We are reshaping foreign travel through the Nafex platform.

Jeethmal Mutha is an avid traveler. For him, “Travel is a source of experience enrichment and learning to co-exist with people culturally different from your own background. I have travelled to over a dozen countries over the last 3 years.  I have connected to several people around the world with shared life goals and vision. Travel has always opened a world of possibilities for me including the launch of Nafex.com.”
He is an entrepreneur with exposure and experience of over 15 industries like Fintech, Media, Online Market place and Retail Sale. He is the co-founder of Nafex.com

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