You can undertake a forex transaction through the app in the following ways:
(a) Registration of FX-Retail platform – Kindly click on the “FOREX” icon available on the above app, fill in the details, follow the process and complete the Registration.
(b) Transaction initiation and market action - Once you have completed the registration, you may initiate the forex transaction. Kindly fill transaction details, required mode of forex delivery, selection of branch and provide your confirmation to debit your account to undertake the transaction. FX-Retail will place your request in the market and upon successful execution of the transaction, you will be provided with the transaction details.
(c) Document submission and final settlement: After the transaction is executed, you may submit your documents, either digitally or in person to the bank branch to complete the transaction and take the forex delivery.
In the initial phase, all customers belonging to Individuals (Resident Indian) category can register on the FX-Retail through the app.
The customer registration is open 24 hours on all 365/366 days a year.
You are not required to submit any document on the app to complete the registration on the FX-Retail. You need to only furnish the required details for the registration. (refer to FAQ.5 for the registration process)
Click on the FX-Retail Icon on the app to initiate the FX-Retail Registration journey and follow the below steps: i.Select the Customer type (may be auto selected on the app as only Individual Resident allowed in Phase 1) ii.Select the Relationship Bank iii.The Bank Account number, Branch IFSC and PAN number details may either be auto populated by the App or require your input iv.The above details will be validated with the Relationship bank records v.You also need input the email id vi.OTP will be received on Email id and Mobile from FX-Retail vii.Enter the OTPs for validation. viii.Post OTP validation, the FX-Retail Customer ID will be displayed on the app. This completes the FX-Retail registration process. You will receive a confirmation mail from FX-Retail.
Relationship Bank is the bank, where you maintain an account relationship.
No, you are not required to re-register on FX-Retail since you are already a registered customer of the Platform. You can directly proceed with the transaction journey on the app.
You can onboard with only 1 Relationship Bank on FX-Retail through the app. However, for additional Banks, you may login to FX-Retail platform (https://www.fxretail.co.in/#/login/) using the login credentials shared with you over email post onboarding on the platform. You may then navigate through the “Bank Relationship” menu for addition of bank.
The FX-Retail Customer ID can be commonly used to undertake transactions on any of the apps.
In the current phase, you can undertake transactions in US dollars against the Indian Rupee.
In the initial phase, you can undertake Outward transactions, i.e. Purchase of US Dollar against the Indian Rupee.
You can undertake booking of transactions on the FX-Retail through the apps on all working days (Monday-Friday) from 9:15 AM to 3:30 PM.
Yes, for undertaking an outward transaction, i.e. to purchase US dollars against INR on FX-Retail through the app, you need to provide your confirmation to debit your account for the INR amount required for the transaction, which will be populated to you before the confirmation.
You will be required to provide the purpose of the transaction while submitting the required transaction documents to the Relationship bank.
In case you are an individual customer, Liberalised Remittance Scheme (LRS) limits will apply. You may refer to Liberalised Remittance Scheme (LRS) limits under the FEMA guidelines, issued by RBI for this information.
The LRS limit is monitored by your Relationship Bank. Kindly get in touch with the relationship bank for transacting Forex beyond the LRS limit.
Once you are a registered customer on FX-Retail, you can click on the FOREX Icon available on the app to initiate a transaction and follow the below steps: i. Input the order details and proceed to fetch the price ii. A screen with the details like, exchange price, transaction bank charges and total INR payable by you to undertake the transaction, gets populated iii. Proceed to provide confirmation to debit your account for the INR amount mentioned, for the transaction iv. Proceed to make the payment v. On successful execution of the transaction, a message will be displayed on the app with the transaction details and an SMS and an e-mail will be sent to your registered mobile and email address.
The exchange rate displayed on the screen is based on the live market rate available on the FX Retail platform.
You will be shown the best price available on FX-Retail on the app which you need to confirm on the app for trade execution. Presently, there is no facility to place an order at a preferred price on the FX-Retail platform through the apps. However, the facility is available on the web version of FX-Retail, for kindly login to the FX-Retail platform using the below link (https://www.fxretail.co.in/#/login/).
The best price available on the FX-Retail shall be displayed on the app before you proceed to book the transaction. In addition, an indicative price is also being displayed on the app for reference. Note: The final exchange price may differ from the price displayed on the app before booking the transaction, based on the prevailing market scenario at the time of actual booking of the transaction.
Bank charges are the charges levied by the Relationship Bank to undertake the customer foreign exchange transactions.
Yes, the charges levied by the selected Relationship will be displayed on the app.
The bank charges are subject to the relationship bank’s internal policy.
On successful execution, a message will be displayed on the app with the transaction details. Also, an SMS and an E mail will be sent from FX-Retail on the registered mobile and email address of the customer
The details of the US dollar purchase will be displayed on the app. Additionally, the details shall also be provided in the SMS and email by FX-Retail. The actual delivery of the dollar as per the delivery mode (Remittance/ Currency/Forex card) selected at the time of transaction on the app will be processed by your relationship bank.
Yes, you can use the app to purchase USD to send abroad for Educational, Travel expenses or for investments purpose.
There are three options for forex delivery - 1. Remittance 2. Forex Card 3.Currency. You need to select one of the delivery modes on the app at the time of booking the transaction.
You can provide the beneficiary details as part of the fulfilment journey using the link which will be provided by your Relationship bank.
The Forex Card and Currency will be provided by your relationship bank as per the timeline indicated by your Relationship bank.
You can either contact the branch selected at the time of order confirmation on the app or can be guided as per the instructions shown on the app used for execution of the transaction.
The reference number of the FX-Retail transaction will be provided in the transaction SMS and Email sent to you on a real time immediately after the transaction. You may use this reference number for any correspondence with your Relationship bank.
In case you have changed the mobile or email id with the Relationship bank, you need to update the same in the FX-Retail platform before proceeding with a transaction. In order to update the information, you need to logon to FX-Retail using the login details shared post registration over email.
Presently, there is no facility on the app to change the mobile number and email id. In case you would like to modify these details, you may login to the FX-Retail platform (https://www.fxretail.co.in/#/login/) using the login details shared over email on registration and change the required details.
In case you are an existing customer of FX-Retail with multiple relationship banks, all your relationship banks will get reflected on the app and you may select the bank from the drop down on the app and proceed with the forex transaction.
In the initial phase, transactions will be allowed only in Cash instrument i.e. same day settlement with bank. Cancellation is not allowed for forex transactions executed in the Cash instrument. However, you may seek clarifications with your Relationship bank for further queries.
The customer may raise a complaint a. For complaints with respect to the app services or Bharat Connect, you may raise a complaint on the respective app or Bharat Connect as per the facility provided for this purpose. b. For complaints related to the usage of FX-Retail services, you may either send a mail to supportfxretail@ccilindia.co.in. For grievances, you may raise a ticket on the FX-Retail Grievance portal.
You may refer to the helpline numbers provided on the apps. In case you would like to get in touch with the FX-Retail team, you may refer to the following details. Email: supportfxretail@ccilindia.co.in Phone: 1800 266 2109 (Toll free) / +91 22 6154 6313 FX-Retail Helpdesk timing (Monday - Friday, 8:00 AM to 7:30 PM)
You need to refer to the communication/mail from your relationship bank for the documents required to be submitted for the transaction. In case of any queries, you may get in touch with your Relationship bank.
The charges are as follows: Charges for Registration: There is no charge for registration for Individual customers.
Charges for Undertaking a Forex transaction on FX-Retail: i. No transaction charges for the first 12 months of joining the platform ii. Thereafter, no transaction charges for transactions totalling up to USD 50,000 in a day iii. Above USD 50,000, the following charges slab will be applicable.
Monthly Turnover
Charges (applicable on the total INR Value)
Turnover < USD 200 million
0.0004%
Turnover >= USD 200 million & < USD 350 million
0.0003%
Turnover >= USD 350 million & < USD 500 million
0.0002%
Turnover >= USD 500 million
NIL
You may get in touch with your Relationship Bank for any queries related to settlement of the transaction.
After undertaking a forex transaction through the app, you are required to submit the required documents and take the delivery through the relationship bank. In case you fail to take delivery of the foreign currency purchased through the app, kindly inform your respective Relationship Bank for necessary action by the bank at his end.
You can request your relationship bank for deactivation of the FX-Retail service.