What is RateAudit?
RateAudit allows 'User' to conduct a preliminary audit of past 90 days transactions. The Guest can check 3 transactions on MFE App done with their bank.
How many times can I use RateAudit function?
A user can check 3 transactions using RateAudit function.
Is RateAudit a paid service?
Yes, MFE charges Rs.999 for RateAudit for 3 transactions. The user gets to download the report of each deal. In addition, user also gets complimentary subscription to Daily Research reports (Morning, Afternoon and Evening) and Opening/Closing exchange rates for a period of 1 year on MFE App.
Can I check Live rates too on MFE App?
Yes. The functionality is available to subscribers of Myforexeye. The user has to subcribe to RateCheck function in Registered User section by paying Rs.20000 per annum. RateCheck comes with host of other benefits like Connect with dealing room, refreshable rates etc
What is the difference between RateAudit/RateCheck/TPO?
A comparative table will help you understand the difference between various services on Myforexeye Application.
Which all currencies we can check using RateAudit function?
Users can check the rates for following currencies - USD/INR, EUR/INR, GBP/INR, JPY/INR. The data is available for the last 90 days from 9 am to 5 pm IST between Monday to Friday
Historical data can be access for how many days?
Historical data is only available for 90 days. In case Guest User wants to check rates for an older transaction, he/she can get in touch with MFE dealing room at 011-41460015-16
What is the authenticity of rates on Myforexeye (MFE)?
MFE picks up data from 4 global service providers, blend this data from 27 contributors and populate its database. These rates are accurate and can be verified from external auditors.
What is the source of historical data?
MFE daily processes hundreds of transactions for clients in India subscribing to Transaction Process Outsourcing (TPO) services. These transactions are processed using global information provider platforms which forms the basis of rates populated in MFE application. Myforexeye process USD 75 million transaction per month for TPO subscribers.
In case we see huge difference in rates, can we ask the bank to refund the same?
The banks never provides exact time of the transaction. It is difficult to arrive at the overcharged amount. Nevertheless, if users have been charged below/above Low/High rates then a client can contest the same with their bank. We advise not to get into any litigation with your bank.
Can we use MFE audit report to ask the bank to refund excess margin charged?
Yes, you can use MFE audit report which is a transparent depiction of markets rates during the chosen period to claim refund for excess charged. Don't be disheartened when bank doesn't oblige with your request. But be careful in future while transacting with banks.
Does MFE provide assistance to negotiate with the bank?
Yes, Guest users can subscribe to RateCheck or TPO services from MFE. The services allows Clients to get assistance of State-of-the-art dealing room of MFE. TPO allows clients to sit back and relax while MFE dealers do the entire handling of transactions. Over last 40 months MFE dealers have processed 50,000+ client transactions worth USD 2 billion.
How can we avoid being overcharged by banks in future?
Your bank is smarter than you think. They have complete knowhow of ways to make money from you. Further, volatility in forex markets has risen manifold which makes it difficult for clients to keep strict watch on forex transactions. This is a global phenomenon. However, it is advisbale to outsource the job to professionals who shall ensure strict vigilance over bank quotes.
We generally deal in IBR rates only with the bank, we check these rates from internet and negotiate best rates from banks. What value add MFE will provide over and above this?
It is good news that you keep a watch on forex transactions. The arithmetic involved in arriving at Cash rates will still leave your vulnerable to leakages. Additionally, none of the websites provide real-time rates except for 4-5 global majors. And access to these rates comes at a cost.
What is the authenticity of audit report of MFE?
MFE audit report is 100% accurate. You can get the data verified from external auditors.
Can we outsource forex operations to MFE to avoid such instances in future?
MFE is a pioneer in Treasury front office outsourcing by conceptualizing TPO. Yes, you can immediately outsource forex operations to MFE.
Why do banks over charge? Does this tantamount of cheating?
Banks is a companies looking to enhance shareholder value. It is in their interest to look for means to improve their profitability. It is incorrect to say such overcharging tantamount to cheating.
Can we lodge a complaint with the regulator?
Yes, you can lodge a complaint with the regulator but it will be disheartening to note that the regulator (in this case RBI) will leave this between you and the bank to fix this. Few of our clients have written to RBI where response of the regulator was lukewarm.
We have been approached by a new bank which promises lower margin on Fx rates. What is the surety they will walk the talk?
It is good news that you have a bank who listens to your requests. What is the surety the bank will not overcharge in future once they build trust with you? We have seen many customers returning to MFE to handle their Fx transactions when they rechecked rates after some time. It is impossible for bank to work on agreed margin due to profitability pressures from seniors, shareholders etc
We have done the analysis of past transactions and found large differences in Forward rates. The difference are relatively lower in Cash transactions. What could be the reason and ways to avoid this?
The forward premiums are not quoted on free websites.
How is MFE equipped to handle such transactions?
MFE has state-of-the-art dealing room which is equipped to handle simple to complex forex transactions.
What type of transactions can be checked by using RateAudit functionality?
A user can check Cash, Tom, Spot, Forward - Fixed date/Window, Forward cancellations transactions.