FAQS

Who are We and What Makes us Different?

At Forexblues we are a selected group of professionals with vast knowledge and experience in Trade & Forex, Foreign Exchange Services, Supply chain & logistics, Freight forwarding, Customs, Shipping Documentations, Schemes & Licenses and more to name few.

Having a vast experience in the above fields working in various industries we came across certain difficulties faced by the exporters and importers. Some of them like transparent booking of Forex while making remittances with their respective banks, difficulties in getting freight rates, logistics services and warehousing  facilities within short time period at various locations.

Here at Forexblues we have tried to solve all these problem of the exporter and importers specially by providing all services under one umbrella.

Where can we make a difference and How?

We can help our clients in booking the forex for their remittances with at most transparency and accuracy. We are having the various software and system i place to do all these services.

'Timing the Forex' and giving suggestions to the clients to book their rates for remittances Inward or Outward is the most popular and sort after services at forexblues.

Transaction Process Outsourcing (TPO) service is the second most preferred services whereby we help the clients to save their money by first booking the forex with their respective banks with at most transparency and secondly covering forex at the best given rate at the accurate time in a days fluctuation.

For example: If USD fluctuates in a day range from 64.50 to 64.88 , then we try to cover rates for exporter at around 64.85 approx. and for importer 64.55 approx. Thus giving a margin saving or income of around 30 paise to both.

We have made expertise at this TPO service at a longer period of time with experience.

What is our unique selling and Proposition (USP) ?

"Transparency" in all the services is our Unique Selling Proposition (USP).

We try our best to give you accurate information, news and data to bring transparency in between client , vendors & company relationship.

What are your  most popular services ?

Online advisory services to book forex or to hold the booking at the spot market is the most popular services of forexblues.

Transaction Process Outsourcing (TPO) service is the second most preferred services whereby we help the clients to save their money.

Others like Freight forwarding and CHA services are also very sort after as the exporters and importers can get their freight rates and CHA quotes by many vendors at one request at the click of the mouse with a short period of time.

How can avail Forexblues services?

Anyone can avail the ForexBlues services by ­­­registering himself/herself through Sign Up forms. Initially we provide FREE 15 days subscription (Demo service) in your login account, to understand our product and services, especially the various aspects of our online forex advisory services.

After using the demo service, user will able to understand the benefits of being associated with ForexBlues.

Once 15 days Subscription is over, user are requested to upgrade towards the paid account as per the user requirement. The paid plans are non-refundable and no money back guarantee is given, once the users have paid the amount.

We will give access of all other product & services once the user will become our paid registered member for online forex Advisory Services, except the Transaction Process Outsourcing - TPO Services.

To avail the TPO services user has to pay separately time to time as per the current plan.

What is online Forex advisory services of Forexblues?

Our unique online advisory services is the first of its kind in the world where we provide our customers an instant advise to Sell or Buy USD/INR currency on Spot rates. We try to maintain utmost transparency while suggesting our clients irrespective of their profile. The client needs to simply Login into their account webpage and enter the amount of USD transaction they want to remit or exchange through their respective banks and click on to SELL or BUY function to get and know our advises on current SPOT market.

What is transaction process outsourcing TOP Services?

1. What is Transaction Process Outsourcing?

          Transaction Process Outsourcing (TPO) is a kind of services provided by ForexBlues to corporate and HNI clients whereby we structurally along with the client and their banking partner try to smoothen their forex transactions inward or outward and improves the bottom line of clients by cutting their costs and           enhance their transaction efficiency.

2. How do you get benefited by Transaction Process Outsourcing?

          We provide the cutting - edge technology and industry expertise offered by larger banks, combine with the personalized services and attention of a local  community financial bank. Certain important aspects

          a) Timing the forex by helping you to freeze rates at right time and get maximum benefit in the day.

          b) We anticipate the forex movement and advise customers to capture forex amid the day's volatility.

          c) We help you to focus on your core activity by outsourcing the Trade forex services

3. How can you calculate your benefits from this service?

          The moment you give a transaction deal to be booked to the managers at ForexBlues we do a short audit on certain parameters:

          a) We advise appropriate margin money to be charged by your respective bank based on the quantum or volume of deal and also do the audit of the previous transactions to ascertain the current benefits on our suggestion. This current cost forms the basis of the benefits the company will accrue in           future.

          b) While giving trade deals to ForexBlues the dealer team here notes the time and the currency rate on SPOT and assumes it as the rate given to customer  by the bank. Afterwards ForexBlues advises customer another rate at another point of time whereby saving on margin amount charged by the bank and the savings on Profit to the customer by saving their money on forex transactions.

4. Do we need to change our bank to avail this service?

          We don't advocate client's to change their banks. We believe bank is a partner in their business in different form and shape. Currently, we service 1000+ clients Pan India who bank with more than 20+ banks. We have been able to convince clients and banks to process transactions once client           mandate is shared with the bank and us. Mandate is a letter of authority in favor of Dealers at ForexBlues to cover transactions on behalf of clients.

5. We know there are differences in the exchange rates quoted by the bank. We have tried to persuade the bank many times but they don't listen to us. Why would they listen to you?

          That is good news for you. We are happy to note that you have taken cognizance of the fact that bank has charged you over and above what was agreed.  The dealers at ForexBlues have been successfully convincing banks on the prevailing inter-bank, Cash/Tom rates. Though in some cases it may take us 2-3 transactions to bring the bank at par to our costs and requirements. Dealers at ForexBlues need a supportive and understanding client to quickly  normalize the operations.

6. Will the TPO services affect our relationship with the bank?

          We are extremely sensitive of the fact that Client relationship with the bank is prime. At all times we ensure that all our interactions with the bank are professional, cordial and smooth. We have ensured all interactions with the banks are done on a recorded line to safeguard interests of our clients and           dealers. We have zero-tolerance for non-compliance on this front.

7. How securely transactions are handled by ForexBlues dealers?

          All deals being handled by ForexBlues are kept confidential and complete information is secured. The dealing room has a restricted entry and only dealers appointed by ForexBlues can enter that premises. The systems are secured and encrypted to protect client information. Further, we don't seek ask for any documents from the clients and information which is privy to clients and their businesses. Only information sought is Amount, Currency, Nature of Transaction (Export/Import), Type of Transaction (Cash/Tom/Spot/Forward) and the bank.

8. How ForexBlues help us during the day to capture day's high/low for our transactions?

          The team of technical analysts & experts at ForexBlues analyses the past day fluctuations and tries to forecast the current day's volatility or the day's ranges in forex market based on various mathematical calculations and observations. The dealer's keeps lenses eyes on the forex market for both the           Inward or Outward remitting clients. The moment the pre-determined targets is achieved the dealers book the stipulated forex transaction with the clients respective banks and freeze the rates for the documents processing. Later the clients are being intimidated by the dealers of the closure of the deal           successfully.

9. What if my bank doesn't allow us to outsource this service?

          It is not in the interest of the bank to allow Corporate to outsource this service. It has a direct bearing on their profitability. A large portion of any banks profitability comes from Treasury operations. The important point to note here is why do they discourage intermediaries? They do have intermediaries           for loans, liabilities, retail loans like Home, Personal, Vehicle etc. The simple and obvious answer is this intermediary is working to save client cost. Had ForexBlues approached the bank the other way round we would have received a warm welcome.

10. Does ForexBlues give any free demo trial service to ascertain the benefits?

          ForexBlues welcomes the customers to avail the free demo services and experience the fruit of the whole functioning of ForexBlues. We understand the fact that this is a new concept of treasury like to SME, small and individual clients for the first time in the world market. We also help the clients to ascertain           the profits and savings to them through our services.

11. After the completion of free demo trial service how do we get the service further?

          Once you have availed and completed the free demo trial service of ForexBlues and got the level of satisfaction then you can go and opt for the subscription plan of different levels based on your utility and time period. The Subscription plan is classified as on monthly, quarterly, half yearly and Yearly           basis.

12. What is a bank margin? How does bank ascertain bank margin for a particular client?

          Bank Margin is the commission which the bank charges over inter-bank rates. In most of the sanction, it is not mentioned by the bank. The treasury decides on case to case basis. The bank does an analysis of the relationship to arrive at the margin to be charged from a particular client.

13. Can ForexBlues negotiate a better bank margin fixed by the bank?

          No, we don't undertake task to negotiate bank margin with banks on behalf of clients. We provid basic advisory on the range of bank margin basis the turnover and industry.

14. Does RBI has any control over these rates?

          No, RBI doesn't have any control over the rates quoted by banks. The rates in forex markets are quoted Over-the-counter (OTC) and volatility is very high. Also, the marketable lot in the inter-bank market is $250k below which banks covers their position by aggregating. Clients needs to put in place systems to           watch the volatility and real-time rates to control cost leakages.

15. How transparent is TPO services from ForexBlues?

          All client orders and subsequent cover with banks are taken over recorded lines. The deal confirmation comes with the exact time of the transaction covered   with the bank. A client can request for the voice recordings for some of the transactions randomly to keep a check. The IT team at ForexBlues is working on  providing complete information on the transaction on our website through a User ID and Password for each client.

16. What if disruptions are caused by bank to let ForexBlues book rates with them on behalf of clients?

          The bank covers transactions with people mentioned in the Board Resolution (BR for Companies) and Letter of Authority (Sole Proprietor/Partnership Firms).  It is the prerogative of client to assign this responsibility on the person. Most SME Corporates doesnt have the know-how of the forex market operations. In           case, they decide to hire treasury professional, the costs are too high. Thus, ForexBlues provides a cost-effective outsourcing model.

17. Does ForexBlues have any references of clients availing these services?

          The references are shared subject to client permission. At all times, we keep client transactions private and confidential. A prospective client can ask the Relationship Manager at ForexBlues to provide industry/location based references. Additionally, we keep updating Client Testimonial section of our website to share opinions and feedbacks.

18. We have got a screen provided by bank which flashes online rates. What is the value proposition in such cases for clients?

          Yes, technology is the answer for the future. Many MNC and Private sector banks are offering transaction portals and live screens to their clients to improve efficiency and reduce costs. While we conduct trial transactions for clients having online rates from banks, we have shown them the difference in the rates. The back-end of all such screens is administered by banks and is prone to tweaking. We have 4 such clients who have shifted from Screen based transaction  portals to manual coverage by ForexBlues dealers.

19. What can cause a time delay in covering transactions with the bank and how does it affect clients?

          ForexBlues has created additional capacity in the dealing room to conclude transactions in a timely manner. As soon as we receive a transaction, dealers contact the bank officials for rate covering. It usually takes not more than 3 minutes to cover a particular transaction. Yes we admit that while on boarding a  new client, it takes 2-3 transactions to smoothen the operations. It is important to bring bank officials in the knowhow of the change of operations.

20. How does ForexBlues manage their relationship with the banks with which they cover client transactions?

          ForexBlues works for its clients. Our relationship with the bank is Limited to the extent of covering transactions. We keep an eye on all client transactions to  limit any leakages in rate offered by banks.

21. What all client segments does ForexBlues service?

          ForexBlues covers a large base of clients in India. This entire spectrum ranges from the corporate clients of different sizes like small, mid & large segment in  India. We have a strong base of Individual clients like NRI’s, money changers, foreign destination travelers, Education consultant and many more.

How can i get the TPO services and How long do the last ?

One can avail the TPO services by choosing the subscription plan with nominal fee charged by forexblues.com

The TPO fees are mentioned along with the duration of the time limit to avail the facility.

After the expiration of the time limit your remaining amount gets refunded as per your preferred mode of payment.

The remaining amount will be refunded in next 15 days after receiving in written confirmation through your registered email id.

Do you handle international TPO orders?

We provide only the Online Advisory services with USD/INR demand/supply suggestions in the market and its tentative market fluctuations to all irrespective of the borders across countries whosoever wants in the mentioned currencies. Further we do not provide the Transaction Process Outsourcing-TPO services currently to any person or organization residing outside India.

How can I get freight forwarding, CHA & Customs, Documentations and Other services?

If you are a registered paid service user opting any of our plans then you may easily avail all the Product & services facility. Under these plans we give you an interaction and communication platform with many vendors providing different services like freight & Logistics, CHA & Customs, Legal consultancy etc . You just have to submit your query and request for your problem solutions and quotes. The various product service providers give their independent rates and quotes.

Does forexblues have any percentage or profit sharing in the rate & quotes of other product & services?

The rates and quotes given by vendors are their independent quotes and forexblues does not hold any bearings or liabilities of it. We even do not share or take away any profit out of the rates quoted to the clients through the vendors registered with us.

We neither suggest any vendor’s name to the clients to take service with in particular nor do we try to favour any vendor registered with us in any form. forexblues maintain full transparency here

We even suggest our clients that before taking the service of any one vendor for any of the product or services they must know the vendor first and be well informed about its reputation, services and other business aspects then only get into the business.

Forexblues will not hold any liability of any loss arising out of due to the vendors fault of any kind with whom they are getting into the business.

Explain SELL/BUY options given in the Forex Calculator?

Any Individual Like NRI , money changer, exporter or even companies whosoever wants to Sell foreign currency USD and convert it into INR in the bank etc. will click on SELL button option to know the market trend of demand supply of US dollar and get our suggestions about the prediction of US dollar of increase/decrease in near future in hourly & weekly terms.

Similarly, anyone like importers, foreign education students, money changers & NRI etc to name few who wants to BUY foreign currency USD and send it their traders & suppliers for example a supplier in china will click on BUY button option to know the market trend of demand supply of US dollar and get our suggestions about the prediction of US dollar of increase/decrease in near future in hourly & weekly terms.

What does Freeze Rate/ Hold Booking means given in the Forex Calculator?

Once the customer enters the USD amount in the calculator, then they can choose among Sell or Buy option according to their requirement. Here forexblues try to calculate and analyse the demand and supply of US dollars and able to suggest the increase or decrease (i.e Freeze Rate / Hold Booking) in the rates of USD/INR based on that analysis of the market in the given time.

Case A – For Exporters or Anyone converting USD to INR i.e Selling

Freeze Rate : Here we suggests that the USD/INR rate is going to fall based on less & falling demand of US dollars in the market/banks or Increase in Supply of US Dollars in the market/bank.

Hold Booking : When the USD/INR rate is going to increase based on more & higher demand of US dollars in the market/banks or decrease in Supply of US dollars in the market/bank.

Case B – For Importers or Anyone converting INR to USD i.e Buying

Freeze Rate : Here we suggests that the USD/INR rate is going to increase based on high & increasing demand of US dollars in the market/banks or reduced Supply of US Dollars in the market/bank.

Hold Booking : When the USD/INR rate is going to decreased based on less & reduced demand of US dollars in the market/banks or increase in Supply of US dollars in the market/bank.

In Simple terms the concept of demand and Supply goes Vice-versa in opposite direction for Exporters & Importers or Seller & Buyer.

How is Weekly Technical report given in the forexblues home page?

A team of experts into forex research and analysis does round the clock monitoring of the technical and fundamental news in the market across the globe. They keep a hawk eye over the various news of micro and macro level not only in India but the global news  which helps us to determine the future level of USD/INR pair of currency and its movement to a far greater extent.

However although having a team of experts to analyze this we never claim to give more than 70-80 percent accurate suggestions in our Weekly or Daily technical view or suggestions as the forex market is extremely volatile and can be affected by news from across the globe within hours.

Please explain forexblues suggestions box?

Suggestion box shows the suggestions to the Buyer/Seller of changes on spot rate of USD/INR in limited section of time to Hold Booking or Freeze Rate. This also shows how much a customer can save per USD.

These rates are suggestive only and totally depend on the customer’s sole discretion to follow the suggestion or not

Forexblues also manages a “ForexBlues Suggestions” box where we try to inform our customer’s of our analysis made in a day at the given time and how much money we have been able to save to our clients with those suggestions. Also it’s a kind of proving of our forex analysis and the claims made by us of helping customers in saving their money.

How can I save more money by using ForexBlues services?

Till date the smaller business fraternity, entrepreneurs, individuals and NRI clients did not have the treasury like facility and guidance given to them to save their hard earned money to safe guard themselves to foreign currency volatility and fluctuations.

At ForexBlues, we try our best to provide you this treasury like guidance facility and assure 80-90 times of helping you to earn, save money & live better by saving at least 20 paise to a rupee (Rs.1/-) per dollar transactions in a day or two while you make your remittances inward or outward.

For example: If USD fluctuates in a day range from 64.50 to 64.88 , then we try to cover rates for exporter at around 64.85 approx. and for importer 64.55 approx. Thus giving a margin saving or income of around 30 paise to both.

We hope these savings in foreign exchange will bring cheer and smile to the face of our clients and satisfaction to us proving our dedication towards the goal & services.