BuyForexOnline puts a stop to sweating out in long queues...
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2/16/2015 BuyForexOnline puts a stop to sweating out in long queues for foreign exchange http://yourstory.com/2015/02/buyforexonline/ 1/2 STORIES NEWS STARTUP ADVICE RESOURCES RESEARCH ASIA AFRICA USA 178 Aditya Bhushan Dwivedi | February 13, 2015 at 10:30 am BuyForexOnline puts a stop to sweating out in long queues for foreign exchange With every trip abroad there is an unknown fear of being stranded with no help in sight. What if you get mugged, or if your cash reserves are exhausted? With no native currency and no one to call, things might take an ugly turn. Foreign exchange is one such business that makes for a very crucial part of everyone’s checklist once they leave the country. Ananth Reddy (4th from left) with his team BuyForexOnline helps people buy foreign exchange online. A veteran in the business of currency exchange, Founder Ananth Reddy started his career in the forex industry in 1995. Since his childhood, Ananth has been a coin collector. It’s his passion that has played the most important part in his career. On how he got into the forex business, Ananth says, “My entry into forex was quite by accident. I was pursuing my Chartered Accountancy in 1995 when I came across a packed Thomas Cook office while casually strolling down a high-street in Bangalore. I was quite intrigued to see this very crowded shop where people were willing to stand in long queues in the heat. They were being served by staff ‘seated’ behind glass in air-conditioned comfort. I tried to understand what this magical product could be? “After further study, I decided to take a plunge and fulfilled all requirements for a forex license and opened a shop just next door. I had comfortable seating for my customers, provided water and a simple smile when serving them. The response was immediate and dramatic! I just could not handle the rush from day one. My very first transaction netted me a profit many times greater than my average monthly salary. I thought to myself that this was the way to go, and have been in this industry since.” Getting started into any business related to money and trading has its own challenges, be it government regulations or customer requirements. Sticking to his values by keeping his customers first is what gave him an edge over his competitors. Most of the time, people lock on a forex rate, but by the time actual transactions happen the rates change and people are forced to pay different rates than the ones they had selected earlier. However, this is fixed under the online set up, where the team locks up a rate ensuring no one has to worry about paying higher due to rate fluctuations or hidden charges. Ananth claims he was responsible for bringing down forex rates in Bangalore, because of his online model and customer service. Often, Ananth would open office even on Sundays to help clients. He says, “My endeavour in this venture is to provide the highest levels of customer support. Any escalations in forex are critical, as the client could be stranded abroad. To this day, I cannot understand why traditional forex players and banks do not understand this simple fact. No one takes responsibility, and everyone is closed ‘after office hours’.” There is an interesting story behind their catchy and intuitive domain name, too. Most domain names with the word ‘forex’ were already taken by foreign currency traders, an entirely different field of investment. But the domain name ‘Buyforexonline.com’ was available, so they immediately bought it. This turned out to be a crucial point as the phrase was easy to remember and, perhaps, the most searched forex query. Buyforexonline.com functions simply. While travelling, a user is offered a prepaid forex card that can be used at most of the ATMs around the world. It helps save the 9-11 per cent transaction fee levied on debit and credit cards. The user is separately given an additional card that can be used in case the original card is lost. Users can also refill the currency in the card when out of cash. SEARCH... Follow @YourStoryCo Soulmates and co-founders: Love in the time of startups Funding roundup: More than $50 million invested via 12 deals last week ‘When shit happens, move on’: yogi and martial art teacher Ashwin’s mantra for happiness [Startup Watchlist] 3 startups to kick start your Monday We have 1200 open positions at Zomato right now, says Deepinder Goyal Which are the next big players in India's e- commerce industry? 6 tips to 'Keep it Simple' from Ken Segall, ex Creative Director at Apple The Mean Startup #12 : The Unexpected Virtue of Pivoting ‘When I had no food and only Rs 50 in my pocket’ - a moving story of an entrepreneur Down World Cup memory lane: Will India keep its POPULAR POSTS YOURSTORY SOCIALSTORY HERSTORY YS TV YSPAGES JOBS EVENTS TECHSPARKS
Transcript of BuyForexOnline puts a stop to sweating out in long queues...
2/16/2015 BuyForexOnline puts a stop to sweating out in long queues for foreign exchange
http://yourstory.com/2015/02/buyforexonline/ 1/2
STORIES NEWS STARTUP ADVICE RESOURCES RESEARCH ASIA AFRICA USA
178
Aditya Bhushan Dwivedi | February 13, 2015 at 10:30 am
BuyForexOnline puts a stop to sweating out in longqueues for foreign exchange
With every trip abroad there is an unknown fear of being stranded with no help in sight. What if you get mugged, orif your cash reserves are exhausted? With no native currency and no one to call, things might take an ugly turn.Foreign exchange is one such business that makes for a very crucial part of everyone’s checklist once they leavethe country.
Ananth Reddy (4th from left) with his team
BuyForexOnline helps people buy foreign exchange online. A veteran in the business of currency exchange,Founder Ananth Reddy started his career in the forex industry in 1995. Since his childhood, Ananth has been a coincollector. It’s his passion that has played the most important part in his career. On how he got into the forexbusiness, Ananth says,
“My entry into forex was quite by accident. I was pursuing my Chartered Accountancy in 1995 when I came across apacked Thomas Cook office while casually strolling down a high-street in Bangalore. I was quite intrigued to see this verycrowded shop where people were willing to stand in long queues in the heat. They were being served by staff ‘seated’ behindglass in air-conditioned comfort. I tried to understand what this magical product could be?
“After further study, I decided to take a plunge and fulfilled all requirements for a forex license and opened a shop just nextdoor. I had comfortable seating for my customers, provided water and a simple smile when serving them. The response wasimmediate and dramatic! I just could not handle the rush from day one. My very first transaction netted me a profit manytimes greater than my average monthly salary. I thought to myself that this was the way to go, and have been in thisindustry since.”
Getting started into any business related to money and trading has its own challenges, be it governmentregulations or customer requirements. Sticking to his values by keeping his customers first is what gave him anedge over his competitors. Most of the time, people lock on a forex rate, but by the time actual transactions happenthe rates change and people are forced to pay different rates than the ones they had selected earlier. However, thisis fixed under the online set up, where the team locks up a rate ensuring no one has to worry about paying higherdue to rate fluctuations or hidden charges.
Ananth claims he was responsible for bringing down forex rates in Bangalore, because of his online model andcustomer service. Often, Ananth would open office even on Sundays to help clients. He says, “My endeavour in thisventure is to provide the highest levels of customer support. Any escalations in forex are critical, as the client could bestranded abroad. To this day, I cannot understand why traditional forex players and banks do not understand this simplefact. No one takes responsibility, and everyone is closed ‘after office hours’.”
There is an interesting story behind their catchy and intuitive domain name, too. Most domain names with theword ‘forex’ were already taken by foreign currency traders, an entirely different field of investment. But the
domain name ‘Buyforexonline.com’ was available, so they immediately bought it. This turned out to be a crucialpoint as the phrase was easy to remember and, perhaps, the most searched forex query.
Buyforexonline.com functions simply. While travelling, a user is offered a prepaid forex card that can be used atmost of the ATMs around the world. It helps save the 9-11 per cent transaction fee levied on debit and credit cards.The user is separately given an additional card that can be used in case the original card is lost. Users can also refillthe currency in the card when out of cash.
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‘When shit happens, moveon’: yogi and martial artteacher Ashwin’s mantrafor happiness
[Startup Watchlist] 3startups to kick start yourMonday
We have 1200 openpositions at Zomato rightnow, says Deepinder Goyal
Which are the next bigplayers in India's e-commerce industry?
6 tips to 'Keep it Simple'from Ken Segall, exCreative Director at Apple
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‘When I had no food andonly Rs 50 in my pocket’ - amoving story of anentrepreneur
Down World Cup memorylane: Will India keep its
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2/16/2015 BuyForexOnline puts a stop to sweating out in long queues for foreign exchange
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Aditya Bhushan Dwivedi Follow @adi_bhushan
A Software Engineer by education, Aditya has been a Workshop Consultant with The Times ofIndia and later on was a Cloud developer with CSC India Pvt. Ltd. Apart from coding, he has a keeninterest in analyzing stock market movements and often forgets the outer world once he startsreading. You can follow him on Google+ and Twitter at @adi_bhushan. You can reach out to him [email protected]".
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the currency in the card when out of cash.
At present, the company has partnered with MakeMyTrip to provide forex services to foreign travellers. Theyclaim to make 1,000 transactions per month with an average ticket size of INR 75,000. Most of their revenuecomes through the mark up they charge on the prevailing bank rates.
Talking about the future, Ananth says the team is focussed on growth and looking to expand into other countries.It’s interesting to see such businesses entering online space and digitising transactions and paperwork. However,this field is still ripe for takers and the market is huge enough for us to start seeing more startups taking this route.
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TOPICS ANANTH REDDY BANGALORE FINANCIAL SERVICES FOREIGN EXCHANGE COMPANIES FOREIGN EXCHANGE MARKET
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Debaroon Gupta · · Top Commenter · Dubai, United Arab Emirates
Team #BuyForexOnline - The ability to recharge the credit cards without DD, forms is a great thumbs up for us.Would definitely use your services and ask my peers too.
#AllTheBest
Reply · Like · · Follow Post · Yesterday at 11:54am
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Ananth Reddy · Founder & MD at Buyforexonline
Thank you Debaroon! Sincerely appreciate your support!
Reply · Like · 3 hours ago
investvsen (signed in using yahoo)
ugly turn rarely happens. second one is good
Reply · Like · Follow Post · 13 hours ago
Ananth Reddy · Founder & MD at Buyforexonline
You are absolutely right :-) However, theft is common, which is when we will not let you down!
Reply · Like · 3 hours ago
Sanjay Swamy · · Top Commenter · 291 followers
Congratulations Ananth - great to see the progress. Cheers!
Reply · Like · Follow Post · February 13 at 10:29pm
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