CIFL extends foreign exchange services in Gujarat through brand Remitx

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Capital India Finance Limited (CIFL), a listed Non – Banking Finance Company, has launched its new array of foreign exchange services in Gujarat. After the successful launch in New Delhi, Punjab and other parts of India, the Company has commenced foreign exchange operations in Ahmedabad and rest of Gujarat shortly. RemitX provides an integrated Foreign Exchange platform to offer outward remittance, buying and selling foreign currency bank notes, Foreign currency demand drafts, foreign currency prepaid cards, Travel insurance. Additionally, foreign exchange services are also provided to students such as Outward remittance of University tuition fees, living expenses when studying abroad.

Dr Harsh Kumar Bhanwala, Executive Chairman, CIFL said, “We are geared up to offer seamless and real time technology – led foreign exchange remittance services in Gujarat’s major cities where the foreign exchange remittance market is likely to pick up due to increasing needs of cross-border money transfers. Post COVID, many students from these cities are now finalising their study plans abroad where RemitX services will help them for hassle-free remittances and compliances. With our own branches, RemitX will provide a superior experience in outward remittances and other foreign exchange services related to overseas education and other forms of foreign travel.”

‘RemitX’ has introduced an exclusive digital platform for Indian students travelling to Germany. Any Student travelling to Germany for further studies has to mandatorily open Blocked Account before applying for Visa. RemitX has an exclusive arrangement for students travelling to Germany to open Blocked account before applying to consulate for obtaining Visa. The entire arrangement is online and seamless for the student. The foreign office of Germany in India has approved this arrangement and this mention is hosted on their Official Consulate website in India.

The outbound travel is expected to resume by first quarter of FY 21-22. The overseas remittance activity among the student and their parent fraternity is expected to continue. RemitX aims to gain a significant market share in this space and expand further. Currently, RemitX services are available in New Delhi, Mumbai, Jaipur, Agra, Chennai, Ludhiana, Patiala, Jalandhar, Agra, Ahmedabad, Nagpur and Nasik through its branch network catering to forex needs of various types of travellers including travel enthusiasts, business & leisure travellers and students traveling across the world for studies

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