BFC Forex is regulated by the Reserve Bank of India (RBI) and was established in December 2004 as an approved and licensed entity under RBI’s Money Transfer Service Scheme (MTSS), thereby enabling the inflow of funds into India from BFC customers living abroad.
With a network of over 50 strategically located branches throughout the Gulf and a further 10 located in the UK, BFC Group is expanding its retail network with 5 BFC Forex branches in India.
These new branches embody BFC Group’s values of trust, care and efficiency, and are a commitment to customers to ensure their inward remittances are received on-time, every time and the receiving customer experiences the same high quality service they do in the send markets. Customers will be able to collect money from one of BFC Forex’s retail branches located in Mumbai, Tirur, Ernakulam – Cochin, Vadakara and Calicut.
The branches will enable customers to receive cash from EzRemit and Moneygram send locations, as well as buy and sell foreign currency.
Commenting on the opening, Mr Nick Bishop, BFC Group Chief Operating Officer said, “India is the largest remittance market in the world and is where the highest proportion of BFC’s customer portfolio remit money to each month. Our commitment is not only to the send market but also to ensure that the customers receiving money in India experience the highest standard of customer service that is expected of BFC. We believe that with a presence in the main cities of Kerala and our head office in Mumbai, BFC Forex will be well placed to serve the receiving market and give peace of mind to those sending money from any of the BFC and EzRemit locations across the GCC and beyond.”
Mr Bhaskar Rao – Executive Director and Country Head of BFC Forex, also added “We are delighted to launch our retail network of branches in India and look forward to servicing the needs of our receiving customers, through our trusted and convenient money transfer products and great rates.”
BFC Forex is licensed as a Fully Fledged Money Changer (FFMC) granted by RBI. It is the sole principal agent of Bahrain Financing Company for their cash remittance product (EzRemit) as licensed by RBI.
With the license under the Money Transfer Service Scheme (MTSS), BFC Forex is able to serve customers by cash payments across its own counters and also through a sub agent network of more than 15,000 locations in India.
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