Forex

FX Retail is an online platform developed by the Clearcorp Dealing Systems (India) Limited (a wholly owned subsidiary of Clearing Corporation of India Ltd.) that offers competitive, market-driven forex rates. It connects you with authorized dealer banks (AD Category-I) and brings transparency, price discovery, and ease of access to retail forex transactions. You can now digitally book - i.e. buying US Dollars for travel or remittances—while your selected relationship bank handles settlement and fulfilment. FX Retail has now been integrated with select BBPS-enabled TPAPs and banking app/websites.

Your Relationship Bank (RB) is the AD Category-I bank where you maintain your savings or current account. It will settle your forex transactions and deliver the forex product (e.g., remittance, card, or cash).

Currently the following banks are available through BBPS-enabled channels: • Axis Bank • Federal Bank • ICICI Bank • State Bank of India • Yes Bank

TPAPs (Third Party Application Provider), are UPI-enabled apps, that can be used to access the Forex category on Bharat Connect.

Clearcorp (Clearcorp Dealing Systems (India) Ltd.) is a central infrastructure institution that provides clearing and settlement services across various financial markets in India. It plays a primary role in: • Creating a unique customer ID and validating an existing customer ID • Fetching prices from the open market as per the existing process • Adding charges given by banks on the fetched price. • Communicating order deals and status

Bharat Connect, operated by NPCI Bharat Bill Pay Limited (NBBL), a wholly owned subsidiary of NPCI, facilitates customers to make payments via physical payment collection outlets (bank branches, agent collection stores etc) and digital channels (apps, websites etc) across India. FX-Retail has been integrated with Bharat Connect to enable Customer to on-board and execute transactions on the FX-Retail platform through the Bharat Connect enabled channels (like TPAPS and banking apps).

Only resident Indian individuals are allowed to register and transact in Phase 1.

Currently, you can only buy US Dollars (USD).

You can book up to: • USD 10,000 for Forex Card • USD 10,000 for Remittance • USD 3,000 for Physical Currency Note that the applicable limits will apply as per the payment mode selected.

You can do unlimited transactions daily, as long as you stay within the overall limit under the Liberalised Remittance Scheme (LRS).

The LRS is a facility provided by the Reserve Bank of India (RBI) that allows you to remit up to USD 250,000 per financial year abroad for permissible current or capital account transactions, such as education, travel, medical treatment etc. All remittances under LRS must comply with FEMA regulations.

You can use the following platforms to register and access FX Retail services: • Federal Bank Mobile Banking app • CRED • MobiKwik • SBI Internet Banking portal

No, registration is free of charge on FX Retail through Bharat Connect channels.

No physical documents are required because the registration is fully digital. Your PAN will be validated by the TPAP or the banking platform. Here are the prerequisites: • The selected relationship bank account must be active and KYC compliant • You must be eligible for purchase of foreign currency in India • You must be the primary account holder of the selected bank account

To register, you must: • Select the “Forex” icon on the preferred app or website • Choose your customer type and Choose your Relationship Bank & enter the required details (bank account, PAN, IFSC etc.) • Complete OTP validation using your registered mobile number and email ID. • Once validated, your FX Retail Customer ID will be displayed and sent to your email

During registration, you can choose from banks where you hold a savings account. If you register via a bank’s own app or internet banking site, that bank may be selected as your Relationship Bank.

Not initially. You can onboard only one relationship bank via a BBPS-enabled app or website. To add more, log in at FX Retail website (https://www.fxretail.co.in/#/login/) using the credentials sent to your email after initial onboarding. Then go to “Bank Relationship” to add others.

No, if you already have an FX Retail ID, you can directly proceed with transactions.

Yes, your FX Retail Customer ID works across all integrated platforms.

a) If you register via a TPAP, no physical documents are needed as your details will be verified digitally. b) If you register via a bank’s channel, the bank will use your existing data. Make sure your account meets the pre-requisites.

No, not in Phase 1. Only resident individuals can register.

No. Clearcorp ensures only one unique ID is created based on these details.

You can register 24x7 using BBPS-enabled frontend channels.

You will receive two OTPs from FX Retail—one on your registered mobile number and one on your email address.

No. Your mobile number will be pre-filled based on your TPAP or bank records and cannot be edited.

You need to visit FX Retail website (www.fxretail.co.in) to deactivate or update your credentials. All modifications must be made through FX Retail directly.

Yes, but only via the FX Retail website (www.fxretail.co.in). Since mobile number and email are mandatory for registration, if you change your mobile number, you’ll have to cancel and re-register. For changing email, follow the process given on the FX Retail site.

You can currently purchase only US Dollars using Indian Rupees (INR).

You can buy forex for the following purposes: a) Foreign travel b) Reloading of Forex Card (issued by your Relationship Bank) c) Outward remittances for defined purposes as per FEMA/Regulatory guidelines

You can book transactions on working days (Monday to Friday) between 9:15 AM and 3:30 PM.

After registration, you need to: • Open the “Forex” category on BBPS-enabled channel • Choose the product type for forex (cash, forex card or outward remittance) & choose your relationship bank • Enter the USD amount you wish to purchase • Review the exchange rate, bank charges, and the total INR payable • Provide a mandate to debit the specified INR amount from your account • Upon successful execution, you’ll receive an on-screen confirmation as well as on SMS and email. Note: Exact inputs might vary slightly depending on the app/website being used.

Yes, you’ll see an indicative rate (the last traded FX Retail price) before booking. The best available rate will have a slight buffer built-in for protection from rate fluctuation. Bank charges, as applicable, will be displayed separately.

It’s a charge added by your Relationship Bank to the base forex rate. The charged amount may vary from bank to bank.

FX Retail provides the forex rate, while your relationship bank provides the charges, which are displayed during your transaction.

The forex rate provided by FX Retail may fluctuate. To avoid rejections due to volatility, a small buffer is added by FX Retail.

A buffer is a small additional amount to cover rate fluctuations. It is not a fee or charge. The forex rate displayed is inclusive of the buffer. Any difference between debited amount and final booking amount is refunded.

If the amount is debited but the app/website shows a “Pending” status, please wait for the final transaction status confirmation. The final status (success or failure) is displayed upon confirmation from FX Retail. In case of failure, the app will refund the debited amount.

You will see a confirmation message on the app or website. You will also receive an SMS and email with transaction details.

Your purchase details will be shown on the app/website. You'll also get confirmation via SMS and email.

Yes, you can.

There are three available options for forex delivery: (1) Remittance, (2) Forex Card Reload and (3) Physical Currency. You must select one of these delivery modes on the app or website at the time of booking the transaction. The selected delivery option determines how the purchased foreign exchange will be fulfilled by the Relationship Bank.

Yes, you can remit funds digitally through your bank’s provided URL for fulfilment. You will need to provide beneficiary details and others details as required by the bank.

Your Relationship Bank will provide the Forex Card or physical currency. Cash (physical currency) needs to be collected at the branch, while Forex Card can be reloaded digitally or at branch, depending on the fulfilment mode picked.

Apart from the bank charges, which is included in the final forex rate at the time of transaction debit, your bank may have additional charges towards fulfilment of the purchase. Such charges may include remittances charges / reload charges / GST and other standard charges for processing the fulfilment. Disclaimer stating that additional Charges and taxes will be collected directly by the bank will be displayed on-screen before the payment is made.

Yes, if the account is yours. The payment must come from your own account, not a third-party account. Transactions are linked to your PAN under LRS guidelines.

No, you cannot cancel the transaction once it is confirmed.

Yes, your Relationship Bank can cancel it due to non-compliance, no-show, or AML violations. In case your bank cancels the transaction, it will recover applicable charges and forex losses (if any) and refund the balance( in INR) to your account.

AML, or Anti-Money Laundering, refers to regulatory procedures designed to prevent illicit financial activities such as money laundering, terrorist financing, or fraudulent transfers. All forex transactions conducted via FX Retail are subject to AML checks by your Relationship Bank. If a transaction appears suspicious, lacks appropriate documentation, or violates RBI or FEMA norms, the bank has the right to cancel it, with or without prior notice. You may also be required to submit additional documents related to the source of funds or purpose of remittance.

FEMA (Foreign Exchange Management Act) is an Indian law enacted in 1999 to regulate foreign exchange transactions and external trade. It aims to facilitate external payments, promote orderly development of the foreign exchange market, and ensure compliance with India’s foreign exchange policies. All forex transactions must adhere to FEMA guidelines to ensure legal and regulatory compliance.

While the order for purchasing US Dollars is placed through BBPS-enabled channels, the transaction fulfilment must be completed through the Relationship Bank (RB). To complete the order, the Relationship Bank may request relevant documents from you. For example, if the order involves buying US Dollars in cash or reloading an existing forex card for foreign travel, the Relationship Bank may ask for documents such as a travel ticket copy, passport, etc. In the case of outward remittances under the Liberalised Remittance Scheme (LRS), the required documents will vary depending on the specific purpose of the remittance. The bank will guide you accordingly to ensure seamless processing. You will need to submit these documents either online or at the branch as per the fulfilment mode selected by you.

You need to refer to the email or communication received from your Relationship Bank. That list will specify which documents are required. You may submit them either online or in person, depending on the fulfilment mode selected by you at time of booking.

Yes, after booking, you’ll receive Bharat Connect Transaction ID & FX Retail Trade No. via SMS and email. You must use these for any communication with your bank.

The branches where forex cash (physical currency) is maintained by the particular bank, will be displayed at the time of booking. This will help in branch selection.

You may choose for bank branch or bank’s online portal for fulfilment modes. Forex card reload and outward remittances may be fulfilled at branch or online, however, cash (physical currency) may only be fulfilled at the bank branch. Note: The availability of each product on each fulfilment mode depends on your bank

Yes, your bank may apply additional charges and taxes (TCS, GST, etc) at the time of fulfilment. A disclaimer will be displayed before you confirm your transaction.

That depends on the delivery mode: • Cash(Currency): You must visit the selected branch with required documents (as mentioned in the email communication received from bank) and booking details to collect the cash. • Forex Card: If you’ve picked branch-based fulfilment, bring your card to the bank for reloading, along with the requested documents. If you’ve picked fulfilment on the bank’s online portal, you may proceed by opening the link displayed on-screen/received on mail. • Remittance: If you’ve picked branch-based fulfilment, bring your card to the bank for reloading, along with the requested documents. If you’ve picked fulfilment on the bank’s online portal, you may proceed by opening the link displayed on-screen/received on mail.

Yes, if your Relationship Bank supports online fulfilment, you can complete it digitally.

You should: • Have all required documents ready, as mentioned in the confirmation email from your bank • Have login credentials for your bank’s digital platform • Input the Transaction Reference Numbers (Bharat Connect Transaction ID and/or FX Retail Trade No.) accurately • Enter purpose codes or upload documents as needed • If the digital journey is interrupted, you must re-login and resume the process from where it was left off. • Pay any charges as informed, either online or at the branch

Only select purpose codes maybe allowed for digital fulfilment (through bank’s portal) of outward remittances. Please check with your bank before proceeding with the transaction. For purpose codes which are not allowed for online fulfilment, you may need to visit the bank branch for completion. Note: In case of outward remittances, bank will also ask for beneficiary details. You should carefully fill all details. In case details are wrongly filled and account number / other details do not match; the transaction can fail. In such case, whenever the bank receives the credit back, the bank will process the refund back to your account and terms of cancellation of transaction will apply (charges and losses if any will be recovered and remaining amount will be credited to your account).

Yes, your bank may cancel the deal in cases such as: • LRS limit breach • Regulatory non-compliance • Non-submission of required documents in time • Invalid or forged documents • Failure to submit extra documents when asked • Insufficient balance for charges or taxes • Failure to provide source of funds when asked • Not visiting the selected branch (for branch-assisted cases)

If you fail to collect it, you must contact your Relationship Bank for the next steps.

Yes. All personal and financial data is verified through secure APIs.

You can contact: • The app or site you used • Your Relationship Bank • FX Retail support at https://www.fxretail.co.in/#/login/

• For booking-related or order-related issues, please reach out directly to your bank. • For app/website issues, raise a complaint directly on the platform. • For FX Retail-related concerns, email supportfxretail@ccilindia.co.in or submit a grievance ticket on the FX Retail portal.

Yes, You can contact the FX-Retail support team at supportfxretail@ccilindia.co.in or call the helpline numbers 1800 266 2109 (toll free) or +91 22 6154 6313. The helpdesk is available Monday to Friday from 8:00 AM to 7:30 PM. You may also refer to the contact details provided on the respective apps or websites.

Yes, you can request deactivation through your Relationship Bank, if required.