Cancellation & Refund Policy> Cancellation of Rate Locked Forex Orders (Forex Orders with a fixed rate & validity time)
Forex rates are subject to major fluctuations. If you are booking a forex transaction with ExTravelMoney (Buy Currency, Sell Currency, Money Transfer Abroad, Forex Card), you will have a facility of locking the exchange rate of the transaction (available only on working days and during working hours)*. For locking the exchange rate, you’ll have to pay a fully Refundable Rate Lock Deposit which is treated as a safety deposit and will be refunded to you completely when the transaction is completed within the specified period of the rate lock validity. This Refundable Rate Lock Deposit can be paid via Paytm Wallet, International Credit or Debit Card or through Net Banking, using our secure payment gateway.
- A Rate Locked forex order is liable to be cancelled for reasons including but not limited to the transaction not being executed within the specified time mentioned in the forex estimate sent by ExTravelMoney through email or the chosen forex product not being available at the chosen forex store.
- The Rate Locked forex order booked by you will be honoured subject to your eligibility in terms of the applicable laws, rules, regulations, bye laws, ordinances and notifications, as well as verification of the documents submitted by you to our partnered RBI approved money changing stores.
- The partnered money changers may refuse to fulfill the Rate Locked forex orders for reasons including but not limited to non-compliance of regulatory requirements (FEMA, CFT, KYC guidelines) or for non-availability of supporting documents required as per RBI / FEMA guidelines or the Anti-Money laundering Guidelines of the RBI or under any other circumstances. In such instances the forex order will attract cancellation charges of our partnered money changer and will result in the Rate Lock Deposit being forfeited fully or refunded to you partially depending upon the loss incurred by our partnered money changer due to withholding the forex. It is clarified that we shall not be responsible or be held liable for any damage of injury caused to you in such eventuality, and you may approach the pertinent money changer directly in this regard for all and every clarification.
If the customer has opted for door delivery of forex or door pickup of forex/KYC documents and if the location is beyond the door delivery/pickup distance of the money changer, then the money changer may refuse to serve the forex order and no charges will be applicable to the customer.
Working Days Rate Lock Working Hours Monday - Friday Saturday 9:30am - 4:30pm 9:30am - 2:00pm
- When a Rate Locked order is successfully completed within the Rate Lock validity period, the forex vendor will intimate the status of the transaction to ExTravelMoney and we will initiate the full refund of the Rate Lock Deposit. Depending upon the payment method you used to pay the Refundable Lock Deposit, the refund will come through the same mode of payment.
- When a Rate Locked order is cancelled or not completed within the specific period of Rate Lock validity the Rate Lock Deposit shall be either refunded to you in partial or forfeited completely depending upon the loss incurred by our partnered money changer due to withholding the forex.
- When a customer decides to cancel their Rate Locked order, they must intimate the decision to ExTravelMoney to be eligible for the refund of Rate Lock Deposit. Without confirming the cancellation from the customer, ExTravelMoney will not initiate the refund.
- The period for claiming a partial refund on a customer cancelled Rate Locked order is 7 days. If the refund is not claimed within this period, the Rate Lock deposit shall stand forfeited by the customer.
- Refund of Rate Lock Deposit may take anywhere between 0 to 14 days (depending upon the payment mode) to be credited back to you.
> Cancellation of Forex Orders Without Rate Lock (Orders with no guarantee on rate)
If you are opting a forex transaction without locking the exchange rates then you are not required to deposit a refundable Lock Deposit and the transaction rates applied are those that appear on the website at the actual time of transaction, with a swift and specific expiry period.
- Non-Rate Locked forex orders can be cancelled by you, us or our partnered money changer stores by notifying the other concerned party of the cancellation. In such cases, there is no charge for cancellation of a Non-Rate Locked forex transaction.
- Non-Rate Locked forex orders cannot be cancelled once the actual transaction has been executed.
- The forex service provider or ExTravelMoney may cancel the order due to specific reasons including but not limited to non - compliance of applicable laws, rules and regulations or for non-availability of supporting documents required as per RBI / FEMA guidelines or Anti-Money Laundering Guidelines of the RBI.
- Your transaction is liable to be cancelled by our partnered money changer store or ExTravelmoney for reasons including but not limited to non-compliance of the Information Technology Act, 2000 and rules thereunder as applicable and as amended from time to time and also all applicable Domestic laws, rules and regulations(including the provisions of any applicable Exchange Control Laws or Regulations in Force) and International Laws, Foreign Exchange Laws, Anti Money Laundering guidelines, Prevention of Money Laundering Act, Statutes, Ordinances and Regulations(including, but not limited to Sales Tax / VAT, Income Tax, Octroi, GST / SGST, Central Excise, Custom Duty, Local Levies).