EbixCash World Money

What EbixCash World Money does

EbixCash World Money Ltd is an RBI Authorised Dealer Category II foreign exchange and outward remittance company headquartered in Mumbai, India. Originally established as CentrumForex and previously operated under the Ebix group, the business is currently a subsidiary of Eraaya Lifespaces Ltd following a 2023-2024 acquisition. It serves Indian consumers and small businesses needing foreign currency, multi-currency travel cards and cross-border money transfer services.

The company operates a phygital model that combines the buyforex.com self-serve online platform with an extensive physical retail network of 2,250+ owned locations, 5,000+ partnered forex outlets across 650+ Indian cities, and dedicated airport counters. Core products include currency notes in 19 currencies, a VISA-networked prepaid multi-currency travel card covering 17 currencies, and wire transfers/demand drafts in 19 currencies, supplemented by Western Union remittance services for trade and domestic money transfer. Technology components include SSL-secured transactions, document upload and storage for repeat KYC, real-time live exchange rate display with rate alerts, and a rate lock-in mechanism for a refundable 2% advance fee.

Revenue is generated primarily through transaction-based spreads and fees on currency exchange, forex card issuance/reload and remittances, priced per unit at published buy/sell rates that vary by product (forex card, cash, wire transfer, demand draft). Free door delivery is provided for orders above Rs.50,000, and go-to-market blends self-serve e-commerce (buyforex.com) with branch-based assisted sales and channel partners. Primary customer segments are individual leisure travelers, outbound students, medical travelers, business travelers, airline crew and migrants, with cross-sell of travel insurance, eSIM, student accommodation and outstation cabs bundling the international trip journey.

Name

EbixCash World Money

Legal name

EbixCash World Money Ltd

Website

https://buyforex.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

101–250 employees

Short description

EbixCash World Money is an RBI Authorised Dealer Category II forex and outward remittance company serving Indian travelers, students and businesses via the buyforex.com platform and a 2,250+ location phygital branch and partner network across 650+ cities.

Ownership category

akta.pro rank

Product category

Foreign Exchange Services

akta.pro primary industry

Cross-Border Payments & FX (multi-currency wallets, DCC, remittance) (THALAHAE)

akta.pro secondary industries

Travel Money Cards & Multi-Currency Prepaid (FSAMANAI), Cross-Border & FX Payments Platforms (BPAMAFAK)

Keywords

• Foreign exchange services
• Forex cards
• International money transfers
• Currency exchange
• Remittance services

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Foreign Exchange Trading: Revenue generated from currency exchange margins between buy and sell rates for cash, forex cards, and other forex products. The company offers competitive exchange rates with spread margins across 19+ currencies.
2. Money Transfer Services: Fees charged for wire transfers, demand drafts, and telegraphic transfers for international remittances
3. Forex Card Sales: Revenue from issuance and reload of prepaid multi-currency travel forex cards

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

EbixCash World Money is an RBI Authorised Dealer Category II foreign exchange brand that provides forex solutions through a phygital (physical + digital) model. The company sells foreign currency notes in 19 currencies, issues prepaid multi-currency travel forex cards (17 currencies on a single card), and processes international wire transfers and outward remittances for travelers, students, business travelers, and migrants. Services are delivered via the BuyForex.com online platform supported by an extensive retail branch network across India.

Product overview

EbixCash World Money operates as a comprehensive foreign exchange and remittance platform, comprising an online digital channel (BuyForex.com) and a physical retail branch network. The core offering includes the online BuyForex.com platform for buying, selling, and transferring foreign currencies, supported by the Multi Currency Forex Card (17 currencies), Currency Notes (19 currencies), and Wire/Money Transfer services (19 currencies). Additional services include Student Desk, Travel Insurance, eSIM, Student Accommodation, and CABS taxi service. The physical network spans over 2,250 locations across India, including the 100th retail forex branch milestone achieved recently. The platform is authorized by RBI as an Authorised Dealer Category II.

Differentiator

Problem solved

Functional benefit

Products and services

• Multi Currency Forex Card Prepaid travel forex card offering 17 currencies in a single card, accepted at VISA-accepting ATMs worldwide. Designed for international travelers, students, and business travelers needing cashless access to multiple currencies overseas.
• Currency Notes Physical foreign currency notes available in 19 currencies (AED, AUD, CAD, CHF, CNY, DKK, EUR, GBP, HKD, JPY, MYR, NOK, NZD, SAR, SEK, SGD, THB, USD, ZAR). Targeted at travelers carrying smaller amounts of cash for unplanned overseas expenses.
• Wire Transfer / Money Transfer International money transfer service supporting wire transfers in 19 currencies (AED, AUD, CAD, CHF, CNY, DKK, EUR, GBP, HKD, JPY, MYR, NOK, NZD, SAR, SEK, SGD, THB, USD, ZAR). Enables outward remittance for education (tuition, GIC), business, and personal needs, requiring beneficiary personal and bank details.
• Travel Insurance Travel insurance coverage sold alongside forex services for international travelers seeking protection during overseas trips.
• Student Desk Dedicated service desk offering specialized forex, remittance, and accommodation support for students traveling abroad for education. Helps with tuition payments, GIC transfers, and overseas housing arrangements.
• eSIM Electronic SIM (eSIM) card service for international travelers, providing mobile connectivity abroad without needing a physical SIM swap.
• CABS (Outstation Cab Service) Outstation cab booking service for travelers, including airport transfers and travel arrangements, available through the Ahataxis platform linked from buyforex.com.

Quantifiable outcome

• 650+ cities covered with 5,000+ partnering locations
• +2 more outcomes

Named customers6 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature5 records

Partnerships

Five partnerships are on record, tiered minor and core.

• Kings XI PunjabminorGTM or Marketing Partner · 11 November 2019EbixCash served as Title Sponsor for Kings XI Punjab (now Punjab Kings), an Indian Premier League (IPL) cricket team. This was a high-visibility marketing partnership to increase brand awareness.
• Republic Media NetworkminorGTM or Marketing Partner · 21 October 2019Republic Media Network partnered with EbixCash to present content and events, providing media visibility and marketing exposure for the EbixCash brand.
• TASAasiacoreStrategic or Co-development Partner · 9 October 2017EbixCash World Money entered into an alliance with TASAasia to offer international payment services to students traveling abroad. This partnership focused on providing comprehensive forex and payment solutions for the student travel segment.
• Western UnioncoreTechnology or IntegrationWestern Union Business Solutions provides remittance services for trade-related imports, and Western Union domestic money transfer services are offered through EbixCash's network.
• VISAcoreTechnology or IntegrationVISA is the payment network partner for EbixCash's Multi-Currency Forex Cards, enabling card acceptance at VISA ATMs worldwide.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• BookMyForex: India's largest online forex marketplace offering forex cards, currency notes, and outward remittance. Closely mirrors EbixCash's buyforex.com value proposition with rate-comparison across multiple vendors and home delivery.
• Thomas Cook India: Major Indian travel and forex player with retail branch network, forex cards, and outward remittance. Competes directly in both the travel distribution and FX categories that EbixCash targets.
• Muthoot Forex (Muthoot Fincorp): Well-established Indian money changer with physical branches offering currency exchange, forex cards, and remittance — directly comparable product suite targeting the same Indian traveler and remitter segments.
• Weizmann Forex: Indian-licensed FFMC and AD-II money changer operating physical branches and outward remittance, serving the same Indian outbound travel and education forex use cases as EbixCash.
• Unimoni (formerly UAE Exchange India): India-headquartered remittance and forex brand with multi-channel money transfer, forex cards, and outward remittance — direct competitor in cross-border payments and FX distribution.

Others

• Centrum Direct: Predecessor to EbixCash World Money (formerly CentrumForex); after the 2019 divestiture, continues operating in adjacent Indian forex and financial services segments with overlapping customer base.

Broad incumbents

• Western Union: Global remittance leader; in India it operates both as a partner (Western Union Business Solutions used by EbixCash for trade remittances) and as a competitor through its own retail agent network and digital send-money platform.
• Wise: Digital-first cross-border payments platform competing for India outward remittance with transparent mid-market rates. Targets the same student and emigrant segments EbixCash serves, though without India's physical branch infrastructure.
• Remitly: US-headquartered digital remittance platform with growing India corridors; a primary digital competitor in the cross-border money transfer category where EbixCash earns transaction fees.

Emerging players

• Currencykart: India-focused online forex platform offering forex cards, currency notes, and outward remittance with door delivery — narrower scale than EbixCash but directly comparable digital value proposition.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/EBIXCASH_WM
• Facebookfacebook.com/EbixCashWorldMoneyOfficial
• LinkedInlinkedin.com/company/ebixcash-worldmoney

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about EbixCash World Money