Multimoney Forex
Multimoney Forex is an RBI-authorized AD II money changer operating 32 branches across India, offering foreign currency exchange across 40+ currencies, outward remittance, multi-currency forex cards, and travel insurance to travelers, students, and SME trade clients.
- Company typePrivate
- Founded2003
- HeadquartersKolkata, India
- Headcount101–250
- GTM typeB2B and B2C
- OfferingServices
What Multimoney Forex does
Multimoney Forex Ltd. is a privately held, RBI-authorized Authorized Dealer II (AD II) and Full-Fledged Money Changer (FFMC) headquartered in Kolkata, India, operating since 2003 as part of the Multicon Group. The company delivers foreign currency exchange across 40+ currencies (including rare currencies rarely stocked by larger banks), outward remittance for personal and trade purposes, multi-currency forex cards, and travel insurance distributed in partnership with ICICI Lombard. Its product surface is delivered through three channels: 32 physical branches across 15+ Indian states, an online booking and tracking platform with digital KYC and live exchange rates, and doorstep currency delivery within service areas.
The platform is built on a standard digital workflow stack: real-time rate display, online order placement, digital document upload for KYC, online card reload and balance management, and partner-integrated payment rails (Convera for university payments, EximPe for B2B trade settlements, and banking corridors with RBL, Yes, and ICICI Bank for international transfers). There is no disclosed proprietary AI/ML or advanced analytics layer; technology is described as conventional fintech tooling rather than differentiated.
The business model is transactional across four revenue streams: exchange rate markups on buy/sell transactions (1–5% above interbank), remittance processing fees, forex card issuance and reload fees, and commission on travel insurance sales. Customers split across three primary segments — individual international travelers, study-abroad students, and corporate/SME trade clients — with a long tail of 3+ million customers and cumulative $5B+ USD exchanged over the company's lifetime. GTM is hybrid: direct-to-consumer through branch and online channels, plus channel-led distribution via bank and insurance partners. Multimoney has no disclosed external funding, no subsidiaries, and no M&A activity; growth has been organic and partner-led.
Multimoney Forex firmographics
Firmographics- Name
- Multimoney Forex
- Legal name
- Multimoney Forex Ltd.
- Website
- https://multimoney.co.in
- Company type
- Private
- Founded year
- 2003
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Multimoney Forex is an RBI-authorized AD II money changer operating 32 branches across India, offering foreign currency exchange across 40+ currencies, outward remittance, multi-currency forex cards, and travel insurance to travelers, students, and SME trade clients.
- Ownership category
- akta.pro rank
Multimoney Forex industry classification
Industry- Product category
- Foreign Exchange & Remittance Services
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)
- akta.pro primary industry
- Multi-Currency Accounts, Wallets & FX Management (Consumer/SME) (FSAGAKAF)
- akta.pro secondary industries
- Cross-Border Card-Based Transfers & Multi-Currency Cards (FSAGAKAE), Travel Money Cards & Multi-Currency Prepaid (FSAMANAI), Remittances & Retail FX (Consumer Cross-Border) (FSABAAAK), Cross-Border Payments & FX (multi-currency wallets, DCC, remittance) (THALAHAE)
Keywords
Where Multimoney Forex is headquartered
LocationHeadquarters
- HQ city
- Kolkata
- HQ country
- India
- HQ region
- Asia
Offices32 records
Markets served
Multimoney Forex business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D
Revenue model
- Currency Exchange Margin: Revenue generated through exchange rate markups on buy and sell transactions for foreign currencies. Rates vary between remittance, cash, and forex card channels.
- Forex Card Services: Fees from forex card issuance and reload services. Cards offer multi-currency loading with chip and PIN security.
- Outward Remittance: International money transfer services for education, travel, family support, and business payments with competitive exchange rates and processing fees.
- Travel Insurance: Commission revenue from travel insurance sales through ICICI Lombard partnership for international travelers.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Standard Currency Exchange |
| Transaction based/ take rate | Pay-as-you-go | Confirmed Order Cancellation |
| Transaction based/ take rate | Pay-as-you-go | Forex Card |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels4 records
Multimoney Forex product offering
Product offeringCore offering
Multimoney Forex is an RBI-licensed Authorized Dealer II providing foreign currency exchange (40+ currencies), outward remittance (personal and trade), multi-currency forex cards, and travel insurance to Indian consumers and businesses. Services are delivered through 32 branches, a digital platform, and doorstep delivery. Revenue is earned primarily from exchange rate markups on transactions, card issuance/reload fees, and partner commissions.
Product overview
Multimoney Forex operates as an RBI-authorized Authorized Dealer II (AD II) providing a unified platform for foreign exchange and remittance services. The core product portfolio consists of Foreign Currency Exchange (supporting 40+ currencies), Outward Remittance (for personal international transfers), Trade Remittance Services (for business payments), Forex Cards (multi-currency prepaid cards), and Travel Insurance (offered in partnership with ICICI Lombard). The company also provides doorstep delivery, online booking, and maintains 32 branches across India.
Differentiator
Problem solved
Functional benefit
Products and services
- Foreign Currency Exchange Currency exchange service enabling customers to buy and sell over 40 global currencies at competitive rates with doorstep delivery or branch pickup options, offered to individual travelers, students, and business professionals across India.
- Outward Remittance (Personal) International money transfer service allowing Indian customers to send funds abroad for education, travel, family support, and personal purposes with RBI-compliant processing and competitive exchange rates.
- Trade Remittance Services Business-focused outward remittance for import/export payments, overseas supplier settlements, professional fees, and cross-border B2B transactions under FEMA compliance, with dedicated documentation support for exporters, importers, manufacturers, and service providers.
- Forex Cards Multi-currency travel cards with global acceptance, chip-and-PIN security, online reload capability, online balance and transaction management, and competitive exchange rates for international travelers, students, and business professionals.
- Travel Insurance International travel protection program offered in partnership with ICICI Lombard, covering medical emergencies, trip cancellations, baggage loss, and flight delays for international travelers.
Quantifiable outcome
- 3+ million satisfied customers served across India
- +2 more outcomes
Companies that use Multimoney Forex
Customer profileNamed customers2 records
Segments4 records
Ideal customer profiles3 records
Multimoney Forex technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Multimoney Forex partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and flagship.
- ICICI Lombard General InsurancecorePartnership for travel insurance products. ICICI Lombard provides the insurance coverage while Multimoney sells travel insurance to its customers as part of the Multimoney Travel Protect Program. Coverage includes medical emergencies, trip cancellations, baggage loss, and flight delays.
- ConveracoreEducation remittance partnership enabling direct university payments for students studying abroad. Convera provides direct university payment networks while Multimoney facilitates the remittance process for Indian students. Supports undergraduate, postgraduate, and professional programs worldwide.
- EximPecoreTrade remittance partnership for Indian businesses engaged in import/export. EximPe provides technology platform for secure, compliant cross-border payments while Multimoney facilitates FEMA-compliant trade remittances for exporters, importers, manufacturers, and service providers.
- RBL BankcoreBanking partnership for international money transfers. RBL Bank provides the banking infrastructure for quick, secure international money transfers through Multimoney's network of branches and digital platform.
- Yes BankcoreBanking partnership for comprehensive forex products including forex cards and international money transfer services. Yes Bank provides reliable banking solutions enabling secure, efficient global transactions.
- ICICI BankcoreBanking partnership for diverse forex solutions including forex cards and international money transfer services. ICICI Bank enables secure, efficient, and hassle-free global transactions for Multimoney customers.
- Multicon GroupflagshipParent company of Multimoney Forex. Multicon Group provides strategic direction, brand backing, and operational support for the forex services business. Multimoney Forex is a proud member of Multicon Group committed to excellence in foreign exchange services.
Scale indicators7 records
Recent moves14 records
Expansion highlights5 records
Multimoney Forex competitors and assessment
Company assessmentEmerging players
- Wise (formerly TransferWise): Digital cross-border payments company offering mid-market rate FX and remittance globally. Emerging competitor in India's outward remittance corridor with technology-led, branchless model contrasting Multimoney's branch-heavy approach.
- Instarem: Digital remittance fintech offering cross-border transfers from India with competitive FX rates. Comparable outward remittance offering targeting similar Indian diaspora, students, and business customer segments but with digital-only delivery.
Direct peers
- BookMyForex: India's largest online forex marketplace offering currency exchange, forex cards, and outward remittance. Direct competitor in the same retail forex and remittance category with digital-first delivery, but without Multimoney's branch footprint.
- Centrum Direct: Forex and remittance arm of Centrum Group, offering currency exchange, forex cards, and outward remittance across multiple Indian cities with both branch and digital channels — directly comparable product mix and distribution model to Multimoney.
- Muthoot Forex: Forex arm of the Muthoot Group providing currency exchange, outward remittance, and forex card services in India under RBI AD II license. Comparable branch-based retail forex and remittance business.
- Weizmann Forex: Indian forex and remittance company offering currency exchange, forex cards, and outward remittance under RBI license. Directly comparable in product portfolio and customer segments served.
- FxKart: India-focused B2B forex and remittance platform serving SMBs with cross-border payments. Comparable outward remittance and trade remittance product targeting Indian businesses and importers/exporters, partially overlapping Multimoney's trade remittance line.
Broad incumbents
- MoneyGram: Global cross-border P2P money transfer company with retail agent network in India. Competes for the same cross-border money transfer and FX customer segments, though primarily inward remittance focused.
- Thomas Cook India (Forex division): Large incumbent offering forex, remittance, and travel services across India. Much broader portfolio (travel, tours, forex) but overlaps significantly with Multimoney's currency exchange and outward remittance lines, competing for the same outbound-travel and education segments.
- Western Union (India): Global remittance leader with strong India footprint for inward remittances and retail FX. Comparable in remittance and FX retail service but operates at vastly larger scale via a global agent network.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Multimoney Forex social profiles
Digital presenceMultimoney Forex compliance and trust
Trust signalCompliance2 records
Multimoney Forex financial estimates
Financial estimateRevenue estimate
Valuation estimate
Multimoney Forex leadership team
Management profileNumber of profiles
Profiles1 record
Multimoney Forex funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Multimoney Forex M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Multimoney Forex
What does Multimoney Forex do?
Multimoney Forex is an RBI-licensed Authorized Dealer II providing foreign currency exchange (40+ currencies), outward remittance (personal and trade), multi-currency forex cards, and travel insurance to Indian consumers and businesses. Services are delivered through 32 branches, a digital platform, and doorstep delivery. Revenue is earned primarily from exchange rate markups on transactions, card issuance/reload fees, and partner commissions.
Is Multimoney Forex a public or private company?
Multimoney Forex is a private company. It is classified as family owned and is currently operating.
When was Multimoney Forex founded?
Multimoney Forex was founded in 2003. It employs 101 to 250 people.
Where is Multimoney Forex based?
Multimoney Forex is headquartered in Kolkata, India, in the Asia region.
How does Multimoney Forex make money?
Four revenue lines are on record. Currency Exchange Margin is the primary driver. The others are forex Card Services, outward Remittance and travel Insurance.
Who are Multimoney Forex's main competitors?
Emerging players on record are Wise (formerly TransferWise) and Instarem. Direct peers are BookMyForex, Centrum Direct, Muthoot Forex, Weizmann Forex and FxKart. Broad incumbents are MoneyGram, Thomas Cook India (Forex division) and Western Union (India).
Does Multimoney Forex have an API?
No public API is recorded for Multimoney Forex.
What industry is Multimoney Forex in?
Multimoney Forex's product category is Foreign Exchange & Remittance Services. Its primary akta.pro industry code is FSAGAKAF, Multi-Currency Accounts, Wallets & FX Management (Consumer/SME), with a secondary code of FSAGAKAE, Cross-Border Card-Based Transfers & Multi-Currency Cards. Its NAICS code is 52232.