If you pack your bags for vacation abroad or even study abroad, discard that forex card. No, you don’t have to carry that credit card in your wallet or think of wire transfer to pay your tuition fees. Just download the HOP app (available on Android and iOS platforms), complete the onboarding KYC to gain access to a multicurrency bank account and be ready to pay whatever you want for your expenses abroad.
The Neo Bank mobile app addresses concerns such as high currency markup, high exchange rate, lack of transparency in fee structure, complex documentation process, inconsistent format between domestic and foreign banks and low level of automation in the internal systems of domestic banks.
Mayank Goel, founder and CEO of Manihop, the company behind the app, says the goal is to capture the aspirations of students and tourists around the world so that they can move around the world without having to worry about money and transactions. “The app allows you to pay for accommodation, college fees, etc. at an economical price in a paperless, seamless and cashless manner before reaching the country. As for the exchange rate, it is the same if not less than the banks without any hidden markup and facility fees, “he said.
MoneyHOP also offers a numberless debit + forex card that can be used to spend in Indian Rupees and overseas as well as in foreign currency. Since the card is linked to a multi-currency account where you can exchange and hold foreign currency, it eliminates the risk of exchange volatility.
MoneyHOP’s target customers are millennials, says Goal7 “This is our first target audience to go abroad to study. Eventually, these students will have to settle abroad and send money back home, ”he said.
Like any digital banking solution, mobile number, email, PAN and CKYC (Central KYC) verification are required to use HOP app, all done digitally. In some cases, Aadhaar authentication may be required. It has placed multiple checks, such as real-time face matches, geotags and penny drops, to prevent identity abuse. In successful KYC, the user is given a free multi-currency account and a virtual card for life. Interest up to 5% is available on the account. Payment is valid in all countries except the countries on the OFAC list. The customer pays around 25 bps for instant currency conversion in the app, whereas for sending money internationally through the app, it is 35 bps.
MoneyHOP has onboard 15,000 subscribers and aims to reach half a million users by the end of 2022. “There are many opportunities for innovation in the cross-border banking sector. The market is big enough for us to make it a scalable business, ”said Goyal
The main income of moneyHOP is the commission paid by the customers for instant currency conversion / international transactions through the app. It also generates profits through interchange fees that the merchant pays the customer to use the card, in addition to the interest on the float amount held by the users in the app.