GlobalPay Forex Correspondent
Offer forex cards, currency notes & remittances
RBI AD II
LICENSED
BSE LISTED
40+ YEARS OF
TRUST
1M+ HAPPY
CUSTOMERS
A Forex Correspondent (FxC) is an appointed partner that brings GlobalPay’s foreign exchange services to customers in its own city, network or storefront.
GlobalPay, as the Authorised Dealer, carries the licence, compliance framework, rates and settlement. The FxC brings customer relationships and local presence: travellers planning a trip, students paying university fees, families supporting relatives abroad.
Every transaction runs through GlobalPay’s Smart Agent Platform and is serviced by the nearest GlobalPay branch, so partners can start without building forex operations from scratch.
Businesses and individuals whose customers already need foreign exchange.
Add forex cards, currency notes and travel insurance to every holiday, pilgrimage and business trip booked.
Handle university fee payments, GIC and blocked-account transfers, and student forex cards for each admitted student.
Turn an existing storefront in a high-footfall area into a trusted local forex point.
Build a forex business within a professional network or community, without an upfront operations setup.
Start with the model that matches current capacity, and move up as the business grows.
| Particular | FxC Distribution Model | FxC Complete Forex Service Model |
|---|---|---|
| FxC Model | For partners who want to offer forex to their customers while GlobalPay handles execution and delivery. | For partners ready to run a customer-facing forex counter and serve customers end to end. |
| Partner role | Sources customers, books orders on the platform and stays the customer’s point of contact | Serves walk-in customers directly: buying and selling currency notes, issuing and reloading forex cards, initiating remittances |
| GlobalPay role | Rates, KYC checks, compliance, execution, card issuance and doorstep or branch delivery | Licence cover, compliance oversight, rates, settlement and currency supply through the nearest branch hub |
| Currency stock | Would be delivered by GlobalPay | Supported by the linked GlobalPay branch |
| Forex Card Stock | Stock would be provided by GlobalPay on successful onboarding | Stock would be provided by GlobalPay on successful signup |
| Setup | Light: business KYC, agreement and platform training | Dedicated premises, trained staff, compliance controls and branded signage |
| Earnings | Fee share on every completed transaction | Higher fee share, reflecting the wider scope of service |
| Best for | Travel agents, consultants and proprietorship firm | Established agencies and storefronts with steady forex demand |
| Customer Tagging and Retention: | Customers onboarded by an FxC Distributor shall be tagged to that FxC in GlobalPay’s system, and all subsequent transactions by such customers shall be attributed to the tagged FxC. | |
The full GlobalPay range, available through one partner login.
Multi-currency prepaid cards for travellers and students, managed through the GlobalPay app.
Buying and selling of major foreign currencies at competitive rates.
University fees, GIC Canada and blocked account Germany transfers.
Transfers to support relatives living abroad, under the Liberalised Remittance Scheme.
Overseas cover for medical emergencies, trip delays and lost baggage.
Data plans that work on arrival, with no local SIM purchase needed.
GlobalPay is an RBI Authorised Dealer Category-II and is listed on BSE, giving partners and their customers a trusted name on every transaction.
25 GlobalPay branches handle servicing, currency supply and operations for FxC partners in their region.
The Smart Agent Platform covers lead booking, real-time order status, invoices and SWIFT copies, multi-location dashboards and MIS reports.
Dedicated regional teams for North, South and West India manage onboarding, training and day-to-day partner support.
Co-branded signage, brochures, digital creatives and campaign support help partners promote forex services locally.
Clear rates and fees on every order, so partners can quote customers with confidence.
Automated partner attribution mechanism and commission distribution lifecycle.
Customers onboarded by an FxC Distributor shall be tagged to that FxC in GlobalPay’s system, and all subsequent transactions by such customers shall be attributed to the tagged FxC.
Where another FxC subsequently brings a new order from the same customer, the customer’s tag shall be reassigned to that FxC. The customer shall remain tagged to the most recent FxC that successfully generates a new order (an order successfully accepted and recorded in GlobalPay’s system), until another FxC brings a subsequent order from the same customer.
Customer tagging shall be updated in GlobalPay’s system based on the above mechanism, and the applicable commission shall be payable to the FxC to whom the customer is tagged at the time of the relevant transaction, subject to the agreed commercial terms.
From application to first transaction, in five steps.
A Forex Correspondent is a partner appointed by GlobalPay to offer foreign exchange products and services to customers. GlobalPay, as an RBI Authorised Dealer Category-II, remains responsible for rates, compliance and settlement, while the FxC serves customers locally.
Travel agents, tour operators, study-abroad consultants, retail and service businesses, and individual entrepreneurs can apply. Eligibility is confirmed during the discovery call and KYC review.
A Distribution FxC sources customers and books orders, while GlobalPay executes and delivers. A Full-Service FxC runs a customer-facing counter and serves customers end to end, including currency notes and forex card issuance, with support from the nearest GlobalPay branch.
Forex cards, foreign currency notes, student remittances, family maintenance remittances, travel insurance and international eSIMs. Product availability can vary by model.
FxC partners earn a fee share on each completed transaction. The structure for each model is shared during the discovery call.
Yes. Partners that meet the additional requirements for premises, staffing and compliance can apply to upgrade to the Full-Service model.
Standard business KYC documents are required, such as PAN, address proof and bank details. The complete checklist is shared after the discovery call.
FxC activity is restricted to the purchase and sale of foreign currency and forex cards. Any other transactions referred through the FxC do not count towards FxC turnover; these are referral transactions. Please state this distinction clearly for both models (M1 and M2) so there is no ambiguity about what qualifies as FxC business.
