Why We Don’t Offer Locked-in Fx Rates for Withdrawals
The value of 1 Zilra will always be equal to 1 US Dollar. As long as your money stays in your Zilra wallet, it is as good as holding US Dollars in your bank account.
When you choose to withdraw your money, it will be converted to your local currency (INR) as per market rates and transferred to your local bank account via NEFT. We are unable to provide you locked-in exchange rates because the market rates are beyond our control and depends upon the day your withdrawal is processed. We assure you that we do not make money on the currency conversion and you can expect better than bank rates during the conversion.
Bank Rates vs Mid-Market Rates
We have often had questions from our users comparing our currency conversion rates with that of the mid-market rates information provided by services like XE.com and x-rates.com, etc. While these services can provide you with relative information, they do not provide a clear picture of the international forex market. Customers should note that the rates provided by these services are mid-market rates, i.e. the average of ‘Buy’ and ‘Sell’ rates of the particular foreign currency. For instance, the currenct mid-market rate for USD to INR as per XE.com is Rs. 67.9500 per USD. It is impossible to Buy or Sell USD at this rate from any authorized dealer at this particular point of time because this rate only reflects the average of the Buy and Sell rate of USD in the market. You can Buy USD at >67.9500 and Sell USD at <67.9500. The rate provided by an Indian bank would be roughly 1.3% lower than the mid-market rates at any point of time, this is the same that you can expect from us when your withdrawal is processed.