Dear Friends:
In Business Focus, the Metro, London’s Free daily (05, 01,2012) has
profiled Rajesh Agrawal whose mantra is ‘Turning a profit without
being greedy”. I reproduce the article below:
Rajesh Agrawal says it makes his ‘blood boil’ when hard working people
are ripped off which is why he set up RationalFX- an online
commission-free foreign exchange company.
After seven years in business, he now transfers about $3 billion a year
and has offices in Birmingham, London, France and Italy.
He lives in comfort with his family in north-west London but the
34-year old will always remember his humble beginnings when he worked
for a foreign exchange company in Bombay (now Mumbai) earning just £63
a month. ‘I lived in a working men’s hostel with 12 people.sharing a
bathroom’, he said.
‘The victorian drainage system couldn’t cope with the heavy rainfall, I
had to take off my shoes and socks and roll up my trousers so I would
arrive at the office with dry clothes-but I just saw it all as an
adventure’, he said. The same sense of adventure brought Rajesh to
England where he set up his own firm in Brighton in 2005. capitalising
on the increase in Britons buying property abroad.
By ‘not being greedy’ he beat the bank rate up to six per cent on
currency transfers abroad and offered a rate of just 0.5 per cent.
We have been profitable from year one but there is no reason to
overcharge for a service.’, he said. He has now launched Xendpay.com,
to cut the cost of foreign workers sending money home.
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-bhuban
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