Personal Finance

Cox & Kings Forex Transfers: All you need to know

Aman Saxena

28.09.20 (updated more than 1 year ago)

Read time 2 minutes

What is Cox and Kings Forex?

With over 250 years under its belt, you can say Cox and Kings has been handling tours and travel to and from India for a long time.

Over the years, the company also expanded into additional services like visas, holiday packages, business travel, and most importantly, foreign exchange.

Cox and Kings Forex, as it is also known, would help travellers in India get currency notes, traveller cheques, prepaid cards and demand drafts. Indian residents could also use Cox and Kings Forex to send demand drafts and telegraphic transfers.

For Indian students travelling or studying abroad, Cox and Kings had special packages to help make paying for tuition or school expenses easier.

⚠️ Unfortunately, it’s not possible to use Cox and Kings Forex anymore. But, using smart technology, you can send money to over 150 countries from India with Wise

Open your free Wise account now

What happened to Cox and Kings Forex?

Up until 2017, Cox and Kings Forex was part of the larger Cox and Kings company. But then in 2017 Cox and Kings Forex was spun out into a separate non-banking financial company called Cox and Kings Financial Services (CKFSL) of its own, that was still partially owned by the parent company.¹

But the bad news is that in 2019, Cox and Kings had to start insolvency proceedings since they were not able to pay back the debts they owed, and had many other problems. In turn, it became bad news for CKFSL too.²

Long story short, many parts of CKFSL were sold to Ebix in 2019, and Cox and Kings Forex is no longer functioning.

How can I use Cox and Kings Forex?

To be honest, you can’t as the website is not working, and overall it is not recommended at this time.

Cox and Kings’ business travel and it seems forex services were both sold to Ebix in 2019.³

Many of the forex services you are looking for can now be found at Ebix or through their online arm, BuyForex. You can learn a bit more about Ebix later on in this article.

But due to the major issues with Cox and Kings as a company right now, your best bet would be to look at other options for foreign exchange.

Whether you’re looking to send money abroad, make payments outside of India or to make things easier when you travel, there are plenty of providers to consider.

A cheap, fast and transparent alternative: Wise

Wise

Today, sending payments and money abroad can be much faster, easier and cheaper than ever before. Wise gives you the real exchange rate and only one upfront fee when sending money directly to local bank accounts abroad.

That is why over 8 million people use Wise around the world to send money.

If you are looking for even more ease and freedom, check to see if the Wise Multi Currency card is available where you are. From a single free account, you can convert money into over 45 different currencies and hold them in your wallet.

Then when you are traveling locally or shopping online in that currency, you can pay like a local with your Wise Multi Currency card. It is as simple as that.

Want to be one of the first in India to get Wise’s MultiCurrency Card? Sign up on our wishlist today.

If you are sending money abroad, make sure use Wise’s transparent comparison tool to check exactly how much money you will be spending

The true cost of sending USD to INR

Other alternatives to Cox and Kings Forex

Even if Cox and Kings Forex is no longer around, that doesn’t mean you don’t have other options. Take a look to see if any of these forex services fit your needs.

Provider	Description
Ebix Forex	You can send money in 16 currencies with Ebix, but watch out for the service charge and the hidden exchange rate fee.
Thomas Cook Forex	The travel agency, Thomas Cook, lets you send money in 9 currencies but the fees can feel expensive.
BookMyForex	BookMyForex has an app and website for international money transfers, but the process may feel slow with the required in-person meeting to verify your documents.

Sources used for this article:

All sources checked as of 26 September, 2020

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