Broker Summary
What Wikilix has recorded about BFC Forex: its history, the licences it holds, its trading conditions and its fees.
BFC Forex Broker Overview
BFC Forex is the trading name of BFC Forex and Financial Services Pvt Ltd, a currency exchange and money transfer business operating from Mumbai, India. Despite the name, it is not a retail forex or CFD broker. Its own website at sells foreign currency and travel money, pays out inbound remittances and handles corporate foreign exchange, and it publishes no trading accounts, no trading platforms, no spreads and no leverage. Readers who arrived here while comparing online trading venues should know that BFC Forex publishes no such product.
Is BFC Forex Regulated?
No financial trading licence has been confirmed for BFC Forex. No licence number for trading activity has been confirmed against an official register, and the firm does not advertise a retail trading licence on its own website. A company registration, which BFC Forex does have, is not a financial trading licence and authorises no trading service. The regulatory position of the business is assessed separately.
BFC Forex and Financial Services Pvt Ltd
The operating company named for the Indian business is BFC Forex and Financial Services Pvt Ltd, at C&B Square, Sangam Complex, Unit No 302, 3rd Floor, 127 Andheri Kurla Road, Andheri East, Mumbai 400059. A second entity, BFC GROUP HOLDINGS W.L.L., carrying registration number FS201420597, is also recorded against the brand, and the group domain bfcgroupholdings.com now redirects to a Bahrain group website. Neither registration has been verified against an official corporate registry, and the Indian website does not explain how the two entities relate.
BFC Forex Deposits and Withdrawals
Because BFC Forex holds no trading balances, its payment channels are the ways a customer settles a single exchange or transfer rather than ways to fund an account. Personal customers may pay cash up to Rs 49,999 per transaction, and the website requires any larger amount to be settled by travellers cheque or from the customer's own savings bank account. Funds may not be sent from a business account, and a joint account is accepted only where the customer is the primary holder. Corporate customers transfer from a company bank account by RTGS, NEFT or demand. On the inbound side, BFC Forex states that it acts as a sub agent for MoneyGram, Western Union and Ria Money Transfer under the Reserve Bank of India Money Transfer Service Scheme, paying remittances out in cash at its branches.
BFC Forex states that a transaction fee applies according to the amount sent, but it publishes no rate, no fee schedule and no processing time for any channel. The cost and the timing of a transaction therefore cannot be established from the website in advance.
BFC Forex Support
BFC Forex publishes one contact route for general enquiries, support and complaints alike: the telephone number +91 82876 10555 and the email address contactus@bfcforex.com. Head office hours are Monday to Friday, 9.30am to 6.00pm, closed at weekends, and support is offered in English. There is no live chat. The firm also maintains a customer service page and a frequently asked questions section covering its personal and corporate services separately.
BFC Forex Pros and Cons
In its favour, BFC Forex is a branch based business with a named Indian operating company, a published office address and a single clear contact route, and it documents concrete payment rules such as the cash ceiling on its own website.
Against that, no financial trading licence has been confirmed, no fee rate or processing time is published for any channel, and the two company names recorded against the brand are not reconciled anywhere on the Indian site. For anyone comparing trading accounts, the decisive point is that there is no trading product here at all.
BFC Forex Review and Assessment
BFC Forex is best understood as an Indian currency exchange and remittance provider that carries the word forex in its name, not as a trading venue. For a customer buying travel money or collecting an inbound transfer at a branch, the questions that matter are the fee and the rate on the day, and the website publishes neither. For anyone seeking a leveraged trading account, BFC Forex is not a candidate.
Website snapshots
7 full-page captures of BFC Forex's own site, archived so what they said can still be read after the pages change.
Regulatory Licenses
We have not confirmed any regulation for BFC Forex. Money deposited with an unregulated broker is protected only by the company itself.
Trading with an unregulated broker puts your deposit at risk.
No regulation
We have not confirmed any regulation for BFC Forex. An unregulated broker is not supervised by a financial authority, and money you deposit is protected only by the company itself.
What this means for you
- No compensation scheme covers your funds.
- No regulator to escalate a complaint to.
- No audit of how client money is held.
Country availability
Where BFC Forex says it will and won't take clients
Explicitly accepted
Named as accepted — not a full list of served markets
How we know — 9 sources
- 1Onboarding is explicitly limited to residents of India, so India is accepted. The FAQ's eligibility answer reads: "Who is eligible to avail foreign exchange? Resident Indians who travel for holidays, or, any employee of corporate travel for official trips, are eligible to buy foreign exchange." The outward remittance page adds: "As a resident in India, you can now remit money overseas through BFC Forex India, who are authorised to release/remit foreign exchange under AD II Licence ... under the Liberated Remittance Scheme (LRS)." Sources: https://bfcforex.com/personal/faqs/ and https://bfcforex.com/personal/outward-remittances/
- 2No country is a confirmed refusal. The site names no country that the business refuses. The only geographic exclusion published is on the outward remittance page, which offers transfers "from India to all the countries around the world. (Except countries under UN Sanctions)". The wording names a category rather than any country, and it limits where money may be sent, not who may open an account. Source: https://bfcforex.com/personal/outward-remittances/
- 3No country is a likely but unconfirmed refusal either. The anti-money-laundering and counter-terrorist-financing policy states the business "monitor[s] and adhere[s] to other major international anti-money laundering recommendations and programs such as the Financial Action Task Force (FATF) and European Union sanctions and the Office of Foreign Assets Control (OFAC)". That is a screening commitment naming no country, so the jurisdictions behind those programmes were deliberately not enumerated. Source: https://bfcforex.com/compliance/
- 4No dependent territory is refused, because the site names no parent country as blocked.
- 5No signup country list exists to read. The site publishes no registration or client-login form, onboarding is conducted in branch across the Indian branch network and requires a government-issued photo ID, a PAN card copy and a signed A2 form, and the business's own online channel is advertised as "Coming Soon". The only selectors anywhere on the site are a currency-group filter (Popular, Asia-Pacific, Africa, Europe, The Americas, MENA), a contact subject list and an Indian branch picker; none is a country onboarding list. Sources: https://bfcforex.com/personal/faqs/ and https://bfcforex.com/personal/outward-remittances/
- 6The Terms of Use carry no onboarding restriction. The Governing Law and Jurisdiction clause states only that the business "controls and operates this Website and makes no representation that the site is appropriate or available for use from other locations", and that the terms are governed by the laws of India. No country and no category of country is refused there. Source: https://bfcforex.com/terms-of-use/
- 7No dedicated countries, client-agreement, legal, documents or terms page is published, and the site's own search finds nothing for "restricted countries" or "restricted". The privacy policy was read in full and contains no geographic restriction clause.
- 8The footer carries no risk disclaimer naming jurisdictions the site is not directed at, only a copyright line and "Regulated by Reserve Bank of India". The site is published in English only, with no other language versions that might show which markets it targets.
- 9Iran: listed neither as accepted nor as refused. The dealt-currency table lists over 30 currencies but not the Iranian rial, a site search for "Iran" finds nothing, and no Persian version is published (/fa-ir/, /hi/ and /ar/ do not exist, and /fa leads to the FAQ page, not to a Persian version). Absence of a block is not acceptance, so Iran is neither accepted nor refused. Source: https://bfcforex.com/personal/currency-exchange/
Funding Methods
7 ways to fund an account. 3 credit instantly.
| Method | Deposit fee | Withdrawal fee | Min deposit | Withdrawal min / max | Processing |
|---|---|---|---|---|---|
CashOtherPersonal customers, paid over the counter at a branch. The site caps cash at Rs 49,999 per transaction and requires a travellers' cheque or savings bank account above that. This is payment for a currency-exchange or remittance transaction, not a deposit to a trading account: BFC Forex publishes no trading accounts. A transaction fee applies, based on the amount sent, but no rate is published, so the fee fields are left empty rather than shown as zero. No processing time is published; 'instant' reflects over-the-counter payment and is not a published figure. | Not recorded | Not recorded | Not recorded | Not recordedNot recorded | Not recorded |
Travellers' ChequeOtherPersonal customers. The site states that any amount over Rs 49,999 has to be paid using a travellers' cheque or through a savings bank account only. It does not say whether a cheque may also be used below that threshold, so no minimum is recorded. No fee or limit is published for the channel, and no processing time; 'days' classifies cheque settlement and is not a published figure. | Not recorded | Not recorded | Not recorded | Not recordedNot recorded | Not recorded |
Savings Bank AccountBank TransferPersonal customers. The site states that any amount over Rs 49,999 has to be paid using a travellers' cheque or through a savings bank account only, and that funds may not be transferred from a business account; a joint account is accepted only if the customer is the primary holder. No fee or limit is published, and no processing time; 'days' is a conservative classification and is not a published figure. | Not recorded | Not recorded | Not recorded | Not recordedNot recorded | Not recorded |
RTGS/NEFT/DEMANDBank TransferCorporate customers only. The corporate FAQ states: 'As a corporate you can transfer funds from your bank account to the BFC Forex bank account by RTGS/NEFT/DEMAND.' The site abbreviates the third mode as 'DEMAND' and does not expand it, so it is recorded verbatim rather than interpreted as a demand draft. No fee or limit is published, and no processing time; 'hours' classifies Indian electronic bank transfer and is not a published figure. | Not recorded | Not recorded | Not recorded | Not recordedNot recorded | Not recorded |
| Western UnionOther1 | Not recorded | Not recorded | Not recorded | Not recordedNot recorded | Instant |
| MoneyGramOther1 | Not recorded | Not recorded | Not recorded | Not recordedNot recorded | Instant |
| Ria Money TransferOther1 | Not recorded | Not recorded | Not recorded | Not recordedNot recorded | Instant |
Broker's notes on these methods
- BFC Forex states it operates as a sub-agent for MoneyGram, Western Union and Ria Money under the RBI Money Transfer Service Scheme (MTSS) in India, with cash payout through its retail branches. This is an inbound remittance payout channel for money sent by a third party, not a trading-account deposit or withdrawal. No fee, limit or processing time is published; 'instant' reflects the cash-payout model the page describes. · applies to 3 methods
Global Domains
3 domains on record. All active and served over HTTPS.
Corporate Network
2 legal entities behind the BFC Forex brand.
- BFC Forex & Financial Services Pvt LtdActiveIndia
- BFC GROUP HOLDINGS W.L.L.ActiveBahrainRegistration FS201420597Established Oct 23, 2014
Company Registration
The operating company is Al Ansari Forex and Financial Services Private Limited (formerly BFC Forex and Financial Services Private Limited). Registered in India. Registration number U74999MH2004PTC150129.
- Legal entity
- Al Ansari Forex and Financial Services Private Limited (formerly BFC Forex and Financial Services Private Limited)
- Registration number
- U74999MH2004PTC150129
- Jurisdiction
- India
- Incorporated
- Dec 21, 2004
- Registry
- Ministry of Corporate Affairs, RoC Mumbai (registration authority RA000394), confirmed on the GLEIF legal entity record LEI 335800KQIJAEHUNOPC78
- Registered address
- C and B Square, Sangam Complex, Unit 302, 3rd Floor, 127 Andheri Kurla Road, Andheri (East), Mumbai 400059, India
Brokers worth comparing
One other broker on the record shares what BFC Forex offers — its country, regulator, account types or platforms — set beside it on the same measures.
BFC Forex
This recordIndia · since 2005Not recordedRegulationRegulatedMax leverageNot recordedPlatformsNot recordedLicencesNot recordedJ V GROUP
India · since 2002· J V COMMODITY PVT. LTD.Wikilix score 47.0RegulationRegulatedNFAMax leverageNot recordedPlatformsNot recordedLicences1
Frequently Asked Questions
Common questions about BFC Forex
BFC Forex publishes no processing time or delivery commitment for its exchanges or transfers. Inbound remittances under its money transfer partnerships are paid out in cash over the counter at a branch. With no published figure, no settlement time should be assumed.
Yes. BFC Forex publishes a separate corporate service and states that a corporate customer can transfer funds from its company bank account to the BFC Forex bank account by RTGS, NEFT or demand. Personal customers, by contrast, may not pay from a business account, and a joint account is accepted only where the customer is the primary holder.
Yes. BFC Forex states that a transaction fee applies according to the amount sent, but it does not publish the rate or a fee schedule on its website. Because no rate is published, the cost of a transaction cannot be established in advance from the website alone.
BFC Forex states that it acts as a sub agent for MoneyGram, Western Union and Ria Money Transfer under the Reserve Bank of India Money Transfer Service Scheme, paying inbound remittances out in cash at its branches. That is a payout channel for money a third party has sent from abroad, not a way to move money out of an account held with the firm. No fee table is published for it.
BFC Forex operates in India, from an office at C&B Square, Sangam Complex, Unit No 302, 3rd Floor, 127 Andheri Kurla Road, Andheri (East), Mumbai 400059. Its services are branch based, and the website directs customers to a branch network for exchange and remittance transactions.
BFC Forex publishes no minimum deposit, because it does not operate trading accounts. A customer pays for a specific exchange or transfer transaction rather than funding a balance held with the firm. The one published cash figure is a ceiling rather than a minimum: Rs 49,999 per transaction.
No. BFC Forex publishes no trading platform of any kind, and neither MetaTrader 4, MetaTrader 5, cTrader nor a proprietary platform appears on its website. That follows from the nature of the business, which is branch based currency exchange and money transfer rather than online trading.
The Indian business is operated by BFC Forex and Financial Services Pvt Ltd, based in Mumbai. A second entity, BFC GROUP HOLDINGS W.L.L., carrying registration number FS201420597, is also recorded against the brand. The website does not explain how the two relate, and neither registration has been verified against an official corporate registry.
No. BFC Forex is a currency exchange and money transfer business in India, and its own website sells foreign currency, travel money and international remittances rather than trading accounts. It publishes no trading accounts, no trading platforms, no spreads and no leverage. Anyone looking for a retail forex or CFD trading account will not find one here.
BFC Forex does not operate trading accounts, so its payment channels are ways to settle a currency exchange or a transfer rather than ways to fund a balance. Personal customers may pay cash up to Rs 49,999 per transaction, and anything above that has to be settled by travellers cheque or from the customer's own savings bank account. Corporate customers transfer from a company bank account by RTGS, NEFT or demand. No fee rate or processing time is published for any of these channels.
BFC Forex publishes the telephone number +91 82876 10555 and the email address contactus@bfcforex.com, which serve general enquiries, support and complaints alike. Head office hours are Monday to Friday, 9.30am to 6.00pm, and it is closed at weekends. Support is offered in English. BFC Forex does not offer live chat.
No financial trading licence has been confirmed for BFC Forex, and no licence number for trading activity has been confirmed against an official register. BFC Forex sells currency exchange and international money transfer services in India rather than trading accounts, so the usual questions about trader protections do not arise in the way they would at a broker. A company registration, which the business does have, is not a financial trading licence. Its regulatory standing is assessed separately.
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