Razorpay Expands MoneySaver Export Account for Indian Freelancers
Fintech leader Razorpay has announced the expansion of its 'MoneySaver Export Account' to facilitate international payments for Indian freelancers. This new feature allows freelancers to open a 'Smart Account' in any country of their choice and receive payments locally via bank transfers through the Razorpay platform, all without incurring withdrawal fees.
According to Razorpay, this initiative aims to support over 15 million Indian freelancers by potentially reducing fees and commissions on international bank transfers by up to 50 percent. Rahul Kothari, Chief Operating Officer at Razorpay, highlighted the challenges freelancers face, citing high fees of up to $30 per transaction for direct bank transfers, along with additional currency conversion charges that can erode up to 25 percent of their income.
Kothari emphasized that Razorpay's solution addresses these challenges directly, offering freelancers the advantage of reduced transaction costs and seamless global banking capabilities. The 'MoneySaver Export Account' adheres to the latest Reserve Bank of India (RBI) guidelines and includes video KYC for enhanced security during account setup.
Notably, freelancers can now receive international bank transfers from over 160 countries within 5 seconds, streamlining the process and eliminating the need for extensive paperwork. The account can be established across key export markets such as the US, UK, Canada, and Europe, leveraging preferred banking networks like ACH, SEPA, SWIFT, and FPS.
International payments for exporters traditionally rely on methods like SWIFT transfers, which are known for their associated costs. Reports from the RBI indicate that approximately $13 is spent on SWIFT charges for every $200 remitted.
Razorpay's move underscores its commitment to empowering freelancers with efficient financial solutions tailored to their needs, aiming to foster greater financial inclusion and support in the global marketplace. The expansion of the 'MoneySaver Export Account' is poised to provide freelancers with more control over their earnings while enhancing their ability to engage in global trade seamlessly.