The MoneySaver Export Account, which is expected to save users USD 5 billion, was specifically designed to address the needs of Indian exporters. More precisely, the new offering allows merchants to receive international payments through wire transfers such as ACH, SWIFT, SEPA, BACS, and Fedwire.
Via the new product, Indian businesses are given the option to open international bank accounts wherever their customers are, without maintaining a physical presence in those specific locations.
Exporters can create such accounts with a single click and then start receiving payments immediately. This aims to enable Indian exporters to cater to their clients’ expectations by offering global customers a local banking experience, across over 200 countries.
Thus, while customers have the option to initiate payments in their local currency without any additional charges, these payments are settled in the merchants’ Indian bank accounts. Razorpay supports over 100 foreign currencies, including USD, SGD, AUD, CAD, EUR, GBP, HKD, INR, or MYR.
For Razorpay users who are already onboarded, the MoneySaver account can be accessed and utilised through the ‘International Payments’ section on the internal dashboard.
Given that merchants using the MoneySaver Export Account have visibility over the payments, settlements, and refunds they receive, they are expected to be able to make informed business decisions after analysing the available data.
The new offering was introduced following India’s rise as a global exporter, reaching markets from Australia to Argentina and extending from the UAE to the US. More to this point, according to the Indian government, the country’s overall exports crossed USD 60 billion in May 2023.
According to the official release, approximately 50% of the cross-border payments Indian exporters process come via international bank transfers. This is especially the case for payments exceeding USD 5,000.
Traditional remittance systems feature challenges due to their complexity and outdated processes, which involve tedious paperwork and time-consuming onboarding procedures.
What is more, the system that is now in place involves substantial expenses, where each USD 200 remittance incurs a fee of USD 13 in SWIFT charges alone. Indian exporters also have to pay additional fees related to the export process.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now