This feature will now enable freelancers to open a smart account in any country of their choice and accept payments locally via bank transfers on the Razorpay platform.
Razorpay, a payments and banking platform for businesses, announced the expansion of its MoneySaver Export Account for freelancer professionals. This makes Razorpay the first Indian Payment Aggregator (PA) to offer international payments for freelancers, as per the company.
This feature will now enable freelancers to open a smart account in any country of their choice and accept payments locally via bank transfers on the Razorpay platform, all while benefiting from zero withdrawal fees.
The MoneySaver Export Account adheres to the latest RBI guidelines, incorporating video KYC to ensure a safe and secure experience for freelancers. The account enables freelancers to receive international bank transfers from over 160 countries within 5 seconds, eliminating the need for additional paperwork.
Additionally, the MoneySaver Export Account offers freelancers a single-click digital FIRC (Foreign Inward Remittance Certificate) and incurs no withdrawal fees from online freelance marketplaces. This account can be created across the US, UK, Canada, Europe, and other priority export markets, enabling the use of preferred banking networks like ACH, SEPA, SWIFT, and FPS.
Rahul Kothari, Chief Operating Officer, Razorpay, said, “While India continues to grow as one of the fastest-growing markets for freelancers, it's crucial to have a seamless and cost-efficient method to manage international money transfers securely and support this dynamic community with immense potential.”
Kothari added, “Freelancers face formidable challenges, particularly with direct bank transfers that can carry fees as high as $30 per transaction, compounded by additional currency conversion charges. As a result, they lose up to 25 per cent of their income. By addressing these challenges, our solution aims to significantly reduce the burden of high transaction fees and currency conversion charges that freelancers often face, thereby empowering this community with the unparalleled benefit of seamless, border-free global banking.”
In addition, last year, Razorpay also introduced a Forex Service for founders, which enabled Indian startups to effortlessly transfer globally raised funds to India, empowering them to navigate the international financial landscape with ease and thus maximize their foreign funding inflow (FDI) to India.