admin Razorpay has unveiled its innovative MoneySaver Export Account, designed to significantly reduce the cost of international payments for Indian freelancers. This new offering allows freelancers to open accounts in various countries and accept local payments through bank transfers on the Razorpay platform. By leveraging this account, freelancers can save up to 50% in fees and commissions associated with international bank transfers.
“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,” said Rahul Kothari, Chief Operating Officer at Razorpay, in a recent press release.
Expanding Global Reach and Reducing Costs
Indian freelancers can now create accounts in key export markets, including the United States, the United Kingdom, Canada, and Europe. This functionality enables the use of established banking networks such as ACH, SEPA, SWIFT, and FPS, ensuring a streamlined and efficient payment process.
The MoneySaver Export Account adheres to Reserve Bank of India guidelines and facilitates the receipt of international bank transfers from over 160 countries within five seconds. Additionally, the account offers a single-click Digital Foreign Inward Remittance Certificate and incurs no withdrawal fees from online freelance marketplaces.
This solution directly addresses the long-standing challenges faced by Indian freelancers, such as high transaction fees and currency conversion charges. “Our commitment to providing a reliable, hassle-free financial experience can now ensure that freelancers can focus on what they do best delivering exceptional work to clients around the world,” Kothari added.
Broader Impact and Future Prospects
This new offering represents an expansion of the MoneySaver Export Account initially launched in July 2023 for exporters. The original account has already been adopted by over 15,000 exporters, showcasing its effectiveness and popularity.
In a recent development, Razorpay also announced the launch of its Unified Payments Interface (UPI) infrastructure in collaboration with Airtel Payments Bank. This UPI Switch infrastructure enhances transaction success rates by 4% to 5%, processes up to 10,000 transactions per second, and accelerates access to UPI innovations for businesses.
With the introduction of the MoneySaver Export Account, Razorpay continues to reinforce its position as a leading fintech company, providing essential financial tools that empower freelancers and exporters to thrive in the global market.
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