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Fintech

Razorpay expands ‘MoneySaver Export Account’ to help Indian freelancers

Fintech company Razorpay has expanded its ‘MoneySaver Export Account’ to include international payment options for Indian freelancers. This new feature allows freelancers to open a ‘Smart Account’ in any chosen country and receive local payments via bank transfers through the Razorpay platform, with zero withdrawal fees.

The initiative targets over 15 million Indian freelancers, aiming to reduce their expenses on international bank transfers by up to 50%. Freelancers typically face high fees for direct bank transfers, which can reach $30 per transaction, in addition to currency conversion charges, leading to a loss of up to 25% of their income.

By introducing this solution, Razorpay aims to alleviate the financial burden of high transaction fees and currency conversion costs, offering freelancers a seamless global banking experience.

The MoneySaver Export Account enables freelancers to receive international bank transfers from over 160 countries within 5 seconds, removing the need for extra paperwork.

Freelancers can set up these accounts across various priority markets, including the US, UK, Canada, and Europe, leveraging preferred banking networks such as ACH, SEPA, SWIFT, and FPS.

PR Newswire

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