Winvesta launches multi-currency payment collections for exporters and freelancers
UK-headquartered Winvesta, a neobank that builds cross-border banking and wealth management services, has launched overseas payment collections for Indian exporters.
The service comes as an extension of the existing multi-currency banking facility for Indian individuals. With this launch, Winvesta offers exporters an alternative to payment gateways that cost up to 8% of the amount collected, it said in a press release.
Swastik Nigam, Founder and CEO of Winvesta, said, “We are extremely excited to launch overseas collection accounts for businesses. Many Indian companies get raw supply. Collections are expensive, delayed and opaque. Much of this money never reached Indian shores. With this launch, we are changing that. India’s cross-border flows are over $800 billion a year, and we want to make it easier for MSMEs to bring more of their overseas earnings home.
The share of SME exporters in India’s total exports has grown rapidly and now accounts for nearly 50% of total exports. This includes both services and goods exports. Improved logistics and easy e-commerce platforms have helped Indian businesses expand rapidly globally. At the same time, borderless marketing tools and collaborative platforms have driven a boom in service industry digital exports.
Prateek Jain, Chairman of Winvesta, said, “Winvesta’s mission is to make cross-border finance easy for everyone, whether it’s an individual looking to invest overseas or an exporter looking to get paid by a foreign buyer. With India crossing the $400 billion export mark for the first time in a fiscal year, this not only marked a key milestone, but also helped us realize the potential of such an offering at this Stadium.
Winvesta collection accounts have a one-time refundable setup fee of Rs. 499 ($25 for businesses), with no monthly fees. There are no fees for collecting money from accounts or withdrawing funds at an Indian bank. Foreign funds are converted into INR at a very low spread of 1.50% over interbank rates. With large volumes, those rates can drop further, he added.
Posted: Thursday, April 07, 2022, 11:38 am IST