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Kristal.AI enables instant LRS remittances for Indian investors

By Leandra Monteiro

January 17, 2022

  • Cross Border Payments
  • Financial Planning
  • FlyRemit
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Kristal.AIKristal.AI, a digital-first global private wealth management platform, has announced its partnership with FlyRemit to offer low-cost, faster global remittances to ease global investing. This partnership will enable investors to secure the best foreign exchange remittances at low transaction charges and forex mark-ups, solving a major bottleneck in the process of global investing.

Traditionally, fund transfer process has involved offline transfer with the investor having to visit the bank and then carry out the physical process of sending the funds. While some banks now offer online LRS, remittances can still take between 3-5 business days along with high forex mark-up and interbank transfer charges.

The partnership with FlyRemit aims at making global investing seamless, accessible, and convenient. Following are some of the features of this offering:

  • Highly competitive forex rates with charges as low as 0.5% to 1% by Kristal.AI as compared to 2% to 3% industry standard
  • So far, clients transferring their money internationally face a fixed charge of INR 1,000 to INR 2,000. Kristal.AI has Zero Fixed Charges.
  • With the partnership with FlyRemit, customers might save up to INR 5000 per transaction
  • Ease of transferring up to USD 5,000 immediately
  • Investors can make multiple transactions in a day, without having to open a new bank account
  • No transaction charges and a fully digital experience

Commenting on this development, Vineeth Narasimhan, CTO and Co-Founder, Kristal.AI said, “As a digital private bank working with leading Banks & Wealth institutions in India, we at Kristal.AI always strive to make the investor and advisor experience 100% seamless. The current LRS remittances experience was nowhere near what Kristal.AI wants to offer its clients. We set three goals to transform the remittances experience: End-to-end digital experience, completing the remittance process within 1-minute, and offering highly competitive FX rates. We found the right solution with FlyRemit, and together, are happy to offer a completely digital, fast, and competitively-priced solution to our partners and investors.”

Abdul Hadi Sheikh, CEO & Co-Founder of FlyRemit said, “Working under the RBI’s sandbox for cross-border remittances, FlyRemit has made the global remittance process frictionless. Our 100% digital KYC process and up to 50% saving compared to conventional remittances through banks, is a game-changer for the market. Kristal.AI has been at the forefront of innovation in democratizing overseas investments for Indians. While integrating, we saw the same enthusiasm of customer-first approach using technology displayed by team Kristal.AI. The ethos of both the firms matched and it was one of the fastest and seamless integrations we’ve done.”

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