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Razorpay brings MoneySaver Export Account to simplify global payments to Freelancers

By Gloria Mathias

June 26, 2024

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Razorpay, Accounts, Payments, Indian Merchants, Indian Exporters, Digital Payments, FinTech, MoneySaver Exports Accounts, Visa, Mutual funds Investments, Debit Card Investments, CBO, COO, Rahul Kothari, Instant Payments, Instant Refunds, Fintech News, Payments Technology, In-store Payments, Merchant Payments, UPI Payments, India Fintech news, Payment Gateway 3.0, RAY, AI Assistant, DQR, Dynamic QR Code, Payments infrastructure, MoneySaver Export Account, Freelancer payments, Razorpay has announced the expansion of its MoneySaver Export Account for Freelancer Professionals to offer international payments for freelancers.

This feature will 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.

India is the second-highest contributor to the global freelancer market. Its workers primarily seek work through social media or online freelancing platforms. However, the payment options currently available to them are not seamless or cost-efficient.

To address the growing concerns of Indian freelancers around payments, Razorpay enables them to now open a MoneySaver Export Account in any country of their choice, completely free of hidden charges. This offers their global customers a seamless and cost-effective experience.

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. 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, COO of Razorpay, said, “While India continues to grow as one of the fastest-growing markets for freelancers, it’s crucial to have 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% 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.”

Razorpay has provided significant backing for export payments via its MoneySaver Export Account. Tailored specifically for exporters, the MoneySaver Export Account enables merchants to receive international payments through electronic funds transfer systems.

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