India has rapidly emerged as a major global exporter, catering to markets from Australia to Argentina, and from the UAE to the USA. According to a Government of India report, the country’s overall exports for May 2023 crossed $60 billion.
Exports have played a key role in driving India’s phenomenal economic growth. However, the payments experience for India’s export businesses has been far from smooth with traditional methods. High transfer charges and complex processes have left them desperately seeking simpler ways of accepting international payments.
But no longer!
Introducing Razorpay’s MoneySaver Export Account
Razorpay proudly announces the launch of MoneySaver Export Account, an exclusive offering for Indian exporters. Built specifically for exporters, the Razorpay MoneySaver Export Account allows merchants to receive international payments with ease through wire transfers such as ACH, SWIFT, SEPA, BACS, and Fedwire.
MoneySaver Export Account ensures that Indian exporters can offer their global customers a local banking experience, across 200+ countries. USD, Euro, Pounds or Naira, MoneySaver Export Account makes receiving international wire transfer export payments as easy as accepting a NEFT/RTGS transfer.
MoneySaver Export Account allows an Indian business to open an international bank account wherever its customers are, without having a local presence. The account creation process is single-click, and the exporter can start receiving international payments within ~ 5 seconds of account creation.
For an existing Razorpay merchant, the MoneySaver account is available to use under the “International Payments” tab on the Razorpay dashboard.
Cost and Complexity: The problems exporters face
Exporters frequently rely on international bank transfers, which account for approximately 50% of their cross-border payments, especially for transactions exceeding $5000. Unfortunately, the current system carries significant expenses, with every $200 remittance incurring a hefty $13 in SWIFT charges alone. Considering India’s annual exports of goods and services valued at $750 billion, if even 10% payments of these payments happen via wire transfers, these charges can amass to a staggering ~$5 billion.
Aside from the high transfer costs, there are other concerns related to export payments. Traditional remittance systems suffer from complexity and outdated processes, involving tedious paperwork and time-consuming onboarding procedures. Additionally, there is a pressing need for greater fee transparency, particularly for small and medium-sized enterprises (SMEs). For alternative payment methods beyond bank transfers, challenges arise with chargebacks, transaction failures, and high per-transaction expenses.
Limitations of existing international money transfer methods
With these limitations, it is challenging for Indian exporters today to find a solution that simplifies the need for receiving money from abroad. But fret not: Razorpay is here to solve your export payments challenges!
Fuss-free, Border-free, Worry-free: Razorpay launches ACH, FedWire, SEPA, BACS, SWIFT and other international Local Payment Options
Say goodbye to the hassles of export payments! Razorpay’s new solution empowers Indian exporters to effortlessly collect international payments via local payment methods from different regions worldwide.
With the MoneySaver Export Account, Indian exporters can experience seamless wire transfer from their international customers across 200+ countries and have their funds settled directly in their Indian bank accounts.
Moreover, international buyers can now enjoy a cost-free payment experience as they can make payments in their local currency through a wide range of payment methods like ACH payments, FedWire, SWIFT money transfer, and more.
Through Razorpay, Indian exporters can now focus on their business without worrying about payment processing, as they are guaranteed the best-in-country success rates and can provide their buyers with an exceptional payment experience!
We aim to include other local payment methods from across the world, such as AFT and CHAPS, in our offering in the coming months.
Fastest bank account you can ever get!
International transactions and exports usually come with large amounts of painful paperwork, which is a source of unnecessary friction and frustration for businesses. With the latest Razorpay solution, exporters can open an international bank account online within 5 seconds!
Our product has been launched with multiple local payment methods to cover all key export geographies. Export payments are now available with ACH, SWIFT, SEPA, Fedwire and BACS.
50% Savings for Exporters, 100% for Customers
With Razorpay, Indian exporters can deliver a class-leading payments experience to their end customers globally, every time!
- Hidden-charge-free: Say goodbye to hidden charges, and hello to full transparency! MoneySaver Export Account offers a simple, transparent and affordable pricing structure for all export payments via wire transfers.
- Cost-free: Your international customers can transfer money without any additional charges, in a currency of their choice, just like local bank transfers.
- Friction-free: For merchants already onboarded on Razorpay, the MoneySaver Export Account creation process is a simple button click. Open ACH/SWIFT/SEPA/Fedwire accounts in < 5 seconds.
- Border-free: Get globally recognised, local banking experience in 160+ countries, without complex paperwork.
- Worry-free: Automated e-FIRC for every payment? Yes please! Your Razorpay dashboard promises all that and more!
- Best-in-class success rates: With an understanding and depth in the payment space, Razorpay provides best-in-class success rates to businesses for accepting payments globally.
- Multi-currency settlement support: Razorpay supports 100+ foreign currencies, including USD, SGD, AUD, CAD, EUR, GBP, HKD, INR, MYR, etc. for collecting funds globally.
- Powerful dashboard: Take better business decisions by analyzing detailed reports about payments, settlements, and refunds.
- Native currency payments: Customers can initiate payments in their native currency, and payments will be settled in your Indian bank accounts
Unlocking Global Markets: Indian Exporters Accepting International Payments
For Indian businesses looking to expand their horizons and accept export payments via wire transfer, Razorpay is the ideal payment partner. We prioritize the safety of our customers by offering a high success rate with the highest level of protection against fraud and chargebacks. We also ensure a smooth transition for our customers in complying with new regulatory requirements, so that your business can thrive in international geographies.
If you’re an Indian exporter in search of a reliable payment partner, look no further than Razorpay!
For more information on Razorpay’s international payments, click below and get in touch with us. If you’re already a Razorpay user, simply visit your dashboard for more details. Have questions or feedback? Leave a comment below, as we always value and appreciate your input.