Accept International Payments via Local Currency Bank Accounts

Indian businesses can use MoneySaver Export Account to open local bank accounts in foreign countries and accept international payments with local currency accounts.


Use MoneySaver Export Account to enable the Local Currency Bank Transfer method to accept payments from buyers outside India without additional paperwork. The final settlement is done in the bank accounts of Indian businesses in INR.

This significantly improves the customer experience by allowing international buyers to make local bank account transfer to Indian businesses.

  • No card? No problem!
    Customers who do not have access to cards can use the Local Currency Bank Transfer method to pay through their bank accounts, making it easy for you to sell products in foreign countries with lower card coverage.

  • No visit to bank branch
    Currently, the customers have to visit their bank branch to make an international bank transfer to the seller's account. This process heavily impacts the customer experience as it is time-consuming. Using the Local Currency Bank Transfer method, you can make bank transfers online. Also, it gives you the flexibility to make the transfer in local currency via ACH transfer.

  • Ease of opening foreign accounts
    Opening a bank account in a foreign country is a tedious process for Indian businesses. Razorpay offers a real-time and hassle-free solution to open foreign currency bank accounts across different geographies.

  • A cheaper way to transfer funds internationally
    The customer can transfer funds to the seller's local currency account via local ACH transfer. This incurs less cost than international card payments or SWIFT transfers.

  • Faster payment experience
    Accept payments without a website or app using other Razorpay products, such as Payment Links and Payment Pages.

  • Currency Conversion
    Customers can initiate payments in their native currency. Payments are settled in your current bank account in India in INR.

To activate the Local Currency Bank Transfer payment method:

  1. Log in to the .
  2. Navigate to Account & SettingsPayment Methods tab. Click Payment Methods.
  3. Select International Payments.
    International payments
  4. Find the Local Currency Bank Transfer (International) under the Bank Transfers (International) tab. Click Request.
    bank transfer activate
  5. You must accept the terms and conditions to accept international payments with your local currency account. Click Activate Now.
    bank transfer tnc
  6. Once the request is received, the local account in USD currency will be created and you can start receiving payments in USD via local ACH bank transfer.
    request activation
  7. Click on the Accounts Details button to view or copy the details of an account. You can create a or a and share it with your customers to get paid quickly.
    bank transfer view details

You must meet the following prerequisites set to accept international payments from your customers:

  • You must have an active Razorpay account with KYC verification completed.
  • You must provide the PAN details of the business during the onboarding.
  • For P0103 and P0807, the Import Export Code (IE code) of the beneficiary is mandatory.
  • You should be an Indian business that falls under the provided to use this payment method.
  • You should have international payment via Payment Link enabled on your account if you want to receive payment from customers in foreign currency such as USD. The money will be settled in your Indian current account in INR. Raise a request on your Dashboard or connect with the Razorpay Support team to enable international payments for your account.

The payment flow via Local Currency Bank Transfer is given below:

  1. After the Local Currency Bank Transfer payment method is enabled for your Razorpay account, the USD local currency account is created to accept USD payments via ACH. The Local Currency Bank Transfer payment method becomes visible on the Checkout.

    request activation
  2. You can either copy account details and share them with your customer via email, WhatsApp or SMS or create and share a Payment Link or a Payment Page to receive payments in the desired currency.

    bank transfer beneficiary

    Handy Tips

    To create a Payment Link in an international currency, you need to activate an international Payment Link on your account through Razorpay Dashboard.

  3. The customer receives the Payment Link or the Payment Page shared by you.

  4. On clicking the link, the customer must mention the country code and phone number.

  5. The customer gets the USD Account details in the preferred payment methods shown on the Razorpay Checkout:

    • Local Currency Bank Transfer payment method.
    • Alternative payment methods such as Giropay, Trustly, Poli and Sofort.
    • International Cards or PayPal account.
      bank transfer beneficiary
  6. The customer adds your local currency bank account as a beneficiary in their bank account and initiates a local ACH bank transfer to your account.

You must provide a valid invoice or an airway bill (in case of delivery of physical goods) and the Buyer's Address detils for all the payment transactions accepted via local currency account as mandated by our banking partners and RBI. Razorpay allows you to upload

and share them for all the payments collected via the Razorpay Dashboard.

MoneySaver Export Account does not support the following MCCs because of compliance reasons.

MCCDescription
5933Pawnbrokers (Pawn Shops)
8651Political organisations
5094Precious metals and stones, including diamond traders
7995Gambling - Betting (including lottery tickets, casino gaming chips, off-track betting and wagers at race tracks)
5813Alcohol - Drinking Places (Alcoholic Beverages, Bars, Taverns, Cocktail lounges, Nightclubs and Discotheques)
5993Tobacco (Cigar Stores and Stands)
5193Seeds or plants (Florists Supplies, Nursery Stock, and Flowers)
5966Outbound telemarketing (Direct Marketing-Outbound Telemarketing Merchants)

1. You have customers spread across the US, UK and Europe. You want to offer our customers a cheaper, more reliable, and better payment experience. Can we collect payments in USD, GBP or EUR currency?

Yes, you can offer services to your international customers from the US and other countries by providing them with a local currency bank account, and they can pay in their respective currencies.

2. How will I have to transfer money from the local currency bank accounts to my current account with an Indian bank?

The money is settled in your current account in INR currency by Razorpay after deducting the appropriate charges.

3. Can I keep funds in these local currency accounts for a month or more for other payouts in foreign currency?

No, you cannot hold the funds in the local currency accounts.

4. Do you need any bills/invoices from me?

Yes. You must provide invoices for all the transactions accepted via a SWIFT account. Airway bill is mandatory for the export of physical goods. Our banking partners require this for audit purposes as mandated by RBI. The settlement will not be initiated without a valid invoice copy, airway bill (in case of delivery of physical goods) and buyer's address details.
You should

on the Razorpay Dashboard to enable Razorpay to settle funds to the Indian bank account.

5. Do you need the buyer's address details along with the invoices?

Yes. You must provide the buyer's address details and invoices for all the transactions accepted via a SWIFT Transfer. You should

on the Razorpay Dashboard to enable Razorpay to settle funds to the Indian bank account.

6. How can I provide invoices for these payment transactions?

An invoice or airway bill (in case of delivery of physical goods) is mandatory for export transactions. You may

to your Razorpay Dashboard. The payment is settled once you share a valid invoice.

7. What is the pricing for using this method?

Please connect with your sales/business team on a case-to-case basis.

8. Can I accept international payments using Payment Links or Payment Pages?

Yes, you can accept international payments using

and . Know more about .

9. What is the settlement TAT?

The general settlement TAT is around T+7, which would take around 7 days to settle from the date of submitting the invoices. We can reduce the TAT in the future.

10. Do you support multiple settlement currencies for a seller?

No, the funds are settled in INR to your current account in India.

11. Will I get FIRS for these transactions for tax purposes?

Yes.

will be available on your Razorpay Dashboard every month. You can download the ZIP file containing all copies of all transactions made in the last month.

12. Are multi-currency transactions supported? Can I initiate payment in INR for my US customer?

Yes. You can ask for payment in INR or any other currency and your customers can complete transactions in their local currency. Razorpay will do the currency conversion in USD so that the customer can make payment in USD via ACH.

13. Which payment methods are available to international customers?

As international customers, you can make payments via the methods below:

  • Local Currency Bank Transfer payment method.
  • Alternative payment methods such as Giropay, Trustly, Poli and Sofort.
  • International Cards or PayPal account.

14. Which card networks do you support? Is support for certain networks limited by geographical region?

For international customers, Visa, Mastercard, Diners, Rupay, Maestro and Amex are supported. This is subject to approval from our banking partners.

15. What if my end customer raises a dispute with Razorpay?

In the case of bank transfers which are generally bound by the underlying agreement, the end buyers can directly connect with the Indian seller for the chargeback as per the terms and conditions of the agreement.

16. Are refunds supported on these transactions?

International customers can directly reach out to the Indian seller for any refund-related issues as per the terms and conditions of the agreement.

17. What is the payment flow for the consumer/buyer?

The payment flow is given below:

  1. The customer receives a Payment Link shared by the Indian seller.
  2. On clicking the link, various payment methods (Local currency bank transfer, Alternate payment method or Cards) are shown on the Razorpay Checkout.
  3. The customer adds your local currency bank account as a beneficiary in their bank account and initiates a local ACH bank transfer to your account.

18. Is this feature available on all Razorpay integrations?

This feature is available on the Payment Links on Razorpay Standard checkout. Hence, other payment options besides the Local Currency Bank Transfer payment method are also available to the end customer by default.


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