Razorpay, a prominent payments and banking platform in India, has launched an enhanced version of its MoneySaver Export Account tailored specifically for freelance professionals.
As the first Indian Payment Aggregator (PA) to offer this service, Razorpay’s MoneySaver Export Account enables freelancers to open a smart account in any country of their choice. This account allows freelancers to receive local payments via bank transfers on the Razorpay platform without any withdrawal fees.
Empowering Indian Freelancers
The MoneySaver Export Account aims to empower over 15 million Indian freelancers by significantly reducing transaction costs. Traditionally, freelancers face high fees and commissions, sometimes losing up to 25% of their income due to transaction charges and currency conversion fees.
Key Features of New Account
This innovative account adheres to Reserve Bank of India (RBI) guidelines and incorporates video KYC for enhanced security. It offers freelancers a streamlined process for receiving Digital Foreign Inward Remittance Certificates (FIRC) with just a single click.
Support Across Global Markets
Freelancers can create their accounts in key export markets such as the US, UK, Canada, and Europe, leveraging established banking networks like ACH, SEPA, SWIFT, and FPS.
Since its inception, the MoneySaver Export Account has gained traction among exporters, with over 15,000 businesses benefiting from its features. Expanding to include freelancers underscores Razorpay’s commitment to supporting India’s dynamic freelance community.
Razorpay CEO Perspective
Rahul Kothari, Chief Operating Officer of Razorpay, highlighted the importance of providing a seamless financial solution for freelancers. He emphasized that reducing transaction fees and eliminating hidden charges allows freelancers to focus on delivering high-quality work to global clients.
Impact on Indian Freelance Economy
The introduction of the MoneySaver Export Account is expected to make a significant impact on India’s freelance economy, which ranks among the world’s largest. By offering a cost-effective method for managing international payments, Razorpay supports freelancers in maximizing their earnings and operational efficiency.
This initiative aligns with Razorpay’s broader strategy to simplify financial transactions for businesses of all sizes and strengthen India’s burgeoning freelance sector.
