Razorpay claims to save 50% on international bank transfer for SME exporters

New Delhi, July 27 (KNN) Razorpay on Wednesday launched a MoneySaver Export Account specifically for small and mid-size (SME) exporters.

With this feature SME exporters will be allowed to open an account in any country (out of more than 160 countries).

Exporters can receive payments locally via the Razorpay platform in order to save from high transfer costs, chargebacks and payment failures and this facility offers 50% savings on international bank transfers for exporters.

“We are thrilled to have seen an incredible early adoption of the MoneySaver Export offering, and support over 10,000 exporters already. This reinforces our belief that the market seeks a solution that simplifies international bank transfers without the hassle of maintaining multiple accounts in different countries,” said Rahul Kothari, Chief Business Officer, Razorpay in a statement.

According to the payment and banking platform for businesses the launch assumes significance amid growing exports from India and “serving markets such as the US, Middle East, Canada, and Europe, among others that witnessed exports of USD 63 billion; an 8% growth from 2022.”

Importantly, exporters use international bank transfers frequently which accounts for more than 50 per cent of their cross-border payments.

Currently, Indian businesses can mostly receive payments only in their Indian bank account, which would mean a plethora of charges, including SWIFT charges of USD 13 on every USD 200 remitted, it said. 

Exporters can open and access the account through the Razorpay dashboard. The account is OPGSP (Online Payment Gateway Service Provider) compliant to ensure that each payment on Razorpay platform is backed with a single-click electronic Foreign Inward Remittance Statement.  (KNN Bureau)