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.
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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:
If you are new user, you will need to complete the following steps displayed on the onboarding screens to activate international payment methods.
- Sign up for a .
- On the onboarding screen, select Outside India (International) and click Start Onboarding.
- Fill up the following details to complete the onboarding:
- Basic Details
- Business Details
- Business Documents
- Complete your KYC
- Complete video KYC
- Follow the on-screen instructions to provide any additional details or documentation required for activation.
If you are an existing Curlec user, to activate Local Currency Bank Transfer payment method, follow the steps given below:
- Log in to the .
- Navigate to Account & Settings → International payments (under Payment methods).
- In the Local Currency Bank Transfer section, under the International bank transfers tab, click Activate.
- On the Purpose code page, select the correct purpose code from the list and click Continue.
- On the Importer - Exporter code page:
- If you have an IE code, select Yes. Enter the 10-digit IE code and select I agree to the Terms and Conditions. Click Continue.
- If the IE code does not apply to you, select No, because it is not applicable for me and click Continue.
- If you do not have an IE code but want to apply, select No, but I want to apply for it, and click Apply now.
- On the Video KYC page, select Yes, I am Gaurav Kumar, and click Start Video KYC to proceed with the video KYC.
- Your request submitted successfully, click Okay, got it.
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.
- The Import Export Code (IEC) of the beneficiary is now mandatory for all purpose codes.
- 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:
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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 appers on the Checkout.
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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.
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.
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The customer receives the Payment Link or the Payment Page shared by you.
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On clicking the link, the customer must mention the country code and phone number.
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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.
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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.
1. I have customers spread across the US, UK and Europe. I want to offer our customers a cheaper, more reliable, and better payment experience. Can I 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 can I 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.
Yes. You must provide invoices for all the transactions accepted via MoneySaver 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
Yes. You must provide the buyer's address details and invoices for all the transactions accepted via a MoneySaver account. You should
on the Razorpay Dashboard to enable Razorpay to settle funds to the Indian bank account.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.Please refer to the pricing details mentioned
.Yes, you can accept international payments using
and . Know more about .The general settlement TAT is around T+1, which would take around 1 day to settle from the date of submitting the invoices. We can reduce the TAT in the future.
Yes, we support INR settlements to your current account in India and non-INR settlements to your EEFC account.
Yes. FIRS will be available within 24 hours to your contact email after settlement.
Disputes do not apply to these transactions as they are push transactions.
No, refunds are not supported for these transactions.
The payment flow is given below:
- The customer receives a Payment Link shared by the Indian seller.
- On clicking the link, various payment methods (Local currency bank transfer, Alternate payment method or Cards) are shown on the Razorpay Checkout.
- 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.
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