Top Fintech Solutions For Cross-Border Remittances In India

Cross-border remittance is extremely crucial for Indians; not just individuals, but businesses, both big and small, heavily rely on these financial transactions.

In recent years, as India has become the largest hub for international business because of its growing economy and highly talented workforce, global financial transactions have increased even further. As trade and the IT sector expanded rapidly, the demand for faster money transfers also grew.

Traditional cross-border payment modes like SWIFT transfers and bank-to-bank payments are slow and even costly. Hence, fintech solutions emerged and transformed the Indian remittance industry in no time. Read this article to know how fintech solutions have helped in improving the worldwide money transfers and the top Fintech Solutions For Cross-Border Remittances In India.

Understanding Cross-Border Remittances

Cross-border remittance defines the process of transferring funds by a sender located in one country to a receiver across borders in another. For migrants, remittance is a mode of supporting their family members located in another country. SMEs, startups, and established businesses alike use it as a way to maintain their operations on a global scale with an effective flow of capital. Banks have been handling cross-border remittances in India for decades, but face issues like

• Slow transaction speed! It takes 2 to 5 days or even more for funds to finally reach another country.
• Bank transfers involve multiple intermediaries before the money actually reaches the receiver. It not only stretches the time needed to finalize transactions, but it also increases service fees.
• The fee structure as well as the remittance network lack transparency.
• Banks have limited accessibility for unbanked recipients and don’t support low-value transactions.

How Has Fintech Transformed Remittances in India?

FinTech solutions, mainly money transfer software, have simplified international transactions and changed the industry as follows:

• Fintech platforms allow for instantaneous and even same-day money transfers.
• These platforms provide complete transparency regarding their service pricing and exchange rates.
• Money transfer requests can be made from anywhere and at any time using mobile remittance apps.
• Money transfer software facilitates safe online money transfers in strict accordance with RBI guidelines.
• Remitters can track the status of their transfer using the platform’s mobile application.
  These fintech platforms provide a variety of options, including direct bank deposits, UPI transfers, cash pickups, and more.

Top Fintech Solutions For Cross-Border Remittances In India

Check out the key players facilitating online international money transfers in India.

Wise (formerly TransferWise)

Wise, approved by the RBI, is one of the most popular fintech solutions for money remittance services in India. It offers complete transparency in its pricing, from exchange rate to service charges, which allows customers to know exactly what they are paying for. Additionally, even if someone isn’t particularly good with technology, its simple interface makes international transfers feel effortless for them.

Remitly

Remitly is trusted by Indian remitters due to its fast cross-border payment service. The interesting part is not just the speed but also the option to choose between express transfers, which send money instantly anywhere in the world, and economy transfers, which take slightly longer but are much less expensive. Remitly is widely preferred for family support transfers as well as business-related financial transactions demanding instant payments.

Revolut

Revolut is a leading fintech platform widely used by businesses in India that operate globally, thanks to its multi-currency support. The platform carries cross-border transactions in over 30 currencies and ensures complete transparency in service charges, as well as provides real-time exchange rates. When both the sender and receiver use Revolut, they can even send money right away with the instant transfer feature. Rather than making repeated one-time payments, businesses often prefer subscription plans that best meet their needs.

Payoneer

Payoneer is currently assisting a diverse Indian client base, including exporters, small online businesses, and freelancers. It facilitates cross-border payments from clients, marketplaces, and platforms located in more than 200 countries. With Payoneer, there is no risk of hidden fees, and withdrawals to Indian bank accounts are much easier.

Wrapping Up

The remittance industry has transformed massively in India due to fintech solutions. What once was an expensive, slow, and complicated process for international money transfers has now become a convenient, fast, and cost-effective service. At Tech Remit, we support remittance businesses solutions by building advanced infrastructure that improves online remittance services. Our money remittance software not only simplifies the transfer process but also ensures the highest level of security with robust protocols and support for multiple currencies and payment methods.

Interested in learning more about how we are making a difference in the remittance industry? Contact us today!

Also Read : Remittance Trends In India: What’s Driving the Growth?