On October 31, 2023, the Reserve Bank of India (RBI) issued a master circular on the import of goods and services titled <a href="https://m.rbi.org.in//Scripts/NotificationUser.aspx?Id=12561&amp;Mode=0">Regulation of Payment Aggregator – Cross Border</a>.&nbsp;&nbsp;

According to the circular, the RBI will regulate all Indian entities facilitating online cross-border payments for the import and export of permissible goods and services. Moreover, these entities will be collectively termed Payment Aggregators Cross Border (PA-CB).

The circular comprises guidelines to streamline the existing cross-border payment framework in India. Previously, cross-border transactions were carried out through Online Payment Gateway Service Providers (<a href="https://www.skydo.com/blog/online-payment-gateway-service-provider-opgsp?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">OPGSPs</a>) as per a circular issued by RBI in 2015.

OPGSPs operate by partnering with an Authorised Dealer (Category I) Bank (AD Bank) and notifying the RBI. According to RBI guidelines, no formal license is needed to function as an OPGSP.

Hence, RBI has issued a circular to establish a concise and clear framework for cross-border payments. RBI will now oversee all cross-border payments in India related to the import and export of goods. The circular applies to PA-CB, PAs, authorised banks and OPGSPs.&nbsp;The PA-CB circular also denotes that there can’t be any new OPGSP.

This blog discusses the key provisions related to the latest RBI circular on the import of goods and services, RBI guidelines for payment gateway, and OPGSP guidelines.

Master Circular on Import of Goods and Services: RBI Bank Guidelines

The following are the key guidelines mentioned in the circular.

The following entities need to adhere to RBI guidelines/instructions provided in the circular.

Here are the key developments included in the new PACB circular.

Categories of Authorisation as per PA-CB Activity&nbsp;

Based on the cross-border payment activity undertaken by the PA-CBs, they can seek authorisation for one of the following three categories.

PA-CB, facilitating cross-border payments for Indian exporters, has to open an Export Collection Account (ECA) with an AD bank.&nbsp;

ECAs can be opened in either Indian currency or foreign currency. In the case of the latter, various ECAs have to be opened for different currencies.

The PA-CBs will credit all export proceeds in the respective ECAs. Additionally, export PA-CBs need to follow the below guidelines:

Similar to export PA-CBs, import PA-CBs have to open an Import Collection Account (ICA) with an AD bank.&nbsp;

They will collect the payment from importers in an escrow account managed by the payment aggregator. It will then be transferred to ICA and will eventually be transferred to the bank account of the foreign merchants.

These entities are allowed to directly onboard foreign merchants, e-commerce marketplaces, or other overseas entities that offer payment aggregation services.&nbsp;

Here are the guidelines Import PA-CBs need to follow.

Those PA-CB who engage in both import and export activities have to comply with the requirements for both Import PA-CB and Export PA-CB.

They also need to ensure that the maximum value per unit of exported or imported goods or services should be ₹25,00,000.

Non-banks who want to provide PA-CB services will have to seek authorisation from RBI. However, before seeking RBI authorisation, it is necessary to register with the Financial Intelligence Unit-India (FIU-IND).&nbsp;

However, RBI has issued the following net-worth criteria for non-banks providing PA-CB services.

The accounts of existing non-bank PA-CB who are unable to meet the net worth requirement will be closed by banks by 31 July 2024.

Snapshot Comparison Between OPGSP Circular (2015) and PA-CB Circular (2023)&nbsp;

Here are the key differences between the OPGSP Circular (2015) and the PA-CB Circular (2023)

Here is the process of seeking approval from RBI for existing or new PA-CBs.

Step 1: Draft the application through Form A, which includes the following parts.

Step 3: The RBI will process the application.

(RBI may raise queries related to various aspects such as shareholding, product processes, etc.)&nbsp;

Step 4: In principle approval from RBI.

Step 5: Filing of system Audit Report

(RBI may raise queries related to SAR audit observations)&nbsp;

Step 6: Final authorisation(state additional conditions that must be complied with)&nbsp;

The evolving cross-border payments environment and the emergence of several OPGSPs and other fintech entities encouraged RBI to issue the circular. Its main purpose is to ensure seamless and more transparent cross-border payment transactions.

Even though regulatory authorities are constantly working on making cross-border payment transactions seamless, transparent, secure, and quicker, businesses often face difficulties in receiving timely payments.&nbsp;

Skydo aims to simplify the cross-border payment landscape for businesses by automating various tasks and helping businesses open foreign bank accounts. <a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Join Skydo today</a> to streamline your invoicing and financial management activities!

Q1. RBI’s master circular on the import of goods and services and cross-border payments applies to which entities?

Ans. AD banks, PAs, and PA-CBs involved in the online processing/settlement of cross-border payment transactions related to the import and export of goods and services have to comply with the guidelines mentioned in the circular.

Q2. What are various compliances according to RBI payment aggregator guidelines for cross-border payments?

Ans. All PA-CBs have to follow the guidelines provided in the circular dated October 31, 2023. Additionally, they also have to follow the various guidelines for payment aggregators mentioned under a circular issued by RBI on March 17, 2020.&nbsp;The circular includes guidelines related to customer grievance redressal and compliance with Baseline Technology Guidelines to ensure fraud prevention and risk management.

Q3. How can PA-CB seek authorisation for facilitating cross-border payment transactions?

Ans. AD banks do not need to seek authorisation to facilitate cross-border payment transactions. However, a non-bank PA-CB can seek authorisation from RBI by sending the application to the Department of Payment and Settlement Systems (DPSS), RBI, Central Office (CO), by April 30, 2024. PA-CB entities must fulfil the minimum net worth criteria before applying to RBI.

 Know more about RBI's circular that mandates payment aggregators to seek authorization for facilitating cross-border transactions by April 30, 2024.

BI’s PACB Circular: Key OPGSP Updates of 2024 to Note 

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Sukanya

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You're sitting at your favourite coffee shop, doodling your latest business idea on a napkin. You envision turning your passion into a full-fledged venture. Whether it is crafting artisanal jewellery, offering consulting services, or selling your signature baked goods, the appeal of starting a sole proprietorship is absolute.&nbsp;

The world of entrepreneurship beckons, and the journey begins with a single step – understanding the legal and regulatory landscape that comes with it.

A sole proprietorship is a <a href="https://www.skydo.com/blog/pvt-ltd-partnership-proprietorship-what-should-you-choose-and-why?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">business structure</a> in which a single individual owns and operates without the involvement of other individuals or partners. A sole proprietorship is the simplest form of business and is quite common among solo entrepreneurs and small businesses.&nbsp;

The owner has complete control and decision-making authority over the business. A sole proprietorship has no legal distinction between the owner and the business entity.&nbsp;

Some features that make sole proprietorship an attractive business structure include the following.

How Do You Start a Sole Proprietorship In India?

Sole proprietorships suit individuals and small businesses with limited risk exposure and relatively simple operations. However, the business has to adhere to the legal and regulatory framework set by the Indian government to ensure legal operations. The process starts with the regulatory and <a href="https://www.skydo.com/blog/ready-set-launch-8-key-elements-for-launching-your-tech-export-business-today?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">legal steps to start a business</a> with you as its sole owner.&nbsp;

Let’s start with the personal front for starting a sole proprietorship.

Developing your business concept involves refining your idea and creating a clear plan for operating your business. The business idea should emerge after you identify your interests, skills and passion. Find answers to questions like–

Choose the business concept that aligns the most with your interest and expertise.&nbsp;

You may create a business idea based on your passion, expertise and interest. However, backing it through extensive market research and analysis is equally important.&nbsp;

The step involves researching and analysing the target market, the current competition, the demand and supply factors, investment requirements and growth potential. One of the best ways is to execute a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to assess your business's internal strengths and weaknesses.

Naming your business is critical in establishing your brand identity and creating a memorable impression on your target audience. The name you choose must be unique and must relate to the business idea and the target customers.&nbsp;

Take the example of Zomato, Ola, Oyo, etc. Although the brand names have a certain meaning, they are unique in the sense that the customers have made them synonyms for their respective industries. However, you must check the legal requirements and restrictions for business names in your jurisdiction before naming your business.

The following steps define the legal and regulatory actions to register your sole proprietorship. These steps contribute highly to giving a legal identity to your business.&nbsp;

You must register your business based on the company name and registration process defined by the Indian government and other regulatory bodies. The steps involved in business registration are:&nbsp;

The 20 lakh limit is set for intra-state supply of goods and services. However, if you execute a trade outside the state, you must register for GST. Furthermore, you should open a bank account for your business once registered.&nbsp;

Once the business is registered, you must take further steps to complete the business’s taxation compliances. Obtain a TIN (Taxpayer Identification Number) for your business’ easy identification by the revenue department.&nbsp;

You can manually fill out<a href="https://www.irs.gov/pub/irs-pdf/fss4.pdf"> Form SS-4</a> and mail it to the Indian Revenue Service or log in to the respective VAT portal of the state government to submit the application form online. It is mandatory to mention the TIN while making state-level or interstate sales.&nbsp;

Business insurance is a type of coverage designed to protect businesses from financial losses and liabilities that may arise during their operations. Business insurance is vital for a sole proprietorship as the owner has unlimited personal liability for the business's debts and legal obligations.&nbsp;

This means that if the business incurs debts or faces legal issues, the owner's assets are at risk to satisfy those obligations.&nbsp;

There are numerous business insurance policies, such as property insurance, fidelity guarantee insurance, commercial vehicle insurance, etc. However, you must consider liability cover insurance to protect your assets in case of business financial obligations.&nbsp;

This wraps up the legal and regulatory steps involved in the legal steps to starting a business (sole proprietorship) in India. But what about protecting your goods and services and managing the operations and resulting transactions?

Once you have registered your business and have developed your goods or services, you must protect them under intellectual property rights. In India, numerous acts govern intellectual property, such as the Trade Marks Act of 1999, the Patents Act of 1970, The Copyright Act of 1957, etc.&nbsp;

Before selling your goods or rendering services, you should obtain relevant copyrights, trademarks, and patents from the respective authorities to protect your business’ various intellectual properties.&nbsp;

Written agreements are essential in sole proprietorships, just as in any other business structure. Written agreements clearly outline a business’ terms, conditions, and expectations and can serve as legally binding contracts. Furthermore, when you operate a business, you create or sign numerous contracts related to services, clients, vendors or suppliers.&nbsp;

You should create and keep written agreements and contracts to enforce the terms and protect the rights and interests in case of any legal dispute.

Maintaining business operations calls for booking and accounting, as they are an essential part of compliance for a registered sole proprietorship. Systematically record and organise all the financial transactions, such as business income, assets, and expenses.&nbsp;

Then, you must interpret and analyse the recorded financial data and prepare relevant financial statements such as balance sheets, cash flow statements and profit and loss accounts. Such record-keeping helps determine the tax liability and ensure you file your taxes within the mentioned deadlines.&nbsp;

Advantages of a Sole Proprietorship Business

A sole proprietorship is the simplest business structure that allows a person to manage and operate the company as they like. Below are some of the fundamental advantages of a sole proprietorship business.

Sole proprietorships do not require an extensive registration process, including complex paperwork and a long waiting period. Furthermore, in many cases, it is optional to register a sole proprietorship, making it an attractive option for individuals looking to start a small business without a significant upfront investment.

2. Full control and decision-making

One of the best pros of sole proprietorships is that the business owner has complete control, ensuring quick decision-making and better adaptation to market change.&nbsp;

In other business structures, such as partnerships, the partners must share the realised profits in a specific ratio, significantly lowering the individual profit margin. However, in sole proprietorships, a single individual owns the business and is the sole receiver of all the profits.&nbsp;

Sole proprietorships can reap the benefits of pass-through taxation, allowing owners to record business income and expenses on their tax returns.&nbsp;

Unlike corporations, pass-through taxation also ensures that the income is not taxed twice. Additionally, they may be eligible for deductions and credits that can reduce the overall tax liability.&nbsp;

Unlike corporations or limited liability companies, sole proprietorships are small-scale, resulting in less complex resource management and financial data.&nbsp;

Record keeping and accounting for sole proprietorships are less complex than larger businesses, saving valuable resources such as time and money on administrative tasks.

Disadvantages of a Sole Proprietorship Business

An entrepreneur must consider the disadvantages of a sole proprietorship business before choosing it as a business structure.

Unlimited liability means that if the business incurs debts it cannot repay, creditors can seize the owner's assets, including their home, savings, and other personal property.&nbsp;

Furthermore, creditors can file a criminal case under unlimited liability if the owner fails to repay the debt or fulfil other financial obligations.&nbsp;

2. Limited Resources and Growth Potential

Sole proprietors face numerous difficulties in raising external capital through investors or by availing loans. Investors or financial institutions hesitate to offer credit owing to the limited repayment capacity and the complex procedure of seeking repayment under unlimited liability.&nbsp;

3. Workload and Time Constraints&nbsp;

Since the sole proprietor is solely responsible for managing and operating the business, it may become difficult to manage every aspect, such as accounting, marketing, or legal compliance. The added workload over time and time constraints due to a single owner may force the business to lose out on growth and struggle to support and scale.&nbsp;

Running a business, irrespective of its nature and size, requires skills and expertise in planning, organising, controlling, sustaining, regulatory compliance, filing taxes, etc. A sole proprietor may be an expert on a specific business aspect but struggle to manage other aspects due to a lack of proper knowledge.&nbsp;

The creditworthiness of sole proprietors is directly related to their capital because of unlimited liability. However, some suppliers and partners may perceive sole proprietorships as less stable or credible than larger, incorporated businesses. This perception can affect attracting clients and establishing strong business relationships.

Sole Proprietorship vs. PLC vs. Partnership

Sole Proprietorship, PLC (Private Limited Company), and Partnership are <a href="https://www.skydo.com/blog/sole-proprietorship-vs-other-business-structures?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">different business structures</a>. A sole Proprietorship is a one-person business without legal separation from the owner, making them personally liable for debts and obligations.&nbsp;

PLC is where two or more stakeholders are the business owners. They have limited liability, which protects the owners' assets from business debts while maintaining a flexible management structure.&nbsp;

Partnerships involve two or more individuals sharing ownership and responsibilities, but they share personal liability for business debts. Choosing between these structures depends on factors like liability protection, management style, and tax implications, each offering advantages and disadvantages for entrepreneurs and businesses.

Your business must earn profits and tackle the dynamic market for sustainability, right? While sole proprietorships are typically smaller in scale, they can still experience significant expansion and success with proper planning and execution.&nbsp;

Regularly access your business’s financial health and capital requirements. If you fall short, explore external funding options such as business loans. Furthermore, an in-demand business may require further expertise on various other company aspects, requiring you to hire experts with relevant skills.&nbsp;

Marketing is vital to business growth, which you can attain by leveraging social media channels to create brand awareness and goodwill.&nbsp;

Similar to every other business structure, a sole proprietorship always has its set of pros and cons. Since the pros of sole proprietorships are value addition factors to the simplest form of business structure, it is essential to manage the cons to ensure a healthy balance.&nbsp;

Managing the challenges of a sole proprietorship requires careful planning, proactive strategies, and a willingness to adapt to changing circumstances. Here are some ways to address the challenges associated with sole proprietorships.

One of the best ways to ensure effective time management is to list all the tasks based on their priority and delegate the less important tasks by hiring other helpers.&nbsp;

Sole proprietorships offer entrepreneurs a unique path to business ownership, characterised by autonomy and simplicity. However, they come with their own set of challenges that require careful management and consideration. Before starting a sole proprietorship, it is always beneficial to understand the pros and cons of a sole proprietorship, as these factors are crucial to adopting or passing on this business structure.&nbsp;

Ultimately, the path of a sole proprietor is rewarding for those willing to embrace its responsibilities and challenges. With dedication, perseverance, and a well-thought-out strategy, individuals can turn their sole proprietorships into thriving enterprises fulfilling their entrepreneurial dreams.&nbsp;

Q1. How Do You File Taxes As a Sole Proprietor?

Ans: A sole proprietor files taxes by reporting business profits and losses on their personal income tax return. This process is known as pass-through taxation, where the business doesn't pay separate income taxes. It allows for simplified tax reporting and can result in tax benefits for the owner.

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The world of commerce has jumped over every global boundary, where international payments have become the norm.&nbsp;

The world of commerce has immense opportunities: a global presence with customers willing to pay for your products or services. But what about payments? Foreign currency payments involve never-ending steps of currency conversions and handling numerous overseas bank accounts. Even if you are brave enough to invest so much time and effort, the biggest hurdle is yet to come: Fluctuating Exchange Rates.The resulting system makes it highly challenging to keep track of all the international payments.However, the solution is to open a multi-currency account.A multi-currency account is a specialised account that can take some of the hassle, time consumption, and expense of dealing with multi-currency international payments.&nbsp;

A multi-currency account allows an individual or a business to receive, pay, and hold multiple currencies within a single account. You can deposit or withdraw cash in multiple currencies seamlessly.Multi-currency accounts offer lower charges on foreign currency transactions, which can be vital in creating a <a href="https://www.skydo.com/blog/cut-international-transaction-costs?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">cost-effective payment solution</a>, especially if you make multiple international payments daily.&nbsp;

<a href="https://www.pwc.in/industries/financial-services/fintech/dp/the-evolving-landscape-of-cross-border-payments.html">At around $83 billion</a>, India is the largest global market for inward remittance flow, followed by China and Mexico. Since 2016, India has witnessed a steady rise of CAGR 8% in its cross-border remittance. However, if your business is amidst the cross-border transaction flow, it requires a tailor-made financial solution.

In India, some large banks, digital fintech startups, and financial institutions are embracing the demand for such accounts and are offering multi-currency accounts to individuals and businesses.&nbsp;

A multi-currency account works on the principle of real-time currency conversion based on the prevailing exchange rate at the time of the transaction.

For example, if you have received payment from an international client from the US in USD, you can hold the payment in USD in your multi-currency account. If you have to pay a client in USD, you can use the current funds for direct payment without converting your local currency to USD.

Moreover, you also have the facility to convert the funds you have received in USD in your local currency as per the current exchange rate and convert it again to another currency to make global payments. The process makes it easier for an individual or a business to streamline international payments and ensure currency diversification as they can hold various currencies in a single account.&nbsp;

Some multi-currency accounts come with additional features which can help in increasing the return potential. For example, some multi-currency accounts may offer interest on the balances held in different currencies, while some may offer access to foreign exchange markets.&nbsp;

What Are the Features of a Multi-Currency Business Account?

Here are some key features of a multi-currency business account:&nbsp;

What Are the Accepted Currencies in a Multi-Currency Account?

The accepted currencies in a multi-currency account range between 30-200, depending on the financial institution. However, a multi-currency account facilitates, at minimum, transacting in the following currencies.

A multi-currency account offers the flexibility of holding the received payments in foreign currency or converting the funds to any preferred currency. This feature allows you to capitalise on favourable exchange rates without reducing the payout by paying the fee charged by traditional bank accounts.&nbsp;

For example, you can hold funds in your multi-currency account in US dollars and convert them to another preferred currency when the exchange rate is higher, resulting in a higher payout. As there are no costs involved regarding currency conversions, you can save a hefty amount, as traditional bank accounts charge Rs 750 to Rs 1,000 per transaction.&nbsp;

Multi-currency accounts often come with lower exchange rate fees compared to traditional banking methods or separate currency accounts. This is particularly beneficial for businesses or individuals who frequently engage in international transactions, as it helps reduce the overall cost of converting currencies.

Managing finances across multiple currencies can be challenging, especially when dealing with various accounts for different currencies. Multi-currency accounts simplify reconciliation and accounting processes by consolidating all transactions into a single one. This streamlines financial management, making tracking expenses, revenues, and overall financial performance easier.

Multi-currency accounts can contribute to faster transaction processing. You can send and receive payments in different currencies without the need for time-consuming conversions.&nbsp;

This efficiency is particularly advantageous in the context of global business operations, where timely transactions can be crucial for maintaining smooth cash flow and meeting financial obligations.

Maintaining a multi-currency account can enhance a company’s reputation as it depicts its presence on a global scale. If a company accepts payments in multiple currencies, it contributes to the perception that it is well-established, capable, and has a significant international presence.Furthermore, a company with a multi-currency account makes it easier for international companies or customers to do business with the company, which may increase the customer base in the long run.&nbsp;

A business is best managed with a customer-centric approach, which focuses on providing a seamless experience to customers, including preferred payment terms. A company with a multi-currency account may have a competitive edge in the global market.&nbsp;

With a multi-currency account, international customers can pay in their preferred currency, offering them greater convenience. The customer-centric approach derived through payments in preferred currencies positively impacts customer loyalty and retention.&nbsp;

7. Facilitating Cross-Border Relationships

The success of a company is derived from strong relationships with international partners and suppliers. A company with a multi-currency account is better positioned to complete timely payments to its partners and suppliers as the transactions are quick and hassle-free.&nbsp;

This efficiency can majorly attract and retain global partners who want to conduct business without unnecessary delays and foster strong cross-border relationships. 

How Can You Get a Multi-Currency Account in India?

You have the option to establish a multi-currency account through specific banks, fintech firms, or private banking services. The most suitable multi-currency account for your needs will vary based on the currencies you utilise and the required services.

While some banks primarily provide multi-currency accounts for businesses, others extend their services to individuals as well. Notable banks that offer multicurrency accounts include Citi, HSBC, East West Bank, Wells Fargo (for business accounts only), and PNC (for business accounts only).

Alternatively, fintech companies such as <a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Skydo</a> also offer multi-currency account solutions with a small flat fee involved per transaction.

When deciding where to open your account, carefully assess factors like fees, services, and customer support from each institution. Additionally, ensure that the chosen account supports the currencies relevant to your usage.

Who Is Qualified for a Multicurrency Account?

You must be 18 and above to open a multicurrency account, and certain accounts are restricted to residents of specific countries. Meeting minimum balance requirements may also be necessary. Some multi-currency accounts cater to businesses or high-net-worth individuals, imposing relatively high minimum balance criteria.

Potential beneficiaries of multicurrency accounts include the following.

Multi-currency accounts offer practical benefits that go beyond mere financial convenience. You can receive or make international payments and hold multiple currencies for currency diversification within the same account.&nbsp;

This account type ensures that you capitalise on favourable currency exchange rates without shelling out conversion fees, thus increasing the payout margin substantially.

Furthermore, a multi-currency account can be instrumental in building and nurturing stronger relationships with international partners and suppliers by demonstrating flexibility, transparency, reliability, and cost-effectiveness in your business dealings. This, in turn, can lead to improved trust and collaboration, ultimately benefiting your business.

<a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Skydo</a> is a unique platform that simplifies receiving international payments, provides live foreign exchange rates, and charges a flat fee per transaction. It creates virtual accounts to accept payments from the US, UK, Canada, and European continents.&nbsp;

There is also a multi-currency account to let you <a href="https://www.skydo.com/blog/seamlessly-accept-international-payments-in-india?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">receive payments in various currencies</a> in addition to the ones mentioned earlier, which you receive in your bank account in your local currency. It mitigates the compliance burden as the amount does not stay in the virtual accounts when it is remitted. Furthermore, there is no additional compliance involved to maintain multi-currency accounts with Skydo.

<a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">By signing up on Skydo</a>, you can make the most of your cross-border transactions with a one-stop payment solution.

Ans: A multi-currency account allows individuals or businesses to hold and manage funds in multiple currencies within a single account. This enables seamless transactions and provides flexibility in handling international payments and cross-border transactions.

Q2. What does a multi-currency account do?

Ans: A multi-currency account facilitates transactions in various currencies, offering flexibility and cost efficiency. It allows users to send and receive money internationally, make cross-border transactions, and manage funds in different currencies within a single account, simplifying financial operations.

Q3. How to open a multi-currency account with Skydo?

Ans: Opening a multi-currency account with Skydo is a swift and hassle-free process, ensuring you can kickstart your international transactions within <a href="https://www.skydo.com/blog/seamless-payment-experience-with-international-bank-accounts?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">just 5 minutes</a>. Begin by verifying your email through a quick OTP confirmation and proceed to complete KYC instructions.&nbsp;

Enter your Business PAN Number, and the platform auto-fills essential details. Add business specifics, affirm, and input your PAN with an uploaded image. Easily include beneficial owners, validate PANs, and finalise by verifying your bank account through a penny drop. <a href="https://www.skydo.com/blog/a-quick-guide-to-using-the-skydo-platform?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Skydo's seamless onboarding</a> expedites your journey to efficient global transactions.

Q4. What is the minimum balance for a DBS multi-currency account?

Ans: The minimum balance requirement for a DBS multi-currency account varies and is subject to the bank's policies. It is advisable to check with DBS directly or visit their official website for the most accurate and up-to-date information regarding minimum balance requirements.

Q5. How to transfer money from a multi-currency card to a bank account?

Ans: To transfer money from a multi-currency card to a bank account, log in to the card provider's online platform, select the desired currency, and initiate a transfer to the designated bank account. Ensure you follow the specific steps outlined by the card issuer for a smooth and secure transaction.

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For Indian tech exporters like Ravi in the bustling city of Bengaluru, the booming tech industry offers immense opportunities. However, managing cross-border payments can be incredibly complex.&nbsp;

From navigating <a href="https://www.skydo.com/blog/how-much-forex-fees-do-you-pay-on-your-international-transactions?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">international transaction fees</a> to dealing with currency conversion rates and delayed payments to cumbersome documentation - understanding and overcoming these obstacles can be difficult and time-consuming.

B2B cross-border payment challenges can have more than just financial impacts. They can lead to strained client relationships, delayed projects, and decreased trust. These issues are especially damaging in digital marketing, where timely delivery and trust are key to success.

This blog explains how Ravi and other tech exporters can solve this problem, moving from chaos to convenience.

Cross-Border Payments for Tech Exporters Today

India is a powerhouse of tech innovation and digital solutions. Over the past decade, it has become one of the world's biggest internet markets, with an estimated tech revenue of <a href="https://nasscom.in/knowledge-center/publications/technology-sector-india-2023-strategic-review#:~:text=In%20FY2023%2C%20India's%20technology%20industry,11.4%25%20in%20constant%20currency%20terms.">$245 Bn in 2023</a> - exports alone will contribute $194 Bn while showcasing 9.4% growth. With its rich software development capabilities, India provides cutting-edge technological advancements revolutionising the global tech industry.

However, these figures merely hint at the tip of the iceberg. Beyond the numbers, an exhilarating ecosystem thrives, encompassing a myriad of startups, renowned tech giants, and enthusiastic individuals, collectively propelling the limits of what can be achieved.

India's tech industry is an ever-expanding powerhouse of potential and talent, filled with innovators from every corner of the nation. The growth opportunities are seemingly endless, from Bengaluru's tech-savvy entrepreneurs to Hyderabad's leading AI and machine learning experts.&nbsp;

As technology advances, India aims for rapid expansion within its borders and strives to become a renowned force in the global market. With each tech solution comes possibilities to achieve success on an international scale—from Mumbai's bustling city to New York’s metropolis.

As a tech exporter, Ravi's business encounters numerous obstacles regarding cross-border payments. With each transaction, he faces a daunting list of challenges.

For Ravi, these issues represent more than just operational inefficiencies. These obstacles potentially hinder his business's growth and prosperity, impacting profitability, client relationships, and his ability to compete effectively in the <a href="https://www.skydo.com/blog/building-a-global-network-of-customers-for-your-cross-border-business?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">global market</a>.

Skydo: A Game-Changer in Cross-Border Payments

Skydo offers a comprehensive solution designed specifically for tech exporters like Ravi. Here's why Skydo is the ultimate game-changer:

With Skydo, Ravi can bid farewell to lengthy payment wait times. Skydo guarantees quick payment processing with real-time payment tracking, ensuring a steady cash flow for tech exporters allowing them to focus on scaling their businesses.

Security is paramount to Skydo. Robust security measures are implemented, safeguarding every transaction against potential threats. Ravi can rest easy, knowing that his payments are protected.

Skydo's platform provides complete transparency, clearly laying out all transaction fees and exchange rates. Ravi can effortlessly track payments without any hidden costs.

Skydo's user-friendly interface allows Ravi to navigate effortlessly, saving time and effort. It's simplicity at its best.

Skydo stands out with its cost-effective approach. Competitive transaction fees and favourable exchange rates allow Ravi to maximise profits without compromising service quality.

Skydo's direct integration with banks ensures seamless payments, with no intermediary delays. This direct link simplifies the process, saving time and boosting efficiency.

Ravi can rely on Skydo's dedicated customer support, which is always available to promptly address any challenges or queries. Smooth operations are guaranteed.

Skydo is the long-awaited B2B cross-border payment solution that tech exporters like Ravi have been searching for. It revolutionises the <a href="https://www.skydo.com/blog/future-of-cross-border-payments-2030-and-beyond?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">cross-border payment landscape</a>, transforming a once cumbersome process into a seamless, efficient one.

Leverage your Cross-Border Payment System

Cross-border payments can be complex, but with the right approach, you can streamline the process and ensure efficient international transactions. Here are some valuable tips to make the most of your B2B cross-border payment solutions.

Instant access to real-time transaction details can be a game-changer when resolving client queries or addressing issues. Opt for payment platforms that provide comprehensive transaction tracking to stay informed and take immediate action if needed.

Different countries have specific financial regulations, and adhering to them is crucial. Before initiating any international payment, familiarise yourself with the compliance guidelines relevant to the transaction's origin and destination. This helps to ensure your payments stay within the boundaries of the law and avoids potential penalties.

Enable notifications on your payment platform to receive instant alerts for completed transactions. This is particularly valuable when dealing with numerous payments daily. Stay updated through mobile apps or email notifications to track your payment progress effortlessly.

Consider setting up automated transfers for recurring obligations like monthly vendor payments. With automation, you can ensure timely settlements without manual intervention for every payment. This reduces hassle and guarantees punctuality for your regular transactions.

Don't hesitate to reach out to the support team of your payment platform when faced with uncertainties or challenges. They can provide guidance, clarity, and assistance in facilitating smooth transactions. Look for platforms with responsive customer support to help you navigate any hurdles.

By implementing these strategies and proactively managing B2B cross-border payments, tech exporters can streamline their processes, ensuring efficient and timely international transactions. Maximise the potential of your cross-border payment system and unlock growth opportunities for your business.