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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As a freelancer, you have finally booked your first foreign high-ticket client who will pay you over $1000. Now, you are looking for an international payment gateway that allows seamless and quick payment withdrawal by charging a minimum amount.&nbsp;

You start looking for platforms to compare. Some common platforms Indian freelancers use are PayPal, RazorPay, Wise, and Payoneer.&nbsp;

The most significant issue with these payment platforms is the exorbitant withdrawal fee and other processing fees they charge each time you want to transfer funds to your bank account. Let's see what some of these platforms charge for withdrawals.

The above table indicates that most international payment gateways for freelancers in India charge up to 4% of your earnings. It may seem small for a few transactions, but repeated deductions can significantly reduce your earnings.&nbsp;

This process repeats for eight more transactions, each resulting in a $20 fee deduction. By the end of the month, the cascading effect looks like this:

Total Earnings for 10 Projects: $5,000

Total Deductions (4% fee for each project): $200

Actual Earnings After Deductions: $4,800

So, despite initially earning $5,000, the cumulative effect of 4% fees for each transaction results in an actual income of $4,800.&nbsp;

Moreover, additional charges, such as platform fees, international payments remittance fees, dispute fees, <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">forex fees</a>, and other processing fees reduce your final withdrawn amount. How do you avoid the extra costs and secure your earnings?

Skydo, a modern payment solution, aims to resolve the challenges related to freelance payments and forex rates (FX rates) by offering a transparent pricing model. This blog guides you through the unique features of the Skydo platform and explains how you can maximise your earnings by using the platform.

Introducing Skydo: A Solution Tailored for Freelancers

Skydo offers a <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">user-friendly dashboard</a> where you can <a href="https://www.skydo.com/blog/transforming-your-invoicing-experience-with-skydo?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">create invoices</a> for their foreign clients and send them directly to them within minutes.&nbsp;

Opting for a gateway like Skydo, which integrates effortlessly with platforms like Toptal, Deel, Upwork, and Freelancer.com, ensures a streamlined and efficient payment process.

One of the best features of Skydo is the live payment tracking that allows you to monitor when the client has received the invoice and processed the payment. Moreover, Skydo also enables freelancers to send quick reminders to clients for unpaid invoices.

Let's see some of the most significant features of Skydo that help boost your freelance earnings!

A <a href="https://link.springer.com/article/10.1007/s11150-021-09583-6">study</a> on self-employed people in Germany suggests that nine out of ten self-employed people contribute to more than half of their household income, and moderate-income losses lead to a significant drop in living standards.&nbsp;

Moreover, income cuts lead to a drop in income below the adequate level, making it difficult for freelancers to maintain their living standards. While the study was conducted specifically on Germans, it can also apply to other global freelancers because many self-employed professionals have an unstable source of income.&nbsp;

Therefore, ambiguous payment platform fees can majorly impact your income. If you ask for payments directly in your bank account, you have to pay SWIFT fees, processing fees, currency conversion fees, FIRA fees, and several other hidden charges.&nbsp;

However, Skydo has a simple flat-fee pricing model that charges the following amount for processing your international freelance payments.

This flat fee structure helps you <a href="https://www.skydo.com/blog/cut-international-transaction-costs?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">save on unnecessary costs</a>, correctly predict your earnings, and plan and maintain budgets easily.&nbsp;

Moreover, you can use <a href="https://fx-calculator.skydo.com/comparison?utm_source=linkedin&amp;utm_medium=personal_movin&amp;utm_campaign=fxcalculator&amp;utm_content=3">Skydo's FX savings calculator</a> to predict how much you save by escaping extra fees on freelance payments. It offers a sense of security and reduces unnecessary financial stress.

Banks and international payment gateways for freelancers charge markup <a href="https://www.skydo.com/blog/hidden-fees-in-bank-rates?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">FX rates</a> of 3-4% per foreign transaction. Thus, if a client owes you $100, you might receive $90 or even less as the final amount. The rest of the amount is reduced as FX rates. However, Skydo is different.

Skydo adopts a unique and transparent pricing model to solve this FX markup issue. It does not charge extra FX rates. It converts the currency at the prevailing rates. You can check the conversion date and time stamp to validate the exchange rate at the time.&nbsp;

Thus, Skydo helps you save a significant sum you would otherwise have paid as FX markup fees.

Most international payment gateways for freelancers take up to 5-7 days to process money withdrawals in bank accounts. It can also take up to 15 days or even more, depending on the amount withdrawn, the nature of the transaction (withdrawing in the same or different currency), and several other banking factors.

This becomes a hassle because it further burdens the lengthy process of receiving payments from international clients. However, Skydo cuts down on unnecessary delays, and the withdrawal amount is reflected in your bank account within 24-48 hours, thus reducing liquidity risk.

Effortless withdrawals can further benefit your freelancing business in the following ways.

Another interesting advantage of using Skydo as an international payment gateway for freelancers is that you can easily integrate it into your <a href="https://www.upwork.com/">Upwork</a>, <a href="https://www.toptal.com/">Toptal</a>, <a href="https://www.deel.com/">Deel</a>, and Freelancer accounts and withdraw freelance payments easily into your bank account with up to 50% fewer charges.

The freelancing business suits professionals who thrive in an independent environment and want to earn handsomely. However, it's also a fragile business model that requires you to be extremely cautious with your earnings, investments, and expenditures.&nbsp;

Freelancers don't have a fixed income stream or any monetary benefits or allowances given to salaried employees. Relying on costly international payment gateways for freelancers to receive money from foreign clients adds fuel to the fire.&nbsp;

Volatile FX rates and vague pricing models can lower your earnings and disrupt your cash flow, ultimately impacting your financial stability. Hence, weigh the pros and cons of various platforms and use the best freelance payment solution according to your business needs.

<a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Join Skydo today</a> and be a part of our growing freelancers community and make wise payment decisions!

Q1. How to save money on international transactions as a freelancer?

Ans: To optimise tax savings on freelance income, leveraging Skydo's seamless integration with platforms like Toptal, Deel, Upwork, and Freelancer.com provides a comprehensive financial management solution.

Q2. What is the minimum withdrawal from freelancers?

Ans: The minimum withdrawal from freelancers varies based on the platform. Skydo's integration with freelance platforms facilitates easy tracking and withdrawal processes, ensuring you can efficiently manage your earnings.

Q3. What is the best payment withdrawal method on Freelancer.com?

Ans: Skydo, the best payment gateway for freelancers in India supports diverse payment withdrawal methods with Freelancer.com allowing freelancers to choose the most convenient and cost-effective option for accessing their earnings.

Q4. Is there a withdrawal fee for freelancer.com?

Ans: While withdrawal fees on Freelancer.com depend on the chosen withdrawal method, Skydo's integration streamlines the process, helping users stay informed about any associated fees for a more transparent financial experience.

Ans: Effectively manage your finances by using Skydo's integration with Upwork, which streamlines payment processes. To minimise fees on Upwork, consider exploring direct bank transfers or alternative payment methods supported by Skydo for better earnings and financial efficiency.

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Launching and running an IT export business is fabulous–until you must deal with international payments.

Traditional banking systems are reliable but often fail at the speed and ease required for international transactions. The expected growth rate for B2B cross-border payments will reach <a href="https://fineksus.com/3-facts-to-know-about-to-increase-b2b-cross-border-payments/">$2,515 billion by 2030 at 10.8%</a>.&nbsp;

Therefore, platforms like Skydo aim to accelerate business growth by overcoming conventional barriers to trade.

<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">IT export businesses</a> can grow and scale internationally with Skydo's effortless onboarding, hassle-free international payments, a seamless platform experience, multi-currency accounts, real-time payments, live currency exchange, and transparent pricing models.

Here's how it works and how you can accept international payments hassle-free in just 5 minutes.

Documents Required to Create International Bank Accounts With Skydo

Here’s a list of the documents you must procure before signing up on the Skydo platform.

Create an International Bank Account with Skydo in 5 Minutes

The signup procedure requires no physical document submission. The simplicity of verifying identity and compliance procedures is unlike any payment gateway that may take days to verify and then onboard.&nbsp;

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Here’s a step-by-step guide for a seamless onboarding journey as a primary business owner/director on Skydo’s platform

Once you’re on board, you can explore a host of features that make Skydo your go-to solution for seamless international transactions.

Transacting with Skydo - Additional Features

This revolutionary payment platform transforms how you handle global payments, from transparent pricing to built-in invoicing and swift onboarding.&nbsp;

Skydo provides real-time currency exchange rates, no processing fees, and zero FX markup costs. This way, if you’re due to receive $1000, you will receive the amount equivalent to the exchange rate at the time it hits the Skydo account. This way, you do not lose out on precious profits. You can also take advantage of a flat rate structure and save up to 10 lakhs per year on your invoice values.

Effortlessly add international bank accounts to your business without the need for entities in different countries.&nbsp;

The advantage to your customers is twofold.

Skydo <a href="https://www.skydo.com/blog/understanding-gstin-requirements-for-export-businesses-in-india?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">ensures full compliance with GST</a> and <a href="https://www.skydo.com/blog/automated-firc-simplifying-international-payments-compliance">provides FIRA</a> for your IT export business, giving you peace of mind with every transaction made on the platform.

We offer fully compliant <a href="https://www.skydo.com/blog/transforming-your-invoicing-experience-with-skydo?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">in-built invoicing</a>, complete with SAC integration, purpose codes, and legal requirements, all accessible on the platform. You can even generate and download the e-invoice and use the other intuitive features on our dashboard.&nbsp;

Skydo's processes are 100% compliant, and backed by renowned banks and investors, all while maintaining the highest level of security and privacy.

As business owners, your core activities matter the most. For payments, enjoy a hassle-free and seamless cross-border payment experience with Skydo’s transparent and easy-to-use platform.&nbsp;

<a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Reach out to us to book a demo</a> and watch how you can set up your account with Skydo in less than 5 minutes and get your business scaling and soaring in no time!&nbsp;

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Customer journey mapping involves visualising the customer’s complete journey with your business, from the first point of contact to post-service support. By mapping out each touchpoint, interaction, and potential pain point, you comprehensively understand your customers' experiences.

This way, you can identify areas for improvement, streamline workflows, <a href="https://www.skydo.com/blog/implementing-effective-communication-practices-for-better-productivity?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">enhance communication channels</a>, align your services, and optimise your processes accordingly. Ultimately, it helps you achieve the end goal of improving service delivery, which leads to a better customer experience and increases customer satisfaction.

Customer journey mapping, meaning the visual representation of a customer's interactions with a product or service over time, is a strategic tool for understanding and improving the customer experience. It involves creating a detailed map outlining touchpoints, emotions, and experiences throughout the entire customer lifecycle.&nbsp;

By identifying key phases such as awareness, consideration, purchase, retention, and advocacy, businesses can gain valuable insights into customer behaviour. Employing techniques like personas and empathy mapping, organisations can pinpoint pain points and areas for enhancement, ultimately leading to more customer-centric strategies, increased satisfaction, and improved overall business performance.

The stages of customer journey mapping typically consist of five main stages:

Here, awareness refers to when the customer realises the problem to address. They begin searching for the ideal solution to help solve this challenge. Educational content works well to help people find you and eventually convert to customers.

Customers have completed sufficient research to recognise their need for a specific product or service. Subsequently, they begin searching and comparing various brands and their offerings. In this stage, content that promotes your product or service will aid them in deciding appropriately in a competitive marketplace.

The customer has decided on the product or service to purchase. At this crucial stage, it's important to emphasise the smooth and hassle-free buying process to encourage customers to buy.&nbsp;

The focus should be on ensuring a seamless buying experience. It means you can be more direct about wanting customers to buy from you.

In the purchase stage, customers have decided to purchase a solution At this stage, a smooth and seamless checkout process and excellent customer service are paramount to address any questions or concerns the customer may have.

In the advocacy stage, satisfied customers promote your brand/business to their families, friends, and colleagues.&nbsp;

During this phase, you must focus on providing a fantastic end-to-end customer experience by offering ongoing support and ensuring customers are happy with their purchases. Customers who have a positive experience with your brand are likely to become loyal and recommend the brand to others.

SaaS or B2C companies typically leverage customer journey mapping to grow their business. However, mapping the customer journey is not only beneficial for the product or SaaS companies. It’s also influential for tech service companies. According to a <a href="https://webinarcare.com/best-customer-journey-mapping-software/customer-journey-mapping-statistics/">survey</a>, companies that use tools like customer journey maps reduce their service cost by 15-20%.

How Can Tech Service Companies Adapt Customer Journey Mapping Effectively?

In the vast realm of technology service export companies, the art of customer journey mapping is a powerful tool that can unlock doors to exceptional success. Here are some customer journey mapping steps for tech service export companies to map their customer journey effectively:

Review and analyse the customer journey from initial contact to post-service support. This way, you can identify areas of dissatisfaction, grasp customer expectations, and recognise specific requirements.

For instance, if your software proves challenging for customers, you can develop user-friendly tutorials or offer personalised onboarding sessions. 

Data is a goldmine of information that can guide your customer journey mapping efforts. This data can come from various sources, such as customer surveys, website analytics, and social media.

For instance, analysing website analytics may reveal that many customers drop off during form-filling. This way, you can enhance customer engagement and ensure a seamless experience throughout the journey, leading to customer satisfaction.

Map out all the touchpoints or interactions that customers have with your company, both online and offline. It includes the website, social media channels, customer support, <a href="https://www.skydo.com/blog/checklist-for-cold-outreach?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">sales calls</a>, onboarding processes, etc. Identify all the potential touchpoints where customers engage with your company.

For example, a <a href="https://www.skydo.com/blog/eight-steps-to-take-your-service-business-global?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">tech service company</a> might realise that customers frequently encounter email response delays from customer support and often seek assistance through live chat. In response, they can invest in live chat support systems, ensuring prompt and helpful responses to customer queries.

Based on the insights gathered, create an ideal customer journey map that outlines the desired experience for each customer persona. Define the key touchpoints, interactions, and emotions at each journey stage.&nbsp;

This map should align with your company's goals and values and identify critical parts or milestones where personalisation impacts significantly. Tailor your services according to each customer's preferences and behaviours, fostering loyalty and driving customer advocacy.

5. Provide seamless multi-channel experiences

As a tech service company, offering a seamless experience across various channels and platforms involves consistency in messaging, branding, and customer support across your website, social media, mobile apps, and other touchpoints. Leverage technology to integrate different channels and provide an omnichannel experience.

Customer journey mapping is an iterative process that allows you to evaluate and improve the customer experience continuously.

Analyse feedback and measure satisfaction metrics to identify areas of improvement. By implementing changes that enhance the overall experience, you can remain competitive and adapt to evolving customer expectations.&nbsp;

A Real-Life Example of Successful Customer Journey Mapping

<a href="http://www.wipro.com/content/dam/nexus/en/service-lines/business-process/latest-thinking/enriching-customer-experience-through-journey-mapping-and-personalization.pdf">Wipro</a>, a leading global IT consulting and services company, leverages this powerful technique and has gained deep insights into customer interactions, pain points, and preferences at every touchpoint of their journey.&nbsp;

Through meticulous data analysis and customer feedback, Wipro has identified critical moments that significantly impact customer satisfaction and loyalty. With this knowledge, they have designed personalised experiences and tailored solutions, creating seamless customer journeys.&nbsp;

This strategic approach has improved customer engagement and retention and strengthened Wipro's reputation as a customer-centric organisation.

Customer journey mapping is not merely a tool; it's a compass that guides you towards the pinnacle of success. It enables you to craft personalised, meaningful interactions that resonate with your audience profoundly.

Customer journey mapping empowers an IT export service business to understand better, engage, and serve customers. By aligning service delivery, improving communication, personalising experiences, anticipating needs, and continuously improving, you can drive better business outcomes, including increased customer satisfaction, loyalty, and business growth.

Q1. What's included in a customer journey map?

Ans: A customer journey map typically includes touchpoints, interactions, and emotions a customer experiences throughout their interaction with a product or service.

Q2. What are the steps for Creating a Customer Journey Map?

Ans: Creating a Customer Journey Map involves steps like defining goals, identifying touchpoints, collecting customer data, creating personas, mapping the journey, and analysing for improvements.

Q3. What are the 4 types of Customer Journey Maps?

Ans: The four types of Customer Journey Maps are current state maps, day-in-the-life maps, future state maps, and service blueprint maps.

Q4. Why is customer journey mapping important?

Ans: Customer journey mapping is crucial as it helps businesses understand customer experiences, identify pain points, enhance customer satisfaction, and improve overall service delivery.

Q5. What are the important phases to analyse while conducting a customer journey mapping?

Ans: Important phases to analyse during customer journey mapping include awareness, consideration, purchase, retention, and advocacy.

Q6. Why is customer journey mapping important?

Ans: Customer journey mapping is important for gaining insights into customer experiences, improving customer satisfaction, and optimising business processes for enhanced customer engagement and loyalty.

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As Indian businesses expand globally, managing payments in multiple currencies has become more than just a convenience; it’s a competitive edge.

Whether you're an exporter billing clients in USD or a SaaS company offering subscriptions in EUR and GBP, a multi-currency account can simplify how you receive, hold, and manage your international earnings.

But what exactly is a multi-currency account? And why is it becoming essential for modern Indian businesses?

A multi-currency account (sometimes called a foreign currency account or international account) lets individuals or businesses receive, hold, and send money in multiple currencies from a single platform.

Unlike traditional bank accounts that immediately convert foreign currency to INR (often with heavy fees), multicurrency accounts let you:

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.

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;

Which Currencies Can I Hold 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.

Benefits of Multi-Currency Accounts for Indian Businesses

1. Save More by Converting When It Makes Sense

A big perk of a multi currency account is that you don’t have to convert money right away. You can hold on to your earnings in USD or EUR and convert them when the exchange rate is better. Over time, this can add up, especially compared to traditional bank accounts that charge ₹750–₹1000 per transaction just to convert your money.

2. Lower Fees, Less Money Lost in Conversion

If you’re dealing with international payments regularly, small fees can eat into your income. A multi currency bank account typically charges much less in conversion fees compared to regular methods, and that means you keep more of what you earn.

If you’re getting paid in different currencies, tracking it all can be messy. A multi currency account in India helps you keep everything in one place—whether it's dollars, euros, or pounds. That makes your bookkeeping and accounting a lot less painful.

When payments don’t need to go through currency conversion each time, they move faster. A multi currency bank account can help you get your money sooner, without the usual back and forth or waiting around.

Having a multi-currency account can make your business feel more established, especially to international clients. It shows that you're set up to work globally, which builds trust from the start.

6. A Smoother Experience for Your Clients

Getting paid should be easy, for you and for your clients. A multi currency account lets your clients pay in their own currency, which feels more familiar and hassle-free on their end.

7. Helps You Pay International Partners More Easily

Whether you’re working with vendors, freelancers, or service providers abroad, being able to pay them quickly, in their own currency, goes a long way. A multi currency account in India makes this part of the job feel a lot less complicated.

How Can You Get a Multi Currency Account in India?

Most leading banks in India, including HDFC, DBS, HSBC, and others, offer multi currency accounts. However, today, fintech platforms are truly leading the way with multi currency accounts right now. Platforms like Skydo, Wise, Stripe offer mutli currency accounts, enabling businesses to manage their income and payments in multiple currencies. Here's why FinTech-led multi-currency accounts have an edge over multi currency accounts offered by traditional banks:

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.

Final Thoughts: Why a Multi-Currency Account Isn’t Optional Anymore