Razorpay, a leading omnichannel payments and banking platform for businesses in India, has announced the expansion of its MoneySaver Export Account specifically for freelancer professionals.
The development marks Razorpay as the first Indian Payment Aggregator (PA) to offer international payments for freelancers.
The new feature allows freelancers to open a smart account in any country of their choice and accept payments locally via bank transfers on the Razorpay platform with zero withdrawal fees.
Aiming to empower 1.5 crore freelancers
Razorpay’s MoneySaver Export Account aims to empower over 15 million Indian freelancers by saving them up to 50% in fees and commissions on international bank transfers.
Traditionally, international payments for freelancers have been costly and cumbersome, with fees reaching up to $30 per transaction and additional currency conversion charges. This often results in freelancers losing up to 25% of their income.
The MoneySaver Export Account addresses these issues by enabling freelancers to receive international bank transfers from over 160 countries within five seconds, eliminating the need for additional paperwork and reducing costs significantly.
Key features
The MoneySaver Export Account adheres to the latest Reserve Bank of India (RBI) guidelines and incorporates video KYC to ensure a safe and secure experience.
It offers freelancers a single-click Digital Foreign Inward Remittance Certificate (FIRC) and incurs no withdrawal fees from online freelance marketplaces, which often charge $2 per withdrawal along with marketplace commissions of 20% for every $500 earned.
The account can be created across key export markets such as the US, UK, Canada, and Europe, utilizing preferred banking networks like ACH, SEPA, SWIFT, and FPS.
What has been the reception and adoption so far?
Since its initial launch for exporters last year, the MoneySaver Export Account has seen substantial adoption, with over 15,000 exporters embracing its benefits. This expansion to include freelancers builds on that success, offering a seamless, border-free global banking experience.
Rahul Kothari, Chief Operating Officer of Razorpay, emphasized the importance of this feature, stating, “While India continues to grow as one of the fastest-growing markets for freelancers, it’s crucial to have a seamless and cost-efficient method to manage international money transfers securely and support this dynamic community with immense potential.”
This move by Razorpay is expected to have a significant impact on the Indian freelancing market, which is the second-highest contributor to the global freelancer market.
By reducing transaction fees and eliminating hidden charges, Razorpay’s MoneySaver Export Account provides freelancers with a more efficient and cost-effective way to handle international payments.
As Kothari added, “Our commitment to providing a reliable, hassle-free financial experience can now ensure that freelancers can focus on what they do best—delivering exceptional work to clients around the world.”
This expansion is part of Razorpay’s broader strategy to simplify money movement for businesses of all sizes and support India’s growing freelance economy.
Source: Razorpay to offer international payments to freelancers with its MoneySaver Export
