Currencies Direct have announced the launch of its INR FX payments in India. One of the first FX providers in the region to successfully provide international payments in INR. Currencies Direct’s immense expertise, experience and technology platform will help to support the ever increasing cross-border e-commerce trade in India.
The Currencies Direct service will enable Indian online sellers to remit their funds quickly and securely using local currency. Indian online sellers will be able to use Currencies Direct’s cross-border expertise and speed to remit their revenues earned overseas with competitive and transparent foreign exchange rates at no hidden fees.
The growth of Indian businesses selling goods online continues at a significant rate with Amazon1 reporting that Indian exporters using its platform saw a 224% business growth rate in 2017 with sellers in India shipping 90 million products to customers in countries including Spain, Japan, the USA and Mexico during the same period.
Currencies Direct has immense expertise in the region having had a presence in India since 2007 with 200 staff housed at Lotus Corporate Park, Goregaon (East) in Mumbai. All sellers will be supported with a dedicated customer service team online and on the telephone with staff speaking in Hindi, English, Marathi and Gujrati.
“Online sellers in India have been crying out for a fast, efficient FX service that allows them to receive payments in INR. Something that many other providers have only talked about launching. With the number of online sellers in India growing exponentially we are delighted to be able to offer such a service. We believe that our service will help to drive the growth of local businesses, not just in terms of increased employment but also expansion globally.
Our new service will alleviate the barriers to international trade with the biggest concern being how to repatriate diverse earnings into Indian rupees without hefty conversion charges destroying their profit margins.”
– Ruchi Arora, Managing Director, Currencies Direct in India
The new FX payments in India service allows Indian online sellers:
- The ability to collect funds from international markets in multiple currencies (USD, EUR, GBP, JPY, CAD)
- Flexibility to hold funds or withdraw them when you need to
- Convert sales revenue to rupees and receive the funds the next day
- SMS and email notifications of credit
