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How can I receive international payments?

Receiving international payments through Winvesta Business banking is quite straightforward. Here are the steps.

  1. Select the account you want to receive the payment in. For example, if you are receiving money from a US client, select USD. Go to account details, where you will find details like Account Number, Routing Number, etc. Choose the details that suit your incoming transfer based on the expected payment value.

  2. Share your account details with your client/payer. For USD, GBP, and EUR, the payer will be able to make a local transfer to your account (ACH for USD, Faster Payment for GBP, etc.). This is just like making NEFT/RTGS transactions in India.
  3. Once the payer transfers the money, you will receive an email notification that funds are being allocated to your account, followed by another email when the money is credited to the account.
  4. To transfer money to your Indian account, you have 2 choices
    1. Wire transfer in foreign currency: You can wire the foreign currency (USD/GBP/EUR) to your Indian bank without converting it. The Indian bank will convert it to INR using their exchange rates. This would cost you a fixed amount for wire, and the Indian bank may also charge you an incoming wire fee + a fixed conversion fee.
    2. Convert and transfer INR: This is the most popular method of transfer. You can convert the foreign currency to INR within your account. Go to Convert, select the currency you want to convert as Sell, and INR as Buy currency. Select the Sell amount in the foreign currency (or buy amount in INR). Once you convert, you should see INR balance in your Winvesta INR account. You can then transfer the INR to your Indian account by going to Pay, and selecting INR. You will have to add your Indian bank account as a beneficiary (one time setup). The INR will be transferred to your account through NEFT/RTGS/IMPS and is usually credited the same day. Please note that there is a daily limit of INR 15,00,000 using this method.