Aeldra, a Silicon Valley and Bangalore-based fintech providing banking services, will be winding down operations by the end of the month. It served a notice to its clients earlier this week regarding the same. Many clients with thousands of US dollars in deposits are left wondering if they should withdraw the funds to India or if there is an alternative to keep funds offshore.
Luckily, Aeldra is not the only platform that offers USD accounts to Indian residents. Winvesta is here to help individuals who wish to retain their funds overseas and not round-trip on FX.
What Does Winvesta Do?
Winvesta is a UK-headquartered neobank that simplifies cross-border transactions and investments for Indian residents. With offices across India, the UK, and the US, Winvesta offers its clients multi-currency banking and US-stock investing.
How Does Winvesta Protect Our Clients?
Winvesta comes under the UK’s FCA, where Indian retail clients are safeguarded per FCA rules, providing them the highest level of regulatory protection.
Winvesta complies with UK, Indian, and US regulations in providing all its services. Tier-1 global banks safeguard all the client funds while the banking services come under the E-Money regulations of the UK. Each Client investment portfolio carries up to $500,000 SIPC protection under US regulations.
As a firm, we have also adopted a straightforward Complaint Procedure to acknowledge and address each complaint within three days of receipt.
Read more on how we protect our clients here.
What Are The Products That Winvesta Offers for Indian Individuals?
- Multi-Currency Account (MCA): The MCA is Winvesta’s flagship product – an offshore banking service that allows Indian residents to diversify and hold their funds abroad. The account enables Indians to receive, save, invest, and spend globally in 30+ currencies. Clients get unique account details for each currency, including local accounts for USD, GBP, EUR, and CAD. Read about the various other benefits of the Multi-Currency Account and how you can sign up for it here.
- Global Investment Account: This account allows users to invest in over 4,500 US stocks and ETFs. All you require is your PAN and Aadhaar Card, and you sign up in minutes through Winvesta’s digital KYC process.
Besides these, Winvesta also offers foreign collection accounts to Indian businesses, which helps reduce collections costs by as much as 80%.
How can Aeldra clients move their funds to Winvesta
Moving to Winvesta is simple and quick. You can complete the whole process in as little as one day. Here are the steps:
- Sign up for a new Winvesta Multi-Currency Account here. You should get your account ready within a day.
- Sign in to the Winvesta portal, and add USD currency. Copy your USD account details. You will see three options – ACH, Fedwire, and SWIFT. Aeldra allows up to USD 5000 transfer over ACH. If you are transferring less than that amount, ACH is the cheapest option (no fee to receive at Winvesta)
- Sign in to the Aeldra app and add your Winvesta account as a beneficiary.
- Transfer your funds to Winvesta
Are there any fees associated with Winvesta?
You pay a small one-time setup fee of INR 499 to get an account, post which there are no monthly fees or minimum balance requirements. There are no fees to receive funds in your account through local transfers. However, there are small third-party fees associated with transfers. You may find the full pricing schedule here.