Foreign Collections made Easy

You will need your company registration documents, bank statements, proof of address and a few simple documents to open an account. You will be able to digitally submit these documents during the registration process.

Yes. When you send an invoice to a client, simply include the account details for local collections in the client’s currency on the invoice. You will receive a notification as soon as funds are credited to your account.

1.50% from interbank rates. Yes, that low!

If you are looking to convert over $10,000 every month, please contact us for Enterprise Plan. Please note that same day conversions may cost up to 0.40% higher after 4 PM IST. In that case, you may choose to convert the next business day at the lower 1.50% spread.

There is no limit on converting to INR. However, you can only transfer up to INR 15 Lakh to an Indian beneficiary every day. For larger transactions, you have the option to transfer funds in foreign currency (through SWIFT/WIRE transfer) to the Indian bank. In that case, the Indian bank would convert the funds to INR, and may levy a fixed fee + conversion spread.

To receive foreign payments from your overseas client, you can follow the following steps:

1. Go to your Winvesta Business account and copy your local account details. If the client is in US, select ACH details in your USD virtual account. Use Faster Payments for the UK and SEPA for Europe.
2. Share the account details with your client. The client can make a local transfer to this account.
3. You will receive an email notification when you receive the funds in your account. Unlike other platforms, there is no fee to receive local transfers.
4. Convert the foreign currency funds to INR. You will see the exchange rate that you will get before your convert.
5. Transfer the INR to your Indian bank account. On weekdays, you can receive the money the same day.

You can find all the currencies we support here.

Winvesta is a regulated e-money provider in the UK with access to one of the most advanced and scalable banking infrastructures in the world. This enables us to offer bank beating exchange rates to our clients, which is not aways feasible for other providers.

Safeguarding means that legally, Winvesta, and the E-Money Institution (EMI) we work with, must keep your money segregated from the accounts that we use to run our operations. So, if anything were to happen to Winvesta or the EMI, your money would be safe. The safeguarding account(s) are held with Barclays Bank PLC. Note that Barclays does not monitor the funds that are placed on the safeguarding account or how the accounts are operated. There is no cap on the cash that is safeguarded in the e-money accounts.

Winvesta uses industry best-practices on IT security and compliance with 256-bit encryption and SSL to ensure the security of the entire platform and protect your information. Our platform has been extensively tested for any vulnerabilities by third-party security agencies. Your multi-currency account is secured with two-factor authentication through Authy, which is a leading authenticator app. You may also choose to receive a verification code using an SMS. Your personal and company data is also handled securely and stored in compliance with Europe’s GDPR regulations. We do not divulge your personal or financial information to anyone unless legally required to do so.

Yes, you can create restricted or full-access accounts for your team members. Add your accountant as a viewer, or finance officer as a payer. You can also set transaction-level thresholds for each member.

For Indian businesses, local collections and payments have no other charges. For most businesses, all they pay is 1.50% of transaction. Local collections are available for USD, GBP, EUR, and CAD (soon SGD and AUD as well). Local payments are available for 17 currencies, including INR.

If you are using Wire transfers, there is an additional fee:

SWIFT Incoming: $10
SWIFT Outgoing: $30 + 0.20%
USD Fedwire Incoming: $10

If your business is allowed to make payments in other currencies, there is a 0.2% payment fee for all non-INR transfers.

For UK businesses, we offer full feature multi-currency banking, and the pricing for that is different from that for Indian entities.