Winvesta allows funds transfer outside India using UPI

Winvesta allows funds transfer outside India using UPI

For the first time of its kind in India, investment fintech Winvesta has launched a feature that helps country-based clients remit funds via UPI and net banking to fund their global investment accounts.

Typically this process requires filling out A2 forms, paying high flat fees, and even visiting a bank branch in many cases.

Winvesta clients can remit funds for overseas investments through UPI or net banking. Only a bank statement is needed and the whole process takes less than a minute. Apart from the ease of transaction, the process also reduces the fixed fees to 0.

In many cases, Indian residents must pay a flat fee of up to 2500 to transfer funds. By entering details like the PAN number at check-in, the app dispenses with the need for the customer to fill out a separate payment form. Without a doubt, the currency spread remains in place. Generally, these spreads tend to represent between 1% and 2% of the amount remitted. However, for very small amounts, the flat fee has a larger cut than the margin, explained Winvesta founder and CEO Swastik Nigam.

To send money in UPI, customers can start with as little as 2000 and ship up to 1 lakh. For larger transactions, customers can use net banking. The exchange rate that investors get is also more favorable compared to most banking channels, according to Nigam.

The Winvesta feature is part of a three-month cohort of the regulatory sandbox, and the feature is powered by Cashfree Payments India Pvt. Ltd., launched by the Reserve Bank of India. The topic of the cohort is how fintechs can solve the current problems with cross-border payments. The role also involves a banking partner. However, Winvesta refused to reveal the name of the bank.

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“Not being able to fund your account using a local payment method like UPI or Netbanking was the biggest problem for many of our clients. Winvesta and the ecosystem partners have worked very hard over the last few weeks to bring it to life. We really hope that in the end. out of this cohort, the RBI approves UPI Payments so that the broader investment community can profit and invest efficiently. ” said Rahul Gupta, Winvesta product manager.

Reeju Datta, Co-Founder of Cashfree Payments, said: “At Cashfree Payments, we are committed to bringing business to the forefront of payments. Making it easier for Indians to own productive assets globally is a step in the right direction, and we are pleased to provide a solution to investors with innovative partners like Winvesta. We must also deeply appreciate the foresight and support of the Reserve Bank of India to allow this to work within the scope of its regulatory sandbox. “

Last December, the RBI announced the second cohort with the theme of ‘Cross-Border Payments’. Eight entities were selected to be part of this cohort, including Cashfree Payments India Pvt Ltd. The Cashfree Payments platform will facilitate the purchase of assets listed on foreign exchanges (for example, US stocks and ETFs on Nasdaq, NYSE) by Indian investors to through local payments. methods. Payments abroad are automatically attributed to the individual’s LRS fee.

Founded by former Deutsche Bank veterans Swastik Nigam and Prateek Jain, Winvesta Ltd. is an appointed representative of RiskSave Technologies Ltd., which is licensed and regulated by the UK Financial Conduct Authority (FCA). Winvesta offers a global investment platform for those in India. Winvesta’s product range includes US equity trading and international banking services. The international multi-currency account allows clients to have accounts in more than 30 currencies, including GBP, EUR and USD, which will facilitate alternative investments such as international real estate.

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