Refrens is a platform that provides freelancers and small businesses with a range of tools and resources to accept international payments with ease. With Refrens, users can create and send invoices, track expenses, manage projects, and even collaborate with clients and team members. The platform aims to simplify the day-to-day operations of freelancers and small businesses, enabling them to focus on their core work and grow their businesses.
Refrens has gained popularity among the freelancer community and is becoming increasingly recognized as a go-to platform for managing business operations.
How to Get Started withRefrens in India?
With Refrens, you can accept payments from abroad in more than 100 different currencies. Refrens helps you open local virtual bank accounts through its platform.
In order to get your local account on Refrens, you need to sign up on the platform and complete your KYC.
Also, make sure to enable the option of online payments on the platform.
Provide all the details to your client. After that, your client may easily use ACH, debit, or credit card to pay you instantaneously.
How to Receive Money Through Refrens in India?
Once your account setup is complete, Refrens enables you to take foreign payments right away.
You can create an invoice with your preferred online payment option and send the details to your client.
Once your client receives it, they can send money in foreign currencies to your local accounts on Refrens through their bank application.
After this, Refrens will convert your money into INR and deposit it into your Indian bank account. Soon, FIRC is issued.
How much isRefrens fees in India?
For ACH or wire transfers, the charge is 1.5% whereas for debit and credit cards, it is 4% (taxes included).
Additionally, all foreign transactions through Refrens don't come at the accurate Google rate i.e. the mid-market exchange rate. Due to this, you might experience extra loss of money.
Time Taken forRefrens Transfer in India
Refrens takes around 2 days to settle international payments in INR into your bank account.
Refrens Vs Mulya Finance:
There are a few differences between Refrens and Mulya Finance:
Transaction Fee: Mulya charges a 1% flat fee only for accepting international payments whereas Refrens charges 1.5% for ACH or wire transfers and 4% for card payments.
Customer Support: While Refrens provides live chat support, it doesn't have a dedicated customer care number for India, whereas Mulya provides you valuable customer support 24*7.
Transparency: Mulya provides complete clarity to the user in terms of due dates of payments, charges etc. In Refrens, you don’t actually get to know the currency exchange rate.
Samarth Srivastava has spent few years honing their skills and knowledge in the field of international payments. With a deep passion for finance and a keen eye for global business trends, the author has become a trusted authority on all things related to international payments.