Salt.Pe is one of the best platforms to accept international payments in India. The business, which has its headquarters in Bengaluru, India, provides small and medium-sized businesses with a neo-banking solution to simplify payments and paperwork.
The platform seeks to offer a one-stop shop for all demands related to international banking, especially those about compliance and cross-border payments.
How to Get Started with Salt.Pe in India?
Salt.Pe offers local accounts for receiving funds from outside the country.
At the beginning of the process, you need to complete your KYC or KYB to procure your local accounts through Salt.Pe.
Your clients or customers can make payments through local transfers to your local Salt.Pe account. Finally, it will take 24 hours for the money to be converted and sent to your Indian bank account.
Once the transaction is complete, Salt.Pe provides you with FIRC within 24 hours.
How to Receive Money Through Salt.Pe in India?
You can receive money through Salt.Pe with the help of its two options:
1.) Inward Remittance: "Inward Remittance" helps small businesses get money from abroad. Without the requirement of visiting an international branch physically, this tool enables small businesses to create local bank accounts in six important currencies, including GBP, AUD, USD, EUR, HKD, and SGD.
The time and effort required for international payments are reduced thanks to this special function, which also gives small businesses a quick and efficient option to get money from other countries.
2.) Multi-Currency Bank Account: Salt.Pe offers a bank service known as a multi-currency account that enables customers to receive, transmit, and store foreign currencies in a single bank account.
Instead of opening several regular accounts in different countries and incurring the costs of managing them, businesses can opt to open a multi-currency account with a single bank.
How much is Salt.Pe fees in India?
Salt.Pe has no platform fees apart from the 1.75% charged on each transaction.
Additionally, Salt.Pe uses the rate that Google provides for converting foreign currencies. Therefore, there are no additional foreign exchange costs.
Time Taken for Salt.Pe Transfer in India
It takes around 24 hours to settle international payments in your bank account with Salt.Pe.
Salt.Pe Vs Mulya Finance:
There are a few differences between Salt.Pe and Mulya Finance:
Transaction Fee: There is just a 1% flat fee on Mulya Finance whereas on Salt.Pe it's up to 1.75% on each transaction.
Customer Support: Mulya provides you with 24*7 customer support. However, Salt.Pe doesn't have any customer care number listed on the website.
Transparency: The due date for payments, the exchange rate, transaction fees, and other details are all provided by Mulya. Salt.Pe, in comparison, doesn't provide you with as much information.
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.