The name 'Tranzily' is derived from 'Transfer' and 'Easily' which is the underlying ethos of our service.
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This was The billion dollar question that made the Tranzily co-founders sit up and take notice. Online money transfer from abroad to India has always been a favoured segment for P2P money transfer services. And this is strange because while India receives $100 Billion annually from individuals across the world, the figure for SMB (Small Medium Businesses) is also estimated to be in that range.
However, while there are a plethora of options to receive international payments for the former, there are very few players offering international transfers for the latter. While large ticket B2B international money transfer requirements are well taken care of by either the issuing bank or the receiving bank, most banks and Fintechs still ignore the SMB segment when it comes to receiving international payments.
Even within the options available, some of the features that were lacking included:
The entire choice of money transfer service and the payment method was with the sender or buyer or importer with the receiver having no say in the choice of the bank account, currency conversion and exchange rate applied, payment method, issuing bank or basically any control of payment terms for B2B international money transfers. So basically, the party making the outward remittance decides on the choice of money transfer service whereas the party that is supposed to receive international payments bears the cost.
In today’s world where most payments are near instantaneous, it is quite strange to see that some b2b international money transfer options take over 2-3 business days to have the money credited to the bank account of the party that needs to receive money. The money in transit is not only like a black hole with no tracking but also significantly alters the working capital cycle of the exporter accepting payments through international transfers.
Working capital is the lifeline especially for small and medium enterprise (SME) export and import businesses and the current payment options are far from being the ideal and best international b2b money transfer option.
O The two ends of the international money transfer segment are well taken care of by the global banks and Fintechs. This includes the large corporates having B2B international money transfer requirements and the person-to-person (P2P) money transfer segment sending money to their families and own bank accounts in India.
O For the former, all major banks across the globe over the letter of credit (LC) facility to large exporters and importers of goods and services. For P2P, a host of Fintechs offer digital money transfer services including the likes of Western Union, Moneygram, RIA, Wise (formerly known as Transferwise) etc.
O It is the SME or SMB (Small & Medium Business) segment of export and import customers who are the most ignored lot. The banks don’t pay enough attention as it is too small a transaction and relationship for both the bank on the issuing side and on the receiving side. A few Fintechs do serve this segment but at an exorbitant pricing which makes it very difficult for the exporter to manage given the pressure on margins.
O Tranzily is designed to fill this gap by offering a secure channel for online money transfers from abroad into India specifically for the SME segment of exporters. If an SME wants receive international payments, more specifically b2b international payments, Tranzily is a great way to receive business payments into India that is agnostic of the issuing bank or the bank account of the receiver in India
O To summarize, Tranzily is a great option to plug the gaps in the international b2b money transfer segment for SME export and import customers. It takes care of various needs of the exporter including favorable currency conversion on exchange rates,fair payment terms, live tracking of transactions, no need for a special bank account or a letter of credit facility etc.
O In short, we are very confident that our stated aim of being the best b2b international money transfer service will significantly help global payments for export and import of goods and services.
For more information on how to register for free, send payment requests and get special rates on your export payments, you can click here
Money transfers from USA to India
And this is the problem we aim to solve at Tranzily. In our quest to become the best way to receive money from the U.S to India.We have designed a digital solution that gives the control of the payment to the receiver of money in India. Here’s how it works for a business transfer from the U.S to India
The U.S has always been the biggest market from where international money transfers originate. And incidentally, India has always been the largest receiver of international money transfers across the world when it comes to P2P money transfers.
As per the World Bank, India received $100 billion in international money transfers last year with the U.S accounting for over 20% of the volume of the money sent to India. With such a high figure, there are a host of banks, money transfer companies and digital remittance apps helping customers send money online to India.
Hhowever, there is a massive opportunity to serve niche segments for international remittances that are currently underserved when sending money from the u.s to India. This is especially the case with SME (Small Medium Enterprises) making import and export cross-border payments between the U.S and India. This is evident from the fact that the supposed ‘best money transfer service to receive money from the U.S to India’ for this segment charges fees as high as 5-6% of the amount while transferring money.
BBanks too charge a huge fee for such money transfers. A typical wire transfer from the U.S to India costs about $35 in just transaction fees. If you add the exchange rates applied, the total cost goes up to 3% of the amount sent. Customers only get an option to send online. The rest of the process is completely offline and no one knows until the money is actually credited into the bank account in India.
And unlike with P2P transfers,in this case the party receiving money in India is the worst hit as they have no control of the sender’s bank, remittance fees, exchange rate applied to the money transfer and also the time it would take. Very few services allow the receiver in India to actually request money from the sender and decide amongst the various money transfer options available.
And this is the problem we aim to solve at Tranzily. In our quest to become the best way to receive money from the U.S to India.We have designed a digital solution that gives the control of the payment to the receiver of money in India. Here’s how it works for a business transfer from the U.S to India
Business Transfer From USA to India
O The receiver or money (exporter) signs up on Tranzily and uploads the payment invoice on the website.
O The details of the sender in the United States (the party making the money transfer or the importer of goods or services) are entered on the website with basic details like the phone number, email id, purpose etc.
O The sender of money receives the request and makes the payment from any bank account in the U.S to the dedicated virtual account of the exporter in U.S dollars or select other foreign currencies.
O The sender can use a bank transfer, debit card or any other method to make the local payment in the U.S
O From the virtual account, the money is collected and an exchange rate is applied, which is mentioned upfront. Currently, Tranzily does not charge any transfer fees.
O Within 24-48 hours of the money being sent by the importer, the funds are credited to the bank account of the Indian exporter in any bank across the country.
That’s it. With all this,Tranzily is also a compliant service that is regulated under the Reserve Bank of India’s OPGSP Program. This allows businesses like yours that receive money from the U.S to India to accept large ticket transactions of up to $10,000 per invoice.
Tranzily also works with some of the best banks and service providers when facilitating money transfers from the U.S to India. This makes the service not only convenient and cost-effective but also reliable and transparent for both the sender and receiver of the money transfer transaction.
So if you are receiving money from the U.S for your business and receive multiple, large ticket transfers from your customers in the U.S, choose Tranzily as the best way to receive money to India.
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