Business International business

Mulya Finance Review: Receiving International Payments for Indian Businesses

Wise
20.02.24
Read time 1 minute

As an Indian business operating globally, managing international payments can be a major pain point. From excessive fees charged by banks to delays in receiving funds, getting paid by overseas clients is often an inefficient and costly process.

Mulya Finance is a fintech platform that aims to simplify receiving cross-border payments for Indian companies. In this guide, we'll dive into how Mulya works, pricing, and a list of available alternatives.

📋 Overview of Mulya Finance

What is Mulya Finance

Mulya offers Indian companies and freelancers foreign currency account details, enabling them to conveniently receive payments from overseas clients. Mulya converts the received payments to INR and transfers them to the recipient's bank account in India, with a free FIRC issued within 24-hours of the transaction.

Additionally, Mulya provides payment gateway services enabling customers to receive card payments.

Mulya Pricing

  • For Receiving Transfers: Mulya charges 1% of the transfer amount, which includes FIRC. There are no additional charges for setting up the account, and Mulya does not markup the currency conversion rate.

  • For the Payment Gateway: Mulya charges up to 3.9% of the transaction amount.

Is Mulya Safe?

  • Regulation: Mulya's official website states they operate under RBI's OPGSP model and work with banking partners like Yes Bank.

  • Ownership: Mulya's website does not list any ownership, stakeholders, or office address. The service appears to be run by Flipstack Technologies Private Limited, a registered company in Maharashtra. (Mulya Finance on LinkedIn)

  • Customer Reviews: Limited online reviews are available at this time. At the time of publishing this article, we have not come across any complaints from Mulya users across online reviews.

Mulya Contact Information

Mulya customer support can be contacted via:

Mulya Finance Alternatives for Indian Businesses

While there are several options such as PayPal and Bank Transfers for receiving international payments, account details in foreign currencies definitely provides a level of convenience both for your clients and for your company's financials. Here are other popular providers offering multi-currency account details accounts for Indian businesses:

  • Skydo charges USD 19 for payments of up to USD 2000, and USD 29 for payments of USD 2,001 to USD 10,000.

  • Salt.Pe charges 1.75% of the transaction amount

  • Winvesta charges USD 3 + 0.99% for withdrawing USD balance. For other currencies, Winvesta charges 1.25% and additional USD 10 fee if someone sends you money through SWIFT or FEDWIRE.

  • Payoneer charges a transaction fee of 1-3% to receive payment directly from clients, plus a withdrawal fee of up to 2% to transfer funds to your INR account.

  • PingPong charges a 1% fee when withdrawing funds to your local account in India.

  • Wise is a global money transfer company building a platform that simplifies receiving international payments for Indian businesses. We invite companies and freelancers in India to sign-up for the Wise Business Account waitlist 👉

Always thoroughly compare transfer fees, exchange rate markups, features, and reputation before selecting any provider for your international payments.

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

Money without borders

Find out more

Tips, news and updates for your location