Complete Guide to SALT: Inward Remittance Solution for Indian Businesses

Receiving payments from abroad can be challenging for Indian businesses working with global suppliers and customers. You may need to guide your clients on how to make an international transfer and watch out for high transaction fees, poor exchange rates, and compliance paperwork traditionally associated with inward remittances.

Salt is a Bengaluru-based startup that offers Indian businesses with virtual foreign currency accounts to help simplify cross-border payments.¹ Read to learn more about Salt's Inward Remittance solution, how much it costs, and available alternatives for Indian businesses.

This article is about Salt.pe, which offers international payments and compliance solutions for Indian businesses. Not to be confused with Salt.one, a different company bridging gender gaps in finance through expense tracking and investment solutions.

📝 Guide to Salt.pe Multi-Currency Account
SALT Inward Remittance Solution How much does SALT Cost? Who is eligible to use SALT? Can I trust SALT with my money? Getting Started with SALT Alternatives to SALT Payoneer PingPong Winvesta Wise

Benefits of multi-currency receiving account details

Multi-currency accounts provide you with local transfer details for international currencies in one place. So if a client has to pay you in one of the currencies for which you have account details, they can simply make a local bank transfer from their end.

This spares your customer from the inconvenience of international transfers and legal compliance paperwork. Plus, it positions your business as one that is easy to work with.

Salt.pe Inward Remittance Solution

Salt enables Indian businesses to receive payments from abroad by offering local account details in 7 foreign currencies: USD, GBP, EUR, HKD, AUD, SGD, and CAD. This enables you to receive local transfers in these currencies without needing to incorporate your business overseas.

Any transfers to these currency accounts are converted to INR and sent to your bank account in India within 24 Hours. Please note that you cannot hold any balance in the foreign currency account as of now.²

How much does Salt.pe Cost?

For inward remittances, Salt charges you 1.75% of the transfer amount.² This fee includes FIRC (Foreign Inward Remittance Certificate), which is shared with you within 24 hours of the international transaction.

There is no additional sign-up fee or subscription charges to use the service. Salt uses a mid-market exchange rate to convert the amount to INR without any hidden charges or markup.

Who is eligible to use Salt.pe?

Salt offers inward remittance inward remittances to Indian businesses that are registered companies (Limited/LLP), partnerships, proprietorships, and self-employed freelancers. With a simplified verification process, Salt supports agencies, service providers, freelancers, startups, online sellers, and consultants in India.

Can I trust Salt.pe with my money?

Salt is a startup with registered offices in India and the US. It‘s backed by Y-Combinator, a highly reputable startup accelerator based in Silicon Valley, USA. Salt partners with service providers that are licensed and regulated by RBI and regulators in the respective currency country. The company has been featured in renowned publications such as Inc42, TechCrunch, Business Standard, and Economic Times.

🧂 TABLE SALT for Startups
Besides the inward remittance solution, Salt also offers Table Salt: a product designed for startups raising funds from foreign investors. Table Salt helps founders automate the legal and international transaction processes associated with international fundraising.

📧 You can contact SALT by sending your query to support@salt.pe.

Getting Started with SALT

Opening a SALT account is easy and can be done online:

1. Sign up for an account on the SALT website and provide the requested details.

2. Select your classification of business and your country of operations.

3. Continue with your business details.

4. Set up a SALT account with your email id and unique password.

5. Confirm your phone number with an OTP to continue with the account opening process.

The signup procedure requires you to provide your KYC and KYB documents depending on your type of business. For example, individuals and sole proprietors must produce individual KYC documents. Partnership firms and companies must provide the individual KYC documents of partners and the company registration documents.

Alternatives to Salt.Pe

Indian businesses have several avenues for receiving payments from abroad, including payment processing platforms such as Stripe and PayPal. But if you're looking for receiving account details in foreign currencies for your Indian business, here are some of the alternatives to consider:

Payoneer

Payoneer offers multi-currency accounts in 9 currencies. They charge 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.⁴

Our Review of Payoneer for Indian Businesses 👉

PingPong

PingPong offers Indian businesses to receive payments in 12 currencies, and charges a 1% fee when withdrawing funds to your local account in India.⁵

Our Review of PingPong for Indian Businesses 👉

Winvesta

Winvesta offers local account details in 4 foreign currencies, and charges a transfer fee of 0.99% (USD 2.5 minimum) to withdraw funds to your INR account.⁶

Our Review of Winvesta for Indian Businesses 👉

Wise

Wise offers Indian businesses and freelancers with account details in 8 different currencies to receive payments from abroad. Your clients pay you with a local transfer in their currency, and you receive rupees in your INR bank account converted at the mid-market exchange rate. Wise charges a transparent low-cost fee for incoming transfers and eFIRC - which is automatically sent to your email for every transfer.

Get started with Wise 🚀

Please see the Terms of Use for Receiving Indian Rupees and visit our pricing page for the most up-to-date pricing and fee information on Wise products.

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Sources used for this article:

1. Salt - Inward Payments and Compliances
2. Salt - Inward Remittance
3. Y Combinator companies - Salt
4. Payoneer India - Fees
5. PingPong - FAQ > Is there a charge for applying for registration?
6. Winvesta - Foreign Collection Account

Sources verified on 12 July 2023.
Photo by charlesdeluvio on Unsplash.