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Your Full Guide to Winvesta Foreign Currency Account

Aditya Shrivastava

27.07.23 (updated more than 1 year ago)

Read time 3 minutes

Winvesta offers multi-currency accounts and international transfer solutions to Indian residents. The Mumbai-based firm lets Indian consumers and businesses receive and hold balances in foreign currencies. Read to learn more about Winvesta's products, how much they cost, and other alternatives to consider when looking to receive payments from abroad.

📝 Guide to Winvesta's Products for Indians
Multi-Currency Account for Individuals Foreign Collection Account for Businesses Winvesta Fees and Charges Getting Started with Winvesta Alternatives to Winvesta for Indian Businesses Payoneer PingPong Salt.pe Wise

Winvesta Multi-Currency Account for Individuals

Individual consumers in India can use Winvesta’s multi-currency account to receive, convert, and spend globally in 37+ currencies. Winvesta offers local transfer details in USD, GBP, EUR, and CAD and allows you to receive other currencies through SWIFT/Wire.¹

💸 Individual account holders can also use a Winvesta multi-currency account to invest in the US markets.³ Winvesta offers a portfolio of 4500+ US stocks and ETFs, with the ability to buy fractional shares for as little as USD 1. You can manage your investment portfolio on the Winvesta website, or through their mobile app (available on Android and iPhone).

Investment products are not available for business accounts on Winvesta.⁴

Winvesta Foreign Collection Account for Indian Businesses

Winvesta offers Indian businesses with local account transfer details in 4 foreign currencies: USD, GBP, CAD, and EUR. So if a client has to pay you in one of these currencies for which you have account details, they can simply make a local bank transfer from their end.²

Businesses can also hold balances and receive transfers through SWIFT/Wire in 37+ currencies.

How much does Winvesta Cost?

Winvesta does not charge any sign-up or monthly subscription to maintain an account. Here’s a list of transaction fees charged by Winvesta:⁵

Transaction Types	Winvesta Fees
Withdraw to INR from USD, GBP, CAD, EUR	0.99% of the transfer amount (USD 2.5 minimum)
Withdraw to INR from other currencies	1.25% of the transfer amount
Receiving money through SWIFT/Wire	USD 10
Withdrawals exceeding USD 10,000 or non-INR withdrawals through SWIFT	USD 30 + 0.5% charge
Local Payments (non-INR) to other countries	USD 4
Conversion between currencies (non-INR)	1.50% FX markup
FIRA (Foreign Inward Remittance Advice)	Free

In addition to Winvesta's fees for SWIFT transfers, be mindful of any charges from source/destination account provider for receiving/sending international wire transfers.

Fees retrieved on 17 July 2023. Please verify the latest pricing from the official Winvesta website.

Getting Started with a Winvesta Account

To get started with Winvesta, you can sign-up for an account online with your email address.

For an individual account, you'll need to provide your personal credentials, like name, phone number, and date of birth. For a business account, you'll need to complete the account profile with your business information.

You will be asked to provide documents that support your individual business or individual details, such as KYC details such as ID and address proof, and business registration documents.

📞 Winvesta Contact Information
If you have any questions you can contact Winvesta by:⁶ Sending a message on the Winvesta Support portal. Email: support@winvesta.in or currencyaccounts@winvesta.in. Phone: +91 20 7117 8885 (Monday to Friday, 10 AM – 6 PM IST)

Alternatives to Winvesta for Indian Businesses

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.⁷

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.⁸

Our Review of PingPong for Indian Businesses 👉

Salt.pe

SALT’s Inward Remittance solution offers local account details in 7 foreign currencies for Indian businesses. SALT charges an all-inclusive transfer fee of 1.75%.⁹

Our Review of SALT 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.

Sources used for this article:

Sources verified on 17 July 2023.
Photo by Burst on Unsplash.

*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.