Indian remote workers often work with multiple clients across different countries and get paid in foreign currencies such as USD, EUR, and GBP. Unfortunately, many of those earning in foreign currencies are forced to convert immediately into INR through traditional bank accounts. This creates three key risks:
Many remote workers end up losing a significant chunk of their earnings to these challenges. And this is where multi-currency accounts come in. They help Indian remote workers preserve value, improve cash flow control, and reduce unnecessary losses. This article explores how multi-currency accounts help Indian remote workers protect their income.
Also read: International payment fees explained for Indians
A multi-currency account is a single banking or fintech solution that supports balances in various currencies, such as USD, EUR, GBP, and even INR, without the need for separate foreign bank accounts. A multi-currency account lets you receive, hold, and manage foreign currencies separately, without forcing an instant conversion into INR. Being able to decide what to do with your foreign income means you can retain it and convert it whenever exchange rates are favourable.
Multi-currency accounts help remote workers protect their income because they provide:
Instead of having foreign earnings automatically converted to Indian Rupees (INR) at potentially unfavourable rates, a multi-currency account lets you keep funds in stable currencies like USD, EUR, or GBP. You can then choose to convert the funds to INR when the exchange rate is more favourable to maximise the value of your earnings and protect your money against INR depreciation.
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Traditional bank transfers often involve multiple fees, including conversion rate markups (ranging from 2% to 3%) and per-transaction charges. Some of these fees are not even disclosed. Multi-currency accounts from fintech platforms often offer lower conversion fees at exchange rates closer to the mid-market rate. They also have transparent fee structures that let you know how much a transaction will cost in advance.
Multi-currency accounts provide local bank details (like a US routing number or an EU IBAN) in major currencies. This means international clients can pay you as if they were making a local transaction through their local transfer networks (e.g., SEPA, ACH) rather than the costly, slow SWIFT transfers. This makes it easier and faster to receive payments, improves cash flow, and strengthens client relationships.
Learn how to open US, UK, and Euro bank accounts in India
Instead of juggling multiple bank accounts in different countries, all cross-border payments are managed from a single online platform or app. This provides a complete, real-time overview of your inflow and outflow. Managing all your foreign currency from a single dashboard simplifies budgeting, tracking income, and managing expenses across different currencies.
Documents such as Foreign Inward Remittance Advice (FIRA) certificates are crucial for tax compliance with the Reserve Bank of India (RBI) and the Foreign Exchange Management Act (FEMA). Several fintech platforms designed for Indian users automate the generation of necessary documents to comply with local regulations. Also, since you manage your finances in one place, you can easily access your financial records to file your taxes.
Also read: A guide for Indians getting paid by clients abroad
Multi-currency accounts help Indian remote workers by protecting their income from volatility and high costs, and by simplifying international transactions. Opting for a reliable cross-border payment solution like Grey removes the burden of slow payment processing and the losses from markups and high charges. Users have instant access to EUR, GBP, and USD to receive international payments without breaking a sweat. Grey also provides instant virtual USD debit cards for seamless online payments, offering you more flexibility and ease.
Get started by signing up on Grey today or by downloading the app to protect your global income.
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