Introducing Karbon Multicurrency Accounts: Now Accept GBP, EUR, and CAD with Karbon FX

The global cross-border payments market, valued at $196.35 billion in 2024, is projected to reach $303.34 billion by 2030. Despite this rapid growth, Indian companies face significant challenges in managing multiple currencies efficiently.

Receiving payments in USD, GBP, EUR, or CAD can lead to a long process that includes high conversion fees, constantly shifting exchange rates and long settlement times. 

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Multi-currency solutions serve as an answer to this problem. Businesses can utilize multi-currency accounts to eliminate unnecessary conversions and gain more flexibility with international payments. 

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Common Challenges in Receiving USD, GBP, EUR, and CAD Payments

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For Indian businesses handling international payments, receiving USD, GBP, EUR, and CAD can be complicated. From high costs to delays and inefficiencies, here are some of the common challenges Indian businesses face when receiving international payments:

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1. Limitations of Traditional Banking

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Indian banks tend to use older systems for foreign transactions. There are often intermediary banks involved when conducting an international transaction. This both slows down the payment transfer and increases the overall cost.

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2. Hidden Conversion Costs

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One could read the entire policy and terms document of their bank but still be unsure about the exact currency conversion charges. Most banks and online platforms (like PayPal) charge a hidden Forex conversion markup.

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3. Lack of Flexibility

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Unless you acquire a specialized EEFC or RFC account, banks do not allow businesses to hold foreign currency balances indefinitely, forcing them to convert funds as soon as possible. This removes the ability to time conversions for better rates and increases administrative work when dealing with multiple accounts.

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These challenges highlight the need for a more cost-effective approach to receiving international payments. Multicurrency accounts offer a practical solution to overcome these issues.

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How Karbon FX’s Multicurrency Accounts Solve These Issues

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Karbon FX’s multicurrency accounts give more flexibility to Indian companies to handle USD, GBP, EUR, and CAD payments. Here’s how:

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Direct Currency Management: Receive and store payments in USD, GBP, EUR, and CAD without mandatory conversion, enabling forex management and reduced currency risk.

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Accelerated Settlements: With our network of worldwide banks, international payments are completed within T+1 day.

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Optimized Conversion Rates: Save money per transaction by eliminating hidden markup fees and accessing live exchange rates. 

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Free FIRA Generation: Automatically obtain the Foreign Inward Remittance Advice (FIRA) for compliance and record-keeping.

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Use Cases: Who Benefits from Multicurrency Accounts?

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Whether you’re an exporter, freelancer, or SaaS company, managing USD, GBP, EUR, and CAD payments becomes more efficient and cost-effective.

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• Exporters: Receive and store payments in original currencies to reduce foreign exchange exposure.

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• Freelancers & Service Providers: Allow your clients to make payments in their local currencies, using local methods like ACH or SEPA.

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• Online Businesses: Accept customer payments in multiple currencies, reducing friction at checkout and improving global sales.

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• Consultants & SaaS Companies: Avoid double conversion fees on international invoices and manage earnings in foreign currency more effectively.

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How to Get Started with a Multicurrency Account

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Setting up a multicurrency account can be quick, but businesses should be prepared with the necessary documents and best practices. Here’s how:

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Step 1: Sign-Up 

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New customers can simply sign up here and follow the instructions provided on their dashboard. You can also contact our team and request a demo. Karbon FX aims to keep the onboarding process as simple & quick as possible.

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Step 2: Compliance and Documentation

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To comply with RBI regulations and international payment standards, businesses need to submit certain documents:

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• KYC documents, including identity and address proof.
• Company incorporation certificate and GST details.
• Bank account verification for fund settlements.

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Step 3: Verification & Activation

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Once the documents are verified, your business multi-currency account will be activated and you can begin receiving payments in all of the major currencies of the world like USD, GBP, EUR, and CAD.

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Comparing Karbon FX with Traditional Banking Solutions

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Conclusion

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Businesses can now use fintech disruptors like Karbon FX, rather than being dependent on a traditional bank for international payment. Our online solutions enable international payments to be done quickly, at lower costs, and in a more transparent manner.

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As cross-border transactions continue to grow, having a flexible and cost-effective payment solution can make all the difference. Now is the right time for businesses to explore smarter ways to handle international payments and gain a competitive edge in the global marketplace. 

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Contact our team to schedule a demo or create your account to begin exploring our dashboard.

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Frequently Asked Questions

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Is Karbon FX regulated by the RBI?

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Yes, Karbon FX operates under full compliance with RBI regulations for international payments.

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What documents do I need to open a multicurrency account?

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Required documents include:

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- Business PAN card and GST registration

- Company incorporation certificate

- Bank account details

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Are there any minimum balance requirements?

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No, Karbon FX accounts have no minimum balance requirements, allowing you to maintain accounts based on your business needs.

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Can I convert different currencies in my account to INR?

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Yes, you can convert between any supported currencies through our platform. Conversions are executed at real-time market rates with minimal markup.

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