Fairexpay Launches Digital Platform for Low-Cost Remittances

New Delhi, Aug 13 (PTI) Fintech startup Fairexpay has launched the country's first fully digital solution for cross-border remittances under the Liberalised Remittance Scheme (LRS), approved by the RBI through the Cohort Sandbox in July 2022.

Fairexpay's new platform will be a game changer for students and their families, offering savings of 3-5 per cent on forex costs compared to traditional banks, all from the comfort of their home, the company said in a statement on Tuesday.

While traditional banks take T+2 days and require multiple document exchanges before processing remittances, Fairexpay simplifies the process, offering a flat 1 per cent margin on most currencies, it said.

This significant cost reduction, paired with the convenience of a fully digital platform, makes managing education expenses far more efficient, it said.

The platform offers the lowest forex rates across more than 18 currencies, serving 130 countries, making us the most affordable option without sacrificing convenience or security, it claimed.

With RBI approval under the Cohort Sandbox, it said, Fairexpay uses advanced encryption and complies with all regulatory standards to ensure that your transactions are safe and secure.

This platform not only benefits Indian students but also helps travellers and others save on fees typically charged by traditional banks and service providers for transferring funds abroad, covering expenses like family maintenance, accommodation, travel, and medical bills, it added.