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Kristal.AI enables instant LRS remittances for Indian investors

FPJ Web Desk | Updated on: Monday, January 17, 2022, 04:37 PM IST

Vineeth Narasimhan, CTO and Co-Founder, Kristal.AI said,
Vineeth Narasimhan, CTO and Co-Founder, Kristal.AI said, "We found the right solution with FlyRemit, and together, are happy to offer a completely digital, fast, and competitively-priced solution to our partners and investors." | Kristal.AI
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Kristal.AI, a digital-first global private wealth management platform, has today announced its partnership with FlyRemit to offer low-cost, faster global remittances to ease global investing. This partnership will enable investors to secure the best foreign exchange remittances at low transaction charges and forex mark-ups, solving a major bottleneck in the process of global investing.

Traditionally, fund transfer process has involved offline transfer with the investor having to visit the bank and then carry out the physical process of sending the funds. While some banks now offer online LRS, remittances can still take between 3-5 business days along with high forex mark-up and interbank transfer charges.

The partnership with FlyRemit aims at making global investing seamless, accessible, and convenient.

Key highlights

· Forex rates with charges of 0.5 percent to 1 percent by Kristal.AI

· Zero Fixed Charges.

· Ease of transferring up to $5,000 immediately

· Investors can make multiple transactions in a day, without having to open a new bank account

· No transaction charges and a fully digital experience

Vineeth Narasimhan, CTO and Co-Founder, Kristal.AI, said, “We set three goals to transform the remittances experience: End-to-end digital experience, completing the remittance process within 1-minute, and offering highly competitive FX rates. We found the right solution with FlyRemit, and together, are happy to offer a completely digital, fast, and competitively-priced solution to our partners and investors.”

Abdul Hadi Sheikh, CEO & Co-Founder of FlyRemit, said, “The ethos of both the firms matched and it was one of the fastest and seamless integrations we've done.”

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Published on: Monday, January 17, 2022, 04:37 PM IST