.png?table=block&id=4b20f308-34ca-4c91-9097-e3cb3f119fda&cache=v2)
How Mulya Works
Mulya offers you virtual foreign bank accounts in multiple countries, enabling you to receive payments from international clients effortlessly. Here's a step-by-step guide to understanding how the process works:
Step 1: Virtual Account Setup
- Mulya provides you with currency-specific virtual bank accounts in your name with leading banks like JPMorgan Chase in the US, etc.
- You can find these account details (e.g., USD account details) on your Mulya dashboard.
Step 2: Sharing Your Account Details
- Share your virtual bank account details with your clients via invoice, email, or text.
Step 3: Client Payment Process
- Your client can initiate a transfer directly from their bank application to your Mulya virtual account using standard payment methods (e.g., ACH/Fedwire in the US, EFT in Canada, SEPA in Europe, FPS in the UK).
What accounts are currently available on Mulya?
At this time, we offer only USD bank accounts. We have temporarily paused all non-USD accounts due to recent changes in RBI regulations regarding video KYC as a part of onboarding.
Rest assured, we are working to re-enable non-USD accounts soon and will keep you updated on any developments.
Under whose name are these bank accounts registered?
These virtual accounts are created in your name with local banks in the respective countries. They are not in the name of Mulya, ensuring that you maintain control over the account.
Does my client need to register on Mulya to make a payment?
No, your client doesn't need to register on Mulya. We facilitate payments through direct bank-to-bank transfers. Your client can simply transfer funds from their own banking application to your Mulya virtual account.
Similar to how IMPS/NEFT works in India, there are standard payment methods in other countries that clients can use to pay into your Mulya virtual accounts. These include:
- ACH/Fedwire in the United States
- EFT in Canada
- SEPA in Europe
- FPS in the United Kingdom
What if I want to receive USD from a client outside the US?
If you want to receive USD from a client located outside of the US (example Malaysia), they can initiate an International Wire/SWIFT transfer to your Mulya USD bank account.
The details you need to share with the client are -
- Your USD Account Details: These can be found on your Mulya dashboard.
- SWIFT/BIC Code: This code identifies your bank for international transactions.
Do I need to create a payment request for every transaction?
No, creating a request is optional. You have two options:
- Create a payment request and share it with your client.
- Click the “Copy All Details” button and share your virtual bank account details directly with your client.
Can I access these international bank accounts directly from the bank’s website?
No. Since these are virtual accounts, they can only be used to receive funds and can only be accessed through the Mulya dashboard.
Can my client pay me through Credit or Debit cards? Do you have a payment gateway similar to Stripe?
Currently, we only support receiving payments through bank transfers. Unfortunately, there is no option for receiving payments via credit or debit cards at this time. However, we are actively working on this feature, and it will be available soon.
Can I send or spend the amount received in the foreign accounts?
No. All the funds received in the virtual accounts will be settled to your Indian bank account in INR due to compliance reasons.
Can I take the settlement of funds in someone else’s Indian bank account?
No. The funds can only be settled to your Indian bank account due to tax evasion rules.
Can I use Mulya to receive money from my friends or relatives?
Mulya, operating under the RBI’s OPGSP (PA-CB) license and regulations, only facilitates cross-border export trade and service-based transactions. P2P or personal transactions are not supported with Mulya.
What Are the Transaction Limits on These Virtual Accounts
Transaction Limits:
- Minimum Amount: There is no minimum amount required for a single transaction.
- Maximum Amount: You can receive up to $1 million in a single transaction.
Settlement of Transactions Over $10,000:
- Transactions exceeding $10,000 do not need to be split. We can settle higher amounts in one transaction without any issues.
Monthly/Yearly Limits:
- There are no limits on the number of transactions or the total amount you can receive in a month or year through Mulya.
How long does it take to receive money in the Mulya account after my client has sent it?
Transfers in countries like the US are not as fast as India. It takes anywhere between 1-3 working days to receive money in the Mulya account, depending on the sender’s bank. This is because the banking infrastructure of these countries is not as fast or efficient as we have in India.
What happens after we receive the money in Mulya?
Typically, it takes 1-2 days for the funds to appear in your virtual foreign currency account, depending on the banking infrastructure of the respective country.
After the funds are credited to your account, you have two options:
- Hold the Money: You can keep the funds in your virtual account for up to 1 year.
- Withdraw the Money: If you choose to convert the funds to INR and transfer them to your Indian bank account, you will need to submit a withdrawal request.
Important Note: The conversion to INR only occurs when you place the withdrawal request. During this process, you will see the exact amount you will receive in INR, along with the date it will be credited to your Indian bank account.
- If you submit your withdrawal request on a working day, the settlement usually takes 1 business day.
- If you submit your request on a bank holiday, it may take up to 2 business days for settlement.
Once the settlement is complete, you will receive the FIRS (Foreign Inward Remittance Statement) via email. Additionally, the FIRS will be available for download on your dashboard.
For more detailed information about the withdrawal process, please visit: mulya.co/withdrawal-process.
You can expect to receive the FIRS within 24 hours of the settlement to help you stay tax compliant.
Do I need to share an invoice or additional documentation with Mulya to get INR into my Indian bank account?
No, Mulya does not require you to share an invoice or any additional documentation. Simply fill in the transaction details, create a withdrawal request, and your INR will be transferred to your Indian bank account.