Mulya.co provides you with virtual foreign bank accounts in multiple countries, like the UK, US, EUR, and CAD, and a common SWIFT account for countries other than the one listed.
These are currency-specific bank accounts created in your name with local banks in a specific country.
Just like we use IMPS/NEFT in India, there are standard payment methods available in specific countries that can be used to get paid in your Mulya virtual accounts, like ACH in the United States, EFT in Canada, SEPA in Europe, and FPS in the United Kingdom.
In addition to these 4 currency-specific virtual accounts, we provide you with a SWIFT account, which can be used to accept payments from 100+ countries and 34+ currencies, making Mulya universally applicable.
If accepting payments from - US, UK, CAD or EUR
Steps
- Go to Mulya.co and log in with your credentials.
- Navigate to Mulya’s dashboard and select the currency you plan to receive.
- Click on “Copy all Details” and share them with your client abroad.
- Ask your client to make a local bank transfer to this account. (Refer to the method of payment provided above the bank details.)
If accepting payments from countries other than the ones specified➖
- Go to Mulya.co and log in with your credentials.
- Navigate to Mulya’s dashboard and select the currency you plan to receive.
- Click on copy all details for the Wire transfer (SWIFT) account details and share them with your client abroad.
- Ask your client to make a wire transfer to this account.
Additionally, Mulya does provide you with a free invoice creation option, making it easier for you to manage things professionally.
You simply have to perform this process; Mulya will take care of the rest.
What happens next?
It usually takes 1-2 days for the funds to hit your virtual foreign currency account, depending on the banking infrastructure of that country.
Once it’s reflected there, Mulya then automatically initiates an NEFT and settles foreign currency the very next day at the Google rate, deducting only the 1% platform fees.
Once the settlement is completed, we provide you with the FIRC within 24 hours of the settlement to keep you tax compliant at the same time.