Today we speak to Rakesh Kurian, Founder & CEO of Crosspay Ltd. (Crosspay), an international money transfer (remittance) service for personal and business customers. With Crosspay, users in the UK and Scandivania can send money to India plus over 100 countries and beneficiaries can receive money either via account credit or cash pick up.
Crosspay’s founder and CEO, Rakesh Kurian has over Twenty years of experience in the Payments Industry having previously worked for UAE Exchange, Xpress Money, Orient Exchange and BFC Group. He believes that Fintech payments is the future of Money Transfers and that is a reason for starting Crosspay.
In our fireside chat with Rakesh, we want to hear more about Crosspay money transfer service and how Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) can benefit from it to send money to India from UK. Lets see what he says.
1. Crosspay has been offering money transfer service to India from UK since 2015. Tell our readers more about that.
Rakesh - We launched our money transfer service in 2016 October but our Mobile App was launched only in Dec 2017 which has helped our customers to send money to India and other countries conveniently with their Phones at a low cost. We have come a long way from when we started, as retention of NRI and OCI customers is more than 95%, which means that most customers who use us once are happy to use or remittance service again.
2. Crosspay is a relatively new entrant in the market. Briefly explain why you chose to launch a new remittance service when there are other options available in the market.
Rakesh - Crosspay's management team have a collective experience of more than 40 years in the Money transfer industry. We believe a product like Crosspay is the future of Money transfers. The main difference we have is we combine technology with our in-depth knowledge of payments, foreign exchange and our relationship with correspondent banks. This enables us to provide the best money transfer product at a low price. Our advantage is also that we try to be available to the local community and we are available to speak to our customers over the phone.
3. How is this money transfer to India option better or worse to other remittance service providers such as the likes of Transferwise, Money2India and Remit2India?
Rakesh - Crosspay is a product as good as the above products to send money to India from UK but we believe that we provide the best end value to the customer.
4. How safe is it to send money to India through Crosspay?
Rakesh - Our primary objective is to facilitate safe and secure transfer of money transfers. We ensure that our website and mobile app is secure by using industry standard encryption. All the partner companies we use to process payments are also required to comply with strict security and privacy standards.
Crosspay is regulated as an Authorised Payment Institution by the Financial Conduct Authority (FCA) and regulated by HMRC as a Money Services Business (MSB). So, we are legally required to hold all of our customers’ funds in a segregated client account separate from our operational accounts.
5. Can our reader avail any special offer on money transfer service to India through Crosspay?
Rakesh – NRIs and OCIs can send money to India from UK free of cost via bank account credit and for a low fee of £4 via cash pick up.
6. Could you please share your thoughts with our readers on how technology is changing the Money Transfer landscape?
Rakesh - Having been in the money transfer Industry for over 20 years and in London now for 13 years. I have seen how technology has completely changed everything about money transfers. You do not need any more pay exorbitant charges and go to a brick and mortar outlet and wait to send money to India or other countries. The technology has completely changed how people send money home.
NriDealExpert - Rakesh, thank you. It’s been a treat to have your inputs for our readers. Really appreciate the time.
We hope you found this information useful. Always compare the latest Indian Rupee exchange rates before sending money to India. Please do share it with your friends and family if you think they will too.