Grey Introduces Rapid Rupee Transfers for Global Indian Earners

Grey, a Y Combinator-backed fintech, has expanded its services to India, offering nearly instant rupee payouts. Designed for Indians earning from international sources, Grey's service aims to eliminate the traditional banking delays associated with cross-border transactions. This move positions Grey as a key provider of global banking services tailored to India's digital workforce, providing access to USD, EUR, and GBP accounts with swift local rupee conversions.

India processes over $125 billion in annual remittances, yet faces delays and hefty fees. Grey's CEO, Idorenyin Obong, highlighted the challenges faced by freelancers, losing substantial amounts due to conversion fees. Grey provides actual US, European, and UK bank account details, allowing clients to pay as if hiring locally and converting funds to rupees instantly.

The service competes in a complex regulatory landscape in India and supports payouts from over 170 countries, offering virtual USD debit cards and cryptocurrency options through its platform.