Vested Finance ties up with SBM Bank for foreign exchange transfer

In February this year, Vested Finance raised $3.6 million as part of its seed funding round, which saw participation from US-based Moving Capital, Ovo Fund and TenOneTen Ventures. The new solution is called implicit direct.

Vested is registered with the US Securities and Exchange Commission (SEC) as an investment advisor.

“Traditionally, Indian investors wishing to invest in US funds such as Apple, Amazon, Facebook and Microsoft had to use their existing bank accounts to transfer funds. This involved a number of steps and required high foreign exchange markups to investors. and fixed transfer charges. Transfers would take up to 5 days. With Vested Direct, the process is a much better experience with simple steps to initiate the transfer, lower fees and a faster deposit timeline,” the company said in a release. said in.

“With this product, we have worked along three lines – cost, speed and transparency. First, let’s come to cost. Clients who transfer their money to their US brokerage account will not face a fixed fee They will only face a foreign currency mark-up of 1.2%. Second, if the transfer is done by 3 pm, the money will be credited to their account the same night. Third, you can access the entire website on our app or website. Can track transactions,” said Viram Shah, CEO, Vested Finance.

According to Shah, customers can open an SBM account with zero balance completely online. For now only those who have CKYC (Know Your Customer) can use Wested Direct. According to RBI rules, 12 months bank account statement or income tax return will be required for the first transfer. Once the account is opened, they can transfer any amount in Rupees to the SBM account and request to transfer it to their US brokerage account. Of course, there is an RBI limit of $25,000 for online transactions and this is something to be noted for the customers.”

Speaking on the partnership, Neeraj Sinha, Head – Retail & Consumer Banking, SBM Bank India said, “We believe that banking is there to solve problems and collaboration is the key to sustained solutions. The partnership with Vivet Finance is in line with both of our beliefs – empowering Vivet to create a reliable and accessible global investment platform as well as easing the challenge of foreign investment for end users. This partnership with Vested Finance will enable Indian investors to better diversify their portfolio geographically.”