Crystal.AI Enables Instant LRS Remittance for Indian Investors

Traditionally, the fund transfer process involves offline transfer, in which the investor has to visit the bank and then go through the physical process of remitting funds. While some banks now offer LRS online, remittances can still take between three-five business days with higher foreign currency mark-ups and interbank transfer fees.

The partnership with Flyremit aims to make global investment easy, accessible and convenient.

There will be highly competitive forex rates with fees as low as 0.5-1% by Crystal.AI as compared to the 2-3% industry standard.

According to the company, as of now, customers who transfer their money internationally have to face a fixed fee. 1,000 to 2,000, whereas Crystal.AI has zero fixed charges.

Also, investors can do multiple transactions in a day without opening a new bank account

Commenting on this development, Vineet Narasimhan, CTO and Co-Founder, Crystal.AI, said, “We have set three goals to transform the remittance experience: end-to-end digital experience, remittance process within 1 minute We have found the right solution with Flyremit and are pleased to offer our partners and investors a completely digital, fast and competitively priced solution.”

Crystal.AI provides opportunities for Indian and foreign investors to diversify their investments in global assets. It has crossed a major milestone by acquiring over $400 million in assets under management in December 2021. The platform has seen a five-fold annual growth in its AUM since its 2016 launch in Singapore and has partnered with over 75 family offices and partners.

Abdul Hadi Sheikh, CEO and Co-Founder, Flyremit, said, “Working under RBI’s sandbox for cross-border remittances, Flyremit has made the global remittance process frictionless. Our 100% digital KYC process and through banks Savings of up to 50% as compared to traditional remittances, is a game-changer for the market.”