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p/remitr-business-paymentsThe stress-free alternative to wire transfer
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Kevin William David

Remitr Global Business Account - Free, virtual $, €, £ bank accounts for small businesses

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Remitr Global Business Account (GBA) offers USD, GBP, and EUR accounts, that slash the cost of international sales. GBA is designed for eCommerce stores, Exporters, and SaaS companies that get paid by customers abroad, or via platforms like Stripe or Amazon.

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Kanchan Kumar
Maker
Hi Product Hunters 👋, I'm Kanchan, CoFounder and CEO of Remitr. I'm a big Product Hunt fan and excited to be part of the community. Thank you for checking out the Remitr Global Business Account (GBA)! I'd like to give a huge thank you to @Kevin for your support and for helping us to get in the 'Hunt'! 💡The idea for Remitr Global Business Account (GBA) came after several Remitr customers expressed their frustrations over hefty bank fees and being forced to make expensive currency conversions while doing business abroad. Setting up an overseas bank account is a lot of hassle. Multi-currency accounts are hard to get and have expensive maintenance fees. 💰 This is a struggle that a small business or startup shouldn’t have to go through. We knew we could build a better banking experience and give businesses more control over their money - so, we did! 🏗️ Businesses can use Remitr GBA to: * Instantly open accounts in the US, UK and Europe * Pay and get paid like a local business * Receive payments without incurring wire transfer receiving fees * Get paid faster - Remitr payments arrive in 1 business day (compared to 3-7 days with banks) * Hold multiple currencies and avoid unnecessary currency conversion costs * Save up to 2% when converting funds * Simplify global billing without the overhead of a foreign subsidiary company  Here’s an example: When billing your clients in USD and receiving US funds, you likely receive a wire into your primary bank account in Canada. The following week, when you need to make a payment in US dollars, you would need to convert currencies again. You're getting dinged by bank and fx fees TWICE for no good reason. 💸💸💸 One of our customers, who was among the first to start using our GBA, has already saved more than $1400! 👀 🎉 Finally, thank you all for checking out GBA. Feel free to let us know if you have any questions/comments. ❤️
Saurabh Garg / SG
@kanchankumar This sounds like a great tool for SMBs! Good luck!
Annkur P Agarwal
@kevin @kanchankumar Money saved is money earned. I already know a couple of friends who can benefit from this. All the best!
Kanchan Kumar
Maker
@saurabh Thank you so much! Int'l banking was never designed with SMBs in mind. RemitrGBA changes that!
Kanchan Kumar
Maker
@kevin @annkur Well said. It is even more so in current business environment.
Shachin Bharadwaj
@kanchankumar Hey congrats! Will refer this to few friends in LA now!
Sandeep Todi
Maker
Hello Product Hunt 👋, I'm Sandeep, Remitr CoFounder and Chief Business Officer. We’re thrilled to share our Global Business Account (GBA) with you: a new solution for better international banking. The Remitr GBA allows businesses to have predictability over cash flow 💵 and control over bank fees at a time when it’s most vital to their success. Enabling online sales and accepting payments via credit cards is a solved problem. However, efficiently receiving payments for your invoices, has been ignored and is extremely costly. The vast majority of businesses are not fans of incurring credit card processing costs or exposing themselves to chargeback risks. The fees can become especially large when dealing with invoice payments of $5k or more. Paying international suppliers and/or contract employees means another set of currency conversion costs since they need to be paid out of a local bank account, or an expensive US bank account. This is why we designed Remitr GBA for online sellers 🛒, SaaS companies 💻 and exporters 🚚. We want to help keep sales revenue with the seller. GBA helps businesses focus on their sales 📈, instead of worrying about how much is being carved out on bank fees and currency costs. We’re excited to launch with the Product Hunt community. I’m happy to answer any questions and welcome candid feedback. Do not hesitate to reach out here or DM me on Twitter - https://twitter.com/sandeeptodi FYI - We have an exclusive promotion of $100 off all payments (both local and international) for the Product Hunt community! Sign up using the Website link on Producthunt. *P.S: This offer is not redeemable for cash and cannot be transferred. The offer is the discretion of Remitr and can be withdrawn at any time.
Nikhil Jois
This looks amazing, Kanchan and team. Curious to know what you think of use cases involving freelancers who aren’t registered a business entity. Is this an alternative to using PayPal or a similar service to get money wired in?
Kanchan Kumar
Maker
@nikhiljoisr Remitr GBA provides huge savings on fees compared to other services or bank wires. You get your own virtual bank account in the US/Europe/UK and this account requires you to have a registered business. This allows you to get paid in US/Europe just like a local business, and your funds are transferred to your own country without any wire charges. The savings on bank fees and currency conversion would far outweigh the cost of incorporating your business.
King
@nikhiljoisr @kanchankumar Does this work only in US/Europe/UK? What about Africa and Asia? Isn't it truly global?
Kanchan Kumar
Maker
@nikhiljoisr @_edric_ Global Business Account opens the virtual bank account in these countries/currencies, to help get paid from customers from there. However, companies wouldn't need to be incorporated in these countries. Also the payout to suppliers could be 150 countries in the world. The idea is to allow small businesses to buy from any country and sell to any country, in a compliant fashion, with ease and at minimal cost.
King
@kanchankumar You didn't mention Africa or Asia?
Kristoffer Vik Hansen
I have been using Remitr for a couple of months now and I'm super impressed by the service - easy to use for dealing with international customers and vendors. Great product and also very importantly amazing customer support.
Sandeep Todi
Maker
@kristoffervikhansen Kristoff we're delighted to have power users like yourself. Hope to continue delighting you and all of our customers.
Sahil Khan
So I can use a US Stripe a/c to transfer to my Remitr GBA a/c and then to my local a/c in my country? Quite neat. What are the docs that you require for me to signup?
Sandeep Todi
Maker
@sahilk you got it! It's as simple as that. You need basic documentation about your company and ID proof. Do sign up using the link above to get a $100 benefit - this is exclusive to Producthunt. Once this is done our customer onboarding team will be in touch to get you started.
Kanchan Kumar
Maker
@sahilk @sandeep_todi @samalgorai Please do. We also have special offer for PH community!
hrishikesh rajpathak
So I can actually HOLD in currency of my choice? Is that what you are saying? If yes, this is awesome!
Kanchan Kumar
Maker
@hrishikesh_rajpathak Yes absolutely. Receive payment in the currency that customer pays, hold and make payment in the currency of your suppliers or withdraw to your home country bank account!
Sandeep Todi
Maker
@hrishikesh_rajpathak you can, Hrishikesh. Hold in USD / Euro / GBP and get the funds back to your bank account anytime you need to, and within 1 day. You do not need to keep moving money multiple times and losing on conversion and bank charges every single time.
Abhishek Agarwal
Super stuff Kanchan, Sandeep. This looks amazing. This has wide applications and would love to seed this in our D2C community as well.
Kanchan Kumar
Maker
@aggyabhishek Absolutely! This is designed to simplify banking for any business which customers or suppliers overseas.
Vivek Khandelwal
Good luck guys. Always been a believer in what you guys have built. you solve an incredibly big unaddressed pain point.
Kanchan Kumar
Maker
@vivekk Thank you! Any one who runs a business with customers, suppliers and staff overseas has long been hostage to archaic banking system. We are changing that!
Kulin Shah
All the best Team Remitr!! Onwards and Upwards!
Sandeep Todi
Maker
@nowentrepreneur thanks much for your encouragement
Sridhar
Awesome, congrats on the launch @sandeep_todi and team! Seems like a valuable offering for cross-border businesses.
Sandeep Todi
Maker
@goodals Traditional banking tools and payment solutions are just not designed for today's faced paced payments needs. We're doing our best to solve these age old problems for modern businesses like saas and ecommerce. Thank you.
Ashok 👁👄👁
Solid execution on user centric value proposition congrats
Sandeep Todi
Maker
@bit_jesus Remitr GBA is absolutely designed with the user at the center of the international banking problems. Please sign up and give it a spin.
Misbah Ashraf
This is going to bring revolution in the remittance industry.
Kanchan Kumar
Maker
@misbahspeaks True. Remittance industry has been focussed on consumer money transfer for a long time! High time small businesses started reaping the benefits of technology for simplifying Int'l payments.
Sandeep Todi
Maker
@misbahspeaks thank you for your kind words. With Remitr Global Business Account, startups and small business owners get access to fast and low cost payments without the needing negotiating power which is normally available only to large enterprise.
Japan Vyas
Excellent initiative team. International banking is extremely cumbersome and bureaucratic. All the best 👍
Kanchan Kumar
Maker
@japan_vyas Thank you! Yes Indeed, Int'l banking was always designed for large corporations, whereas today's global commerce is driven by SMBs. They deserve better Int'l banking, hence Remitr Global Business Account!
Sandeep Todi
Maker
@japan_vyas you have been a pillar of support. Muchas Gracias.
Praval Singh
Congratulations on the release, Kanchan, Sandeep and team! It’s interesting how we often don’t think about such problems until after we have to deal with them. This will make lives of SMBs in eCommerce / DTC and related businesses, easy. Does it also help freelancers around the work get paid and save time and money? I see that as another large set of people.
Sandeep Todi
Maker
@praval yes indeed we address this specific problem of paying freelancers across the world. It's not only low-cost but also ensures they get paid within 1 day. Often times freelancers are paid smaller amounts (< $500) but need to be paid more frequently (several times a month). Due to the cost of paying them, freelancer employers and platforms defer payments till it crosses a threshold. With Remitr the cost of paying them becomes so low that you can pay them several times a month instead of accumulating their payables. Win-win for everyone.
Santosh Panda
Congratulations on launching the solution for cross-border payment. Cross-border payment has been the biggest roadblock in the internet era of operating from anywhere and serving customers. Good to see Remitr's Global Business Account (GBA) solution for better international banking. 👍
Sandeep Todi
Maker
@santoshpanda thank you, much appreciated. SaaS and Ecommerce businesses are global by nature. Unfortunately, payment systems are not and Remitr GBA is here to solve that.
Chris Buttenham
Congratulations on the launch guys! Been a big fan of Remitr for awhile now—it's made our lives better trying to navigate payments between Canada, US and abroad. The rates have been great and solid customer support. Any plans to update the UI of the web dashboard?
Sandeep Todi
Maker
@chrisbuttenham we love your support and encouragement. For companies like yours it shows just how disadvantaged startups are when dealing with banking and the value you are able to get out of Remitr. We've focused on creating a robust experience for our customers thus far. A wholly re-imagined new dashboard is in the works - coming very soon.
Alex Sopinka
I really like Remitr for not having to go to the bank and wait around for 40 minutes while every bank manager comes to sign off on us making a wire transfer! Maybe that's just a Canadian bank problem, but Remitr has made it effortless to send wires without disrupting my day.
Christina MacDonald Sikand
@alexsopinka You got it spot-on. Getting paid shouldn't be a chore. Thank you for your feedback!!
Sandeep Todi
Maker
@alexsopinka it's downright shameful for any entrepreneur to be have to struggle with payments. We love what we do - and will keep chugging on our mission to champion success for our users by making our services effortless to use, on-time and available wherever you do business.
Varun Deshpande
Congrats on the launch.
Puneet Sharma
Congrats team Remitr. I am planing to rollout our product with the SaaS model. We have a company registered in India. How can this help?
Sandeep Todi
Maker
@puneet_sharma8 this would be perfect for you. Please sign up using the website link. Your Global Business Account can be set up in less than a week.
Shachin Bharadwaj
Can we use this for regular forex transfer also between different countries (where we operate)?
Sandeep Todi
Maker
@shachinb1 absolutely. You can use Remitr GBA for sending payments in local currencies to over 50 countries, and several others through wire transfer. Local currency transfers get you the best conversion rates, automatically without depending on the bank in the destination country.