How can my client remit money to invest through Fintso?
Once your client’s brokerage account is opened, he/she will need to initiate the fund transfer to the brokerage account. This process could take another 2-3 business days. The remittance can be completed either through an online or offline process.
In the Remittance section, you can initiate an online remittance for the supported banks, namely HDFC Bank and ICICI Bank. An instruction manual covering step-by-step process for online remittance shall be shared with your client. The client needs to login to his bank account, add our US partner bank as beneficiary for Foreign Outward Remittance and subsequently initial fund transfer. Once the fund transfer is initiated, it could take 2-3 business days for funds to be reflected in the US brokerage account.
First, click on ‘Remit’, and fill in bank account and pickup related details. The pickup is for the signed LRS A2 form which will be submitted at the bank on your client’s behalf. The information entered will have to be verified by the client in the same manner as at the time of onboarding. Second, once verified by your client, a pre-filled LRS A2 form will be automatically generated and will be available for download. You need to download this and get it signed by your client and upload it back. The courier will pick up the physical form from the address provided in the previous step. Third, client’s bank will remit the money to
Can NRIs invest via Fintso?
Yes, NRIs can invest via Fintso. If NRIs are adding funds via India, they can use their existing NRE or NRO accounts and if they are adding funds from their foreign bank accounts which do not fall under LRS, they can directly remit funds from their ...
How is Fintso is making global investing easy and accessible?
Step 1 – Sign up on Fintso and complete your profile and subscription if you haven’t already. Enable ‘Global Investments’ by just accepting the Global Investments Agreement in the Profile section Step 2 – Complete your clients’ online KYC to ...
How can I withdraw money back into my client’s bank account in India?
You can initiate the withdrawal by clicking on ‘Withdraw’ and entering the withdrawal amount and selecting the client bank account. Once your client verifies the information through the Fintso app or a verification link, the transaction will be ...
Can a sole proprietor remit funds under LRS?
For accounting purpose there is no distinction between the individual and owner. So, the proprietor as the owner of the business can remit up to the permissible limit under LRS. If a sole proprietorship firm intends to remit the money under LRS by ...
Is there any KYD process before my clients can invest through globally on Fintso?
Yes, when you click on the LRS tile in Profile or in Products, an agreement will show up. This is an omni-agreement between you, Fintso and our partner specializing in LRS investments. Once you accept the Agreement, you will be allotted a Partner ID ...