On October 31, 2023, the Reserve Bank of India (RBI) issued a master circular on the import of goods and services titled <a href="https://m.rbi.org.in//Scripts/NotificationUser.aspx?Id=12561&amp;Mode=0">Regulation of Payment Aggregator – Cross Border</a>.&nbsp;&nbsp;

According to the circular, the RBI will regulate all Indian entities facilitating online cross-border payments for the import and export of permissible goods and services. Moreover, these entities will be collectively termed Payment Aggregators Cross Border (PA-CB).

The circular comprises guidelines to streamline the existing cross-border payment framework in India. Previously, cross-border transactions were carried out through Online Payment Gateway Service Providers (<a href="https://www.skydo.com/blog/online-payment-gateway-service-provider-opgsp?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">OPGSPs</a>) as per a circular issued by RBI in 2015.

OPGSPs operate by partnering with an Authorised Dealer (Category I) Bank (AD Bank) and notifying the RBI. According to RBI guidelines, no formal license is needed to function as an OPGSP.

Hence, RBI has issued a circular to establish a concise and clear framework for cross-border payments. RBI will now oversee all cross-border payments in India related to the import and export of goods. The circular applies to PA-CB, PAs, authorised banks and OPGSPs.&nbsp;The PA-CB circular also denotes that there can’t be any new OPGSP.

This blog discusses the key provisions related to the latest RBI circular on the import of goods and services, RBI guidelines for payment gateway, and OPGSP guidelines.

Master Circular on Import of Goods and Services: RBI Bank Guidelines

The following are the key guidelines mentioned in the circular.

The following entities need to adhere to RBI guidelines/instructions provided in the circular.

Here are the key developments included in the new PACB circular.

Categories of Authorisation as per PA-CB Activity&nbsp;

Based on the cross-border payment activity undertaken by the PA-CBs, they can seek authorisation for one of the following three categories.

PA-CB, facilitating cross-border payments for Indian exporters, has to open an Export Collection Account (ECA) with an AD bank.&nbsp;

ECAs can be opened in either Indian currency or foreign currency. In the case of the latter, various ECAs have to be opened for different currencies.

The PA-CBs will credit all export proceeds in the respective ECAs. Additionally, export PA-CBs need to follow the below guidelines:

Similar to export PA-CBs, import PA-CBs have to open an Import Collection Account (ICA) with an AD bank.&nbsp;

They will collect the payment from importers in an escrow account managed by the payment aggregator. It will then be transferred to ICA and will eventually be transferred to the bank account of the foreign merchants.

These entities are allowed to directly onboard foreign merchants, e-commerce marketplaces, or other overseas entities that offer payment aggregation services.&nbsp;

Here are the guidelines Import PA-CBs need to follow.

Those PA-CB who engage in both import and export activities have to comply with the requirements for both Import PA-CB and Export PA-CB.

They also need to ensure that the maximum value per unit of exported or imported goods or services should be ₹25,00,000.

Non-banks who want to provide PA-CB services will have to seek authorisation from RBI. However, before seeking RBI authorisation, it is necessary to register with the Financial Intelligence Unit-India (FIU-IND).&nbsp;

However, RBI has issued the following net-worth criteria for non-banks providing PA-CB services.

The accounts of existing non-bank PA-CB who are unable to meet the net worth requirement will be closed by banks by 31 July 2024.

Snapshot Comparison Between OPGSP Circular (2015) and PA-CB Circular (2023)&nbsp;

Here are the key differences between the OPGSP Circular (2015) and the PA-CB Circular (2023)

Here is the process of seeking approval from RBI for existing or new PA-CBs.

Step 1: Draft the application through Form A, which includes the following parts.

Step 3: The RBI will process the application.

(RBI may raise queries related to various aspects such as shareholding, product processes, etc.)&nbsp;

Step 4: In principle approval from RBI.

Step 5: Filing of system Audit Report

(RBI may raise queries related to SAR audit observations)&nbsp;

Step 6: Final authorisation(state additional conditions that must be complied with)&nbsp;

The evolving cross-border payments environment and the emergence of several OPGSPs and other fintech entities encouraged RBI to issue the circular. Its main purpose is to ensure seamless and more transparent cross-border payment transactions.

Even though regulatory authorities are constantly working on making cross-border payment transactions seamless, transparent, secure, and quicker, businesses often face difficulties in receiving timely payments.&nbsp;

Skydo aims to simplify the cross-border payment landscape for businesses by automating various tasks and helping businesses open foreign bank accounts. <a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Join Skydo today</a> to streamline your invoicing and financial management activities!

Q1. RBI’s master circular on the import of goods and services and cross-border payments applies to which entities?

Ans. AD banks, PAs, and PA-CBs involved in the online processing/settlement of cross-border payment transactions related to the import and export of goods and services have to comply with the guidelines mentioned in the circular.

Q2. What are various compliances according to RBI payment aggregator guidelines for cross-border payments?

Ans. All PA-CBs have to follow the guidelines provided in the circular dated October 31, 2023. Additionally, they also have to follow the various guidelines for payment aggregators mentioned under a circular issued by RBI on March 17, 2020.&nbsp;The circular includes guidelines related to customer grievance redressal and compliance with Baseline Technology Guidelines to ensure fraud prevention and risk management.

Q3. How can PA-CB seek authorisation for facilitating cross-border payment transactions?

Ans. AD banks do not need to seek authorisation to facilitate cross-border payment transactions. However, a non-bank PA-CB can seek authorisation from RBI by sending the application to the Department of Payment and Settlement Systems (DPSS), RBI, Central Office (CO), by April 30, 2024. PA-CB entities must fulfil the minimum net worth criteria before applying to RBI.

 Know more about RBI's circular that mandates payment aggregators to seek authorization for facilitating cross-border transactions by April 30, 2024.

BI’s PACB Circular: Key OPGSP Updates of 2024 to Note 

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As a business owner, you may be familiar with the high costs of transferring money across international borders. Leading payment gateways charge hefty international transaction fees. You need to negotiate for the suitable Fx rate with the bank, and then they add their miscellaneous fees, which aren’t transparent.

These fees can add up quickly for your <a href="https://www.skydo.com/blog/seamlessly-accept-international-payments-in-india?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Export IT service business</a>, cutting profits and stunting growth. Think about it: if you were to receive one crore rupees, a significant chunk could be lost in fees alone.

Startups specifically often face a tough challenge regarding international money transfers. High transaction fees, in this case, can be a major obstacle for any business looking to go global. Companies are penalised for going global without an affordable, efficient alternative.&nbsp;

This article explores how international transaction costs work, their impact on businesses worldwide, and how Skydo helps turn things around.

International transactions can be overwhelming, especially when losing your hard-earned money to fees and <a href="https://www.skydo.com/blog/hidden-fees-in-bank-rates?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">hidden charges</a>. However, Skydo offers a more straightforward and cost-effective solution.

1. Reducing fees and improving transaction efficiency

Unlike traditional banks and payment gateways with complex fee structures, Skydo employs a transparent, minimalistic approach.

Live FX rates with zero margins: Upon receiving the invoice payment in the Skydo account, the remitted amount will be converted using the current live exchange rate. This rate is also accompanied by a timestamp, allowing for easy verification through a quick web search.&nbsp;

With <a href="https://www.skydo.com/blog/get-the-most-out-of-your-forex-savings-with-skydo?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">live foreign exchange rates</a>, you always get the best rates possible without additional margins or hidden fees.

Flat fee structure: A flat fee ensures no surprises, and everything is completely transparent. For transactions less than USD 2,000, the fees are USD 19, while it's USD 29 for transactions above USD 2,000.

Imagine your business conducting an <a href="https://www.skydo.com/blog/how-much-forex-fees-do-you-pay-on-your-international-transactions?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">international transaction</a> of INR 1 crore using a traditional bank or a popular payment gateway. Their fees can range between 2-5%, adding up to a hefty sum of INR 2-5 lakhs.&nbsp;

With Skydo, these exorbitant fees can be significantly slashed, potentially saving you lakhs of rupees yearly. And as your transactions increase over time, the cumulative savings can be truly monumental.

Don't just take our word for it, though. Tanay Shah, the Founder &amp; CEO at Pardy Studios, has already experienced the benefits firsthand. He shared his satisfaction, saying, "With Skydo, I am saving INR 10,000 per transaction.

Receive your International Payments Effortlessly with Skydo

Global payments can pose a considerable challenge for businesses, with fluctuating exchange rates, hidden bank fees, and complex regulatory requirements making the process daunting and frustrating.&nbsp;

From <a href="https://www.skydo.com/blog/real-time-tracking-of-international-payments?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">real-time transaction tracking</a> to <a href="https://www.skydo.com/blog/benefits-of-multi-currency-accounts?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">multi-currency support</a>, Skydo gives you the tools necessary to transact globally easily, mitigating stress and streamlining the process for businesses regardless of location.

Here's a breakdown of some of Skydo's best-in-class features

Within five minutes, you can set up international bank accounts through Skydo. This is available for transactions involving partners in the USA, UK, Europe, Canada, and over 20 other locations. Skydo ensures you have the banking infrastructure you need, providing unparalleled convenience for your business.

With every international payment made to your account, you will get an automatically generated <a href="https://www.skydo.com/blog/automated-firc-simplifying-international-payments-compliance">Foreign Inward Remittance Certificate (FIRA) that is GST-compliant</a>. This perfect compliance helps simplify the accounting process while ensuring that your business adheres to local regulations fully.

With Skydo, the days of negotiating complex FX rates or grappling with opaque pricing structures are gone. We deliver a straightforward and intuitive payment experience, freeing businesses to focus on growth rather than financial logistics.

Here's why businesses like yours choose Skydo over other payment methods:

As a business, you're constantly looking for ways to maximize cost savings and streamline your operations.&nbsp;

With Skydo’s transparent pricing, <a href="https://www.skydo.com/blog/how-much-forex-fees-do-you-pay-on-your-international-transactions?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">live foreign exchange (FX) rates</a> without hidden margins, and a flat fee structure, you can save significant amounts annually compared to traditional banks.&nbsp;

With Skydo, we expedite the process of setting up an international bank account, allowing you to start transacting in no time. Our user-friendly interface ensures that even if you're new to international trade, you can navigate confidently and get things moving swiftly.

Compliance with local regulations can be challenging. But, with Skydo’s provision of&nbsp;<a href="https://www.skydo.com/blog/understanding-gstin-requirements-for-export-businesses-in-india?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">GST-compliant</a>&nbsp;Foreign Inward Remittance Certificates (FIRAs), your business effortlessly aligns with local regulations. This way, you can focus on what truly matters - growing your business.&nbsp;&nbsp;

With the support of leading banks and investors, our robust infrastructure and state-of-the-art encryption techniques provide 100% safe and fast transactions.&nbsp;

5. Adherence to International regulations

Our unwavering commitment to providing 100% legal and compliant services means you can operate globally without any legal hurdles.

What’s more? We offer free account creation, <a href="https://www.linkedin.com/posts/sardamit_freelance-payments-remittances-activity-7118222420620013569-X5xF?utm_source=share&amp;utm_medium=member_desktop">zero maintenance fees</a>, and the facilitation of simple local transfers for international clients to empower businesses like yours to transact on the global stage with confidence, ease, and peace of mind.

Skydo is more than just another platform for international payments. It's a comprehensive solution designed to cater to all your financial needs in a global landscape. While our primary focus is on making payments more affordable, convenient, and compliant, our platform goes above and beyond, offering numerous features that simplify and elevate your financial management experience.

In the fast-paced business world, having real-time insights into your financial transactions is crucial. With <a href="https://www.skydo.com/blog/skydo-dashboard-for-all-your-needs?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Skydo's intuitive dashboard</a>, you can effortlessly track your payments, ensuring you always have a clear picture of your cash flow and can confidently make informed decisions.

2. Multiple currency support and exchange rate advantages

As your business expands globally, dealing with multiple currencies becomes a reality. Skydo seamlessly supports a wide range of currencies, ensuring you can transact with international partners without limitations. Moreover, our live foreign exchange (FX) rates guarantee that you always get the best possible exchange rates, maximizing your financial gains.

Juggling multiple tools for financial management can be a hassle, holding back the efficiency of your business. At Skydo, we understand this challenge, so we offer integrated solutions for accounts receivables management, reconciliation, and invoicing. By streamlining these processes, we ensure accuracy, efficiency, and simplicity, so you can focus on what matters most - growing your business.

While Skydo excels in delivering cheaper, more convenient, and compliant payment solutions, its true strength lies in offering a comprehensive suite of financial management tools. It's a solution designed with modern business in mind, understanding the challenges of international transactions and addressing them head-on.&nbsp;

With <a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Skydo</a>, the world truly becomes your marketplace, devoid of the hefty price tag.&nbsp;

Experience the power of a holistic solution that caters to all your financial needs. From transparent pricing to real-time insights and <a href="https://www.skydo.com/blog/benefits-of-multi-currency-accounts?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">multiple currency support</a> to streamlined financial management, take control of your finances and thrive in the global marketplace with Skydo.

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Disclaimer: Please note that the information provided is accurate as of September 2023.

Startups and small businesses need solutions for their working capital requirements and liquidity issues to remain afloat. Cash flow challenges top the list of issues before and after the business captures ground and starts generating income.&nbsp;

An ideal solution to dissolve cash flow issues and liquidity crunches in managing day-to-day business expenses is Business Credit Cards. Such international credit cards come in a multitude of types and reward systems to suit the specific needs of business owners.&nbsp;

Business credit cards save you from the hassle of arranging credit and loans each time the need arises. You also get access to various perks and cashback and the chance to set up a good credit history.&nbsp;&nbsp;

Here’s a list of the top credit cards with no annual fees to meet your startup expenses while providing you with the ease and convenience of credit access at any time at low-interest rates.&nbsp;

This credit card with no annual fee comes in the rare category of ‘spend more to earn more rewards’ cards. You can earn 2x reward points on purchases of up to $50,000 annually. If you are a small business owner or a startup founder, the card fits your business spending perfectly.&nbsp;

#2: <a href="https://creditcards.chase.com/business-credit-cards/ink/cash">Ink Business Cash Credit Card</a>

This credit card stands at the top on the leaderboards for the Best Overall Startup Credit Card. Enjoy zero introductory APR and a $750 welcome bonus on your purchases. The card is suitable for startup owners who seek to make large purchases and finance them periodically.

#3: <a href="https://www.bankofamerica.com/smallbusiness/credit-cards/products/travel-rewards-business-credit-card/">Bank of America Business Advantage Travel Rewards World Mastercard Credit Card</a>

Business Advantage Travel Rewards World Mastercard Credit Card has a handsome introductory APR and robust earnings. It can be the best global credit card choice in the ‘Best of Travel’ category. Business owners can earn up to a 3X reward rate on business purchases at zero annual fees.&nbsp;

#4: <a href="https://www.usbank.com/business-banking/business-credit-cards/business-triple-cash-back-credit-card.html">U.S. Bank Business Triple Cash Rewards Visa Business Card</a>

This business card has varied cashback rewards across multiple business spending categories.&nbsp;

#5: <a href="https://www.sbicard.com/en/personal/credit-cards/business/sbi-card-prime-business.page">SBI prime business credit card</a>

SBI Prime Business Credit Card takes care of your countless monthly expenses along with multiple perks and rewards.

Considerations When Choosing a Global Credit Card

Startup and small business owners must consider a few pointers before choosing a global credit card for meeting their everyday startup expenses.&nbsp;

A travel credit card will do you no good if your business operations are domestic and require in-house expenditure. Choose a credit card that matches your specific business needs and spending patterns.&nbsp;

Credit cards offer different reward structures and types to cater to various businesses. For instance, the Ink Business Cash Credit Card provides a cashback structure, while the Bank of America Travel Rewards Credit Card caters to your travel and dining expenses. Evaluate reward categories to match common business expenses.&nbsp;

Factor in <a href="https://www.skydo.com/blog/seamlessly-accept-international-payments-in-india?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">international payments</a> and global acceptance while choosing a card. A global credit card is a must, especially for founders who have to travel frequently overseas and deal with international clients.&nbsp;

Look for <a href="https://www.skydo.com/blog/hidden-fees-in-bank-rates?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">hidden charges</a> while selecting a card for your business needs. Understand the annual fee structure, transaction fees, and interest rates and select the most economical and cost-efficient one.&nbsp;

Check out the perks like travel insurance, purchase protection, and extended warranties with international credit cards in India. Additionally, if your business is a part of the bank ecosystem, you get additional perks and benefits.&nbsp;

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You're the founder of a thriving business, juggling multiple responsibilities day in and day out. Your inbox is a never-ending stream of emails, your calendar resembles a colorful puzzle with every hour blocked off, and your to-do list grows faster than you can check things off. You're constantly bombarded with urgent demands and exciting opportunities that seem impossible to pass up.

As a business owner, you're well-acquainted with the exhilarating rollercoaster that <a href="https://www.skydo.com/blog/the-entrepreneurs-guide-to-product-market-fit?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">entrepreneurship</a> can be. It's a world where every task appears to be of utmost importance, where time is a precious and finite resource, and where the line between urgent and essential is often blurred. Amidst the chaos and excitement, the struggle to manage your time effectively can become all too real.

Many founders, like you, find themselves in this very predicament. As visionaries, innovators, and risk-takers, you thrive on the excitement of chasing new opportunities. Yet, in the quest for growth, the critical skill of time management is considered in passing. As a result, you tend to feel constantly overbooked, unable to prioritise, and, at times, overwhelmed by the weight of your ambitions.

But here's the good news: Effective time management techniques are a skill that can be cultivated, and it's the key to not only surviving but thriving in the world of entrepreneurship.

Executives who wield their schedules with precision can seize opportunities. However, mastering this art requires more than just a well-organised calendar; it's about aligning actions with priorities, allocating resources judiciously, and adapting to the ever-shifting currents of the market.

Time management can grant you those extra hours you always wish to have while managing your business. There are many strategies to plan your schedule and optimise time utilisation. Read on to learn some of them.



Employee appraisals, technical issues, customer service concerns, and hundreds of other tasks require your attention each day. Amidst all the hullabaloo, how should you sort and prioritise your tasks?&nbsp;

Figuring out what tasks to work on and in the right order is a skill. One simple way is to anchor your daily objectives and targets to the long-term business objectives. By doing so, you never lose focus of your goals and can easily break them down into actionable tasks and milestones.&nbsp;

The Eisenhower Matrix can be a handy tool to divide your tasks based on their importance and urgency and overcome our natural tendency to focus on unimportant tasks.&nbsp; Reschedule, delegate, and outsource tasks based on their importance. The matrix can help you differentiate between important and urgent tasks for better time management. 



Important tasks form the core of the business and its objectives. However, urgent tasks might demand immediate attention and can often relate to someone else’s goals. 

A survey found that<a href="https://hubstaff.com/time-tracking/guide"> 40% of employees</a> don’t track time spent reading/replying to emails. Businesses incur losses worth $52,500 per employee annually for the untracked time spent on timesheets to bill clients.

Similarly, most businesses never track the time spent in meetings, discussions, record-keeping, paperwork, etc., and costs thousands of dollars. You can prevent this leakage easily through time-tracking tools.&nbsp;

A few of the popular<a href="https://zapier.com/blog/best-time-tracking-apps/"> time-tracking tools</a> that you can opt for are Toggl Track, HourStack, Timely, TrackingTime, RescueTIme, etc.&nbsp;

Time-tracking tools help improve employee productivity and identify workflow issues to reorganise tasks and recognise top performers.&nbsp;&nbsp;

Pro Tip: Time tracking doesn’t mean micromanaging tasks.&nbsp;

Time-saving tools help make data-driven decisions and avoid disruptive check-ins to save your team’s valuable time. At the same time, these tools help to boost accountability, manage workloads, and preserve valuable revenue.&nbsp;

You can monitor your employees’ daily activities and time spent on tasks, capture their performance with data-driven insights, and identify time-wasting activities or distractions.&nbsp;

Knowing how well each employee performs, you can precisely determine the resources required for each project. You can move underutilised employees to other projects and automate manual tasks to save time and effort.&nbsp;&nbsp;&nbsp;

Beyond tools, there are some great books on time management to read. There’s Cal Newport’s Deep Work, Tim Ferriss’s The 4-Hour Workweek, Brian Tracy’s Eat That Frog!, and so many more!

The Pomodoro technique is a well-known time management method that business owners can use or practice in their organisation to improve productivity and efficiency.&nbsp;

The technique involves working for a stretch of 25 minutes followed by a five-minute break. The cycle continues four times, to be followed by a longer break lasting between 15 and 30 minutes.&nbsp;

Each work interval is a Pomodoro. This technique helps to build an effective relationship with time. The result is better productivity, lesser effort, routed actions, improved workflows, and the ability to manage multiple tasks effectively.&nbsp;

You can use the Pomodoro technique to set up your daily and weekly processes and efficient team settings. Slowly and steadily, by experimenting with multiple variations of the technique, you and your employees can find your optimal work-to-rest ratio.&nbsp;

To make it work for you, here are some top Pomodoro timer/productivity apps to consider.&nbsp;

<a href="https://todoist.com/productivity-methods/pomodoro-technique">Read the full article on Todoist</a> to dive deeper into the Pomodoro Technique and discover additional tips and insights to supercharge your productivity.

You may be a jack of all trades. But, you must refrain from handling every facet of your business yourself. Delegating and outsourcing tasks leaves you with more productive time to spend on the core activities of your business.&nbsp;

Delegating involves assigning tasks to a team member or an employee within your organisation. <a href="https://www.skydo.com/blog/when-to-hire-vs-when-to-outsource?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Outsourcing</a>, on the contrary, means hiring an external, third-party provider/agency to handle the tasks on your behalf.&nbsp;

Both methods bring efficiency, time-saving, quality improvement, and productivity to your work processes. However, delegating still allows considerable control over the tasks, unlike outsourcing, where you lose reins over how a task is being performed.&nbsp;

However, not all tasks can be delegated or outsourced. How can you recognise which one to delegate or outsource? Delegating tasks is helpful when you have a lot on your plate already or have a basic overview of how to get it done. Give clear-cut instructions and deadlines in that case or the other person to perform the task efficiently.&nbsp;

Outsourcing is an expensive affair and must be done with caution. Refrain from outsourcing tasks connected to your business’s core strength. Measure the cost against the benefits of outsourcing the tasks and whether you can afford an in-house full-time team to handle the tasks.&nbsp;

Finding reliable outsourcing partners or freelancers is a crucial step for the success of your outsourcing. Look for partners or freelancers with a good background, up-to-date technology, and skills who are keenly interested in handling the tasks on your behalf and delivering optimum results.&nbsp;

With proper delegation and outsourcing of tasks, you can ease the bumps in workflows, achieve better time management, and empower employees through task delegation.&nbsp;

5. Effective Email and Communication Management

Communication is an important part of your work setup, but handling emails at all times can be distracting. On average, employees spend<a href="https://www.mckinsey.com/industries/technology-media-and-telecommunications/our-insights/the-social-economy"> 28% of their workweek</a> reading and replying to emails. Employees are constantly overwhelmed by emails. But you can fix that using some proven email management tactics.&nbsp;

Allocate email time in your employee calendars. Using email filters and folders for your organisation is a healthy practice. Create separate labels, folders, and categories, and convert your organisation’s group email accounts into shared inboxes.&nbsp;

Follow the rule ‘Touch it once.’ This will help in reducing interruptions caused by constant email checking. Beyond email management, Implement concise and effective communication strategies, define channels, and use tools so that communication assists in smoother workflows rather than becoming a time-consuming task.&nbsp;

Time blocking is a fine management technique where you divide your day into blocks of time, each dedicated to a specific task. Instead of randomly picking up tasks, booking slots in your daily schedule for performing different tasks will sort out half of your woes.&nbsp;

However, the catch here is to allocate tasks based on their priority and complexity. Build a concrete outline and stick to it. Balance focused work, meetings, and breaks, and at the end of each day, review the tasks undone and note down the time you spent on ad-hoc tasks.&nbsp;

Conduct weekly reviews to check whether your schedule gives you the productivity and much-needed breaks you need to deliver efficiently. Time blocking will help you eliminate the ritual of constantly choosing tasks to focus on. You already know what task comes next, and your mind would be already prepared for that.&nbsp;&nbsp;

Overcoming Challenges and Staying Consistent

Some common challenges with time management tips include low motivation, procrastination, overbooking, lack of organisation, etc. One of the biggest themes behind these challenges is finding the balance between productivity and well-being.&nbsp;

There can be two ways to overcome the barriers.&nbsp;

Concentrate on one task at a time, follow the schedule while keeping it flexible, take enough breaks to feel rejuvenated, and celebrate achievements and milestones more frequently. By doing so, you will stay motivated and focused and make the best use of your time.&nbsp;

Task prioritisation, frequent breaks, communication management, using time-saving tools, delegation and outsourcing, and time blocking are some of the effective time management techniques you can adopt in your day-to-day schedule as a business owner.&nbsp;

Task prioritisation is based on the simple principle, ‘where your attention goes, your time goes.’ It won’t pay you to do a task well that never needed to be done in the first place.&nbsp;

Once you align your goals and manage your time well, you will see a positive impact on business growth and work-life balance. However, at the end of each day, it is your customisations and adjustments that will work wonders for effective time management.&nbsp;&nbsp;

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As Indian businesses expand globally, managing payments in multiple currencies has become more than just a convenience; it’s a competitive edge.

Whether you're an exporter billing clients in USD or a SaaS company offering subscriptions in EUR and GBP, a multi-currency account can simplify how you receive, hold, and manage your international earnings.

But what exactly is a multi-currency account? And why is it becoming essential for modern Indian businesses?

A multi-currency account (sometimes called a foreign currency account or international account) lets individuals or businesses receive, hold, and send money in multiple currencies from a single platform.

Unlike traditional bank accounts that immediately convert foreign currency to INR (often with heavy fees), multicurrency accounts let you:

For example, if you have received payment from an international client from the US in USD, you can hold the payment in USD in your multi-currency account. If you have to pay a client in USD, you can use the current funds for direct payment without converting your local currency to USD.

Some multi-currency accounts come with additional features which can help in increasing the return potential. For example, some multi-currency accounts may offer interest on the balances held in different currencies, while some may offer access to foreign exchange markets.&nbsp;

Which Currencies Can I Hold in a Multi Currency Account?

The accepted currencies in a multi-currency account range between 30-200, depending on the financial institution. However, a multi-currency account facilitates, at minimum, transacting in the following currencies.

Benefits of Multi-Currency Accounts for Indian Businesses

1. Save More by Converting When It Makes Sense

A big perk of a multi currency account is that you don’t have to convert money right away. You can hold on to your earnings in USD or EUR and convert them when the exchange rate is better. Over time, this can add up, especially compared to traditional bank accounts that charge ₹750–₹1000 per transaction just to convert your money.

2. Lower Fees, Less Money Lost in Conversion

If you’re dealing with international payments regularly, small fees can eat into your income. A multi currency bank account typically charges much less in conversion fees compared to regular methods, and that means you keep more of what you earn.

If you’re getting paid in different currencies, tracking it all can be messy. A multi currency account in India helps you keep everything in one place—whether it's dollars, euros, or pounds. That makes your bookkeeping and accounting a lot less painful.

When payments don’t need to go through currency conversion each time, they move faster. A multi currency bank account can help you get your money sooner, without the usual back and forth or waiting around.

Having a multi-currency account can make your business feel more established, especially to international clients. It shows that you're set up to work globally, which builds trust from the start.

6. A Smoother Experience for Your Clients

Getting paid should be easy, for you and for your clients. A multi currency account lets your clients pay in their own currency, which feels more familiar and hassle-free on their end.

7. Helps You Pay International Partners More Easily

Whether you’re working with vendors, freelancers, or service providers abroad, being able to pay them quickly, in their own currency, goes a long way. A multi currency account in India makes this part of the job feel a lot less complicated.

How Can You Get a Multi Currency Account in India?

Most leading banks in India, including HDFC, DBS, HSBC, and others, offer multi currency accounts. However, today, fintech platforms are truly leading the way with multi currency accounts right now. Platforms like Skydo, Wise, Stripe offer mutli currency accounts, enabling businesses to manage their income and payments in multiple currencies. Here's why FinTech-led multi-currency accounts have an edge over multi currency accounts offered by traditional banks:

When deciding where to open your account, carefully assess factors like fees, services, and customer support from each institution. Additionally, ensure that the chosen account supports the currencies relevant to your usage.

Who Is Qualified for a Multicurrency Account?

You must be 18 and above to open a multicurrency account, and certain accounts are restricted to residents of specific countries. Meeting minimum balance requirements may also be necessary. Some multi-currency accounts cater to businesses or high-net-worth individuals, imposing relatively high minimum balance criteria.

Potential beneficiaries of multicurrency accounts include the following.

Final Thoughts: Why a Multi-Currency Account Isn’t Optional Anymore

If you work with international clients—whether you're a growing exporter, a SaaS founder, or a freelancer—sticking to traditional bank transfers or high-fee platforms like PayPal or SWIFT is holding you back.