Vested Finance, an online investment platform that enables Indian investors to invest in the US stock market in a smooth and hassle-free manner, has announced its partnership with SBM Bank India, to enable an easier, faster & seamless experience to deposit funds into Vested accounts.
As per the partnership, Vested Finance and SBM Bank India have launched a first-of-its-kind online cross border fund transfer solution in India, called Vested Direct. Traditionally, Indian investors looking to invest in US funds like Apple, Amazon, Facebook & Microsoft, had to use their existing bank accounts to transfer funds. This involved multiple steps and investors had to incur high foreign exchange markups and fixed transfer charges. The transfer would take up to 5 days. With Vested Direct, the process is a significantly better experience with simple steps to initiate a transfer, lower charges, and a faster deposit timeline.
Speaking on the partnership, Viram Shah, Co-Founder & CEO, Vested Finance, said, “We have seen rapidly increasing interest, amongst Indian investors, to diversify their portfolios internationally. So far, the biggest bottleneck has been the deposit journey due to high charges and the tedious process. At Vested, our aim is to make diversification easy. Our partnership with SBM Bank will help investors start building their international portfolios in a way that’s never been possible before. Vested Direct is a solution that has been launched for the first time in India and will enable seamless, safe, and transparent fund transfers that are 100% online and charge low fees. We’re excited!”
With Vested Direct, investors open a free of cost, no-minimum-balance savings account with SBM Bank funds. Investors can load funds in INR that can be converted to USD to eventually transfer into their Vested account.
Neeraj Sinha, Head- Retail & Consumer Banking, SBM Bank India, said, “We believe banking is meant to solve problems and collaboration is the key to sustained solutions. Partnering with Vested Finance is in line with both our beliefs –making the challenge of overseas investing seamless for end-users while empowering Vested to create a credible and accessible global investing platform. This partnership with Vested Finance will enable Indian investors to geographically diversify their portfolios in a smarter manner.”