Mayank Goyal, Founder and CEO, moneyHOP

Mayank Goyal is the brain behind moneyHop, India’s first cross-border neo bank offering full-stack global banking solutions catering to the global aspirations of the Indian millennials. As the Founder and CEO of the company, he spearheads its vision of revolutionising banking for millennials and becoming an aggregator of financial services where the consumer’s financial needs can be addressed from a single touchpoint. A B.Tech graduate in telecommunications, a chartered financial analyst from Chartered Financial Institute and a financial engineering graduate from Imperial College London, Mayank’s inclination towards fintech was an outcome of his personal pain points experienced while conducting cross-border banking.


India has entered a phase where corporates have been outbid by startups, who are taking the lead in sponsoring mass events like IPL. This is truly a celebration of entrepreneurship which has fostered a vibrant ecosystem buzzing with inspirational stories and new technologies. The fintech industry in India is constantly expanding and evolving, transforming the consumer experience and taking it by storm.

But one sector that still has room for improvement is that of cross-border payments and banking. The sector does involve high risks, complexities, and regulations when compared with domestic banking. Even though India has undergone a revolution in the domestic payments front, cross-border payments are not as user-friendly as they should be for modern millennials. Modern millennials want to travel the world, live in different parts of the world, study abroad, and don’t really want to limit themselves to just one country. 

For instance, if a student planning to study abroad wants to remit his overseas college tuition fee, she’ll end up facing a number of problems and inconveniences. 

Here are some common issues faced by consumers in cross border banking transactions –

High costs

There are three cost components per transaction- SWIFT messaging fees, transaction fees, and foreign exchange rates. With multiple intermediaries, all these costs along with other hidden charges take a toll on the customer’s pocket.

Slow Transactions           

Cross-border payments can take more than 4-5 days if multiple intermediaries are involved and even longer in less developed markets. With processes not being digital in most banks the commute and hustle for submission of different documents also slows down the transaction process. 

Compliance Issue

Cross-border banking is a highly regulated industry and requires in-depth knowledge, both on the part of the consumer and the financial service provider, for the transaction to be smoothly executed. Hence choosing the right provider who has tie-ups with international banks and a digital mechanism to process the transaction is paramount.

Lack of transparency

A very common complaint consumers have about cross-border payment systems is the lack of transparency. In fact, a survey by SWIFT and EuroFinance found that 47% of people wanted better visibility regarding the costs and deductions involved and 64% of customers wanted real-time tracking of their payments. This transparency is very important for businesses and customers who want assurance that they aren’t incurring any hidden costs. 

Brick and Mortar setups 

With respect to remittances, traditionally the process was offline which made it way more complicated than domestic banking as it required multiple commutes and a hefty amount of documentation process. Several large financial institutions still continue to operate that way, much to the surprise of the millennials. 

Way Forward 

Choosing a smart cross-border bank like moneyHOP will help you save a lot on exchange rates and banking charges. By partnering up with the bank the solution has the comfort for a banking institution and the agility of the fintech and complete transparency when you are sending money overseas. 


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