Understanding the benefits of Video-KYC

Understanding Video-KYC

With the world forced to stay indoors for the better part of the year, everyone around the world have embraced virtual experiences to stay both sane and connected. Everything that can be has become virtual, be it classes, meetings, parties or therapy sessions, weddings and the works. Access to services and experiences from the comfort of one’s home is the new normal.

In line with this, the Reserve Bank of India (RBI) has approved a virtual method of onboarding a customer through the Video-KYC feature and an e-sign module.

What is V-KYC? Video Know Your Customer (VKYC) is a completely digital and virtual process for banks and service providers to onboard a customer seamlessly, as customers forego the hassle of making a personal visit and stay securely in the comfort of their homes.

WSFx has recently launched the V-KYC feature to enable seamless onboarding of new customers through the WSFx Smart Fx App, a comprehensive digital solution to transfer funds abroad online.

The V-KYC process is a convenient way for both the customer and the service provider to stay safe and seamlessly ensure compliance.

Steps to complete your one-time Video-KYC.

  1. Login in on your WSFx Smart Fx App.
  2. Click on the “Profile” tab.
  3. Fill your personal details mentioned and update your profile.
  4. Under the update button, click on “Initiate Video KYC” option to begin your one-time video-KYC.
  5. Have your pan-card details handy and a service representative from the team will verify your details and conclude with your V-KYC.

Now, you can download the WSFx Smart Fx App and complete your one-time Video-KYC and transact seamlessly. Sending money abroad, remittance for education abroad or ordering your multi-currency forex cards or currency notes on the WSFx Smart Fx App has never been easier.

Additionally, with the WSFx Smart Fx App, a user gets 200 credit points on the completion of their one-time V-KYC. These credit points can be redeemed online on for amazon vouchers too.

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