Is holding an electronic money account overseas by an Indian company legal? the e-money account is opened with an Electronic Money Institution regulated by overseas regulator. They transfer the money deposited by the account holder to a tier-1 bank. This is called safeguarding. We are an Indian company who engages freelancers to provide software related services to overseas clients. We would like to collect the payments overseas in this e-money multicurrency account. Thereafter, we wish to pay the freelancers located abroad directly from the overseas account and remit the remaining money back to our Indian Bank Account.
