Making payments to India, Indonesia, Malaysia and the Philippines – INR, IDR, MYR & PHP FAQ’s

Clients can make payments to India, Indonesia, Malaysia and the Philippines by converting funds to Indian Rupee (INR), Indonesian Rupiah (IDR), Malaysian Ringgit (MYR) and Philippine Peso (PHP). You’ll find a list of frequently asked questions below.

1. What is the FX price?
Our wholesale FX rates for INR are between 0.12% and 0.18% from RBI rates depending on the currency pair. For PHP, MYR and IDR our wholesale rates are about 0.25% from Bloomberg rates. Additional points are added for conversions held for longer periods. Because these currencies are traded onshore and restricted, we cannot provide mid-market rates.

2. What FX tenors are supported?
T+0 and T+1 (Default). We cannot support Forwards. Please also see our FX timelines for more details.

3. What local rails do you use for domestic payments?
We select the best local rail based on the amount and the time when you book a payment:

  • INR:
    – For amounts under INR 200,000, we use IMPS (Faster Payment) which runs 24/7.
    – For amounts above INR 200, 000, we use RTGS which operates only during business hours in India.
  • IDR: all IDR payments are sent on SKN
  • MYR: all MYR payments are sent on Interbank GIRO (IBG)
  • PHP: all PHP payments are sent on PESONet

4. Do you deduct any costs from the payment being sent?
No, the recipient will receive the full payment amount.

5. Is there a limit on the maximum payment / trade size?
Yes, we have the following maximum transaction sizes:

  • INR 1,500,000 per day to any particular beneficiary
  • IDR 350,000,000
  • MYR 100,000
  • PHP 1,300,000

6. Do you support all payment types? 
No, we do not allow loan payments to businesses in India. Any other payments to businesses and all payments to individuals are permitted.

7. What currency pairs are supported?
We support conversion from any of these four currencies – USD, GBP, EUR and AUD into any of these four APAC currencies – INR, IDR, MYR and PHP.

8. Can I convert these APAC currencies back into another currency?
Yes. Under exceptional scenarios when payments in these 4 APAC currencies fail and it is no longer feasible to pay the balance funds, you can sell back the funds into another supported currency. This should be done only on an exceptional basis. Currencycloud will monitor the activity closely.

9. Can I hold balance in these currencies?
No, you will need to pay all funds at the earliest. Please make sure you create payments on the back of each trade so no surplus balance is outstanding. Currencycloud will periodically monitor the balance and reserves the right to automatically sell back any surplus funds held over five days.

10. What happens if I fail to fund in time?
We will not roll conversions to the next day. Unfortunately, failure to send sold currency funds by the settlement cut-off time will result in the cancellation of your conversions.

11. What happens if a payment fails?
You must correct the payment instruction and resend at the earliest. Failure to do so may result in automatic conversion of APAC currency into another supported currency and will be subject to exchange rate fluctuations.

12. Do you support payment traces or recalls?
There are no traces or recalls supported currently via the network. Currencycloud payment notifications are available through our self-service portal so please speak to your Relationship Manager about accessing this functionality.

13. What details do recipients see after a payment is made?
A Currencycloud payment reference is given.
In India most major banks display the information in a similar format to the example below:

Serial Number Transaction Date Transaction Remark CR/DR Amount
1 22/08/2018 MMT/IMPS/823421132581/test/INSTAREM P/YE Cr. 100.00

14. Does the ‘Get Basic Rates’ API call stream rates?
No, none of our provider’s stream rates but you can get a quote by using the ‘Get Detailed Rates’ API call.

For more information on the details needed to make a payment, types of payments and cut-off times please also visit our Payment Guides:

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