Making payments to India – INR FAQ’s

Clients can now make payments to India by converting funds to Indian Rupee / INR. You’ll find a list of frequently asked questions below.

1. What is the FX price? 
Our wholesale FX rates are between 0.12% and 0.18% from RBI rates depending on currency pair. For trades booked outside of India business hours or using higher tenors, additional points are added. Because INR is a restricted buy only currency, we cannot provide mid-market rates.

2. What FX tenors do you support? 
T+0 and T+1 (Spot). 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:

  • For amounts under INR 200,000, we use IMPS (Faster Payment) which runs 24/7.
  • Any amount above INR 200, 000 goes through RTGS. RTGS operates only during business hours in India.

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, you can pay a maximum of INR 1,500,000 per day to any particular beneficiary.

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

7. What currency pairs do you support? 
We support five currency pairs; USD INR, GBP INR, and EUR INR

8. Can I convert INR back into another currency? 
No. Payments are final and due to regulatory reasons, you cannot convert back into other currencies.

9. Can I hold an INR balance? 
No, you will need to pay all funds immediately. Furthermore, please make sure you create payments on the back of each conversion so that there is no surplus balance outstanding.

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

11. What happens if a payment fails? 
You must correct the payment instruction and resend at the earliest. Failure to do so will result in automatic conversion of INR into the sell currency within five to ten business days. Sell back 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 also given and 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. Is INR available on both the Balances (Cash Manager) model and Settlements (non-Cash Manager) model? 
No. To access INR you need to be on the Balances (Cash Manager) model.

15. 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 types of payments, payment fields and cut-off times please also visit our Payment Guide.

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