What is Global Collections and when should I use it?
What is Global Collections and when should I use it?
Global Collections allows your customers to pay for your products in their native currency, and the amount is settled to your account in INR. Cashfree handles the currency conversion and other hassles.
What is Foreign Inward Remittance?
What is Foreign Inward Remittance?
Foreign inward remittance refers to the transfer of money to India from anywhere outside India. For example, when you receive money in your regional bank account from a business or an individual abroad, it is called foreign inward remittance.
For what kind of transactions can I use Global Collections accounts?
For what kind of transactions can I use Global Collections accounts?
If you are selling goods or services outside of India and have an invoice value of up to USD 10,000, you can use Global Collection accounts. The payer can be an individual or a business, as long as the payment is for the sale of goods or for the rendering of service(s).
What currencies do Global Collections support?
What currencies do Global Collections support?
Does Cashfree issue Foreign Inward Remittance Statements (FIRS)?
Does Cashfree issue Foreign Inward Remittance Statements (FIRS)?
Yes, Cashfree’s AD-1 partner issues eFIRS on a T+1* basis. T is the day on which the beneficiary receives the payment in their bank account in India.To obtain your eFIRS, submit a request through the Support Form or contact your Cashfree account manager.
Is Global Collections FEMA compliant?
Is Global Collections FEMA compliant?
Yes, here is the OPGSP guideline for your reference.