Cashfree Payments provides a streamlined process for collecting international payments in four steps:
Complete your KYC and get started.
Get your international account details.
Share payment details with the payer.
Monitor transactions and receive e-FIRA.
Save up to 50% more on your international wire transfers with no markups or hidden fees.
Accept International Payment in India in 30+ currencies from 180+ countries.
Get e-FIRA for receiving international payments within 1 day of the transaction at no additional cost.
Amit Y J, Co-founder
"Before using Cashfree Payments, getting FIRC was a challenge & would take 2-3 weeks leading to delay to reconciliation & return filing. Now we are receiving it under 24 working hours."
Rohit Diwan, Partner
"We export to USA, Australia & Europe & with Cashfree Payments receiving international payments has become a breeze."
Foreign Inward remittance refers to the transfer of money to Indian from anywhere outside India. For example, when you receive money in your Indian bank account from a business or an individual abroad, it is called foreign inward remittance.
Foreign Inward Remittance Certificate (FIRC) is a document proof for any foreign transfer to India, in case of export of goods. For export of services, there will be no tax levied if there is an FIRC available with the business. FIRC is also important to avail export related schemes such as EPCG (Export promotion capital goods) and others.
Global Collections is a technology payments platform that is built for exporters who want to receive international payments. This solution is recommended for exporters who are dealing in goods or services having invoice value of up to USD 10,000.
Traditionally exporters in India have been receiving payments via SWIFT. With Global Collections solutions, the exporters can get 5 dedicated local accounts - in 4 currencies namely USD, GBP, EUR and CAD and a Global SWIFT Account to accept payments in 30+ currencies.
Payers/importers can make cross border payments as easy as domestic payments by using local rails like ACH, SEPA, EFT and Faster payments and the amount is credited to the respective local collection account.
Exporters can receive these payments in importer's or payer's home currency without the exporter having to open a bank account in foreign countries saving his/her time, effort and money.
You can visit www.cashfree.com/international-payments/international-wire-transfer/ and click on Contact Sales. Please fill in the basic details about your company and Cashfree Payments sales representatives will reach out to you with 24 working hours to help you get started.
Just like there is NEFT in India, there is ACH in the US, SEPA in Europe region, EFT in Canada and Faster payments in UK.
Using the Global Collections solution, exporters get a dedicated collection account each in USD, GBP, EUR and CAD and a SWIFT account to receive payments in other currencies. This way an exporter can get paid via payer's local rails instead of SWIFT.
Example: A payer residing in the US can initiate an ACH transfer into the receiver's (Indian exporter's) local receiving USD account.
If you are selling goods or services outside of India having invoice value up to USD 10,000 you can use global collection accounts. The payer can be an individual or a business as the case may be, as long as payment is for sale of goods or rendering of service(s).
Global Collections solution can be used for all types of businesses except:
No, as per the OPGSP guidelines, all international inward remittance payments must be settled in INR to exporter's bank account by the AD-1 partner bank. In case of Global Collections, the payments received in currency accounts will be settled to your YES BANK account in India.
Yes. Cashfree Payments' AD 1 partner i.e YES BANK will issue eFIRS on T+1 basis. T being the day on which the beneficiary receives the payment in his/her bank account in India. The eFIRS will be sent via email to your registered email address.
Yes. Here is the OPGSP guideline for your reference:
Here's the list of purpose codes to be followed for OPGSP transactions.
Have more questions? Visit our support page
| Feature | Details |
|---|---|
| Supported Currencies | 30+ currencies |
| Countries Supported | 180+ countries |
| Dedicated Local Accounts | 4 currencies (USD, GBP, EUR, CAD) |
| SWIFT Account | Available for other currencies |
| e-FIRA Delivery | Within 24 hours (T+1 basis) |
| Transaction Limit | Up to USD 10,000 per transaction |
| Settlement Currency | INR to exporter's bank account |
| Partner Bank | YES BANK (AD-1 partner) |
| Local Payment Rails | ACH (US), SEPA (Europe), EFT (Canada), Faster Payments (UK) |
| Cost Savings | Up to 50% on international wire transfers |
| Additional Fees | No markups or hidden fees |
| e-FIRA Cost | No additional cost |
The following business types cannot use Global Collections: