What types of beneficiaries can I transfer INR to?
You can send INR payments to individual accounts (via IMPS, NEFT or RTGS) or to business accounts in India.
Is there a limit on the amount I can send?
- Individual Account - INR 100 million
- Business Account - INR 1.5 million
How long does it take for the funds to reach the beneficiary?
The transfer will typically arrive to your beneficiary within 1-2 business days. Do note that transfers are subjected to compliance checks that may result in additional processing time.
What will the sender's name be reflected as?
Our payment partner, Wise, will be reflected as the sender’s name.
What types of payments to India are restricted?
Payments to non-profit organizations, charities, and charitable funds/institutions in India (this applies to all recipients in India, whether or not they are charities).
What information should I include when sending INR transfers?
When initiating the transfer in the app, Admin and Finance Users will be asked to choose the purpose or reason for the transfer from a list of options:
|
Transfer Purpose |
Beneficiary type supported |
|
Travel expenses |
Individual Accounts and Company Accounts |
|
Purchase of property |
Individual Accounts and Company Accounts |
|
Loan Repayment |
Company Accounts Only |
|
Tuition fees or studying expenses |
Company Accounts Only |
|
Medical expenses |
Company Accounts Only |
|
Payment for software goods * |
Individual Accounts and Company Accounts |
|
Payment to businesses after collection of goods * |
Individual Accounts and Company Accounts |
|
Payment to businesses before collection of goods * |
Individual Accounts and Company Accounts |
|
Payments for software consultancy/services only * |
Individual Accounts and Company Accounts |
|
Other business services ** |
Individual Accounts and Company Accounts |
* To ensure smooth processing of your transfer for payment on goods and services, you will be asked to provide the Invoice Number related to your purchase. This is to avoid any delays on your transfer.
** If you choose other business services, you will be prompted to select a specific reason for your transfer (such as Accounting or related services, Audio or visual services, Business management or PR services, Data processing or database-related charges). You will also be asked to provide the Invoice Number related to your purchase to avoid any delays on your transfer.
Note!
- When entering the Invoice Number, please refrain from including any special characters or spaces.
-
Guide on the purpose code for buying a house:
- Repayment of loans - choose this if funds are for a housing loan
- Real Estate Investment/Purchase of Property - choose this if funds are to a real estate firm for housing investments (recipient must be a business account)
-
Purchase of Property - choose this If funds are to family or friends for purchasing a house
Video guide on how to send INR transfers from SGD Account:
How to obtain a Foreign Inward Remittance Certificate (FIRC) on transfers sent from my SGD account?
If your recipient in India is required to obtain a Foreign Inward Remittance Certificate (FIRC), please follow the steps below:
- Reach out to us to get the Unique Transaction Reference (UTR) number and the local payout bank details for your transfer. We will require 7 business days to get this information for you.
- After receiving the information from Aspire, please forward it to your recipient who will be required to contact the local payout bank and request for a Credit Advice. Please note that the Credit Advice is not free of charge.
- Once the Credit Advice is received, the recipient is required to submit it to their own bank and obtain an e-FIRC.
Questions? Please log in to the app and reach out in the chat at the bottom right corner of the screen.
Suggestions? Let us know here.