Guide to INR Transfers from Aspire USD Account

What payment method is used for INR transfers?

INR payments are sent locally via IMPS (up to INR 500,000) or NEFT (over INR 500,000, and for banks not connected to IMPS).

What types of beneficiaries can I transfer INR to?

You can send INR payments to individual or business accounts in India.

Is there a limit on the amount I can send?

INR 1,500,000 per day to any particular beneficiary.

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.

What will the sender's name be reflected as?

Our payment partner, CurrencyCloud’s local payout partner's name.

What types of payments to India are restricted?

The following payment types are restricted:

Loan payments to businesses in India
If your business is incorporated in India, you cannot make INR payments
Payments to non-profit organizations, charities, and charitable funds/institutions in India (you can send them as USD payments via SWIFT instead)
INR transfers to HDFC beneficiaries for trade-related transactions (see table below)

What information should I include when sending INR transfers?

When initiating the transfer in the app, Admin and Finance with transfer rights users will be asked to choose the purpose or reason for the transfer from a list of options:

Note! *We are unable to process INR transfers to HDFC beneficiaries for trade-related transactions.

Code	Trade Related*	Transfer Purpose	Supported Beneficiary Type
advertising	Yes	Advertising and public relations-related expenses*	Individual Accounts and Company Accounts
advisor_fees	Yes	Fees for advisory, technical, academic or specialist assistance*	Individual Accounts and Company Accounts
construction	Yes	Construction costs/expenses*	Individual Accounts and Company Accounts
delivery	No	Delivery fees for goods*	Individual Accounts and Company Accounts
education	No	Education-related student expenses	Individual Accounts and Company Accounts
exports	Yes	Payments for exported goods*	Individual Accounts and Company Accounts
family	No	Family maintenance	Individual Accounts and Company Accounts
fund_investment	No	Mutual fund investment	Individual Accounts and Company Accounts
goods	Yes	Trade settlement for goods and general goods trades*	Individual Accounts and Company Accounts
hotel	No	Hotel accommodation	Individual Accounts and Company Accounts
insurance_premium	No	Insurance premium	Company Accounts Only
loan_repayment	No	Repayment of loans	Individual Accounts and Company Accounts
medical	No	Medical treatment and expenses	Individual Accounts and Company Accounts
other_fees	Yes	Broker, front end, commitment, guarantee and custodian fees*	Individual Accounts and Company Accounts
property_purchase	No	Purchase of residential property	Individual Accounts and Company Accounts
property_rental	No	Payment of Property Rental	Individual Accounts and Company Accounts
royalties	Yes	Royalty, trademark, patent and copyright fees*	Individual Accounts and Company Accounts
salary	Yes	Salary	Individual Accounts Only
services	Yes	Information service charges*	Individual Accounts and Company Accounts
share_investment	No	Investment in Shares	Individual Accounts and Company Accounts
tax	No	Tax payment	Individual Accounts and Company Accounts
transfer	No	Transfer to own account	Individual Accounts and Company Accounts
travel	No	Travel	Individual Accounts and Company Accounts
utilities	No	Utility bills	Individual Accounts and Company Accounts

*If you choose these options, you will be asked to indicate the invoice number and date of the invoice.

How to obtain a Foreign Inward Remittance Certificate (FIRC)?

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 5 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.

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