Foreign Direct Investment (FDI) transfers to India from Aspire SGD Account

We strongly recommend making FDI transfers to India via SWIFT in global currencies such as USD, GBP, and SGD.

Please make note of the pointers below based on the currency you are sending.

SGD to SGD/ USD/ Other Global Currencies 

• Before making the transfer, the client should check with the beneficiary whether their bank allows FDIs wherein the ultimate sender details are only reflected in the payment reference field.
• The sender's name will be reflected as our payment partner's name.
• The sender (i.e. you) should include the 6-pointer KYC details in the payment reference field.

SGD to INR

• Investment purpose transactions are not supported for in-app transfers from Aspire SGD account to INR currency.

However, we do offer an alternate method that you may use. Please note the following important points:

• Before making the transfer, the client should check with the beneficiary whether their bank allows FDIs wherein the ultimate sender details are only reflected in the payment reference field. After the funds reach the beneficiary bank, the beneficiary bank will request 6-pointer KYC details through an MT199 sent to our payment partner's bank. Our payment partner will then respond to the MT199 with the requested details.
• The sender's name will be reflected as our payment partner's name. 
• The sender should include 6-pointer KYC details in the payment reference field.
• We will not be able to initiate an MT199; we will only be able to respond to an MT199 sent by the beneficiary bank.
• Our payment partner is unable to provide a No Objection Certificate (NOC).

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