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Guide to INR Transfers from Aspire USD Account
Updated over a week ago

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:

  • INR payments with purpose code "salary"

  • INR payments with purpose code "share investment"

  • 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:

Notes: INR transfers to HDFC beneficiaries for trade-related transactions cannot be processed through the Aspire USD Account. You can either convert your funds to your Aspire SGD Account (if integrated with Wise) to make the transfer or use our alternative FX partner.

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

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_claims

Yes

Insurance claims payment

Individual Accounts and Company Accounts

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

services

Yes

Information service charges*

Individual Accounts and Company Accounts

tax

No

Tax payment

Individual Accounts and Company Accounts

transfer

No

Transfer to own account

Company Accounts Only

travel

No

Travel

Company Accounts Only

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:

  1. Chat with our Support Team 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.

  2. 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.

  3. Once the Credit Advice is received, the recipient is required to submit it to their own bank and obtain an e-FIRC.

Questions? Chat with us by clicking on the messenger icon at the bottom right of the screen once you are logged in.

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