Foreign Inward Remittance Certificate (FIRC) is a key term for anyone in India receiving payments from abroad,&nbsp; be it exporters shipping goods overseas or freelancers offering services to international clients. 

FIRC full form is Foreign Inward Remittance Certificate, and it serves as an official proof that money has been remitted into India from a foreign sourceskydo.com. In simpler terms, a FIRC is a document issued by an Indian bank to verify and record details of an incoming foreign payment – including the sender, recipient, amount, and purpose of the transactiondbs.com. 

This certificate is crucial in the Indian context as it ensures your foreign earnings are transparent, properly documented, and compliant with regulations. In this guide, we’ll explain what FIRC means, why it’s important, how it works under RBI rules, and how Indian businesses or freelancers can obtain and use FIRC effectively.

FIRC stands for Foreign Inward Remittance Certificate, and as the name suggests, it is a certificate provided by banks in India to verify a foreign currency remittance received in the country. The FIRC contains important information such as the amount received, the foreign sender’s and Indian recipient’s details, and the reason for the payment. Essentially, it’s a tangible proof of an inward remittance – functioning as a testimonial that an individual or business in India has received a payment from abroad.&nbsp;

FIRCs have historically been issued by Authorized Dealer (AD) banks whenever an export payment or any foreign inward payment came in. For example, if an exporter in Mumbai sells goods to a buyer in Europe and receives the payment in USD into her Indian bank account, the bank would issue a FIRC confirming that the foreign payment was received. This document legitimizes the transaction and is often required by various authorities for reference. Only banks licensed as Authorised Dealer Category I by the Reserve Bank of India (RBI) can issue FIRCs, since they are the ones permitted to handle foreign exchange transactions in India.&nbsp;

It’s important to note that “FIRC” is sometimes used informally to refer to similar documents like Foreign Inward Remittance Advice (FIRA) or Foreign Inward Remittance Statement (FIRS). We will discuss these terms later, but broadly speaking, all of them serve a similar purpose: proving that a foreign remittance was received. In summary, a FIRC (Foreign Inward Remittance Certificate) is the official proof of foreign money coming into India, making it an indispensable document for cross-border payments.

Whether you are an Indian exporter, a service provider, or a freelancer, obtaining a FIRC (or its equivalent advice) for your foreign earnings is very important. Here are the key reasons why FIRCs matter:

In summary, the FIRC is more than just a piece of paper – it is essential for compliance, for availing financial benefits, and for maintaining clean financial records of foreign income.&nbsp;Especially in India’s tightly regulated foreign exchange environment, this certificate (or its modern digital equivalent) becomes a cornerstone for anyone dealing with international payments.

FIRC in India: RBI Guidelines and the Switch to FIRA

It’s important to understand how FIRCs are handled in India today, because there have been regulatory changes in the past decade. Historically, banks issued a physical FIRC on security paper for every foreign inward remittance received against exports. However, since 2016, the RBI changed the process for most cases. Let’s break down what that means:

In conversations around FIRC, there are a few more terms that get frequently mentioned, one of them being eFIRC. So what exactly is <a href="https://www.skydo.com/blog/efirc-firc-brc-essentials-differences">eFIRC?</a>

Two acronyms often discussed together are FIRC and BRC. They are related but not the same thing. We’ve explained FIRC (proof of receiving foreign payment). BRC stands for Bank Realisation Certificate. Here’s how they differ and how they work together, especially for exporters:

In summary, BRC is the second step in the documentation chain for exports: first get your FIRC/FIRA (proof of payment), then that leads to a BRC (proof that payment matches an export transaction). Both are important for exporters, but they serve different (complementary) purposes.&nbsp; This decison tree will help you decide if and when will you need FIRC/BRC

This is a sample FIRC document. All crucial remittance details have been masked for security purposes. Now let’s break the content of a FIRC down: 

How to Obtain a FIRC (Procedure to Get the Certificate)

Obtaining a FIRC or the equivalent remittance certificate is not an automatic process in many banks – often, you need to request it. Here’s a step-by-step on how Indian businesses or freelancers can get their FIRC/FIRA from the bank:

<a href="https://www.skydo.com/blog/how-to-get-firc-certificate-online">Getting a FIRC</a> might sound like a hassle, but with Skydo, it's a breeze. Our fully automated payment system along with built-in partnerships with banks, ensures effortless compliance with RBI guidelines, without needing any manual intervention.

When you receive an export payment through Skydo, we automatically generate the required FIRC for you at no extra cost. Just log into our user-friendly dashboard, and you'll find your FIRC ready to download, complete with all the details you need. 

Exporting goods and services is considered Zero-Rated Supply, meaning it is subject to 0% GST. However, to claim a GST refund for the input tax credit, exporters must provide the required documents including FIRC. These documents authenticate that the business is claiming a refund because it exported services and couldn't offset its input tax credit as it would in normal domestic business. Without FIRC, claiming a GST refund may not be possible

As we surge in cross-border transactions, ensuring compliance and safeguarding against illicit activities has become a pressing concern. However, at Skydo, we believe your focus should be on advancing your business, not on grappling with compliance challenges.

With Skydo, enjoy seamless international payments, delivered promptly and without any hidden fees. But that's just the beginning! Every time you receive a cross-border payment, an auto-generated FIRC is readily available for you to download, relieving you of compliance burdens so you can devote your energy to what truly matters: driving your business forward.

What is FIRC? Learn the full form, meaning, and how Indian exporters & freelancers can get FIRC or FIRA to claim tax benefits and stay RBI-compliant.

FIRC Full Form, Meaning & Guide for Exporters

Dive into the world of FIRC. Explore the full form, importance, and process of obtaining FIRC for your international transactions

Foreign Inward Remittance Certificate (FIRC): Full form, meaning and RBI guidelines

Prashanth

small_63aec75c493ff751315d72ac_63948a436dc07c0bec0374ea_uA3i3IUVLPHk_-xjAlW9Z7bxKaOLRCylGX1byeHyzyE.png

thumbnail_63aec75c493ff751315d72ac_63948a436dc07c0bec0374ea_uA3i3IUVLPHk_-xjAlW9Z7bxKaOLRCylGX1byeHyzyE.png

Prashanth Kumar

Exporting goods or services involves a fair amount of paperwork. One document you must get right is the export invoice – the primary bill for an international sale. In simple terms, an export invoice is the legal document and proof of sale that details what you sold, who you sold it to, the price, and the terms of the deal.

It’s similar to a regular sales invoice but is specifically used for cross-border transactions, containing extra information needed for customs and compliance (like your Import-Export Code (IEC), foreign currency details, etc.)

In this guide, we’ll explain what an export invoice is, why it’s so important, when and how to issue one, the different types of export invoices, what information it should include, and best practices for formatting. We’ll also address common questions and provide a sample export invoice format for reference. Let’s dive in!

An export invoice is a detailed bill or document issued by the exporter (seller) to the foreign buyer for an international sale. It itemises the goods or services sold, their quantities and prices, the buyer and seller details, and the agreed payment terms. 

In essence, it serves as a contract and proof of transaction between the exporter and importer. Unlike a domestic GST invoice, an export invoice includes additional information required for global trade – such as the buyer’s overseas address, currency of transaction, relevant trade codes (HS codes), and declarations for customs.

This document is critical for the export process. It is used by customs authorities in both the exporting and importing countries to verify the shipment details, assess the value of goods, and calculate duties or taxes. 

An export invoice is typically based on a commercial invoice format, meaning it contains all the details of a standard sales invoice plus any export-specific requirements.

How is an export invoice different from a regular invoice?&nbsp;

For one, an export invoice is meant only for international transactions. It usually needs extra details like the <a href="https://www.skydo.com/blog/iec-code-apply-online">IEC number,</a> the country of origin of goods, applicable Incoterms, and a declaration if it’s a<a href="https://www.skydo.com/blog/how-does-gst-affect-foreign-payments"> zero-rated (tax-free) export under GST.</a>

 A regular domestic invoice (or “accounting invoice”) just covers local tax requirements, whereas an export invoice covers both the commercial sale info and logistical details (like shipping and regulatory information) needed for cross-border trade

What is the Importance of Export Invoices in India?

An export invoice plays many roles in India as follows:

Legal proof of export transactions: An export invoice is a legal document verifying a sale between an Indian exporter and a foreign buyer. It also serves as a legal proof in the case of any dispute

Customs clearance: As the export invoice includes details like quantity, rate, size, and volume, customs authorities use it to calculate taxes before handling the final clearance. Without an export invoice, it’s challenging for them to calculate tax, thereby stopping your products from export

Facilitation of payments: The payment terms and conditions are mentioned in an export invoice. So when the export invoice is made both parties adhere to those terms for a streamlined payment experience

Claiming export benefits: An Indian exporter can use the export invoice to claim rebates, tax credits, and incentives from the government. For example, The <a href="https://www.indiantradeportal.in/vs.jsp?lang=0&amp;id=0,55,23222">Remission of Duties and Taxes on Exported Products (RoDTEP) scheme</a> provides a rebate to exporters on central, state, and local taxes

Compliance with international trade laws: By sharing an export invoice, an exporter complies with international trade laws like the World Trade Organisation (WTO) agreements. Due to this they enjoy a good reputation and avoid facing legal issues.&nbsp;

Timing is critical when issuing export invoices, and it often depends on the nature of what you’re exporting (goods vs. services). In India, the GST law (Section 31 of CGST Act, 2017) provides clear rules on the time limit for raising invoices for exports

Timing is critical when issuing export invoices, and it often depends on the nature of what you’re exporting (goods vs. services). In India, the GST law (Section 31 of CGST Act, 2017) provides clear rules on the time limit for raising invoices for exports.&nbsp;

These rules ensure that export sales are documented in a timely manner for tax and compliance purposes. Bottom line: always prepare the export invoice before shipping goods, and don’t delay invoicing for services beyond the allowed window. Late or missing invoices can lead to compliance issues or delays in getting paid.

When we talk about export invoices, it’s actually an umbrella term – there are a few different invoice types and related documents you might encounter in the export process. Below are the common types of export invoices and related documents, each serving a unique purpose:

As an exporter, you’ll at minimum be dealing with the commercial invoice (your export invoice proper). Depending on the destination and nature of goods, you might also encounter some of the specialised invoices above (consular/legalised or customs invoices), and you will definitely produce supporting documents like packing lists. Always check the import requirements of your buyer’s country to know if any special invoice format or attestation is needed. For example, a buyer in Egypt might inform you that a consular invoice (and perhaps a certificate of origin) is mandatory for their customs.

No matter the type, every export invoice needs to include certain key information so that it’s legally valid, compliant, and useful for all parties. Here’s a comprehensive list of the contents and fields an export invoice should have:

Ensure all the above elements are present and clearly presented on your export invoice. Missing information can lead to delays or questions from the buyer, bank, or customs. It’s a good idea to design a standard export invoice template that you can reuse, containing all these fields, so you don’t accidentally omit anything important.

Export_Invoice_Format_ed300e9751_b7a2fc57b0.png

Sample Export Invoice format (Commercial Invoice) with key sections. This example shows a typical layout for a commercial export invoice: On the top-left, it has boxes for the exporter’s details and the consignee’s (buyer’s) details (including any intermediate consignee, if applicable). On the top-right, it captures reference information like the date, order number, invoice number, and other shipment identifiers (e.g. customer PO, shipping terms, etc.). In the middle section, there is a table listing the products with columns for quantity, product ID/description, HS code, unit price, and total price for each line. At the bottom, the invoice shows the totals and any additional charges – for example, it may list freight fees, insurance, handling charges, consular fees, etc., culminating in the grand total payable. Finally, there’s space for the authorised signature of the exporter to certify the invoice, usually at the bottom-left, and often a small area for notes or declarations (such as tax or origin declarations) above the signature line.

Your export invoice doesn’t have to follow this exact format, but it should contain all the relevant details discussed in the previous section. Many exporters simply use a Word or Excel template to create invoices. In fact, you can create an export invoice using common tools like Microsoft Excel or Word – just make sure to include all required fields (from exporter/buyer info to product details and declarations). There are also online invoicing software and templates available that cater to export documentation. The key is clarity and completeness: anyone reading the invoice (be it your customer, a customs officer, or your bank) should quickly understand the what, where, and how of the export sale.

💡Tip: Always double-check that the information on your invoice matches other export documents. For instance, details like the goods’ value, quantity, and description should be consistent across the invoice, packing list, shipping bill, and any letter of credit or regulatory filings. Discrepancies can raise red flags during customs clearance. A well-prepared invoice will smooth out many downstream processes in your export workflow.

One common question exporters have is whether to invoice in Indian Rupees (INR) or in a foreign currency (like USD, EUR, etc.). The answer depends on your situation, but here are some considerations:

Also, consider using a service like Skydo (or other fintech platforms), which provides virtual foreign currency accounts – this can help you receive payments in the client’s currency with lower fees, and you can convert to INR at more favourable rates than traditional banks. We’ll touch more on that next.

Handling invoices and payments from international clients can be challenging – from high bank fees (SWIFT charges) to delays in funds reaching your account. Skydo offers a solution to streamline this part of your export process.

 Skydo is a trusted platform that helps Indian exporters receive payments seamlessly from 150+ countries. With Skydo, you can open virtual global accounts (in USD, EUR, etc.) to collect payments, thereby bypassing steep SWIFT wire fees that traditional bank transfers incur. The platform charges a transparent, upfront fee for transactions and has no hidden charges, so you know exactly what cost you incur.

In practical terms, using Skydo means you can invoice your client in their currency, have them pay into your virtual account, and then bring the money into India more cheaply and quickly. The result: you save on forex conversion costs, avoid hassles like tracking international wires, and get paid faster. Plus, Skydo ensures all documentation (like Foreign Inward Remittance Advice (FIRA) or any needed GST records) is in place, keeping you compliant. In short, Skydo helps smooth out the financial side of exporting, so you can focus on growing your global business.

large_export invoice 

medium_export invoice 

small_export invoice 

thumbnail_export invoice 

export invoice 

If you’ve ever waited on an international payment that seemed to vanish into thin air, you’re not alone. Whether you're an exporter, freelancer, or business owner dealing with cross-border transactions, one document that often comes up in these moments of confusion is the SWIFT MT103.

Think of the MT103 as the digital receipt for your international wire transfer – a standardised SWIFT message issued by the sender’s bank that includes key details of the transfer. It shows information like the sender, recipient, amount, currency, and reference numbers, plus any charges applied along the way. In other words, it’s a globally recognised proof of payment for SWIFT transactions.

In this guide, we’ll walk you through what a SWIFT MT103 message actually is, why it matters (especially when payments are delayed or under dispute), how to get one from your bank, and how it can help you track down an international transfer if something goes wrong.

We’ll also show you how modern fintech platforms (like Skydo) make tracking international payments easier,&nbsp; no MT103 needed! – saving you time and SWIFT fees.

An MT103 is a standardised SWIFT message format used by banks to confirm that an international wire transfer has been sent. It’s essentially the SWIFT payment confirmation message for a cross-border transaction – kind of like a digital receipt that travels with your money through the banking system. In SWIFT terminology, MT103 is known as a “Single Customer Credit Transfer” message type.

When you send money internationally through the SWIFT network, your bank generates an MT103 message and shares it securely with the recipient’s bank. This SWIFT MT103 document contains all the essential transaction details, including:

Banks use the MT103 message to track and trace international payments, especially if there’s a delay or a dispute. After your payment is sent, you can request a copy of the MT103 from your bank as evidence that the transfer was processed.

💡 MT103 vs. Other SWIFT Message Types: You might have heard of MT202, which is another SWIFT message. To clarify, MT103 is used for customer payments (it carries all the customer and transaction details as described above), whereas MT202 is a bank-to-bank transfer message used for moving funds between banks (often to settle or cover an MT103).

In simpler terms, if you, as a customer, send money abroad, the transaction is sent as an MT103, and behind the scenes, banks may use an MT202 for their interbank settlement. MT202 messages don’t include customer details, while MT103 messages do. This distinction is mainly important for bankers, but it’s good to know that an MT103 is the document you (or your client) would need as proof of payment in a customer transaction.

What is MT103&nbsp;SWIFT document used for?

While an MT103 isn’t required for every international payment, it can be incredibly helpful, especially when you're sending or receiving large sums or if something goes wrong. Here’s why the MT103 matters:

Imagine you’ve paid an overseas supplier, but they claim the funds haven’t arrived. You check with your bank, and they confirm the SWIFT transfer was sent – now you’re stuck in the middle, unsure who to believe. This is where the MT103 comes in. By obtaining the MT103 document, you get a detailed record of the payment showing when and where the money was sent, and through which banks. 

You can forward this to the beneficiary as proof of payment, and your bank can use the reference information in the MT103 to help trace the payment’s path and find any bottlenecks in the process. Often, just providing the MT103 to the beneficiary’s bank is enough for them to locate a pending credit in their system.

MT103 Format and Fields (Understanding the Details)

An MT103 message contains various coded fields that together provide all the transaction information in a structured format. If you’ve never seen one, an MT103 looks a bit cryptic at first – it’s a series of lines with codes and values. But each code (or “tag”) corresponds to a specific piece of information.

An MT103 includes all the details necessary for processing an international transfer. Here’s what a typical MT103 message contains:

All this information in the MT103 ensures that the transaction flows smoothly and reaches the right destination with clarity on who paid what. The standardised format means that no matter which banks are involved, the information is structured in a way they all understand.

Every MT103 has specific field tags as outlined above, and learning to read them can be useful. You don’t need to memorise every code, but knowing the key fields helps.

 For most users, the critical things to check on an MT103 copy are: 

Mandatory vs. Optional Fields: Some fields appear on every MT103, while others are optional or used only in certain cases. We covered the common mandatory fields (like 20, 32A, 50, 59, 71A, etc.). Optional fields can include:

These optional tags might not appear on every MT103, but they offer flexibility to include extra details when needed. For example, a Tag 72 might carry a note like “/INS/ intermediary bank fees to be charged to sender,” or other instructions that don’t fit in the standard fields.

If you’ve made a SWIFT transfer and need proof that the payment was sent, the MT103 is what you’re looking for. However, banks do not automatically give out the MT103 document for every transfer – you usually have to request it. Here’s how to get an MT103 from your bank, step by step:

Important: If you are the receiver of the payment (i.e., waiting for money to come in), note that you usually cannot request the MT103 directly from the sending bank. Only the sender (the bank whose customer sent the money) can issue the MT103. So if you’re waiting on funds that seem delayed, you should ask the sender (your client or business partner) to request the MT103 from their bank and share it with you. Many times, this comes up if you’re trying to track a missing payment – you’ll have to loop in the sender to obtain the MT103.

In some countries, the MT103 might be referred to by a different name. For example, in India, some banks might call it a “SWIFT Advice” or “SWIFT Copy” instead of using the code “MT103” – but it’s the same document.&nbsp;Don’t be confused by terminology; just clearly ask for proof of the SWIFT transfer or a SWIFT payment confirmation document if the bank seems unsure.

Since some banks charge for it and it can take effort to obtain, it’s best to request an MT103 only when you need it. Good scenarios are: a payment is significantly delayed or stuck with an intermediary bank, you need the MT103 for compliance documentation or audits, or the beneficiary is insisting on proof to investigate a missing transfer. If everything went smoothly and the beneficiary already got the money, you typically wouldn’t bother getting an MT103 (your regular bank statement or transfer confirmation would suffice in that case).

Generally, the sender of the international payment is the one who can request the MT103 from their bank. The MT103 is generated by the sending bank and is considered that bank’s record of the transaction, so they usually will release it only to their account holder (the sender).

If you are the sending customer, you have the right to ask your bank for the MT103 as proof of payment. If you’re a business and you initiated a wire transfer through your corporate bank account, you (or your finance team) can similarly request the MT103 from your banking relationship manager or through support channels. It doesn’t matter if it’s a personal transfer or a company transfer – the account holder (sender) can obtain it.

If you’re the recipient waiting on a payment, you cannot directly get the MT103 from the sender’s bank. You’d have to ask the sender to do it on their side.

This sometimes causes frustration in international deals, because the receiver might want to independently verify a payment. But due to privacy and banking rules, the receiving bank won’t issue an MT103 for an incoming payment (they can trace it if they have details, but the formal MT103 comes from the sender’s side). So, it often becomes a part of business workflows: the recipient asks the sender to provide the MT103 for reassurance or tracking.

One tip for businesses:&nbsp;If your company sends wires frequently, you might want to set up a process with your bank where they automatically send you the SWIFT confirmation for each transfer. Some banks can arrange to email you the MT103 for every outgoing payment (especially if you have a premium account or use SWIFT a lot). This can save time if proof is often required in your line of work.

How to Track a SWIFT Payment Using MT103&nbsp;

International wire transfers via SWIFT can sometimes take longer than expected – typically 1-5 business days, but delays happen if funds are routed through multiple correspondent banks or if there are compliance checks. If your payment hasn’t arrived within the usual timeframe (say, it’s been a week and still no credit on the other side), it’s natural to want to track where the money is. This is where the MT103 becomes extremely useful: it’s like a tracking slip or a package tracking number for your money.

Using the MT103 Reference to Trace Your Payment: Every MT103 document includes a unique transaction reference code (in Field 20) and often a UETR (Unique End-to-End Transaction Reference) if the transfer was sent through the SWIFT gpi system. Think of this as your payment’s tracking ID.

Once you or your bank has this code, your bank can enter it into the SWIFT tracking systems to check the status of the payment. They can see timestamps of when it left your bank, and if the payment went through SWIFT’s newer GPI (Global Payments Innovation) service, they might even see real-time updates of its journey. For example, SWIFT gpi can show that the payment is “In transit – at intermediary bank in New York” or “Credited to beneficiary bank – pending beneficiary account credit,” etc., in near real-time. Many major banks now participate in SWIFT gpi, which means they provide status updates for cross-border transfers. Some banks offer customer-facing portals for this tracking, while others will relay the information if you contact support.

Without SWIFT gpi, even with a regular MT103, banks can still perform a SWIFT trace: they send a query or use the reference to see logs of where the payment last was. It’s a bit more manual, but still effective in pinpointing a stuck transfer. The MT103 essentially provides the data needed (like the transaction reference and routing information) to start that investigation.

MT103 vs. SWIFT gpi – What’s the Difference? It’s worth noting that SWIFT gpi is a newer initiative to modernise cross-border payments. MT103 is a message (a document) confirming the payment was sent. SWIFT gpi, on the other hand, is a tracking system/network upgrade that allows end-to-end visibility in real time. If we use a courier analogy, MT103 is like your shipment receipt and tracking number, whereas SWIFT gpi is the online tracking system you plug that number into, to see exactly where the package (payment) is.

Many banks now embed the UETR from SWIFT gpi into the MT103 message itself, effectively linking the two. The table below summarises it:

MT103 vs. SWIFT gpi: What’s the Difference?

In short, MT103 is like your proof that something was sent (and gives you the reference to track it), and SWIFT gpi is the technology that can show you exactly where it is in transit. If your bank supports SWIFT gpi, you may not even need to request an MT103 to know the status – some banks let you see the progress via online banking. But if not, having the MT103 and contacting the bank is the way to trace the payment.

Do You Always Need an MT103? (Alternatives and Best Practices)

While MT103s are undoubtedly helpful (even essential) when payments go missing, they’re not always the most convenient solution for everyday needs. In 2025, businesses want faster and simpler ways to confirm transactions. Obtaining an MT103 means waiting for the transfer to be sent, then requesting the document, waiting again for it to be issued (and possibly paying for it). If you have multiple international payments a month, that’s a lot of overhead just to get confirmations.

That’s why modern fintech platforms have reimagined the experience of sending and receiving international payments. Instead of relying on SWIFT messages and then chasing documents for tracking, these platforms often provide built-in tracking and local payment routes that bypass some of SWIFT’s limitations.

For example, Skydo (our platform) offers real-time payment tracking in your dashboard. When you receive an international payment through Skydo, you can see the status of that payment in real time – whether it’s been initiated, is in transit, or has been credited to your account – without needing to ask for an MT103. Essentially, the platform provides the transparency that SWIFT gpi does, but directly to you as the user.

Moreover, with solutions like Skydo, you can avoid traditional SWIFT fees and delays altogether. Skydo provides you with local virtual accounts in countries like the US, UK, and EU. So if you’re an exporter in India awaiting payment from a US client, your client can pay into a local US account (ACH transfer) which is faster and cheaper, and Skydo then settles the money to you in INR. No $25-$40 SWIFT wire fee, no multiple correspondent banks holding your funds, and no need to wait days wondering where the money is. This means:

Sometimes, not needing an MT103 is the best-case scenario. If you can skip the uncertainty and the fees associated with SWIFT by using a platform that provides instant confirmation and tracking, it makes life easier for both sender and receiver. Of course, SWIFT isn’t going away – it’s a backbone of international finance – but for many transactions, especially business payments, these new methods are gaining favor.

(Skydo is one such platform that provides these benefits, helping you save on fees and get peace of mind. Instead of waiting for a SWIFT MT103, you could be seeing your incoming payment in real time. It’s about streamlining the process and focusing on doing business, not on chasing bank documents.)

MT103 swift message: Format, Fields and How to get it

large_MT103 swift message: Format, Fields and How to get it

medium_MT103 swift message: Format, Fields and How to get it

small_MT103 swift message: Format, Fields and How to get it

thumbnail_MT103 swift message: Format, Fields and How to get it

What is EDPMS (Export Data Processing &amp; Monitoring System)?

The Export Data Processing &amp; Monitoring System (EDPMS) is RBI’s centralized portal for all export transactions. Launched in 2014, EDPMS replaced paperwork with an online workflow. 

It tracks each shipment’s lifecycle – from the shipping bill to receipt of payment in one place. This means exporters spend less time on forms and bank visits. In fact, the RBI noted that EDPMS “eliminate[s] paper reporting” and significantly reduces banks' reporting". In practice, using EDPMS ensures your export is recorded end-to-end so you get faster clearances and secure payments.

Most importantly for Indian exporters, EDPMS is mandated for physical goods and software exports. It ensures exports comply with FEMA regulations. Once your shipping documents (invoice, bill of lading, etc.) are filed, your bank enters the details into the EDPMS portal. When the payment arrives, the bank updates EDPMS with the <a href="https://www.skydo.com/blog/all-you-need-to-know-about-firc-a-complete-guide">Foreign Inward Remittance Advice (FIRA).</a> Your export is then closed on EDPMS, and you receive the <a href="https://www.skydo.com/blog/what-is-e-brc">electronic Bank Realization Certificate (e-BRC)</a> to claim GST refunds or incentives

The Export Data Processing and Monitoring System (EDPMS) is an online platform introduced by the Reserve Bank of India (RBI) in 2024 to enhance the efficiency of monitoring export transactions in India.&nbsp;

Launched on <a href="https://www.moneycontrol.com/news/business/press-release/launchexport-data-processingmonitoring-system-(edpms)-1110959.html">March 1, 2014</a>, The Export Data Processing and Monitoring System (EDPMS) is a central system that:

Why EDPMS Matters:&nbsp; Key Benefits for Exporters

All physical goods and software exporters covered under SOFTEX from India must use EDPMS. This includes MSMEs, Amazon Global Sellers, ecommerce exporters, and other new-age exporters shipping abroad.

Freelancers providing services generally do not use EDPMS, since they don’t file shipping bills. If you export goods or software, ensure every consignment and remittance is reported in EDPMS to avoid issues

EDPMS clearance is a must for exporters in India. If exporters fail to comply with the EDPMS requirements, their banks may place them on a caution list (more on this later). This listing can have severe implications, including increased scrutiny from regulatory bodies and potential disruptions to their export activities.

Note that if you are a freelancer offering services to international clients, you don’t need to worry about EDPMS status. The majority of freelancing services don’t fall under the traditional definition of export. If you don’t use SOFTEX forms, you don’t need to register your transactions in EDPMS.

　EDPMS status can be viewed on ICEGATE (select Public Enquiries &gt; RBI-SB-EDPMS Enquiry and enter your shipping bill number and date)

The EDPMS Caution List is RBI’s way of flagging exporters who have pending export payments or compliance issues.

If an exporter doesn’t receive payment for a shipment or fails to close their shipping bill on time in EDPMS, they risk being added to this list. As per FEMA guidelines, all export shipping bills must be closed within 9 months of shipment.

What happens if you’re on the caution list?

Not anymore.
Earlier (as per <a href="https://leatherindia.org/edpms-rbi-circular-no-04-dated-15-9-7/#:~:text=The%20exporters%20would%20be%20caution,for%20reckoning%20the%20realization%20period.">RBI’s 2016 circular</a>), exporters were automatically added to the caution list if a shipping bill wasn’t closed within 2 years. This caused genuine exporters to be penalised due to delays beyond their control (like importer fraud or disputes).

But in <a href="https://chemexcil.in/circulars/rbi:--export-data-processing-and-monitoring-system--edpms--module-for-%E2%80%98caution-de-caution-listing-of-exporters%E2%80%99---review/5040/6ddbc6ce36133c878b8563579df3d81f.html#:~:text=ALL%20THE%20MEMBERS%20OF%20THE,process%20exporter%2Dfriendly%20and%20equitable.">October 2020, RBI updated the system</a>. Now, AD Category-I banks (your authorised dealer banks) have the discretion to manually add exporters to the caution list if they suspect something unusual.

✅ Tip: Always follow up on payments and coordinate with your bank to close shipping bills on EDPMS in time. It helps avoid delays and keeps your record clean.

EDPMS vs. IDPMS:&nbsp; What’s the Difference?

While both EDPMS and IDPMS (Import Data Processing and Monitoring System) are essential tools for monitoring trade activities in India, EDPMS is specifically designed for managing export transactions, ensuring exporters' compliance, and facilitating the tracking of export-related financial data.&nbsp;

In contrast, IDPMS focuses on import transactions, ensuring all necessary documentation is in place for goods entering the country.&nbsp;

To summarise, EDPMS focuses on exports, and IDPMS focuses on imports. The detailed differences between EDPMS and IDPMS are as follows:&nbsp;

Role of Skydo in Streamlining Compliance&nbsp;

Skydo streamlines compliance for Indian exporters and freelancers engaged in international trade. It automates critical processes such as <a href="https://www.skydo.com/blog/automated-firc-simplifying-international-payments-compliance">FIRA generation</a>, purpose code management, and KYC procedures, simplifying regulatory compliance.&nbsp;

Skydo's real-time tracking and reporting features ensure transparency. Skydo also facilitates GST compliance, making it easier for exporters to claim refunds.&nbsp;

With its centralised approach, Skydo significantly reduces the administrative burden associated with international payments.&nbsp;

<a href="https://dashboard.skydo.com/login?">Get started!</a>

large_EDPMS full form

medium_EDPMS full form

small_EDPMS full form

thumbnail_EDPMS full form

EDPMS full form

What is Remitly—and how does USD→INR work?

Your <a href="https://www.skydo.com/blog/how-to-receive-money-from-usa-to-india">US-based clients</a> can use Remitly Business to pay you if they are a US-based business. For USD→INR:

Practical tip: For any payout, compare Remitly’s quoted rate with the mid-market rate (the “Google rate”). The difference indicates your effective FX cost for that transfer.

How much does Remitly charge for USD to INR transfers?

Remitly’s fees appear straightforward at first, but the exchange rate significantly impacts the amount you actually receive.

The mid-market rate (the “Google rate”) is the real USD→INR rate without markup.
Remitly’s offered rate is usually slightly lower. For example, if the mid-market rate is ₹85.00 per USD, Remitly might offer ₹84.50—a ₹0.50 difference applied to every dollar sent. On a $5,000 transfer, that’s about ₹2,500 less received.

Remitly’s markup on USD→INR transfers generally falls between 0.4% and 1.4%, depending on the amount, market movement, and transfer speed.

Even if there’s no visible fee, the markup affects your payout.
Compare Remitly’s quoted rate with the mid-market rate before confirming a transfer; the gap between them is your true FX cost.

Real cost breakdown: what you actually receive

To understand how exchange rates affect your payout, here’s an example using approximate numbers for common transfer amounts.

*Based on a mid-market rate of ₹85.01 per USD, assuming an average forex markup of around 0.9%.
Actual markups can vary,&nbsp; and in some cases, may be higher,&nbsp; depending on transfer size, timing, and exchange-rate movement.

Once transfers exceed $1,000, the flat fee becomes less significant. The exchange rate markup continues to determine how much ultimately reaches your account.
On a $2,000 transfer, that difference translates to roughly ₹900 less received. Multiply that across recurring invoices or multiple clients, and the impact compounds quickly.

💡 Note: Exchange rates fluctuate throughout the day. Always check Remitly’s live USD→INR rate against the mid-market rate (the rate visible on Google or XE.com) to know your exact cost before confirming a transfer.

Remitly Business offers two ways to transfer funds, and your choice affects both how quickly you receive the money and the rate you get.

Typically takes up to 5 business days to reach your Indian bank account, but it usually comes with a more favourable exchange rate. This option works well for planned or recurring business payments where timing is flexible.

Deliver funds faster, often within a few hours or by the next business day. The trade-off is that Express transfers may use a slightly lower exchange rate compared to Economy.

In short, Economy favours value; Express favours speed. Choosing between them depends on whether you prioritise timing or maximising your payout.

Remitly Business deposits funds directly into your Indian bank account. They work with all major banks, including HDFC, ICICI, SBI, Axis Bank, and others.

Your client initiates the payment on their end through Remitly Business. Once processed, the money appears in your account - no need to visit a branch or collect cash.

Transfer limits and verification requirements

Remitly Business typically allows transfers of up to about $30,000 per transaction from the US to India. For most freelancers, agencies, and small businesses, this covers regular project or retainer-based payments comfortably.

However, this limit can vary. The actual cap depends on your verification tier, the transfer method used (Economy or Express), and Remitly’s risk assessment of your account. It’s always best to check your current limit in the app before your client initiates a large transfer — limits can change as your usage grows.

When you first set up Remitly Business, you’ll complete a basic verification process using your business and tax details. As your transaction volume or frequency increases, Remitly may request additional verification to comply with regulatory standards.

These checks are part of standard KYC (Know Your Customer) and KYB (Know Your Business) processes required for licensed money-transfer providers. They aren’t unique to Remitly; they apply across the financial industry.

If your expected payment exceeds your transfer limit, you have two options:

Keep in mind that splitting payments can lead to additional FX markups being applied to each transfer. For example, two × $20,000 transfers may cost slightly more overall than a single $40,000 payment on a platform with a higher limit.

💡 Tip: If you frequently receive large invoices or recurring international payments, explore solutions that offer higher limits and transparent flat-fee pricing, so your total costs remain predictable.

Compliance: India-specific rules that matter

When receiving international business payments, compliance is as important as speed or cost. For transfers from the US to India, it’s essential to use the correct Remitly service and maintain proper documentation for Indian regulations.

Consumer Remitly is for personal use only

The standard Remitly app operates under the Reserve Bank of India’s <a href="https://www.skydo.com/blog/what-is-lrs">Liberalised Remittance Scheme (LRS</a>), which is intended solely for personal remittances, for example, family support, gifts, or education expenses.

Using Consumer Remitly to receive business payments or export proceeds isn’t permitted. It falls outside LRS guidelines and also violates Remitly’s own user terms, which prohibit commercial transactions such as freelance payments, service exports, or product sales.

For legitimate business transactions, the sender (your US client) should use Remitly Business. It’s designed for US-registered companies, LLCs, corporations, or sole proprietors paying overseas vendors, contractors, or service providers.
This ensures the payment is correctly classified as a commercial transaction, keeping both sender and recipient compliant with US and Indian regulations.

Even when payments are made via Remitly Business, recipients in India must meet compliance obligations under RBI rules. Each inbound business payment requires:

Remitly doesn’t issue FIRA or eBRC; these must be requested from your Indian bank after each payment. Keeping these documents ensures your foreign income is properly recorded for <a href="https://www.skydo.com/blog/decoding-gst-on-foreign-exchange">GST filings</a>, audits, and export compliance.

Missing or delayed documentation can lead to complications during tax assessments or while claiming export benefits. The responsibility to maintain compliance lies with the recipient, not the payment platform.

💡 Tip: Always verify whether your client is using Remitly Business before accepting payments, and ensure you or your accountant collects FIRA/eBRC promptly after each transfer. Or consider platforms like Skydo, which take care of these compliance docs on your behalf.&nbsp;

A business-grade alternative: Skydo for Indian exporters

If you regularly receive payments from US clients, Skydo is built specifically for Indian businesses, freelancers, agencies, and SaaS exporters who want transparency, faster settlements, and built-in compliance.

Skydo provides the live mid-market exchange rate, the same one you’d see on Google, with zero markup.
Instead of adding hidden margins, it follows a simple flat-fee model:

This makes every transaction predictable; you know your exact cost before receiving the funds.

Skydo gives you two flexible options to receive payments:

Each Skydo payment automatically generates FIRA, and for Amazon Global sellers,&nbsp; eBRC is automated too.&nbsp; You don’t have to contact your bank or follow up manually; all compliance documentation appears in your dashboard and inbox as soon as funds are processed.

Let’s see how Skydo compares on a standard $10,000 invoice.

*Based on a mid-market rate of ₹85.01/USD. Actual results depend on live exchange rates.

Remember, we are assuming a 0.9% markup; the real markup can be more as well. Even with a small markup, the difference adds up. On a $10,000 transfer, you keep about ₹2,000 more with Skydo — plus, your FIRA and eBRC are generated automatically, saving hours of manual follow-up.

💡 Insight: Flat-fee, zero-markup pricing becomes more cost-effective as your transfer amounts increase, especially for recurring invoices or larger export payments.

However, for smaller transfers, Remitly can be a more cost-effective solution, although note that you still have to figure out compliance documents on your own.&nbsp;

So, what are you waiting for? Make your global payments simple and more affordable with Skydo

Remitly Transfer (USD→INR): Fees, Limits, Compliance — and a Better Business Alternative