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

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Prashanth Kumar

Accurately classifying international transactions is crucial for exporters to comply with RBI and FEMA regulations. The P0103 purpose code is used when businesses receive advance payments for goods that will be shipped later. This guide will walk you through the role of the P0103 code, its importance in inward remittance, and how it supports compliance with RBI guidelines.

The P0103 purpose code applies when Indian businesses receive advance payments from foreign clients against export contracts. This means the exporter receives the funds before the goods are shipped. The foreign exchange inflow is categorised under this code to ensure that the remittance is properly reported to the RBI as an advance against goods exports.

Using the right purpose code, such as P0103, helps businesses comply with Indian regulations and avoid issues during the remittance process. If you’re new to how these codes work, you can explore <a href="https://www.skydo.com/blog/what-is-purpose-code-and-why-is-it-required">what purpose codes</a> are to get a deeper understanding of their significance.

&nbsp;Importance of P0103 Purpose Code in Inward Remittance

The P0103 purpose code ensures that advance payments for exports are reported correctly under RBI guidelines. This code is essential for businesses that need to receive funds upfront to finance production or shipping. Proper classification helps avoid delays in the remittance process and ensures compliance with FEMA regulations.

Using the P0103 code ensures that the payment is recognized as an advance for future export, enabling businesses to access their funds efficiently. Whether it’s for procuring raw materials or manufacturing, having the funds before shipment ensures smooth operations and better financial planning.

Understanding Purpose Codes: Beyond P0103

Purpose codes like P0103 are essential for tracking cross-border transactions. They help the RBI monitor foreign exchange inflows and ensure compliance with regulations. While P0103 is used for advance receipts against export contracts, other codes apply to various types of transactions, such as exports of services, personal remittances, or consultancy services.

If you need to explore other relevant codes for your transactions, check out this <a href="https://www.skydo.com/blog/rbi_purpose_code_for_inward_remittance">list of purpose codes and guide on finding your purpose code</a> to identify the correct one. Choosing the wrong code could lead to misreporting, resulting in penalties or delays. Therefore, understanding the system of purpose codes is vital for seamless cross-border financial operations.

How to Select the Right Purpose Code for Your Transaction

Selecting the appropriate purpose code ensures that your inward remittance aligns with RBI and FEMA guidelines. If you’re receiving advance payments from a foreign client for goods that will be exported later, the P0103 purpose code must be used.

Before finalising your transaction, confirm the type of remittance and ensure it matches the purpose code. If the advance payment relates to a service or partial shipment, a different code might be applicable. Proper documentation, such as the export contract, should accompany the payment to avoid discrepancies or delays.

If you’re unsure which purpose code to use, consult with your bank or a financial expert to avoid errors. Misusing codes can cause processing delays or trigger regulatory scrutiny.

Conclusion: Ensuring Compliance with the P0103 Purpose Code

The P0103 purpose code is critical for businesses that receive advance payments for goods exports. By using this code, exporters ensure that their transactions comply with RBI and FEMA regulations. Always confirm that the transaction aligns with the P0103 code and maintain proper documentation to avoid delays or penalties. Selecting the right purpose code ensures smooth financial operations and transparent foreign exchange inflows.

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The most experienced entrepreneurs in the export industry maintain airtight documentation to stay compliant with the regulatory requirements. One such critical document is the Bank Realisation Certificate (BRC). If you're new to the export business, understanding BRC could be tricky. This blog post will make things easier for you. We have dived deeper into the meaning of BRC, its applicability to your business when the bank issues it, how to download BRC and more.

What is a Bank Realisation Certificate (BRC)?

A Bank Realisation Certificate (BRC) proves you have received payment from an international buyer for exporting your goods or providing services. Your bank issues BRC, but there are a series of steps before that. It starts with reporting the value of goods you want to export to your bank. Your bank will record the transaction in the Export Data Processing and Monitoring System (EDPMS). After you receive the payment and submit all the shipping bills to the bank, they will close the transaction on EDPMS and issue BRC.&nbsp;

You must maintain a record of all the BRC to establish the credibility of your export earnings. In addition to acting as proof of payment, it’s also useful to an exporter to claim incentives and various export benefits.

Till 2012, the entire process of BRC was manual and time-consuming.<a href="https://www.skydo.com/blog/what-is-e-brc"> e-BRC</a> (Electronic Bank Realisation Certificate) is the digitised version of the process which is more efficient and convenient for both the banks and exporters. Before e-BRC, you had to visit the bank to collect the physical form of BRC and then hand it over to the Directorate General of Foreign Trade (DGFT) regional authority to claim export benefits. Instead of a physical BRC, banks issue an e-BRC and directly upload it to the DGFT server. Once all the details are verified by DGFT, you can download the e-BRC.

BRC is mandatory for sellers exporting goods and software products where shipping bills or SOFTEX forms are involved. Shipping bills are documents submitted to customs to get their clearance and load the goods for export. It includes information about the goods like quantity and cost. SOFTEX forms are mandatory for companies engaged in the export of software or services related to it.&nbsp; But if you’re a freelancer or export services that do not include shipping bills or SOFTEX forms, you don’t need to create a BRC.

BRC serves two main purposes: to comply with the DGFT regulations and to claim export benefits and incentives.

The DGFT regulations mandates exporters to create a BRC as evidence that they have received payment from an international client. This ensures that your foreign earnings are documented and reported to the government.

With the BRC, you can claim incentives under Merchandise Exports from India Scheme (MEIS) or<a href="https://www.skydo.com/blog/seis-guide"> Service Exports from India Scheme (SEIS)</a>. Under both schemes, you are allotted duty credit scrip that you can use to offset costs such as customs duties or central excise duties. The value of the credit scrip is 2%-5% of your free-on-board value in the case of MEIS and 3% to 5% of the net foreign exchange in the case of SEIS.&nbsp;

After you receive payment from your overseas client for the export, you need to obtain a<a href="https://www.skydo.com/blog/all-you-need-to-know-about-firc-a-complete-guide"> Foreign Inward Remittance Advice (FIRA).</a> The FIRA mentions all the payments you have received from foreign countries for exports, freight, consultancy etc. Submit the FIRA to your bank; the bank will verify the payment details and match them with the exported goods using the shipping bill or SOFTEX form as a reference. Upon successful validation, the bank issues the e-BRC.&nbsp;

Here’s what happens after the e-BRC is issued:

Which Documents Are Required for a Bank Realisation Certificate?

You will need the following documents for the Bank Realisation Certificate:

How do you download the Bank Realisation Certificate?

This is the format of the e-BRC downloaded from the DGFT website. All the information is electronically filled out by the bank and sent to DGFT.

How to use your Bank Realisation Certificate to claim Incentives?

Here's a step-by-step process to use BRC to claim incentives for the export of goods to an overseas buyer:

It's also worth checking if the bank has submitted an error-free e-BRC which reflects the consolidated realisation value. Also keep in mind that you must enter freight values, insurance and commission values in the refund application, as the e-BRC excludes such values

Compliance sits at the centre of any export business. The high level of regulatory compliance ensures transparency in foreign trade transactions and prevents suspicious activities like money laundering. This protects the reputation of both the exporter and the financial institutions involved.

The Indian government is continuously working towards improving the current e-BRC system and making it more streamlined. The<a href="https://www.skydo.com/blog/e-brc-update"> e-BRC update of 2023</a> was a significant step towards achieving the goal. The enhanced e-BRC system allows exporters to self-certify their e-BRCs based on the Inward Remittance Messages (IRMs) sent to the DGFT server by the bank. Using your 10-digit alphanumeric IEC code, you will log in to the DGFT website to match the IRM details with the shipping bills or invoices. If they are accurate, you can go ahead and create the e-BRCs. This move will cut down both the processing time and operational costs and make the process more simple and transparent.

BRC is essential for businesses exporting goods and software covered under Softex. But if you don’t fall into this category, a<a href="https://www.skydo.com/blog/efirc-firc-brc-essentials-differences"> Foreign Inward Remittance Advice (FIRA)</a> is good enough to prove the receipt of payment from an international client.<a href="https://www.skydo.com/blog/how-to-get-firc-certificate-online"> Generating a FIRA is effortless with trusted platforms like Skydo.&nbsp;</a>

Skydo allows you to receive international payments to your bank account at an upfront cost with no hidden fees. As and when an overseas payment gets credited to your bank account, an auto-generated FIRA is available for you to download.

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Whether you’re sending money back home or paying a remote employee, you’ll need either an IFSC code or a SWIFT code based on where you’re transferring the funds. Both codes ensure a secure and standardized way to transfer money between accounts, but they’re NOT the same. Let's break down the key differences between SWIFT and IFSC codes.&nbsp;

Difference between SWIFT Code and IFSC Code: Explained

<a href="https://www.skydo.com/blog/swift-money-transfer-ultimate-guide" target="_blank">SWIFT code </a>is a unique 8- or 11 character alphanumeric code that is assigned to banks and financial institutions. The SWIFT code in a standardized format contains essential details about the country, location&nbsp;and branch of a bank.&nbsp;

Here is the breakdown of two SWIFT codes for a better understanding:&nbsp;

SBININBB101: This unique code refers to the State Bank of India’s Mumbai office. "SBIN" is the bank code, "IN" stands for India, "BB" indicates Mumbai, and "101" denotes the branch in a specific locality.&nbsp;&nbsp;

DEUTDEFF500: This SWIFT code belongs to Deutsche Bank's Frankfurt branch in Germany. "DEUT" represents the bank, "DE" is for Germany, "FF" signifies Frankfurt, and "500" indicates the specific location of the bank branch at Bad Homburg, a town in the Frankfurt region.&nbsp;&nbsp;

A SWIFT code is used to identify banks globally and is crucial for secure international money transfers.

When your overseas client makes a SWIFT payment, they’ll need your bank’s SWIFT code. The sender’s bank will then send a secure SWIFT message to your domestic bank. Once your bank i.e. recipient bank receives the message, it processes the payment and credits the money to your account.&nbsp;Make sure to share the details of the correct bank and branch to ensure hassle-free transfers.

Know more about how to do a SWIFT transaction <a href="https://www.skydo.com/blog/swift-money-transfer-ultimate-guide" target="_blank">right here</a>.

Here’s how you can find your bank’s SWIFT code:&nbsp;

Bank Statements/Passbooks: Check your printed or online bank statements.

Bank Website: Visit your bank’s official website—SWIFT codes are often in the foreign transaction or FAQ section.

Mobile App: Some banks display their SWIFT code in their apps.

Local Branch: Ask for the SWIFT code in person at your bank branch.

Customer Service: Call your bank’s customer service to get the SWIFT code.

You can also find the <a href="https://www.skydo.com/swift-code-finder">SWIFT code for your bank right here.&nbsp;</a>

IFSC, or the Indian Financial System Code, is an 11-digit code with alphanumeric characters, that uniquely identifies each bank branch in India. It's essential for online transfer of funds via NEFT, RTGS, and IMPS, ensuring accurate identification of both the sending and receiving bank branches for smooth transactions.

Each bank branch in India has its own unique IFSC code. Here's what it signifies:

Here is the breakdown of two IFSC codes for a better understanding:&nbsp;

ICIC0000837: This unique code refers to ICICI Bank’s Park Street office in Kolkata. "ICIC" is the bank code, the fifth character of, 0 is for future use and the last 6 characters, 000837 denote the branch code.&nbsp;

HDFC0000053: This unique code refers to HDFC Bank’s Koramangala office in Bangalore. "HDFC" is the bank code, the fifth character, 0,&nbsp;is for future use and the last 6 characters, 000053 denote the branch code.&nbsp;

The IFSC code is essential for domestic fund transfers between bank accounts in India through RTGS and NEFT systems. Every time you send money to another bank, you'll need the beneficiary's bank name, account number, and IFSC code. It's a simple yet crucial part of making sure your funds reach the right account.

Here’s how you can find the IFSC code of your specific bank branch:

Cheque Book: You can find your bank’s IFSC code on the top left of your cheque leaf, just below the bank’s address.&nbsp;

RBI Website: You can also visit RBI website and enter your bank’s name and branch to get its IFSC code.&nbsp;

Bank Wesite: You can also visit the respective bank's website to know the IFSC code of your branch.&nbsp;

Yes, the BIC (Bank Identifier Code) is the same as the SWIFT code. Both are used interchangeably and are used globally for international transfers.&nbsp;

Receive international payments Swiftly and seamlessly with Skydo

While SWIFT is the standard for cross-border payments, its high fees and slow processing times drive businesses toward better alternatives. Skydo offers a smarter solution with free <a href="https://www.skydo.com/blog/virtual-account-numbers" target="_blank">virtual accounts </a>in key regions like the US, UK, Europe, and more. These accounts allow businesses to receive payments via local transfers, bypassing costly SWIFT fees and delays.

For example, a US client can send a local transfer to your US virtual account, and Skydo consolidates and transfers the funds to India at live forex rates, ensuring full value. The money reaches your Indian bank account within 48 hours—faster, cheaper, and more transparent than SWIFT. Switch to Skydo today!

Are the IFSC and SWIFT codes the same? What you need to know

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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

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If you’re receiving payments from clients abroad, you need a platform that’s fast, compliant, and cost-efficient.
Remitly is one of the most trusted names for cross-border transfers, known for its smooth user experience and reliability in personal remittances.
But when it comes to commercial or business payments, the requirements are slightly different.

This guide breaks down how Remitly works, where its use cases differ for businesses, and what alternatives you can consider if you regularly receive international payments for services or exports.

Remitly is an American fintech company that enables individuals to send money internationally with speed and transparency.
It operates in 30+ sending countries and supports 170+ receiving destinations,&nbsp; including India, processing over $18.5 billion in annual volume.

Here’s what users consistently appreciate about Remitly

For personal transfers, these features make Remitly an excellent choice.

Where Remitly’s Model Differs for Business Payments

While Remitly is built on strong technology and trust, its framework and regulatory positioning are optimised for individual remittances, not commercial inflows.

Here are the key factors to know before using it for business payments:

Remitly is built for personal money transfers, things like family support or individual remittances.
If you’re receiving client or export payments through it, that technically falls outside its permitted use.

Such transfers aren’t treated as business receipts under Indian regulations, which means you won’t get a valid<a href="https://www.skydo.com/blog/all-you-need-to-know-about-firc-a-complete-guide"> FIRA for them</a>.
Without that, reconciling income during audits or export filings can turn into a hassle later.

For every foreign payment received, Indian businesses require certain documents for compliance,&nbsp; namely, the Foreign Inward Remittance Advice (FIRA) and, for goods and software exporters coming under <a href="https://www.skydo.com/blog/softex-form-guide-indian-exporters">SOFTEX</a>,&nbsp; an <a href="https://www.skydo.com/blog/what-is-e-brc">eBRC (Electronic Bank Realisation Certificate</a>) is also needed

Remitly does not automatically issue these documents since it isn’t designed for export-linked commercial flows.
Businesses or freelancers receiving such payments may need to approach their bank separately to obtain them,&nbsp; a process that can take 7–15 days and often involves additional fees.

3. Remitly Business: Limited to U.S. Senders

Remitly also offers <a href="https://www.remitly.com/us/en/landing/business">Remitly Business</a>, a dedicated account for U.S.-based companies (LLCs, corporations, and sole proprietors) sending money abroad.
However, this service focuses on the sending side of the transaction.
For Indian freelancers or exporters receiving payments, compliance and reconciliation responsibilities still rest locally.

So while Remitly Business adds convenience for senders, it doesn’t yet extend a full commercial payments framework for receivers in India.

What to Look for in a Business-Grade Remitly Alternative

If you often receive client payments for exports or services, look for platforms that specifically support B2B inward remittances.
Here’s a tactical checklist:

Top Remitly Alternatives for Indian Freelancers &amp; Businesses

Below are platforms better suited for business transactions and exports, each with distinct strengths.

<a href="https://www.skydo.com/blog/transferwise-india-features-benefits-pros-cons">Wise offers </a>multi-currency accounts and transparent conversion at the mid-market rate.
It supports 50+ currencies and issues digital FIRA for inward remittances to India (charged per transaction).

<a href="https://www.skydo.com/blog/payoneer-payment-gateway-features-fees">Payoneer</a> remains one of the most established names for Indian service exporters and marketplace sellers.

A solid option for those who receive payments from established platforms or recurring global clients.

<a href="https://www.skydo.com/blog/paypal-in-india-charges-review-alternatives">PayPal</a> is still among the most widely accepted payment methods globally.
For Indian users, it supports only cross-border transactions — no domestic INR payments.

PayPal’s universal recognition helps with client trust, though its pricing is on the higher side for frequent transactions.

<a href="https://www.skydo.com/blog/stripe-india-charges-review-alternatives">Stripe’s infrastructure </a>is exceptional for global SaaS and developer-focused businesses.
However, in India, it remains invite-only and supports international card payments only.

An Indian platform that now supports inward and outward remittance.

Best suited for startups or SMEs with frequent USD payments.

A Bangalore-based platform focused on affordable cross-border collections.

Also offers treasury management options for idle cash, a rare bonus.

7. Skydo: Best Remitly Alternative for Indian Businesses

Skydo is an India-first platform designed specifically for exporters, agencies, and freelancers receiving global payments.
It brings together compliance, speed, and transparency in one dashboard.

Skydo functions as a business-grade receiver, simplifying every step from payment to compliance.

Skydo vs Remitly: Business Readiness at a Glance

Final Take: How to Pick the Right Platform

When choosing a Remitly alternative, focus on your actual needs — not just fees.

With Skydo, you get both,&nbsp; the transparency of a fintech and the compliance of a regulated Indian platform.
You can sign up in under 5 minutes and start receiving payments globally with automatic FIRA, no paperwork, no follow-ups.