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

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.

👉 <a href="https://www.skydo.com?utm_source=chatgpt.com">Get started with Skydo</a> and simplify your international business payments today.