Questions to Ask Bank Relationship Manager: India Payments
TL;DR - Summary
- What is a bank relationship manager? - A bank relationship manager (RM) is a dedicated bank official assigned to a customer, typically a business or high-value account holder, who is the single point of contact for banking queries, account management, and product guidance.
- What are the key questions to ask your bank relationship manager about receiving international payments? - The key questions to ask your bank relationship manager about international payments cover FIRC/FIRA issuance, forex conversion rates and markup, settlement timelines, all applicable charges and deductions, purpose codes, and what happens if a payment is delayed or rejected.
- Why should Indian freelancers and exporters talk to their bank relationship manager about international payments? - Indian freelancers and exporters should talk to their bank relationship manager about international payments because the RM is the person at the bank responsible for making sure foreign payment transactions are processed and reported correctly under RBI and FEMA regulations.
- What should you do if your bank relationship manager cannot answer these questions? - If your bank relationship manager cannot answer these questions, escalate to the trade finance desk or the NRI/export banking division, ask for everything in writing, and prepare a checklist before your next meeting.
Who Is a Bank Relationship Manager?
A bank relationship manager (RM) is a dedicated bank official assigned to a customer, typically a business or high-value account holder. The RM is the single point of contact for banking queries, account management, and product guidance.
For Indian freelancers and service exporters, the RM is the person who handles questions about receiving foreign remittances and setting up the right account type. The RM also handles Foreign Inward Remittance Certificate (FIRC) and Foreign Inward Remittance Advice (FIRA) certificates and guides you on compliance with RBI and FEMA requirements.
Example: A Bengaluru-based UX designer invoicing a US client $3,000 would contact their RM to understand how the payment will arrive, what forex rate will apply, and how to get the FIRC for that transaction.
Why Should Indian Exporters Talk to Their RM About International Payments?
Indian freelancers and service exporters who receive foreign payments are subject to RBI and FEMA regulations, and the RM is the person at the bank responsible for making sure those transactions are processed and reported correctly. Your RM is where you go for guidance on purpose codes, FIRC, settlement timelines, forex conversion rates, and deductions from the amount you receive.
- Purpose codes: Every inward remittance must be matched to a purpose code, the RBI code that classifies what the payment is for, such as software services or consulting. The wrong purpose code can create compliance issues, and your RM is supposed to guide you on this.
- FIRC: The FIRC is a document the bank issues to confirm a foreign payment was received. Freelancers need it as proof of export income and for tax purposes. Your RM is the person you request it from.
- Settlement timelines and forex rates: Settlement timelines and forex conversion rates are not standard across banks or even across transactions. Your RM can (or should be able to) tell you exactly when funds hit your account and at what rate.
- Hidden deductions: Hidden deductions from your own bank, correspondent banks, or beneficiary banks reduce the final INR amount you receive. Your RM should explain every deduction before it happens.
Without a proactive RM conversation, most freelancers discover these deductions only when the credited amount is less than expected.
✅ PRO TIP
Keep a record of every conversation with your RM about international payments. If a transaction gets flagged later, documented guidance from the bank works in your favour.
10 Key Questions to Ask Your Bank Relationship Manager About International Payments
The key questions to ask your bank relationship manager about international payments cover six areas: FIRC/FIRA issuance, forex conversion rates and markup, settlement timelines, all applicable charges and deductions (including correspondent bank charges), purpose codes, and what happens if a payment is delayed or rejected. The 10 questions below each come with what a good answer looks like and what should concern you.
Q1: How and When Will I Receive My FIRC/FIRA for Each Inward Remittance?
- Good answer: The bank issues the FIRC digitally within a defined number of days after the payment is credited, at no extra charge, and you can download it from net banking.
- Red flag: The RM is unsure what FIRC is, says it takes several weeks, or says there's a fee per certificate.
Q2: What Forex Conversion Rate Will Apply to My Payment, and How Does It Differ From the Live Market Rate?
- Good answer: The RM gives you a clear spread percentage (the difference between the interbank rate and your rate) upfront, or confirms you will be notified before conversion.
- Red flag: The RM says "the rate will be whatever RBI rate is that day" without specifying the bank's markup. That is how hidden forex losses happen.
Q3: What Is the Total Fee I Will Pay for Receiving an International Payment, Including All Deductions?
- Good answer: The RM provides a written fee schedule listing your bank's charges, and discloses that correspondent banks may also deduct 1–3%.
- Red flag: The RM quotes only your bank's fee and does not mention correspondent or intermediary bank charges.
Q4: What Are Correspondent Bank Charges, and Will They Be Deducted From My Payment?
- Good answer: The RM explains that correspondent banks (intermediary banks that route SWIFT payments internationally) may deduct a fee from the transfer amount before it reaches your account. The RM also tells you whether your account is set up to absorb or pass on those charges.
- Red flag: The RM dismisses this question or cannot explain where the deduction comes from.
Q5: What Purpose Code Should I Use for My Freelance/Service Export Income?
- Good answer: The RM recommends the correct RBI purpose code for your income category (for example, software services, consulting, or design) and confirms it has been mapped on your account.
- Red flag: The RM asks you to figure it out yourself or assigns a generic code without verifying your work type.
Q6: How Long Does It Take for an International Payment to Settle in My Account After the Client Sends It?
- Good answer: The RM gives a specific timeline, for example 1–3 working days for SWIFT, and explains what factors can extend it.
- Red flag: The RM says "it depends" with no further clarity on typical or worst-case timelines.
Q7: What Happens If My Payment Is Delayed, Short-Credited, or Returned?
- Good answer: The RM explains the escalation process, who to contact, and roughly how long resolution takes.
- Red flag: The RM says to "wait and watch" or routes you to a general customer care number.
Q8: Can I Receive Payments in Foreign Currency and Hold Them Before Converting to INR?
- Good answer: The RM tells you whether an Exchange Earners' Foreign Currency (EEFC) account is available and what conditions apply.
- Red flag: The RM is unaware of EEFC accounts or says it is not relevant for freelancers.
Q9: What Documentation Do I Need to Submit for Each Inward Remittance, and What Is the Process for FEMA Compliance?
- Good answer: The RM lists the documents, such as your invoice and purpose code declaration, and confirms the bank handles RBI reporting on your behalf.
- Red flag: The RM puts all compliance responsibility on you with no guidance.
Q10: Can I Get a Written Fee Schedule and Sample Settlement Statement Before My First Transaction?
- Good answer: Yes. The RM emails you a document within a day or two.
- Red flag: The RM says there is no standard document or delays indefinitely.
Ask the RM to walk you through one real past remittance, from the amount the client sent to the amount that landed in your account in rupees. If they can explain every difference between those two figures, they know the product.
What Should Indian Freelancers Do If Their Bank RM Cannot Answer These Questions to Ask a Banker About International Payments?
If your bank RM cannot answer the questions above on FIRC issuance timelines, forex markup, correspondent charges, purpose codes, or settlement windows, that is a signal your bank is not set up to serve export/remittance accounts well. Escalate within the bank to the trade finance desk or the NRI/export banking division, ask for everything in writing, and prepare a checklist before your next RM meeting. If repeated meetings still produce vague answers, a dedicated cross-border payment platform designed for Indian exporters and freelancers is worth considering.
- Escalate within the bank: Ask to speak with the trade finance desk or the NRI/export banking division. These teams handle inward remittances more frequently than a retail RM and may have clearer answers.
- Ask for everything in writing: If your RM gives verbal assurances about fees or timelines that don't match your statement later, a written record is your only protection.
- Prepare a checklist: Get ready before your next RM meeting so the conversation is efficient and you don't leave without answers.
Bring the following to that meeting:
- A copy of your client invoice (with amount in foreign currency)
- Your export/service agreement or work order
- Your PAN and GST registration (if applicable)
- A list of the 10 questions above, printed or on your phone
- A blank page to note the RM's answers, especially fee figures and timelines
If repeated meetings produce vague answers, consider whether a dedicated cross-border payment platform designed for Indian exporters and freelancers would give you better visibility, lower fees, and automatic compliance support, without needing to schedule a meeting.
⚠️ COMMON MISCONCEPTION
It is a misconception that any bank that accepts international payments has an RM trained in export remittance compliance. Most retail RMs are generalists.
How Does Skydo Solve What Your Bank RM Cannot?
The four biggest pain points that come up in the RM questions above are fee opacity, FIRC delays, unpredictable settlement timelines, and manual compliance work. Skydo solves each of them.
- Fee transparency: Skydo charges $19 for payments under $2,000 and $29 for $2,000–$10,000, both flat fees, and 0.3% for payments above $10,000. There is no forex markup, no correspondent bank deductions, and no surprises on your bank statement.
- FIRC at no extra cost: Skydo issues a free Foreign Inward Remittance Advice (FIRA) certificate for every transaction automatically. You don't chase your RM, wait days, or pay a per-certificate fee.
- Predictable settlement: Skydo guarantees settlement within 1 working day. The uncertainty that comes with "it depends" RM answers does not exist here.
- No manual compliance legwork: Skydo has eBRC closure assistance: link your DGFT account once, bulk upload shipping bills, and eBRC is generated in a click. It also provides EDPMS closure assistance, which removes the back-and-forth with the bank for export compliance
What is an RM in a bank and what do they actually do for exporters?
An RM (relationship manager) in a bank is a dedicated point of contact who manages a customer's banking relationship. For exporters, this includes handling inward remittances, FIRC issuance, purpose code mapping, and FEMA compliance guidance.
What are good questions to ask a banker when you first open an export account?
Can my bank RM help me choose the right purpose code for my freelance income?
What documents should I bring to a meeting with my bank relationship manager?
Can I negotiate the forex conversion rate with my bank RM for large remittances?
