With Remitr, the sender can send a payment in foreign currency and choose for the supplier to be paid directly in INR, without having to convert USD / CAD to INR by the receiving bank.
The advantages of using Remitr and choosing INR payment, are:
- The seller does not pay incoming wire changes
- Sellers/exporters get a better exchange rate for USD/CAD to INR as Remitr converts it before sending it to their bank (the recipient’s bank will usually charge 2.5-3% on currency conversion)
- Remitr works with its banking partners in India to issue e-FIRC to the seller in order for them to get which enables them to get the export benefit by claiming GST exemption. In some cases, other benefits like MEIS benefits can also be claimed based on proof of export sales.
- e-FIRC for local currency INR payment is provided only for sales of goods or services which would have attracted GST levies when invoiced to a local buyer in India and when the invoice is deemed to be paid in foreign currency. When the buyer pays in a foreign currency and it is received by the recipient bank in INR, the e-FIRC is facilitated by Remitr.