Please note that
If you choose this option, we will convert your payout amount to INR and transfer the same via NEFT (or IMPS) to your Indian bank account. For the currency conversion, the wholesale forex rates offered to us by the bank will be applied. This rate can be 0.9% to 1.2% lower than the mid-market rate generally shown on xe.com and Bloomberg.
It is important to note that we do not provide FIRC for our INR payouts.
FIRC is required by companies to prove that the particular payout was income generated outside of India for which GST is not applicable. However, please note that if you are an individual or company that makes less than ₹20,00,000 in revenue during a financial year, GST is generally not applicable for you. In this case, FIRC is not relevant for your business and NEFT payouts might be the best option for you considering the fact that we provide ‘mid-market fx rates’. Banks generally take away 1.5% to 3% of your payouts if they receive it in USD.
USD Wire Payouts
If you choose this option, we will send your payout via International Wire transfer to your bank account in US Dollars. Your bank will handle the currency conversion and the rate that they offer for the same is beyond our control. Generally, banks offer the best conversion rates for amounts larger than US$20,000. The lower the amount you receive in payout, the higher the % they take away in currency conversion.
Wire Payouts are the best option for businesses that cross the ₹20,00,000 revenue threshold and come under GST scrutiny. Your payouts hit your bank account in USD and therefore your bank should be able to provide you with FIRC for the transactions.
If you have any questions with regards to requesting payouts, please write to firstname.lastname@example.org with the subject ‘Payout Question’.