What is Global Collections and when should I use it?
Global Collections allows your customers to pay for your products in their native currency and the amount is settled to your account in INR. Cashfree Payments handles the currency conversion and other hassles.
What is Foreign Inward Remittance?
Foreign inward remittance refers to the transfer of money to India from anywhere outside India. For example, when you receive money in your regional bank account from a business or an individual abroad, it is called foreign inward remittance.
For what kind of transactions can I use Global Collections accounts?
If you are selling goods or services outside of India and have an invoice value of up to USD 10,000, you can use global collection accounts. The payer can be an individual or a business as the case may be, as long as payment is for the sale of goods or for the rendering of service(s).
What currencies do Global Collections support?
|United Arab Emirates Dirham
|Chinese Yuan Renminbi
|Hong Kong Dollar
|New Zeland Dollar
|Saudi Arabian Riyal
|United States Dollar
|South African Rand
Does Cashfree Payments issue Foreign Inward Remittance Statements (FIRS)?
Yes, Cashfree Payments’ AD-1 partner will issue eFIRS on T+1 basis. T is the day on which the beneficiary receives the payment in their bank account in India. The eFIRS will be sent via email to your registered email address.
Is Global Collections FEMA compliant?
Yes, here is the OPGSP guideline for your reference.
Updated 3 months ago