Transfer funds fast and securely
Seamless Intercompany Transfers: USD to INR with the best FX rates, T+1 settlements & compliance with FIRA.
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Transfer funds fast and securely
Seamless Intercompany Transfers: USD to INR with the best FX rates, T+1 settlements & compliance with FIRA.
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Disclaimer: The conversion rate may vary depending on the exact time of transaction.
Transfer funds fast and securely
Seamless Intercompany Transfers: USD to INR with the best FX rates, T+1 settlements & compliance with FIRA.
🔒 Security
Only the banks touch your funds.
- We’ve partnered with the top 4 global banks.
- These banks transfer all funds inter-entity, securely.
⚡️ Velocity
Settle transfers in T+1 business days.
- Send funds to the recipient's bank account in T+1 business days.
- Get LIVE transaction updates to keep track of your funds.
🔍 Transparency
We offer completely transparent FX rates.
- Get the best FX rates upfront before you make a transfer.
- No hidden fees will be added to your transfers.
- You can track LIVE foreign exchange market rates before you initiate a transfer.
🤝 FIRA Compliance
Complimentary FIRA with every transfer.
- Every transfer includes a complimentary Foreign Inward Remittance Advice (FIRA), on the house.
- You can download your free FIRA report from the dashboard at your convenience.
How is this different from SWIFT to Indian Bank transfers?
Other Banks
Popular
Inkle Intragroup
Popular
Flat Fees
20-100$
Zero
FX Markup Fees
Varies 80-160 bps, average ~ 120 bps over mid-market
Fixed at 25 bps over mid-market
Payment Method
SWIFT only (expensive)
US Domestic (FedWire/ACH Credit)
Speed
1-3 working days
T+1 settlements
Transparency
No visibility on benchmark rate, settlement rate & time
Up-front FX rates and settlement times
Compliance
Paperwork, email from banker
Pre-fix purpose code, get and store free Payment Advice/FIRA
Accounting
End of year hassle to generate and reconcile invoices against payments
Reconciliation against invoices as you go, standard good practices
Banker Calls
Calls, emails from RM for disposal instructions
We will never call you
Support
No dedicated support or guidelines
Complete assistance and support via Inkle Chat
FAQs
How funds are moved?
We open a Virtual Account with JP Morgan Chase for your Indian entity. You need to make a domestic wire from US Bank A/C to this Virtual Account, and then funds are credited in INR in Indian Bank A/C after currency conversion. Funds do not touch Inkle anywhere.
Is this only about fund transfers? What else is included?
No, it also includes compliance. You can pre-fix the purpose code and download e-FIRA for free from the dashboard to claim GST exemptions.
What fees are charged? Is GST applicable on fees?
There is a flat 0.25% forex markup fee on live mid-market rates. There are no other hidden fees, such as flat fees or GST deductions. Since we don't charge a flat fee, GST is not applicable.
What is FIRA? Why is it required?
Foreign Inwards Remittance Advice (FIRA) is a document used in the Indian cross-border payments context. It is used as proof of a foreign currency conversion to Indian Rupees. FIRA is required to claim a GST refund for services or goods exported from India. We provide you with a free FIRA on your dashboard for every transfer, simplifying the process for you.
What is a transfer pricing benchmarking study & audit? How often is this required?
A Transfer Pricing Benchmarking Study is conducted to determine the margin rate for transactions between the related parties. It is required annually from the second year of starting such transactions. A Transfer Pricing Audit (Form 3CEB) is a mandatory annual report that companies engaging in Transfer Pricing must file with the Indian tax authorities. Inkle can help you with both of these processes through our network of empaneled CA firms.
What is a Letter of Undertaking (LUT) filing for exporters?
Companies exporting goods or services from India need to furnish a Letter of Undertaking (LUT) on the GST portal. This allows them to make these exports without paying IGST upfront. It is recommended to include the LUT Application Reference Number (ARN) on the Transfer Pricing invoice.
Here's a sample Invoice: drive.google.com/file/d/1sHgIx7AwswLQkUYnAaiGudN7ZMCh4XSi/view?usp=sharing
![Transfer Pricing: Calculation and How it Works? [2024]](static/picture/6683cafcbd8129760b823dd9_what is transfer pricing_.svg)
