Frequently Asked Questions

Bank charges a Conversion Fee on buying and selling of Foreign Currency, this can go up to 3% if not monitored properly.

Yes, Xchange provides FIRA copies each time you receive successful credit of funds in your INR account.

A correspondent bank fee, sometimes known as an "agent charge", "foreign bank fee", or "intermediary bank fee", is a fee that is sometimes charged by banks when a third-party bank is needed to send money from one account to another.

We do not process transactions on Saturdays & Sundays as global markets are off on Weekends.

Once funds are sighted in your wallet, and reconciled we shall credit the funds within 24hrs to your local account.

No, Xchange does not charge any platform fee or any hidden fee to transact through its platform.

Xchange runs on network of few of the worlds biggest banks & hence your funds are always 100% safe with us in our wallets.

You have to mandatorily convert funds in INR within 2 days of receipt of foreign currency funds in wallet.

Yes, we are bank agnostic & you can receive funds in any bank of your choice in India.

JP Morgan Chase India will issue FIRA confirming the purpose of remittance, Remitter detail & FCY amount details & beneficiary details.
FIRA Circular - Click here

Yes, as per FEDAI circular on EDPMS entries, Banks has to accept FIRA copies issued by AD 1 category banks in India to regularise BRCs.
Regularising EDPMS Click Here

Below is a tabular representation of how IRM will be reported in EDPMS:
Scenario Ownership to report IRM in EDPMS*
Bank A receives Inward in Foreign currency and transfers the fund to Bank B in Foreign Currency to credit funds in an account in Bank B Bank B to report the IRM.
Bank A receives Inward in Foreign currency and transfers the fund to Customer Account in Bank B in INR Bank B to report the IRM.
Vostro Payment: Bank A receives instruction to transfer INR to Customer with Bank B Account details. Bank B to report the IRM

*This reporting in EDPMS to be done by bank when the funds are credited to beneficiary exporter's account, either through NOSTRO, VOSTRO or RTGS/NEFT. In the above three scenarios, Bank A should send a message through SFMS/SMSA to Bank B intimating Bank B about details of the credit. These details should include remitter name and address, remitting bank name, reference number of the credit and purpose code. Only on the basis of this message from Bank A, will Bank B be able to report an IRM in EDPMS and issue an e-FIRA if required.

Receive Funds using Xchange

Reach out to us support@xchange.pe