Info-tech

PayPal cuts inward remittance certificate, advice fee by 50%

Priyanka Pani Mumbai | Updated on January 11, 2018

PayPal, a global payments platform, has reduced its Foreign Inward Remittance Certificate (FIRC)/ Advice fee by 50 per cent for Indian merchants to boost cross-border transactions

For more than 20 transactions, bulk FIRC fee will be levied at Rs 2,000, said the company in a statement.

PayPal said the move will help in reducing the cost incurred in receiving payments from global markets and encouraging merchants to grow their cross-border business.

Narsi Subramanian, Director, Small Sellers & Consumers, PayPal India said, ”The reduction in the FIRC fee is in line with our commitment to become a customer champion and enabling merchants to grow their cross-border business in a profitable manner.”

FIRC is a document that acts as a testimonial for inward remittances entering India. Most of the statutory authorities accept this document as proof that an individual or a business, such as a limited company, partnership firm, sole proprietorship firm and others, has received a payment in foreign currency from outside the country.

The freelancer market in India is growing rapidly and PayPal is committed to help Indian freelancers improve profitability and improve the payment experience, it added.

Published on September 20, 2017

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