Make Payments and Receive Payments in INR - Indian Rupee
Pay in Indian Rupees (INR)
Mondial Change allows you to make international payments in INR (Indian Rupee) with ease. Manage your Indian Rupee beneficiaries, track your transactions in real-time, and enjoy a secure online platform. We do not apply any exchange commission on your INR operations (a spread is applied to the exchange rate, which slightly degrades the interbank rate on the currency pair traded). Your client rate is always communicated transparently before the validation of each of your transactions.
Receive Payments in INR (Indian Rupee)
Mondial Change allows you to receive payments in Indian Rupee (INR). Payments in INR are received in a pool account held by one of our partners. This INR account is made available to you free of charge. It allows you to receive INR payments from your clients or subsidiaries. Once the funds are received in the pool account, they are reconciled in our partner's books and credited to your Indian Rupee (INR) balance. These funds can be reused to make payments in INR or they can be converted into EUR or any other currency of your choice and repatriated to your bank account.
Do you want to hedge your exchange risk on the Indian Rupee (INR)? Check our dedicated page for INR exchange hedging
Mondial Change Answers All Your Questions About Payments in Indian Rupees (INR)
What is the timeframe for an INR payment to be credited to the beneficiary's account?
It generally takes between 1 and 2 business days for an Indian Rupee transfer to be credited to the beneficiary's account. However, please note that these timeframes are not contractual, and our partners responsible for the execution and routing of payments cannot be held liable if INR payments are credited beyond 2 business days to the beneficiary's account.
What are the fees for a payment in Indian Rupee (INR)?
The fees applied to transfers in Indian Rupee (INR) generally range from 0 to 10 euros, depending on the agreement with Mondial Change's trading room. The rate primarily depends on your annual INR exchange volume and the number of Indian Rupee payments made during the year.
Are there minimum or maximum amounts for payments in Indian Rupee (INR)?
Mondial Change and its partners verify that your Indian Rupee flows are consistent with the data declared during account opening and consistent with your activity volume to ensure compliance and security. If restrictions apply to transaction volumes, they will be communicated to you well in advance of the validation of your operations.
What are the specific rules for executing a payment in Indian Rupee (INR)?
For INR payments via the SWIFT network, it is sufficient to provide the following information:
• Full name of the beneficiary
• Account number
• SWIFT code
• IFSC code
Is it possible to modify a payment in Indian Rupee (INR) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Indian Rupee (INR) even after it has been sent in SWIFT. If you have, for example, made an error in the beneficiary's name or account number, the correction is made through a SWIFT amendment. If the payment has not been executed via the SWIFT network, then it is not possible to make such amendments, and you must wait for the payment to be returned if applicable.
Is the Indian Rupee (INR) account provided to you a bank account, and is it nominative?
The Indian Rupee (INR) account for which we provide you with the details is a bank account opened in the name of one of our partners. It is a pool account where all INR transfers are received. The reconciliation of funds on your INR balance is generally done with the reference of your client account. You have a guarantee of segregation of your funds in the books of our partners.
Is it possible to hold Indian Rupees (INR) in the INR account provided to you?
You can use this Indian Rupee (INR) account to receive Indian Rupees. The currencies will then be credited to your INR balance opened in our partner's books. The funds can then be reused to issue payments in Indian Rupee or be converted into other currencies.
What are the holidays when payments in Indian Rupee (INR) cannot be executed?
January 26: Republic Day
Variable date: Maha Shivaratri
Variable date: Holi
Variable date: Ram Navami
Variable date: Mahavir Jayanti
Variable date: Good Friday
Variable date: Eid-ul-Fitr
Variable date: Buddha Purnima (Buddha Jayanti)
August 15: Independence Day
Variable date: Janmashtami (birth of Krishna)
October 2: Gandhi Jayanti
Variable date: Dussehra (Vijaya Dashami)
Variable date: Diwali (Deepavali)
Variable date: Guru Nanak Jayanti
December 25: Christmas Day
History of the Indian Rupee
The Indian Rupee (INR) is the official currency of India, one of the most populous and culturally diverse countries in the world. As the national currency, the Indian Rupee is widely used in commercial, financial, and tourist transactions across the country. Its currency code INR is used to facilitate exchanges and international transactions involving India. The Indian Rupee is divided into 100 paise, which facilitates daily transactions and offers increased flexibility in financial operations. Whether you are a traveler visiting India or an entrepreneur doing business in the country, it is essential to understand the Indian Rupee and be aware of current exchange rates.
Monetary Policy of the Indian Rupee
The Reserve Bank of India is the institution responsible for the monetary policy of the Indian Rupee (INR). Its main role is to regulate and supervise the country's financial and monetary system. The primary objective of this policy is to maintain price stability and promote sustainable economic growth. To achieve these goals, the Reserve Bank of India closely monitors economic indicators such as inflation, economic growth, exchange rate, and foreign exchange reserves. It uses various instruments, such as setting interest rates and regulating the money supply, to influence the economy and maintain monetary stability. Thanks to a prudent and well-managed monetary policy, the Indian Rupee enjoys a reputation for stability and credibility in national and international markets.
Characteristics of the Indian Rupee
The Indian Rupee (INR) has unique characteristics that distinguish it from other currencies. Firstly, it is not pegged to another currency, meaning it floats on the foreign exchange market. This flexibility allows the Indian Rupee to adjust to market fluctuations and adapt to international economic conditions. Additionally, the Indian Rupee is widely accepted across India for payments in stores, restaurants, hotels, and financial transactions. Finally, Indian banknotes are equipped with advanced security features to prevent counterfeiting, such as holograms, watermarks, and special inks. This enhanced security ensures the integrity of the currency and strengthens user confidence in the Indian financial system.