A Foreign Inward Remittance Certificate (FIRC) is a document that acts as proof of a foreign transfer to India.
According to guidelines from the Reserve Bank of India (RBI) and letters circulated by FEDAI (Foreign Exchange Dealers Association in India), the following 2 documents can be issued by A.D (Authorized Dealer) Category I banks in India as proof of foreign transfers to India.
Physical Foreign Inward Remittance Certificate (FIRC)
A physical FIRC may be issued only for inward remittances covering Foreign Direct Investment (FDI) / Foreign Institutional Investment (FII). Payments for these purposes are only allowed through banking channels as per RBI guidelines. This means we can’t complete transfers for FDI/FII on your behalf, so a FIRC can’t be issued.
Electronic FIRC (e-FIRC)
According to the RBI, AD Category I banks must report all money transfers to India (inward remittances) to Export and Data Monitoring Systems (EDPMS). This includes any advances or outstanding transfers they’ve received for the export of goods or software. Banks that receive these kinds of transfers will issue an electronic FIRC to EDPMS when the exporter asks them to.
If your transfer falls into this category, it will be subject to EDPMS reporting. So please make sure you’re in line with RBI regulations. You can check this with your bank (the one that received the transfer) and then apply for an e-FIRC with one of our partner banks (the one that processed your transfer). There are more details on how to do this below.
Foreign Inward Remittance Advice
If your transfer doesn’t fall in either of these 2 categories above, you can apply for a Foreign Inward Remittance Advice (certificate of inward remittance) from the partner bank that processed your transfer. Advice is only available for businesses.
How to apply for advice from Wise’s partner banks
If you received money directly to your Wise business account details the FIRC will be automatically generated and sent to your email.
To apply for advice, please contact the banking partner that processed your transfer. You can tell which banking partner we used for your transfer by looking at your PDF receipt.