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Making payments to India, Indonesia, Malaysia and the Philippines – INR, IDR, MYR & PHP FAQ

Clients can make payments to India, Indonesia, Malaysia and the Philippines by converting funds to Indonesian Rupiah (IDR), Indian Rupee (INR),  Malaysian Ringgit (MYR) or Philippine Peso (PHP). You’ll find a list of frequently asked questions below.

What currency pairs are supported?

We support conversion from any of these currencies:

  • USD
  • EUR
  • GBP
  • AUS
  • CAD

to any of these four APAC currencies:

  • INR
  • IDR
  • MYR 
  • PHP

Can I trade over the weekend?

Yes,  it is possible to get rates and trade the pairs listed above over the weekend.

What FX tenors are supported?

T+0, T+1 (Default) and T+2. We cannot support Forwards. Please see our FX timelines for more details.

What is the FX spread?

The Reuters mid-market rates are shown in the table below.

Additional basis points are added for conversions held for longer periods. It is not possible for us to provide mid-market rates for these currencies, due to them being traded onshore and restricted.

Payout CurrencyFunding CurrencyFX Spread
Payout T+0Payout T+1Payout T+2
IDRUSD, EUR, GBP, AUDMarket hours: 35 BPS Off-market hours: 65 BPS 45 BPS50 BPS
CADMarket hours: 40 BPS Off-market hours: 70 BPS 50 BPS55 BPS
INRUSD, EUR, GBP, AUDMarket hours: 25 BPS Off-market hours: 55 BPS 30 BPS35 BPS
CADMarket hours: 30 BPS Off-market hours: 55 BPS 40 BPS45 BPS
MYR USD, EUR, GBP, AUDMarket hours: 25 BPS Off-market hours: 30 BPS25 BPS35 BPS
PHPUSD, EUR, GBP, AUDMarket hours: 25 BPS Off-market hours: 30 BPS40 BPS50BPS
CADMarket hours: 30 BPS Off-market hours: 35 BPS 45 BPS50 BPS

What local rails do you use for domestic payments?

We select the best local rail based on the amount and the time when you book a payment:

CurrencyPayment Rail
INR:For amounts under INR 500,000, we use IMPS (Immediate Payment Service). For amounts above INR 500, 000, we use RTGS which operates only during business hours in India.
IDRAll IDR payments are sent on SKN.
MYRAll MYR payments are sent on Interbank GIRO (IBG).
PHPFor payments where the beneficiary bank is connected to the instant scheme and the payment is below PHP 50,000, we use Instapay. For payments where the beneficiary bank is not connected to the instant scheme and/or the payment is above PHP 50,000, we use PESONet.

Do you deduct any costs from the payment being sent?

No, the recipient receives the full payment amount.

Is there a limit on the maximum payment/trade size?

Yes, we have the following maximum transaction sizes:

  • INR 1,500,000 per day to any particular beneficiary
  • IDR 350,000,000
  • MYR 100,000
  • PHP 1,300,000

Do you support all payment types? 

No, we do not allow loan payments to businesses in India. Any other payments to businesses and all payments to individuals are permitted.

Can I convert these APAC currencies back to another currency?

Yes, under exceptional scenarios, if payments in these 4 APAC currencies fail and it is no longer feasible to pay the balance funds, you can sell the funds back into another supported currency. This should only occur in exceptional circumstances. Currencycloud monitors the activity closely.

Can I hold balance in these currencies?

No, you need to pay all funds immediately. Please make sure you create payments on the back of each trade so no surplus balance is outstanding. Currencycloud periodically monitors the balance and reserves the right to automatically sell back any surplus funds held over five days.

What happens if I fail to fund in time?

We do not roll conversions to the next day. Unfortunately, failure to send sold currency funds by the settlement cut-off time results in the cancellation of your conversions.

Are these currencies available to everyone?

These currencies are not available by default. Please contact or your customer success manager to request them.

What happens if a payment fails?

You must correct the payment instruction and resend. Failure to do so may result in the automatic conversion of APAC currency into another supported currency and will be subject to exchange rate fluctuations.

Do you support payment traces or recalls?

No traces or recalls are supported via the network. Currencycloud payment notifications are available through our self-service portal so please speak to your Relationship Manager about accessing this functionality.

What details do recipients see after a payment is made?

A Currencycloud payment reference is given.

In India, most major banks display the information in a similar format to the example below:

Serial NumberTransaction DateTransaction RemarkCR/DRAmount
122/08/2018MMT/IMPS/823421132581/test/INSTAREM P/YECr.100.00

Does the ‘Get Basic Rates’ API call stream rates?

No, none of our providers stream rates but you can get a quote by using the ‘Get Detailed Rates’ API call.

For more information on the details needed to make a payment, types of payments and cut-off times please visit our Payment Guides:

Can I make charitable payments in these currencies?

Any payments to non-profit organisations, charities and charitable funds/institutions in Indonesia, India, Malaysia and Philippines are not supported as local payments.  To make these types of payments, you need to send them as USD payments via SWIFT.

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