Typically, it takes 1-2 days for the funds to appear in your virtual foreign currency account, depending on the banking infrastructure of the respective country.
After the funds are credited to your account, you have two options:
- Hold the Money: You can keep the funds in your virtual account for up to 1 year.
- Withdraw the Money: If you choose to convert the funds to INR and transfer them to your Indian bank account, you will need to submit a withdrawal request.
Important Note: The conversion to INR only occurs when you place the withdrawal request. During this process, you will see the exact amount you will receive in INR, along with the date it will be credited to your Indian bank account.
- If you submit your withdrawal request on a working day, the settlement usually takes 1 business day.
- If you submit your request on a bank holiday, it may take up to 2 business days for settlement.
Once the settlement is complete, you will receive the FIRS (Foreign Inward Remittance Statement) via email. Additionally, the FIRS will be available for download on your dashboard.
For more detailed information about the withdrawal process, please watch the video: click here
You can expect to receive the FIRS within 24 hours of the settlement to help you stay tax-compliant.