What is the difference between a trade and a non-trade payment to India?

A trade payment settles an invoice for goods or services and is limited to INR 1,500,000 per invoice. A non-trade payment is between individuals, consumer to consumer, and runs up to INR 500,000,000. Each carries its own purpose of payment code.

Can an individual use this corridor?

Yes. India is one of the corridors that supports consumer to business and consumer to consumer payments, so an individual can pay an Indian business against an invoice or another individual as a non-trade payment, after onboarding.

Can I pay my own Indian bank account?

Payouts to your own account follow the same onboarding and screening as third-party payouts, without the 0.25% third-party element of the fee.

What is the maximum for a INR payout to India?

Trade payments INR 1,500,000 per invoice; non-trade payments INR 500,000,000, consumer to consumer only, set by the receiving market.

Payouts to India

Pay Indian rupees from USDT or USDC

India is the single largest destination for stablecoin-to-rupee demand, and it is also one of the corridors where the rules differ most by purpose of payment. XEROF pays INR to a bank account in India from a USDT or USDC balance, for trade payments against an invoice and for non-trade payments between individuals.

How a payout to India works

Trade payments are capped at INR 1,500,000 per invoice and are made business to business, business to consumer or consumer to business. Non-trade payments, consumer to consumer only, run up to INR 500,000,000. Purpose of payment codes apply and are confirmed with you before the first payment.

Payout currency: INR
Paid to: Bank account in India
Payment types: B2B (business to business), B2C (business to consumer), C2B (consumer to business), C2C (consumer to consumer)
Maximum per payment: trade payments INR 1,500,000 per invoice; non-trade payments INR 500,000,000, consumer to consumer only
Rails: Local bank transfer in INR
Pricing: Per corridor: the INR leg is quoted per payment on the confirmation

Who pays Indian rupees this way

A trading company outside India settling a supplier invoice in INR against the invoice, within the per-invoice limit.
A business paying an Indian contractor or service provider in rupees, to the contractor's own bank account.
An individual paying another individual in India from their own USDT or USDC, a non-trade payment under the consumer to consumer limit.

Paying India from Zug: timing and practicalities

India runs on Indian Standard Time, three and a half to four and a half hours ahead of Zug depending on the season, and Indian banks clear on weekdays with the second and fourth Saturdays closed. An instruction confirmed in XEROF Online during the Swiss morning reaches the beneficiary the same Indian working day; one confirmed in the Swiss evening lands the next.

Every rupee payment carries an RBI purpose code, which is why XEROF confirms the purpose with you before the first payment in this corridor. Trade payments are matched to the invoice, and the beneficiary name must match the account holder as the IFSC-addressed bank holds it.

What XEROF needs before the first payment

Beneficiary name, bank account number and IFSC code.
The invoice for a trade payment; INR 1,500,000 is the maximum per invoice.
Purpose of payment code, which XEROF confirms with you before the first payment in this corridor.

A worked example in INR

You send: USDT 20,000 on ERC-20
XEROF converts: USD 20,000 equivalent at the live rate
Beneficiary receives: INR to the supplier's account against invoice
Fees on this example: Brokerage fee plus the quoted INR leg

Common questions

What is the difference between a trade and a non-trade payment to India?: A trade payment settles an invoice for goods or services and is limited to INR 1,500,000 per invoice. A non-trade payment is between individuals, consumer to consumer, and runs up to INR 500,000,000. Each carries its own purpose of payment code.
Can an individual use this corridor?: Yes. India is one of the corridors that supports consumer to business and consumer to consumer payments, so an individual can pay an Indian business against an invoice or another individual as a non-trade payment, after onboarding.
Can I pay my own Indian bank account?: Payouts to your own account follow the same onboarding and screening as third-party payouts, without the 0.25% third-party element of the fee.
What is the maximum for a INR payout to India?: Trade payments INR 1,500,000 per invoice; non-trade payments INR 500,000,000, consumer to consumer only, set by the receiving market.

India: limits set by the receiving market, availability subject to screening and partner requirements, indicative and not an offer. See the coverage table.

Nearby corridors

Open a XEROF account to pay Indian rupees in India.

Talk to our team Open account