PayPal introduces digital foreign inward remittance advice

Digital payments provider PayPal has introduced an automated process to obtain monthly foreign inward remittance advice (FIRA), allowing Indian merchants to download their monthly digital FIRA issued by banks.

The automated process will not require sellers to place manual and individual requests, thereby reducing the time taken to file the paperwork. The initiatives at zero cost are aimed to empower Indian MSME exporters to seamlessly grow their business internationally.

Previously, Indian sellers and freelancers had to send a manual request to PayPal’s partner bank and also pay a fee for the service. The bank would then issue FIRA as a physical statement which could take upto 10 days and required the seller to visit the bank to collect the same.