Paying India from abroad: 15 questions businesses ask, answered

Short answer. Storspay pays Indian bank accounts — HDFC Bank, ICICI Bank, State Bank of India — at the mid-market rate for 1% all-in (minimum US$2), usually within minutes, from a business balance funded in USD, CAD, GBP or EUR. Recipients need no account. Getting paid from India is not yet live. The fifteen questions below cover everything else businesses ask before the first payment.

Rate, fee and speed

What rate does Storspay use for India?

The mid-market rate at the moment you confirm — today 1 USD = 96.9643 INR — locked for that payment and printed on the receipt.

What is the fee to India?

1% all-in with a US$2 minimum. Nothing is deducted on the recipient's side.

How fast does the money land?

Usually within minutes over IMPS or NEFT; the same business day at most.

Is there a limit per payment?

Payments above ₹1,500,000 are split automatically under the local cap, under one reference and one fee.

Recipients

Which banks can you pay in India?

HDFC Bank, ICICI Bank, State Bank of India, Axis Bank, Kotak Mahindra and every other IFSC-coded bank.

Does the recipient need a Storspay account?

No. They receive a domestic credit in rupees and a notification with the amount and your reference.

Can you pay mobile wallets in India?

Not yet — bank accounts today, wallets on the roadmap.

Can I pay in dollars to a dollar account in India?

Storspay pays rupees to Indian banks. A recipient who wants dollars can open a free Storspay sole-trader account and hold USD in their own name.

Documents and compliance

Do I need a licence?

No — you are a business paying invoices. Storspay and its licensed partners hold the licences.

What will the recipient's bank ask?

Inbound business payments to India go through the recipient's authorised-dealer bank. The recipient's bank may ask for the purpose of the payment (a purpose code such as P0802 for software consultancy, P0801 for IT services, or the goods-export codes for merchandise), the invoice, and the recipient's PAN. Exporters of goods and services usually want a Foreign Inward Remittance Certificate (FIRC) or an e-FIRA from their bank to close the export entry and claim GST refunds — ask the recipient whether they need one before the first payment, and keep the Storspay receipt with the invoice on your side.

Who pays India

Can I pay from Canada in Canadian dollars?

Yes — fund by Interac or EFT, free, and pay rupees at the mid-market CAD rate.

Can a business in Nigeria, Kenya or Ghana pay a supplier in India?

Yes. It funds its Storspay balance from its own bank or mobile money at 2% and pays the Indian supplier at 1%. See Pay abroad.

Can an education agent or scholarship office pay tuition in India?

Yes — to the institution's bank account with the student's name and admission number as the reference. Storspay is for organisations, not personal transfers.

Can a medical-travel facilitator or insurer pay a hospital in India?

Yes — the deposit and the final bill in rupees, with the patient's name and estimate number attached.

Can I get paid from India?

Not yet. Payment requests work from our 26 African, Latin American, Cambodian and Sri Lankan corridors; India is pay-out only for now.

How a payment to India works on Storspay

1. Fund your balance in USD (ACH or wire), CAD (Interac e-Transfer or EFT), GBP (UK bank transfer) or EUR (SEPA) — to account details in your own business name. Funding is free.
2. Add the recipient once: their name as it appears on the account, the bank (HDFC Bank, ICICI Bank, State Bank of India, Axis Bank, Kotak Mahindra and every other IFSC-coded bank) and the account number. Storspay checks the account name before you confirm.
3. Type the amount in either box. Enter what you want to send and see the rupees that land, or type the rupees figure on the invoice and see what it costs you. The rate is the mid-market rate; the 1% is on its own line.
4. Confirm. The money goes over IMPS or NEFT and usually lands within minutes — the same business day at most. The recipient gets a notification with the exact amount, and you get a receipt with the invoice reference.

Nobody in India has to sign up, install an app or touch anything other than their own bank account. Everything on the recipient side looks like an ordinary domestic transfer.

What it costs

Storspay charges 1% all-in on payments to India, with a minimum of US$2, at the mid-market rate. That one line covers conversion, settlement and delivery; there is no FX markup, no intermediary-bank charge and nothing deducted on the recipient side.

Rates in this guide are the mid-market rate on the day of writing (1 USD = 96.9643 INR); the calculator on the homepage shows today's. Payments above ₹1,500,000 are split automatically under the local cap, under one reference and one fee.

See what your team in India receives →

Questions businesses ask before the first payment to India

Can I pay a UPI ID instead of an account number?

Not yet. Storspay pays Indian bank accounts by account number and IFSC code; UPI handles are on the roadmap. Every UPI-linked account has an ordinary account number you can use today.

Is there a limit per payment to India?

Payments above ₹1,500,000 are split automatically under the local cap, under one reference and one fee — a large invoice never becomes several trips to the bank.

Does the recipient pay anything?

No. Storspay charges you 1% all-in (minimum US$2); the recipient receives the rupee amount shown. Their bank may apply its own inward-remittance charge for issuing an FIRC — ask them, it is usually a few hundred rupees.

Who this is for — and who it is not for

Storspay is for businesses and organisations: companies, agencies, schools, hospitals, facilitators, foundations and sole traders paying other businesses and professionals for work, goods and services. A sole trader counts as a business and signs up in their own name.

What Storspay is not is a personal money-transfer service. We do not open personal accounts, and every payment has to be a business transaction: an invoice, a contract, a fee note, work delivered. Money to family and personal transfers are not what this is, and we would rather say so now than at verification.