Which banks Storspay pays in India, how fast the money lands, and the limits per payment

Short answer. Storspay pays any Indian bank account on the domestic rail — HDFC Bank, ICICI Bank, State Bank of India, Axis Bank, Kotak Mahindra and every other IFSC-coded bank — by account number, over IMPS or NEFT. Most payments land within minutes; the latest is the same business day. You need the recipient's name as it appears on the account, the bank and the account number; Storspay checks the name before you confirm. Payments above ₹1,500,000 are split automatically under the local cap, under one reference and one fee.

What you need from the recipient

Three things: the account holder's name exactly as the bank has it, the bank, and the account number (with the branch or routing code where the bank uses one). Storspay verifies the account name with the bank before you confirm, so a typo stops the payment instead of sending it to a stranger.

Timing

Payments over IMPS or NEFT usually land within minutes, around the clock. Larger amounts can take until the end of the same business day. Public holidays in India can delay a very large payment to the next working day; the status in Storspay tells you where it is at every step.

Mobile wallets

Storspay pays bank accounts in India today. Wallets are on the roadmap; in the meantime, nearly every wallet user also has a bank account you can pay.

What is different about India

India is the largest market for remote professional services on earth and a bank-first corridor: every salaried professional and every registered company has an IFSC-coded bank account, and domestic rails (IMPS, NEFT) clear in minutes. What matters to an Indian recipient is the rupee amount that actually lands, because wires from the US or Europe routinely arrive short after correspondent-bank charges and a hidden FX spread. Storspay converts once at the mid-market rate and shows the 1% separately, so the rupee figure in the notification is the figure in the account.

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

What if the account name does not match?

Storspay shows you the name the bank returned and will not send until you fix the details or confirm the match. Most mismatches are a middle name or a company suffix.

Can I pay on a Saturday?

Yes. The domestic rail runs around the clock; most payments land within minutes seven days a week. Very large amounts may wait for the next business day.

Is there a minimum payment?

The fee minimum is US$2, which makes anything under about US$200 cost slightly more than 1%. There is no other minimum.

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.