Guide to FIRC Certificate and How to get it for Incoming Transfers [2025]

If you're a freelancer, business owner, or individual in India receiving money from abroad, you've likely encountered the term "FIRC." This comprehensive guide explains everything you need to know about Foreign Inward Remittance Certificates in 2025, including how to obtain one, the costs involved, and why they're essential for your international transactions.

We'll also introduce you to Wise Business Account for freelancers and businesses in India that can help you save on receiving international payments with low, transparent fees and mid-market exchange rates.

What is a FIRC Certificate?

A Foreign Inward Remittance Certificate (FIRC) is an official document issued by authorized banks in India that serves as proof of receiving payment from outside India. It's essentially a receipt that confirms you've received foreign currency from an overseas source, which has been converted to Indian Rupees (INR).

Different types of certificates you should know about:

• FIRC: The traditional certificate issued by banks
• e-FIRC: Electronic version of the FIRC, which is digitally signed and can be downloaded online
• FIRA (Foreign Inward Remittance Advice): A preliminary document that contains transaction details but doesn't have the same legal standing as a FIRC
• FIRS (Foreign Inward Remittance Statement): A consolidated statement of multiple foreign remittances received over a period

The FIRC contains crucial information including the remitter's details, beneficiary information, purpose of remittance, amount received in foreign currency, conversion rate, and the INR amount credited to your account.

Why is FIRC Needed?

FIRCs serve several important purposes for Indian recipients of international payments:

• Tax compliance: Provides proof of foreign income source for Income Tax filing
• GST requirements: Necessary documentation for GST returns when providing services to foreign clients
• Export verification: Serves as evidence of export proceeds for businesses
• RBI regulations: Helps comply with Foreign Exchange Management Act (FEMA) requirements
• Audit purposes: Essential documentation during financial audits
• Proof of earnings: Validates your foreign income sources to financial institutions

FIRC Certificate Format

While the exact format may vary slightly between banks, a standard FIRC certificate typically includes:

1. Certificate number: A unique identifier for the FIRC
2. Bank details: Name and branch of the issuing bank
3. Remitter information: Name and country of the sender
4. Beneficiary details: Your name and account number
5. Transaction details:
   • Amount in foreign currency
   • Exchange rate applied
   • Amount in INR
   • Date of receipt
6. Purpose code: A standardized code indicating the reason for the remittance
7. Bank's authorized signature and stamp

The FIRC number is particularly important as it serves as a reference for the specific transaction and is often required when submitting documentation to tax authorities or other regulatory bodies.

Who Issues FIRC Certificates?

In India, FIRCs are issued by:

• Authorized Dealer (AD) banks: Banks authorized by the Reserve Bank of India to deal in foreign exchange
• The bank that processes your inward remittance: Typically, the bank where you received the foreign payment

Major banks that issue FIRCs include HDFC Bank, ICICI Bank, State Bank of India (SBI), Axis Bank, Yes Bank, and other commercial banks authorized to handle foreign exchange transactions.

How to Get a FIRC Certificate

The process of obtaining a FIRC varies slightly depending on your bank, but here's a general step-by-step guide:

1. Ensure proper purpose code: When receiving international payments, make sure the correct purpose code is used by the sender (for example, P0802 for software services)

2. Wait for the transaction to complete: The FIRC can only be issued after the foreign remittance has been credited to your account

3. Submit a request to your bank:

   • Visit your bank branch or use their online banking portal
   • Fill out the FIRC request form (available at the branch or downloadable from the bank's website)
   • Provide transaction reference numbers and dates

4. Submit supporting documents:

   • Copy of your bank statement showing the credit
   • Invoice related to the payment (if applicable)
   • Letter requesting the FIRC (if required by your bank)
   • Any additional documents specified by your bank

5. Pay the FIRC issuance fee

6. Collect or download your FIRC:

   • Physical FIRC: Collect from the branch after the processing period
   • e-FIRC: Download from the bank's portal or receive via email

The processing time typically ranges from 3-10 working days, depending on the bank and whether you're requesting a physical or electronic FIRC.

Request Letter for FIRC Certificate

If your bank requires a formal request letter for issuing a FIRC, here's a template you can use:

Your Name
Your Address
Your Contact Number
Your Email

Date:

To,
The Branch Manager
Bank Name
Branch Address

Subject: Request for issuance of Foreign Inward Remittance Certificate (FIRC)

Dear Sir/Madam,

I, (Your Name), maintain a (Current/Savings) account number (Your Account Number]) with your bank. I have received a foreign inward remittance with the following details:

• Remittance Amount:
• Date of Credit:
• Reference/UTR Number:
• Remitter's Name:
• Remitter's Country:
• Purpose of Remittance:

I request you to issue a Foreign Inward Remittance Certificate (FIRC) for the above transaction for (mention specific purpose - tax filing/GST compliance/export verification, etc.).

I am enclosing the following documents:

1. Copy of bank statement showing the credit
2. Invoice related to the payment (if applicable)
3. Any other documents as required

I authorize you to deduct the applicable charges from my account.
Thank you for your assistance.

Yours sincerely,
Your Signature
Your Name

Meet Wise Business: A Convenient Alternative for Receiving International Payments in India

For businesses and freelancers in India frequently receiving international payments, Wise Business offers a convenient alternative. Here's how Wise Business offers freelancers and businesses in India:

• Multi-Currency Account Details: Get local bank details in multiple major currencies (USD, GBP, EUR, AUD, and more). This allows your international clients to pay you with a local transfer in their currency, often avoiding expensive international wire fees for both you and your clients.
• Mid-Market Exchange Rate: Your received payments are converted to INR with mid-market exchange rate (the same one you see on Google), with no hidden markups.
• Automated e-FIRC: Receive your Electronic FIRC (e-FIRC) automatically via email within 3 business days of the funds being processed. No need to request it separately. Learn more about Wise e-FIRC.
• Low, Transparent Fees: Wise charges a small, upfront fee for currency conversion and transfers: View Wise Business Pricing

Get started with Wise Business🚀

Common FIRC Issues and Solutions

FIRC Not Received

If you haven't received your FIRC after the standard processing time:

• Check your email spam folder (for e-FIRCs)
• Contact your bank's customer service with your request reference number
• Visit your branch with transaction details to follow up

Incorrect Information on FIRC

If your FIRC contains errors:

• Contact your bank immediately
• Provide evidence of the correct information
• Request a corrected FIRC (some banks may charge an additional fee)

FIRC for Old Transactions

Most banks allow you to request FIRCs for transactions up to 1-2 years old. You'll need:

• Detailed transaction information
• Bank statements showing the credit
• A specific request letter explaining why you need the FIRC for an older transaction

Conclusion

A Foreign Inward Remittance Certificate is an essential document for anyone in India receiving payments from abroad. Whether you're a freelancer, business owner, or individual receiving foreign funds, understanding how to obtain and use FIRCs is crucial for tax compliance and regulatory requirements.

While the process varies slightly between banks, the general steps remain consistent: ensure proper transaction details, submit a formal request with supporting documents, pay the required fee, and wait for processing.

For those looking to streamline their international payment process, services like Wise offer convenient solutions with integrated FIRC request capabilities, making it easier to manage your global income while staying compliant with Indian regulations.

Remember to keep your FIRCs organized and accessible, as they may be required during tax filing, GST returns, or financial audits.