Making payments to India, Indonesia, Malaysia and the Philippines – INR, IDR, MYR & PHP
You can make payments to India, Indonesia, Malaysia, and the Philippines by converting funds to Indian Rupee (INR), Indonesian Rupiah (IDR), Malaysian Ringgit (MYR), or Philippine Peso (PHP).
Payment systems that we use for domestic payments
We select the best local payment systems based on the amount and the time when you book a payment:
- For amounts under INR 200,000, we use IMPS (Faster Payment)
- For amounts above INR 200, 000, we use RTGS which operates only during business hours in India
IDR: all IDR payments are sent on SKN
MYR: all MYR payments are sent on Interbank GIRO (IBG)
PHP: all PHP payments are sent on PESONet
Do you deduct any costs from the payment being sent?
No, the recipient receives the full payment amount.
Is there a limit on the maximum payment/trade size?
Yes, we have the following maximum transaction sizes:
- INR 1,500,000 per day to any particular beneficiary
- IDR 350,000,000
- MYR 100,000
- PHP 1,300,000
You may make larger payments in USD to these countries using SWIFT in USD.
Can I convert these APAC currencies back to another currency?
Yes, under exceptional scenarios, if payments in these 4 APAC currencies fail and it is no longer feasible to pay the balance funds, you can sell the funds back into another supported currency. This should only occur in exceptional circumstances. Winvesta monitors the activity closely.
Can I hold a balance in these currencies?
No, you need to pay all funds immediately. Please make sure you create payments on the back of each trade so no surplus balance is outstanding. Winvesta periodically monitors the balance and reserves the right to automatically sell back any surplus funds held over five days.
What happens if I fail to fund in time?
We do not roll conversions to the next day. Unfortunately, failure to send sold currency funds by the settlement cut-off time results in the cancellation of your conversions.
What happens if a payment fails?
You must correct the payment instruction and resend. Failure to do so may result in the automatic conversion of APAC currency into another supported currency and will be subject to exchange rate fluctuations.
Can I make charitable payments in these currencies?
Any payments to non-profit organisations, charities, and charitable funds/institutions in Indonesia, India, Malaysia, and the Philippines are not supported as local payments. To make these types of payments, you need to send them as USD payments via SWIFT.