Running an export business or freelancing for international clients isn’t just about getting paid — it’s about proving you got paid.
You send an invoice, the client pays, the money lands — and just when you exhale, your accountant says,
> “We still need the FIRC.”
You blink. The what?
That’s the moment every Indian exporter or freelancer discovers the underworld of compliance — FIRC, purpose codes, BRCs, and the mysterious art of “waiting for the bank RM to reply.”
So let’s break it down. How do banks and fintech platforms really handle compliance support? And why does one make you wait a week for a PDF while the other delivers it in two clicks?
The Great Compliance Mystery — Why Does Something So Simple Take So Long?
Every foreign payment entering India needs to be documented for RBI. Banks were built to handle this — just not quickly.They run on layers of approvals, trade desks, and emails that go from one department to another before you finally receive a three-page PDF marked “Certificate of Foreign Inward Remittance.”Fintech platforms, on the other hand, decided to rebuild that entire process from scratch — directly embedding compliance into your payment flow.
The result? What took seven emails and ten days through a bank RM now happens automatically, and you can actually see it happening in real time.
FIRC and Purpose Code — Two Acronyms That Run Your Life
FIRC: The Proof You Didn’t Know You Needed
Your Foreign Inward Remittance Certificate is the RBI’s official proof that a foreign client paid you.You need it for income-tax filings, GST refunds, export documentation — and sometimes even for visa or funding paperwork.Without it, your “money received” isn’t officially “income earned.”
Purpose Code: The RBI’s Secret Decoder Ring
Every payment entering India must be tagged with a purpose code — a short RBI code explaining why the payment came in.It could be for consulting, software, design, or goods export.If it’s tagged wrong or not at all, your refund, compliance, or audit trail goes sideways fast.
So yes, those small codes matter more than they look.
Life With a Bank RM — Compliance by Email Chain
| Step | What Happens | Your Mood | Typical Delay |
|---|---|---|---|
| You request a FIRC | Email your RM, attach invoice | Hopeful | 3–10 days |
| You follow up | “Just checking if you got my email…” | Annoyed | 2–3 days later |
| RM forwards | “Sent to trade team.” | Confused | Undefined |
| Purpose Code? | “We’ll check internally.” | Resigned | Ongoing |
| Final outcome | You get a PDF FIRC by email | Relieved (for now) | 7–14 days |
Banks don’t make compliance painful on purpose — their systems were built for a different era.
Each FIRC request moves through multiple desks; each purpose code is typed manually.
It’s not malicious. just medieval.
Life With a Fintech Platform — Compliance That Just… Happens
| Step | What Happens | Experience | Time |
|---|---|---|---|
| Receive Payment | Tagged automatically with the right purpose code | Feels seamless | Instant |
| FIRC Issued | Auto-generated via partner bank | Transparent | 24–48 hours |
| e-BRC Linked | Synced automatically | Effortless | Within a week |
| Support | Chat or dashboard | Human, quick | Real-time |
Instead of juggling attachments and “dear sir” emails, you log in, click, and download.
Compliance stops being a separate department; it becomes a feature.
It’s not that fintechs made compliance easier.They made it make sense.
Real Example — Two Freelancers, Same Payment, Different Realities
Asha (Bank Route):
Her $1000 USD project payment lands in her account.
Her CA asks for the FIRC to close her GST filing.
She emails the RM. Waits. Follows up. Waits again. The FIRC finally arrives nine days later.
Rohit (Fintech Route):
His $1000 payment arrives via a fintech partner.Within 48 hours, his e-FIRC is ready in his dashboard — already tagged with the correct purpose code.His CA downloads it, files the return, and moves on.
Same income.Different experience.
The Hidden Cost of Delayed Compliance
Late FIRCs don’t just annoy accountants — they freeze cash flow.You can’t file refunds, claim benefits, or reconcile exports until those documents arrive.Wrong purpose codes can push your payment into a manual review queue at your bank or even at DGFT.Each delay stretches your working-capital cycle by days or weeks.
In short: the slower the compliance, the slower your business.
The Compliance Scorecar
| Feature | Bank RM | Fintech Platform |
|---|---|---|
| Speed | Depends on follow-ups | Automated |
| Transparency | Low | Full |
| FIRC Issuance | Manual PDF via email | Auto e-FIRC via dashboard |
| Purpose Code Tagging | Manual entry | Built-in |
| BRC Generation | Post-FIRC, manual | API-linked |
| Support | RM + trade team | In-app + real people |
| RBI Compliance | ✅ | ✅ (via partner bank) |
Both are legitimate.
Only one respects your time.
Verdict — Compliance Is No Longer a Favour
For years, compliance felt like a favour banks did for exporters — “we’ll process your FIRC soon.” Now it’s becoming what it should’ve always been: a built-in part of your payment process.
Fintechs turned compliance from a chase into a checklist.If your FIRC still arrives by email, it’s not your accountant’s fault — it’s your infrastructure’s.
In Summary
Banks manage compliance like a queue.Fintechs manage it like a dashboard.
HiWiPay automates the entire compliance chain — FIRC, BRC, and purpose code tagging — directly through RBI-regulated partner banks.No waiting on RMs. No lost PDFs. No “still processing” emails.Just fast, transparent, fully compliant settlements that work on your schedule, not theirs.
