🇮🇳 Pay Suppliers in India
Pay Indian textile suppliers, garment manufacturers, and IT services
T+0 (2.3s avg within Unicorn network). Save 86% vs traditional banks.
What you need to send money to India
What details do I need to pay suppliers in India?
To pay suppliers in India you need the recipient's IFSC Code (11-character alphanumeric code), plus account number and beneficiary name. Payments typically settle in 2.3 seconds and cost 0.5% FX spread + £5 per payment.
How fast are payments to India?
Payments to India settle in an average of 2.3 seconds when using local rails such as UPI (Unified Payments Interface), compared to 2–3 days via traditional SWIFT.
How much does it cost to send money to India?
Unicorn Currencies charges 0.5% FX spread and £5 per payment. You save about 86% versus banks (e.g. £505 vs £3530 on a £100k transaction).
Cost Comparison: Banks vs Unicorn Currencies
See how much you save on £100,000 payment to India
| Cost Item | Traditional Banks | Unicorn Currencies |
|---|---|---|
| FX Spread | 3.5% | 0.5% |
| Payment Fee | £30 | £5 |
| Total Cost (£100,000) | £3,530 | £505 |
| YOUR SAVINGS | N/A | £3,025 (86%) |
| Settlement Time | 2-3 days (SWIFT) | T+0 (2.3s avg within Unicorn network) |
Local Payment Rails in India
Avoid expensive SWIFT fees. We use local payment systems in India for faster, cheaper settlement.
UPI (Unified Payments Interface)
Instant mobile payments, free for merchants
IMPS (Immediate Payment Service)
24/7 instant bank transfers
NEFT (National Electronic Funds Transfer)
Batch processing, lower cost for large amounts
RTGS (Real Time Gross Settlement)
For transactions above ₹2 lakh
Who Uses This Payment Corridor
Key Industries in India
- Textile & Garment
- IT Services
- Pharmaceutical
- Leather Goods
- Jewelry
Average Transaction: £30k-£150k
Typical Monthly Volume: £200k-£2M
Popular Supplier Types
- Textile mills (Tirupur, Ludhiana, Surat)
- Garment manufacturers (Bangalore, Delhi NCR)
- Leather goods (Kanpur, Chennai)
- IT/software development (Bangalore, Hyderabad)
What You Need to Know: India Payments
Regulatory Considerations
- FEMA (Foreign Exchange Management Act) compliance
- RBI (Reserve Bank of India) reporting for large transactions
- Import/export code (IEC) required for trade payments
- GST (Goods and Services Tax) documentation
Payment Tips for India
- Use UPI or IMPS to avoid 2-3 day SWIFT delays
- Coordinate with supplier's CA for GST invoice matching
- INR is volatile - lock rates when favorable
- Avoid Diwali/festival periods for urgent payments
Why Choose Unicorn for India Payments
Local Rails, Not SWIFT
We use UPI (Unified Payments Interface) and other local systems in India. Avoid 3-4% SWIFT fees and 2-3 day delays.
86% Lower Costs
Save £3,025 on every £100,000 payment. On £200k-£2M monthly volume, save up to £90,750 annually.
Bank of Canada Supervised
Registered Payment Service Provider (PSP) and FINTRAC MSB. Full regulatory compliance for India payments.
Real-Time FX Tracking
Upload supplier invoices in INR. See live P/L as GBP/INR rates move. Lock rates for 15 seconds before committing.
£1,000,000+ Paying Suppliers in India? Save 86%
Enterprise treasury for import/export businesses with T+0 (2.3s avg within Unicorn network) settlement to India
For businesses with high annual FX volume. Not consumer transfers.