Clients can make payments to India, Indonesia, Malaysia and the Philippines by converting funds to Indonesian Rupiah (IDR), Indian Rupee (INR), Malaysian Ringgit (MYR) or Philippine Peso (PHP).
What currency pairs are supported?
We support conversion from any of these currencies:
- US Dollar (USD)
- UK Sterling (GBP)
- Euro (EUR)
- Australian Dollar (AUD)
- Canadian Dollar (CAD)
to any of these four APAC currencies:
- Indian Rupee (INR)
- Indonesian Rupiah (IDR)
- Malaysian Ringgit (MYR)
- Philippine Peso (PHP)
Can I trade over the weekend?
Yes, it is possible to get rates and trade the pairs listed above over the weekend.
What FX tenors are supported?
T+0, T+1 (Default) and T+2. We cannot support Forwards.The tenors available for a transaction depends on whether the booking time is before or after the same day FX cutoff time. The diagram below gives more information:
Do you deduct any costs from the payment being sent?
No, the recipient receives the full payment amount. However, please bear in mind there is transaction fee with additional cost to incur by payer.
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
Do you support all payment types?
No, we do not allow loan payments to businesses in India. Also, INR payments where the sender is permanently based in India are not accepted. but, any other payments to businesses and all payments to individuals are permitted.
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. UQPAY monitors the activity closely.
Can I hold balance in these currencies?
No, you need to process all funds immediately. Please make sure you create payments on the back of each trade so no surplus balance is outstanding. UQPAY periodically monitors the balance and reserves the right to automatically sell back any surplus funds held if exceed more than 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 will result in the cancellation of your conversions.
Are these currencies available to everyone?
These currencies are not available by default. Please contact cs@uqpay.com or your customer success manager if you need these fund to be process.
What happens if a payment fails?
You must correct the payment instruction and resend once notified. 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.
Do you support payment traces or recalls?
No traces or recalls are supported via the network.
What local rails do you use for domestic payments?
We select the best local rail based on the amount and the time when you book a payment:
| Currency | Payment Rail |
|---|---|
| INR: |
For amounts under INR 500,000, we use IMPS (Immediate Payment Service). For amounts above INR 500, 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 |
For payments where the beneficiary bank is connected to the instant scheme and the payment is below PHP 50,000, we use Instapay. For payments where the beneficiary bank is not connected to the instant scheme and/or the payment is above PHP 50,000, we use PESONet. |
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