All you need to know about PayPal’s Monthly Digital FIRA

Aug 22 2021 | PayPal editorial staff

If you have been managing or receiving international payments as a merchant or freelancer, you probably know how important an FIRA is.
A Foreign Inward Remittance Advise (FIRA) is a document that acts as a testimonial for all inward remittances and payments, received in India from abroad. Most statutory authorities accept this document as proof that an individual or a business has received an international payment in a foreign currency from outside the country.

However, regardless of whether you run a limited company, a partnership firm, or a sole proprietorship firm, the process of procuring an FIRA can be quite tiresome, manual and time-consuming. Not only that, it also costs money.

We, at PayPal, understand how troublesome all of this can be and decided to make this process faster simpler and most importantly – FREE FIRA for all our merchants, by introducing the ‘Monthly digital FIRA’ service. So now, you can skip the manual process to acquire your FIRA and dedicate more time to growing your business or your freelancing career.
 

Here’s how the Monthly Digital FIRA is beneficial for PayPal sellers

  • invoiceGet a single Digital FIRA for all your monthly foreign inward transactions​
  • email notificationsGet monthly email notifications when your FIRA is ready for download​
  • automated digitalDownload your automated Digital FIRA for free​
Starting February 2021, all merchants will be able to download their Monthly Digital FIRA, without placing any requests, directly from their PayPal business account dashboard. All international transactions of the previous month will be referenced in a single FIRA, which will be made available for download by the 15th of subsequent month. PayPal will send out an email notification to the merchants, once the automated digital FIRA is ready for download.
 

Here’s how you can download your Monthly Digital FIRA

  1.  Login to your PayPal Business account
 
Login to your PayPal Business account

2.  Click on Reports (Top Menu)
 
Click on Reports

3.  Click on Statements (Left Menu)
 
Click on Statements

4.  Click on FIRA
 
click-on-firc

5.  Select the month and Download your Digital FIRA hassle-free
 
digital-firc

So, wait no longer! Download your Free Monthly Digital FIRA now!

The Monthly Digital FIRA is available from February 2021. For transactions prior to February 2021 and individual FIRA requests, please place a Custom FIRA request Here.
 
The contents of this site are provided for informational purposes only. The information in this article does not constitute legal, financial, IT, business or investment advice of any kind and is not a substitute for any professional advice. You should always obtain independent, professional accounting, financial, IT and legal advice before making any business decision.

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