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Service · Money and finance
Payments, Foreign Exchange & Settlement across borders
Moving money between markets: payments, currency and settlement. Led by a WONE Global Partner where one is named. Elsewhere, WONE Global confirms on request whether a vetted Associate firm can act.
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Professional knowledge centre
Payments, Foreign Exchange & Settlement: how it works
Moving money across borders involves three sets of rules: whether the currency can be converted and sent out, who may carry out the payment, and what must be reported along the way. Most of the main markets impose no exchange control, but India, China, Nigeria and Egypt still regulate capital flows or have recently reformed their foreign exchange markets, so documentation decides how quickly profits can leave. Payment and e-money firms need a licence in each market, and the rules are changing: the EU agreed PSD3 and a Payment Services Regulation in November 2025, euro instant payments became mandatory for banks in 2025, the UAE regulates dirham stablecoins from August 2024, and the FATF tightened cross-border payment transparency in June 2025.
Source-checked research100% of statements checked against a source53 checked against an official source15 checked against a secondary sourceChecked 2026-10-19Not yet professionally reviewed
Overview
For a founder or CFO the first question is whether money can leave freely. The UK abolished exchange control in 1979; the UAE and Saudi Arabia place no restrictions on transfers beyond withholding taxes and sanctions. India's rupee is fully convertible for current account transactions, while capital account items are controlled. China's SAFE requires contracts, invoices and tax certificates for outbound current-account payments. Nigeria unified its exchange rate in 2024 and Egypt adopted a flexible exchange rate in March 2024, but repatriation still depends on documentation, such as Nigeria's Certificate of Capital Importation.
The second question is who may move the money. Payment services, e-money and crypto-asset services are licensed activities in every main market, with capital requirements, local incorporation or data storage rules. The third is reporting: payment statistics returns in Germany, travel-rule data on wire transfers in the US, IBAN and due diligence rules in the UAE, and India's FEMA reporting. The modules below set out these layers with sources, and the example compares paying a supplier and repatriating profits in India, Nigeria and the UAE.
Exchange controls and repatriation
Exchange controls decide whether a business can convert local currency and send it abroad, and what evidence the bank needs first. The UK, UAE and Saudi Arabia impose no general controls. India allows current account payments but controls capital flows under FEMA; China requires documents for outbound payments; Nigeria and Egypt have liberalised their markets since 2023 but still depend on documentation and bank processing.
Sources for this topic · 11
- US Department of State — 2025 Investment Climate Statements: IndiaChecked against a secondary source · checked 2026-10-19 · 2 statements
- IndBiz, Government of India — FDI policy frameworkChecked against an official source · checked 2026-10-18 · 1 statement
- Reserve Bank of India — Master Directions - Foreign Exchange ManagementChecked against an official source · checked 2026-10-19 · 1 statement
- PwC Worldwide Tax Summaries — China, People's Republic of - Corporate - Other issuesChecked against a secondary source · checked 2026-10-19 · 2 statements
- US Department of State — 2025 Investment Climate Statements: EgyptChecked against a secondary source · checked 2026-10-19 · 1 statement
- General Authority for Investment and Free Zones (GAFI) / Invest in Egypt — Investment Law as enacted by Law No. 72 of 2017 (unofficial English translation)Checked against an official source · checked 2026-10-19 · 1 statement
- US Department of State — 2025 Investment Climate Statements: NigeriaChecked against a secondary source · checked 2026-10-19 · 4 statements
- Nigerian Investment Promotion Commission (NIPC) — Nigeria Investment Incentives & Statutory Reliefs (January 1, 2026)Checked against an official source · checked 2026-10-19 · 1 statement
- legislation.gov.uk — Finance Act 1987, section 68 (Abolition of enactments relating to exchange control)Checked against an official source · checked 2026-10-19 · 1 statement
- US Department of State — 2025 Investment Climate Statements: United Arab EmiratesChecked against a secondary source · checked 2026-10-19 · 1 statement
- US Department of State — 2025 Investment Climate Statements: Saudi ArabiaChecked against a secondary source · checked 2026-10-19 · 1 statement
Questions on this topic
16 statements on exchange controls and repatriation
Payment institution licensing
Providing payment services needs a licence in every main market. The EU's PSD2 has applied since 2018 and a replacement PSD3 and Payment Services Regulation were provisionally agreed in November 2025. Singapore licenses providers in three classes under the Payment Services Act, and the UAE in four categories with capital from AED 100,000 to AED 3 million, local incorporation and local data storage. India requires payment data to be stored in India, and Saudi Arabia requires SAMA approval before a payment company can be incorporated.
Sources for this topic · 8
- European Commission (DG FISMA) — Payment servicesChecked against an official source · checked 2026-10-19 · 2 statements
- Central Bank of Ireland — Authorisation | Central Bank of IrelandChecked against an official source · checked 2026-10-19 · 1 statement
- Attorney-General's Chambers, Singapore Statutes Online — Payment Services Act 2019Checked against an official source · checked 2026-10-19 · 1 statement
- Monetary Authority of Singapore — Payment Services ActChecked against an official source · checked 2026-10-19 · 1 statement
- Monetary Authority of Singapore — Payments regulationChecked against an official source · checked 2026-10-19 · 1 statement
- Central Bank of the UAE Rulebook — Retail Payment Services and Card Schemes Regulation (Circular C 15/2021)Checked against an official source · checked 2026-10-19 · 4 statements
- Reserve Bank of India — Storage of Payment System Data (FAQs)Checked against an official source · checked 2026-10-18 · 1 statement
- Ministry of Commerce — Establish a limited liability company (e-service details)Checked against an official source · checked 2026-10-19 · 1 statement
Questions on this topic
12 statements on payment institution licensing
Cross-border payment reporting
Cross-border payments generate reporting duties for the business, its bank, or both. Germany requires residents to report cross-border payments above EUR 50,000 to the Bundesbank; India's banks report under the RBI's FEMA reporting directions and individuals' outward remittances are capped at USD 250,000 a year; US banks must attach originator and beneficiary data to transfers of USD 3,000 or more, and US companies report foreign accounts on the FBAR. The FATF tightened its payment transparency standard in June 2025, for implementation by 2030.
Sources for this topic · 9
- Bundesministerium der Justiz / Bundesamt für Justiz (gesetze-im-internet.de) — § 67 AWV – Meldung von ZahlungenChecked against an official source · checked 2026-10-18 · 2 statements
- Reserve Bank of India — Master Direction – Reporting under Foreign Exchange Management Act, 1999Checked against an official source · checked 2026-10-18 · 1 statement
- US Department of State — 2025 Investment Climate Statements: IndiaChecked against a secondary source · checked 2026-10-19 · 1 statement
- Electronic Code of Federal Regulations — 31 CFR 1010.410 (records to be made and retained by financial institutions)Checked against an official source · checked 2026-10-19 · 1 statement
- Office of the Federal Register (eCFR) — 31 CFR 1010.311 Filing obligations for reports of transactions in currencyChecked against an official source · checked 2026-10-19 · 1 statement
- Internal Revenue Service (IRS) — Report of Foreign Bank and Financial Accounts (FBAR)Checked against an official source · checked 2026-10-19 · 1 statement
- Financial Action Task Force — FATF launches public consultation on guidance to increase payment transparencyChecked against an official source · checked 2026-10-19 · 1 statement
- UAE Government portal (u.ae) — Banking in the UAEChecked against an official source · checked 2026-10-19 · 1 statement
- Ministry of Economy and Tourism — Cabinet Resolution No. (134) of 2025 Regarding the Executive Regulations of Federal Decree by Law No. (10) of 2025Checked against an official source · checked 2026-10-18 · 1 statement
Questions on this topic
10 statements on cross-border payment reporting
Settlement systems and instant payments
Instant payments are now the default expectation in Europe and the UK. EU rules required euro-area banks to receive instant euro transfers from January 2025 and send them from October 2025, completed within 10 seconds at no more than the price of a standard transfer and with payee verification; payment and e-money institutions follow by April 2027. In the UK, Faster Payments runs 24/7 and non-bank payment firms can hold Bank of England settlement accounts. Cross-border linkages of domestic systems, such as India's UPI, are expanding bilaterally.
Sources for this topic · 4
- EUR-Lex (Publications Office of the EU) — Regulation (EU) 2024/886 amending Regulations (EU) No 260/2012 and (EU) 2021/1230 as regards instant credit transfers in euroChecked against an official source · checked 2026-10-19 · 5 statements
- European Commission (DG FISMA) — Single euro payments area (SEPA)Checked against an official source · checked 2026-10-19 · 1 statement
- Bank of England — Payment and settlementChecked against an official source · checked 2026-10-19 · 3 statements
- US Department of State — 2025 Investment Climate Statements: IndiaChecked against a secondary source · checked 2026-10-19 · 1 statement
Questions on this topic
10 statements on settlement systems and instant payments
E-money and stored value
E-money and stored value wallets are regulated separately from bank deposits. In the EU and the UK an electronic money institution needs at least EUR 350,000 of initial capital, must safeguard customer funds, redeem at par on demand and may not pay interest. The UAE requires a Central Bank licence, AED 15 million of paid-up capital and segregated float for stored value facilities. Singapore treats e-money issuance as a licensable payment service.
Sources for this topic · 4
- EUR-Lex (Publications Office of the EU) — Directive 2009/110/EC (E-Money Directive)Checked against an official source · checked 2026-10-19 · 4 statements
- legislation.gov.uk — The Electronic Money Regulations 2011 (SI 2011/99), Schedule 2Checked against an official source · checked 2026-10-19 · 2 statements
- Central Bank of the UAE Rulebook — Stored Value Facilities (SVF) Regulation (Circular C 6/2020)Checked against an official source · checked 2026-10-19 · 3 statements
- Singapore Statutes Online (AGC) — Payment Services Act 2019Checked against an official source · checked 2026-10-19 · 1 statement
Questions on this topic
10 statements on e-money and stored value
Crypto-asset rules
Crypto-asset rules diverge sharply. The EU's MiCA requires crypto-asset service providers to be EU-incorporated and authorised, with an EU-wide passport, and limits e-money token issuance to banks and e-money institutions. The UAE licenses payment token services federally and lets merchants accept only dirham stablecoins as payment, while other virtual asset activities are licensed by the SCA or emirate authorities such as Dubai's VARA. Saudi Arabia prohibits virtual asset service providers. Singapore licenses digital payment token services.
Sources for this topic · 7
- European Commission (DG FISMA) — Crypto-assetsChecked against an official source · checked 2026-10-19 · 1 statement
- EUR-Lex (Publications Office of the EU) — Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA)Checked against an official source · checked 2026-10-19 · 3 statements
- Central Bank of the UAE Rulebook — Payment Token Services Regulation (Circular C 2/2024)Checked against an official source · checked 2026-10-19 · 2 statements
- US Department of State — 2025 Investment Climate Statements: United Arab EmiratesChecked against a secondary source · checked 2026-10-19 · 1 statement
- US Department of State — 2025 Investment Climate Statements: Saudi ArabiaChecked against a secondary source · checked 2026-10-18 · 1 statement
- Singapore Statutes Online (AGC) — Payment Services Act 2019Checked against an official source · checked 2026-10-19 · 1 statement
- Financial Action Task Force — The FATF RecommendationsChecked against an official source · checked 2026-10-19 · 1 statement
Questions on this topic
10 statements on crypto-asset rules
Worked example, from official sources
Paying a foreign supplier and repatriating profits: India compared with Nigeria and the UAE
What does a foreign-owned subsidiary need to pay an overseas supplier and to send profits to its parent from India, Nigeria and the UAE?
Assumptions
- Each subsidiary is a locally incorporated company owned by a foreign parent, with a local bank account.
- The supplier payment is for imported goods or services under a written contract and invoice.
- Profits are distributed as dividends from audited accounts after local tax has been paid.
- Withholding tax rates and treaty relief are covered in the Tax & International Structuring centre.
| Point | India | Nigeria | UAE | Source |
|---|---|---|---|---|
| Currency regime | Current account fully convertible; capital account partial | Unified, liberalised market since 2023 to 2024 | No restrictions on international payments | US State Department |
| Paying a supplier | Through authorised dealer bank under RBI import directions | Official FX available; 44-item import bar lifted October 2023 | Free; IBAN required; bank CDD on transfers | RBI; US State Department; CBUAE |
| Repatriating dividends | Permitted once taxes paid; some firms report approval delays | Unrestricted after 10% withholding with evidence of tax paid | No exchange control | US State Department |
| Key document | FEMA compliance and bank remittance documents | Certificate of Capital Importation | Bank due diligence and IBAN | NIPC; US State Department; CBUAE |
| Speed indicated by source | Not stated | Usually within 48 hours | Not stated | US State Department |
Step by step
- India: the rupee is fully convertible for current account transactions, and banks process import payments under the RBI Master Direction on Import of Goods and Services, updated on 12 January 2026.14
- India: profit remittances are reported to be permitted once taxes have been paid, although some foreign financial firms report difficulty obtaining approval. Foreign investment sits within the FEMA framework and banks report foreign exchange transactions under the RBI reporting directions, so the original investment should have been reported correctly.81112
- Nigeria: since June 2023 the market operates on a willing-buyer, willing-seller basis and was unified in 2024; importers of the 44 previously excluded product categories can again use official foreign exchange.25
- Nigeria: dividends can be transferred freely after 10% withholding, with evidence of income and tax paid, and the Certificate of Capital Importation obtained when the capital came in supports access to foreign exchange. The NIPC Act guarantees transfer through an authorised dealer.91013
- UAE: there are no restrictions on international payments and transfers. The bank needs an IBAN for electronic payments and applies due diligence, including on occasional wire transfers of AED 3,500 or more.367
Conditions that apply
- In Nigeria the capital must have been imported through an authorised dealer to obtain a Certificate of Capital Importation.10
- In India capital account transactions remain controlled, so payments that are not current account items follow separate rules.1
- In all three markets banks apply anti-money-laundering checks before releasing payments.7
Result on these facts
The UAE is the simplest: no currency approval, with the bank's due diligence and IBAN rules as the only gate. India permits current account payments and, after tax, profit remittances, but some firms report approval delays, so the work lies in having the original investment properly reported and the bank's remittance documents ready. Nigeria has removed the main foreign exchange bottlenecks since 2023, but repatriation still depends on a Certificate of Capital Importation from the day the capital arrived and on evidence that tax has been paid; without that certificate the parent may be unable to get its dividend out at the official rate.
Nigerian and UAE points and India's convertibility point rely on the US State Department's 2025 Investment Climate Statements because the Central Bank of Nigeria and RBI pages could not yet be checked. Confirm the current documentary requirements with the remitting bank and the current withholding rates before paying.
Sources for the worked example
Each statement is numbered to the source it was checked against. We use official sources where we can, and each statement says whether it was checked against an official or a secondary source. Sources last checked on 19 October 2026. None of it has been professionally reviewed yet: it is research checked against official and secondary sources by WONE Global, not legal or tax advice.
The Indian rupee is fully convertible only for current account transactions; India maintains partial capital account convertibility, under which foreign exchange transactions on capital account are controlled. Central rule (RBI under FEMA). The FEMA definitions of current and capital account transactions could not yet be checked.
Secondary (foreign government) source: US Department of State 2025 Investment Climate Statement. Central bank pages for this country could not yet be checked.
The Central Bank of Nigeria liberalised the foreign exchange market in June 2023 on a willing-buyer, willing-seller basis, and Nigeria achieved exchange rate unification with an average divergence of less than 2 percent in 2024. National. The naira was devalued in late January 2024 and stabilised at about 1,500 per US dollar by the end of 2024.
Secondary (foreign government) source: US Department of State 2025 Investment Climate Statement. Central bank pages for this country could not yet be checked.
The UAE has no restrictions on making payments and transfers for international transactions, other than security-related restrictions, and currencies trade freely at market-determined prices. Federal, as reported from the IMF by the source. The dirham is pegged to the US dollar.
Secondary (foreign government) source: US Department of State 2025 Investment Climate Statement. Central bank pages for this country could not yet be checked.
The RBI's Master Direction on Import of Goods and Services is shown as updated as on 12 January 2026, and its Master Direction on Export of Goods and Services as updated as on 17 July 2026. Central rule (RBI). These directions govern how authorised dealer banks handle import payments and export receipts.
;.
In October 2023 the Central Bank of Nigeria repealed the restriction that had barred importers of 44 product categories from accessing foreign exchange in the official market. National.
Secondary (foreign government) source: US Department of State 2025 Investment Climate Statement. Central bank pages for this country could not yet be checked.
An IBAN has been mandatory since 2012 for all electronic payments and receipts within and outside the UAE, except credit card payments. Federal; all bank accounts. The same page notes that many banks require a minimum monthly balance and may charge a fee below it, without stating amounts.
Reused from market guide claim ae-banking-g13.
Customer due diligence is required on starting a business relationship and, for financial institutions, on occasional transactions of AED 55,000 or more and occasional wire transfers of AED 3,500 or more; dealers in precious metals and stones must apply it to cash transactions of AED 55,000 or more. Federal. Virtual asset service providers: occasional transactions of AED 3,500 or more (Article 7(3)); commercial gaming operators: AED 11,000 or more.
Reused from market guide claim ae-risk-003.
The US State Department reports that India permits remittance of foreign companies' profits once taxes have been paid, but that some foreign financial services firms have complained of difficulty obtaining approval to repatriate funds to their headquarters. Central rule (RBI under FEMA), as described by a foreign government source. Some sectors carry lock-in periods, and some transactions, such as remittance of share sale proceeds, may need RBI approval.
Secondary (foreign government) source: US Department of State 2025 Investment Climate Statement. Central bank pages for this country could not yet be checked.
Nigeria guarantees unrestricted transfer of dividends abroad, subject to 10 percent withholding tax, but a company must show evidence that it earned the income and paid taxes before repatriating; money transfers usually take no more than 48 hours. National. Through authorised dealer banks; withholding rate as stated by the source and to be confirmed under the Nigeria Tax Act 2025.
Secondary (foreign government) source: US Department of State 2025 Investment Climate Statement. Central bank pages for this country could not yet be checked.
Foreign capital imported into Nigeria must come through an authorised dealer, typically a bank, and the resulting Certificate of Capital Importation entitles the investor to open a foreign currency account and access foreign exchange for repatriation. National.
Secondary (foreign government) source: US Department of State 2025 Investment Climate Statement. Central bank pages for this country could not yet be checked.
FDI policy issued by DPIIT through the Consolidated FDI Policy, Press Notes and Press Releases is notified by the Department of Economic Affairs as amendments to the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 under the Foreign Exchange Management Act, 1999. Central rule.
Reused from market guide claim in-banking-001.
The RBI Master Direction on Reporting under FEMA sets the reports that authorised persons and authorised dealer Category-I banks must submit, and is shown as updated on 1 October 2026. Central rule (RBI).
The page loaded once; later loads returned unrelated content, so its detailed provisions were not reviewed. Reused from market guide claim in-banking-005.
The NIPC Act guarantees foreign investors unconditional transferability, through an authorised dealer in a freely convertible currency, of net dividends, loan servicing payments and sale proceeds.
Official NIPC summary, stated to be not legally binding; the underlying Act could not yet be checked directly. Section references in the booklet are inconsistent in places. Reused from market guide claim ng-banking-001.
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Scope
What the service covers
- 01Map payment and collection flows
- 02Identify foreign-exchange exposures
- 03Review settlement and banking constraints
- 04Put workable cross-border payment arrangements in place
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- What needs to be decided before payments, foreign exchange & settlement work starts?
- Who is professionally responsible in each country?
- Which other work, such as tax or employment, must happen at the same time?
- What information and decisions are needed from the business?
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Payments, Foreign Exchange & Settlement, market by market
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Cases
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How do we pay overseas suppliers safely and cheaply?Payments, FX, digital assets & treasuryOur international payments keep getting delayed or rejected. Why?Payments, FX, digital assets & treasuryCurrency swings are eating our margins. How do we protect ourselves?Payments, FX, digital assets & treasuryA stablecoin payment raises regulatory and tax questionsPayments, FX, digital assets & treasuryA foreign counterparty has sent funds to the wrong accountPayments, FX, digital assets & treasuryWe want independent review of treasury controlsPayments, FX, digital assets & treasuryA digital wallet operator has received a compliance noticePayments, FX, digital assets & treasuryUrgent Our bank has frozen an international payment. What can we do?Payments, FX, digital assets & treasuryWe want to start exporting to a new country. Where do we begin?International trade, customs & sanctionsHow should we price and invoice customers abroad so we actually get paid?Contracts, commercial disputes & collections
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