# FAQ

1. **What are the bank cut-off timings for LRS remittances?**
| Bank | Start | Cut-off |
|  --- | --- | --- |
| HDFC | 9:30 AM | 2:30 PM |
| IDFC | 9:30 AM | 2:30 PM |
| ICICI | 9:30 AM | 5:30 PM |
| Axis | 9:30 AM | 5:30 PM |
| Kotak | 9:30 AM | 2:30 PM |
All times are IST, Monday–Friday. Orders placed after the cut-off, or on weekends/bank holidays, are queued for processing on the next working day.
These windows are as informed by the respective banks. Actual processing may drift from this schedule, particularly during high-volume periods or when a bank is facing operational issues.
2. **Will Glomo ask the customer for bank details at checkout?**
Only if the order was created without a `bank_account_id`. If a `bank_account_id` is passed when creating the order, Glomo prefills and displays those bank details to the customer for confirmation (not editable). If it is omitted, Glomo collects the bank details from the customer during checkout. See [Collection of bank account information](/product-guide/payin/resident-india-remittance-under-lrs#collection-of-bank-account-information) for details.
3. **Does the Create a quote API return Glomo's rate or the bank's rate?**
The `fx_rate` returned by the [Create a quote](/product-guide/payin/resident-india-remittance-under-lrs/integration-guide#create-a-quote) API is the bank's mid-market rate at the time of the call, with no markup added by Glomo. Note that `quote_id` is valid for only 30 minutes — the rate and final INR debit (incl. GST & TCS) are confirmed by the bank at the time the payment is actually processed, and can vary from the indicative quote.
4. **How often do FX rates get updated?**
Refresh frequency depends on the bank:
  - ICICI, IDFC, Axis: twice a day, around 9:30 AM and 5:00 PM IST.
  - HDFC, Kotak: roughly every 3 hours.
Given `quote_id` expires in 30 minutes, fetch a fresh quote close to the time of payment rather than reusing an older one.
5. **Who calculates and collects TCS (Tax Collected at Source)?**
TCS is calculated, applied, and managed independently by the remitting bank, in accordance with applicable RBI/tax regulations. Glomo does not compute or collect TCS, since Glomo does not have visibility into the customer's cumulative LRS remittances across other sources.
6. **Are there any processing fees or FX markups added by Glomo?**
No processing fee is charged by the bank on these transactions. GST is applicable on the FX component. Glomo does not apply any FX markup; the exchange rate shown to the customer is the rate provided by the bank.
7. **Why is a customer asked to wait when retrying a payment on the same order?**
When a payment attempt is made on an order, a payment ID is created and the order's expiry is extended by 35 minutes from the attempt time — this buffer exists because the outcome of the attempt isn't known immediately (e.g. while the bank, such as ICICI, is processing it). Glomo waits 30 minutes to mark that payment ID as failed if no confirmation is received, followed by another 5 minutes before expiring the order if no further attempt is made.
If a customer reopens the same order while a prior attempt's payment ID is still active, they are prompted to wait until that window elapses.
**Recommendation:** instead of making the customer wait, create a fresh order and have the customer pay against it. A new order has no prior payment attempt, so it carries no waiting period.
8. **How is the SWIFT reference number generated and mapped to a transaction?**
Glomo does not generate a SWIFT reference number. Every partner bank provides its own unique `payment_id`/transaction reference, which Glomo uses for tracking.
9. **Can a transaction that has been marked successful subsequently be reversed? How are reversals or chargebacks handled?**
A transaction is marked successful only after clear funds are sighted by Glomo in its PSP escrow account. In the rare event a bank initiates a reversal for an erroneous credit, Glomo shares the status on a case-by-case basis.
10. **What is the typical turnaround time (TAT) for funds to be credited to the GIFT City account after a transaction is initiated?**
TAT varies by bank and its processing cut-offs. Credits to Glomo's GIFT City account are generally observed between T+0 and T+2. These credits are reconciled thrice every working day against each transaction, after which funds are marked available in the client's payment account (enabling buying power on their end). Funds themselves are bulk-settled once daily in a rolling manner.
11. **Are there any charges applicable during the transaction lifecycle, and how are they communicated?**
On the charges shown to the investor: the indicative FX rate (fetched via the bank API), the bank's convenience/transaction fee, and the applicable GST are all displayed on the Glomo Checkout.
12. **At what intervals are funds settled and credited to the GIFT City account for pay-in transactions?**
Earmarked settlements for pay-in transactions are processed to the identified bank account every working day between 11 AM and 12 PM IST. This can be routed either to the client's GAP physical bank account or directly to a US broker, as per the client's choice.
13. **What report formats are available for pay-in and payout reconciliation (MIS/statements)?**
Payment reports, settlement reports, and bank statements are all provided in CSV format, downloadable via the Glomo Dashboard.
14. **Is there a unique transaction identifier to reconcile transactions across reports, APIs, bank statements, and settlement files?**
Yes — the `payment_id` is passed consistently across Glomo reports. Within the downloaded reports, the `id` column in the payment report maps to the `entity_id` column in the settlement report, enabling cross-reconciliation between the two.
15. **When creating a quote, which side of the conversion is guaranteed — the source or target currency amount?**
The amount you pass as `source_currency`/`source_amount` is the one Glomo guarantees; the `target_currency` amount is computed from it via the FX rate and can vary. For example, if you want an exact USD amount debited (e.g. to match a fixed-price USD invoice), set `source_currency` to `USD` and `target_currency` to `INR` — the USD amount stays fixed while the INR equivalent floats with the bank's rate. Conversely, setting `source_currency` to `INR` (as in the [Create a quote](/product-guide/payin/resident-india-remittance-under-lrs/integration-guide#create-a-quote) example) guarantees the INR amount and gives an indicative USD equivalent.