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Airwallex vs Adyen (2026): Which Is Better for Receiving International Payments in India?

Author:
Editorial team, serviceexportguide.com
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Editorial team
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12 min read

Short answer

Neither Airwallex nor Adyen publishes enough pricing to estimate the cost of a USD 5,000 receipt, so there is no cost verdict. The better choice depends on how your client pays: Airwallex is best for registered businesses paid by bank transfer, and Adyen is best for large businesses with an Indian entity.1234

Use caseBetter optionWhy
Bank transfer of USD 5,000Cannot compareNeither publishes full pricing for this case.
Bank transfer of USD 2,000Cannot compareNeither publishes full pricing for this case.
Client paying USD 2,000 by card or linkCannot compareNeither publishes full pricing for this case.
Airwallex is best forAirwallexRegistered businesses paid by bank transfer.12
Adyen is best forAdyenLarge businesses with an Indian entity.34

1,000 USD = ₹94,243 at the reference rate for 13 November 2026 (European Central Bank data).

Estimated rupees received, on published fees

Sorted by estimated rupees received, highest first. Only providers that publish both their fee and their conversion markup for this currency and method can be estimated.

#Provider and routeBest forFee (+GST)MarkupYou receiveCost
1Karbon BusinessLowest estimated costBank transfer to a Karbon virtual USD accountUS bank transfers and marketplace payouts₹942plus GST, rate not stated0%₹93,131 to ₹93,3011.00 to 1.18%
2RazorpayMoneySaver Export Account: bank transfer to virtual account details (Standard plan)Local transfers from the US, UK and eurozone₹1,000plus GST, rate not stated0%₹93,063 to ₹93,2431.06 to 1.25%
3WinvestaGlobal Collections Account, standard plan (up to 2,000 a month per currency)Local transfers with a published per-payment fee₹1,4350%₹92,8091.52%
4SkydoPayment link (InstaLinks) paid by ACH debitLocal bank transfers from major markets₹1,885plus GST, rate not stated0%₹92,019 to ₹92,3582.00 to 2.36%
5PayoneerLocal bank transfer to Payoneer receiving account detailsMarketplace payouts such as Amazon or Upwork₹0no GST stated1 to 4%₹90,473 to ₹93,3011.00 to 4.00%
6PayPalInternational commercial transaction received into a PayPal account (PayPal checkout or invoice)Clients paying by card or PayPal balance₹4,175no GST stated3 to 4%₹86,465 to ₹87,3667.30 to 8.25%

Not estimated because pricing is not fully published: Cashfree Payments, Dodo Payments, PingPong, Stripe, Tazapay, TransFi, Wise.

Where a provider says GST applies to its fee but not at what rate, the range runs from no GST to 18%, the rate Skydo, Stripe and Winvesta state on their pages. Estimates use each provider's published fee, conversion markup, GST on fees and FIRA charge, checked 2026-10-28, against the reference rate. They exclude charges taken by intermediary banks and your own bank, and the rate a provider actually applies at the time of conversion. Check the provider's pricing page before you choose. The order is calculated only from these published numbers; no provider can pay to change its position, and there are no affiliate links.

How do Airwallex and Adyen compare at a glance?

Airwallex and Adyen compare on the twelve points below, using each provider's published information as checked on 28 October 2026. Where a provider does not publish something, the table says so.534

AirwallexAdyen
Best forRegistered businesses paid by bank transfer12Large businesses with an Indian entity34
FeesSingapore fee schedule: 0% for collections in most currencies; 0.60% for KRW, VND, BRL and MYR collections. A fee for incoming SWIFT payments is not listed.5Not published for Indian exporters. Adyen's global pricing page shows indicative fees: $0.13 per transaction plus Interchange++ plus 0.60% for Visa and Mastercard, and $0.13 plus 3.95% for American Express.
FX markupSingapore fee schedule: 0.40% mark-up for major currencies (AUD, USD, HKD, CNY, JPY, EUR, GBP, CAD, CHF, NZD, SGD); 0.60% for a list that includes INR; a 1.00% Auto Conversion Fee is listed without a definition. How the margin applies to a USD to INR conversion is not published.56Not published.
SettlementAirwallex's docs give 0 to 2 business days for local INR payouts to India and 0 to 3 business days for SWIFT payouts to India.7Not published.
FIRAAirwallex says an FIRC is issued by an authorised bank in India; you request it from Airwallex support through the chatbot in the web app, and Airwallex coordinates with its banking partner. Airwallex says there may be a fee, set by the banking partner. The amount is not published.8Not published.
CurrenciesAirwallex says Global Accounts collect in 20+ currencies. The list available to an India-registered business is not published.62Not published for Indian exporters.
KYC: who can sign upIndia-registered companies and LLPs, proprietorships and partnerships, and MSMEs, per Airwallex's India document list. Proprietorships and partnerships need a GST Registration Certificate. No route for unregistered individual freelancers is listed.1Adyen describes itself as a platform for enterprises. To process payments locally in India, Adyen requires a local entity in India and a separate company account. Eligibility of Indian freelancers or small exporters is not published.94
RBI PA-CB statusAirwallex's help centre lists India as a supported registration location, with the business onboarded by the Airwallex Singapore entity. Airwallex (Singapore) Pte. Ltd. says it is licensed in Singapore as a Major Payment Institution. Airwallex does not appear under the name Airwallex in RBI's list of authorised payment system operators (including PA-CB) as on 16 October 2026, nor in RBI's status of PA applications as on the same date.1051112The RBI lists Adyen India Technology Services Private Limited as an online payment aggregator (PA-O, 15 July 2024) and as PA-CB-O, a cross-border payment aggregator facilitating outward transactions. Adyen's India onboarding policy describes its cross-border product as the Payment Aggregator Cross Border Import solution for foreign merchants. Adyen is not listed for inward (export) cross-border transactions.11913
SupportHelp centre and support request form; for FIRC requests Airwallex directs users to the chatbot in the logged-in web app. India-specific support channels are not published.68Not published for this use; Adyen's pricing page directs custom pricing and minimum invoice questions to its sales team.
LimitsAirwallex's docs list no maximum transaction limit for local INR or SWIFT payouts to India. Limits for India-registered account holders are not published.7For its cross-border import product, Adyen restricts foreign merchants from selling goods or services priced above ₹25,00,000 per transaction. No limit is published for Indian exporters.13
How clients payLocal bank transfer or SWIFT to Global Account details (for example USD in the United States by ACH or Fedwire, GBP by Faster Payments, EUR by SEPA). Airwallex says restrictions apply by onboarding entity and does not publish which accounts an India-registered business receives. Card acceptance availability for India-registered businesses is not published.214Not published for Indian exporters. For local processing in India Adyen lists cards (Visa, Mastercard, RuPay), UPI, online banking and wallets.
Card paymentsSingapore pricing: 3.30% for domestic cards and 3.60% for international cards, plus a SG$0.50 gateway fee per transaction. Airwallex says the company must be registered in an eligible country for the payment method; whether India is eligible is not published on the pages checked.514Not published for foreign customers paying Indian businesses. Adyen's India compliance guide says its India rules apply to local acquiring and do not apply to cross-border payments.

How much INR do you receive on $2,000, $5,000 and $10,000 with Airwallex vs Adyen?

The INR you receive with Airwallex and Adyen is the invoice at the reference rate, less each provider's fee, conversion markup, GST on fees and FIRA charge. The table works this out from published pricing at today's rate.

None of these providers publishes both a fee and a conversion markup for USD.

Ranked by INR received on USD 5,000. Reference rate: European Central Bank data for 13 November 2026. Fees, conversion markup, GST on fees and FIRA charges as published by each provider, checked 28 October 2026. Ranges appear where a provider publishes a range or does not state its GST rate. Intermediary bank charges are excluded. See the methodology.

What is Airwallex and who is it for?

Airwallex is a global business account and payments company; its help centre lists India as a registration location onboarded by its Singapore entity, and it publishes no India-specific pricing page.106

  • Regulated by: Airwallex's help centre lists India as a supported registration location, with the business onboarded by the Airwallex Singapore entity. Airwallex (Singapore) Pte. Ltd. says it is licensed in Singapore as a Major Payment Institution. Airwallex does not appear under the name Airwallex in RBI's list of authorised payment system operators (including PA-CB) as on 16 October 2026, nor in RBI's status of PA applications as on the same date.1051112
  • Used by: India-registered companies and LLPs, proprietorships and partnerships, and MSMEs, per Airwallex's India document list. Proprietorships and partnerships need a GST Registration Certificate. No route for unregistered individual freelancers is listed.1
  • Best for: Registered businesses paid by bank transfer.12

What is Adyen and who is it for?

Adyen is a payments platform for enterprises; in India it is authorised by the RBI as an online payment aggregator and as a cross-border aggregator for outward (import) transactions, and it publishes no product for Indian exporters collecting from foreign customers.91113

  • Regulated by: The RBI lists Adyen India Technology Services Private Limited as an online payment aggregator (PA-O, 15 July 2024) and as PA-CB-O, a cross-border payment aggregator facilitating outward transactions. Adyen's India onboarding policy describes its cross-border product as the Payment Aggregator Cross Border Import solution for foreign merchants. Adyen is not listed for inward (export) cross-border transactions.11913
  • Used by: Adyen describes itself as a platform for enterprises. To process payments locally in India, Adyen requires a local entity in India and a separate company account. Eligibility of Indian freelancers or small exporters is not published.94
  • Best for: Large businesses with an Indian entity.34

How do Airwallex and Adyen fees and FX markup compare?

Airwallex and Adyen charge in different ways, so compare the fee and the conversion markup together, not the headline fee alone.

What does Airwallex charge?

Transaction typeFeeFX markupGST on feesBest for
Local transfer to Global Account details (Singapore fee schedule)0%51080.6%Not statedClients paying by local bank transfer
Card acceptance, international cards (Singapore fee schedule)3.6% + SGD 0.5580.6%Not statedClients paying by card

What does Adyen charge?

  • Fees: Not published for Indian exporters. Adyen's global pricing page shows indicative fees: $0.13 per transaction plus Interchange++ plus 0.60% for Visa and Mastercard, and $0.13 plus 3.95% for American Express.34

How do Airwallex and Adyen compare on settlement speed?

Airwallex and Adyen publish these settlement times for money reaching an Indian bank account.

PlatformSettlement timePayout to IndiaBest for
AirwallexAirwallex's docs give 0 to 2 business days for local INR payouts to India and 0 to 3 business days for SWIFT payouts to India.7Airwallex pays out to Indian bank accounts in INR by NEFT, IMPS, RTGS or iACH, or by SWIFT in foreign currencies. The Singapore fee schedule lists local payouts at $0 and SWIFT payouts at $20 (SHA) or $35 (OUR). Whether payout to your own Indian account is automatic is not published.75Registered businesses paid by bank transfer12
AdyenNot published.Not published.Large businesses with an Indian entity34

Do Airwallex and Adyen provide FIRA and e-BRC, and are they RBI PA-CB authorised?

Airwallex and Adyen publish the FIRA position and RBI status below, checked on 28 October 2026. An e-BRC is generated by the exporter on the DGFT portal from bank remittance data, so it does not depend on the provider issuing one.35

PlatformFIRARBI PA-CB statusBest for
AirwallexAirwallex says an FIRC is issued by an authorised bank in India; you request it from Airwallex support through the chatbot in the web app, and Airwallex coordinates with its banking partner. Airwallex says there may be a fee, set by the banking partner. The amount is not published.8Airwallex's help centre lists India as a supported registration location, with the business onboarded by the Airwallex Singapore entity. Airwallex (Singapore) Pte. Ltd. says it is licensed in Singapore as a Major Payment Institution. Airwallex does not appear under the name Airwallex in RBI's list of authorised payment system operators (including PA-CB) as on 16 October 2026, nor in RBI's status of PA applications as on the same date.1051112Registered businesses paid by bank transfer12
AdyenNot published.The RBI lists Adyen India Technology Services Private Limited as an online payment aggregator (PA-O, 15 July 2024) and as PA-CB-O, a cross-border payment aggregator facilitating outward transactions. Adyen's India onboarding policy describes its cross-border product as the Payment Aggregator Cross Border Import solution for foreign merchants. Adyen is not listed for inward (export) cross-border transactions.11913Large businesses with an Indian entity34

Which currencies, countries and payment methods do Airwallex and Adyen support?

Airwallex and Adyen accept the currencies and payment methods below, as each publishes them.

PlatformCurrenciesHow clients payCard paymentsBest for
AirwallexAirwallex says Global Accounts collect in 20+ currencies. The list available to an India-registered business is not published.62Local bank transfer or SWIFT to Global Account details (for example USD in the United States by ACH or Fedwire, GBP by Faster Payments, EUR by SEPA). Airwallex says restrictions apply by onboarding entity and does not publish which accounts an India-registered business receives. Card acceptance availability for India-registered businesses is not published.214Singapore pricing: 3.30% for domestic cards and 3.60% for international cards, plus a SG$0.50 gateway fee per transaction. Airwallex says the company must be registered in an eligible country for the payment method; whether India is eligible is not published on the pages checked.514Registered businesses paid by bank transfer12
AdyenNot published for Indian exporters.Not published for Indian exporters. For local processing in India Adyen lists cards (Visa, Mastercard, RuPay), UPI, online banking and wallets.Not published for foreign customers paying Indian businesses. Adyen's India compliance guide says its India rules apply to local acquiring and do not apply to cross-border payments.Large businesses with an Indian entity34

What are the strengths and limitations of Airwallex and Adyen?

Airwallex and Adyen each suit some exporters better than others. These points come from each provider's own pages.

What are the strengths and limitations of Airwallex?

Strengths:

  • Your business is a registered Indian company, LLP, partnership or GST-registered proprietorship that wants local account details abroad for clients paying by bank transfer.12
  • You also pay overseas suppliers or contractors and want one account for collections and payouts in several currencies.65
  • You are comfortable requesting an FIRC from support for each transaction rather than receiving one automatically.8

Limitations:

  • Airwallex does not appear under the name Airwallex in RBI's list of authorised payment aggregators, including PA-CB, as on 16 October 2026.1112
  • There is no India pricing page; India-registered businesses are onboarded by the Singapore entity, whose fee schedule does not mention India.105
  • The India document list requires a GST Registration Certificate for proprietorships and partnerships, and lists no route for unregistered individual freelancers.1
  • The FIRC is issued on request through support, and its fee is set by a banking partner and not published.8
  • Purpose code handling for receipts into India is not published.36
  • SWIFT payouts cost $20 (SHA) or $35 (OUR) under the Singapore fee schedule.5

What are the strengths and limitations of Adyen?

Strengths:

  • You are a large business with an Indian entity that needs domestic card, UPI and online banking acceptance in India on one platform.34
  • You are a foreign merchant selling to Indian buyers through Adyen's cross-border import product.13

Limitations:

  • Adyen's RBI cross-border authorisation is for outward (import) transactions, not inward export receipts.1113
  • Adyen publishes no product, fee, FIRA or purpose code process for Indian service exporters collecting from foreign customers.9344
  • Pricing shown is global and indicative, and a minimum invoice may apply depending on industry or business model.34
  • Adyen positions itself for enterprises; eligibility for freelancers or small agencies is not published.9

Should you choose Airwallex or Adyen?

Choose between Airwallex and Adyen by how your clients pay and your usual invoice size.

Choose Airwallex if:

  • Your business is a registered Indian company, LLP, partnership or GST-registered proprietorship that wants local account details abroad for clients paying by bank transfer.12
  • You also pay overseas suppliers or contractors and want one account for collections and payouts in several currencies.65
  • You are comfortable requesting an FIRC from support for each transaction rather than receiving one automatically.8

Choose Adyen if:

  • You are a large business with an Indian entity that needs domestic card, UPI and online banking acceptance in India on one platform.34
  • You are a foreign merchant selling to Indian buyers through Adyen's cross-border import product.13

For example, say a designer invoices a US client USD 2,000. Because neither provider does not publish full pricing for that case, ask for a quote in writing and compare it with the FIRA rate after the first payment.5634

Which other platforms should you consider besides Airwallex and Adyen?

Other platforms to consider besides Airwallex and Adyen are the ones with the lowest estimated cost on a USD 5,000 receipt, listed in that order.1617181920212324262729313233

PlatformBest forEstimated cost on USD 5,000FIRAReview
SkydoLocal bank transfers from major markets150.68%161718192021Skydo says it issues a free FIRA on every payment received, and that its FIRA and FIRC are accepted for GST filing and by banks.2022Skydo review
Karbon BusinessUS bank transfers and marketplace payouts231.00 to 1.18%2324Karbon says it provides a FIRA for every transaction, issued by its licensed banking partner, which it does not name. Cost not published.23Karbon Business review
RazorpayLocal transfers from the US, UK and eurozone251.00 to 1.18%2627Razorpay provides a Foreign Inward Remittance Statement (FIRS), sent to the contact email within 24 hours after settlement for bank transfers, and downloadable from the dashboard, which shows bank-provided certificates and Razorpay-generated statements. The pricing page lists FIRC or eFIRC as included and auto-generated for international cards. No separate charge is published.252827Razorpay review
WinvestaLocal transfers with a published per-payment fee29301.24%29313233Free e-FIRA, emailed within 24 hours of funds reaching the Indian bank account and downloadable from the dashboard; it shows the purpose code and exchange rate.3231Winvesta review

Compare every provider on your own invoice in the platform cost comparison.

How did we verify this?

We checked this page against the sources below on 28 October 2026. Provider fees, conversion markups and RBI payment aggregator (PA-CB) status were checked on 28 October 2026. Rupee amounts use European Central Bank reference rates for 13 November 2026. Read our methodology or report an error.

  1. [1]Airwallex Help Centre, Documents required for companies in South East Asia (India section) (checked 2026-10-28)
  2. [2]Airwallex Help Centre, Which currencies can I get a Global Account in and what payments can I receive? (checked 2026-10-28)
  3. [3]Adyen press release, Adyen expands to India, 15 August 2024 (checked 2026-10-28)
  4. [4]Adyen Docs, Payments India compliance guide (checked 2026-10-28)
  5. [5]Airwallex Singapore, Fee schedule, last updated 10 October 2026 (checked 2026-10-28)
  6. [6]Airwallex Singapore, Pricing (checked 2026-10-28)
  7. [7]Airwallex Docs, Payout network: bank accounts, India (checked 2026-10-28)
  8. [8]Airwallex Help Centre, What is an FIRC and how do I get one? (checked 2026-10-28)
  9. [9]Adyen India, home page (checked 2026-10-28)
  10. [10]Airwallex Help Centre, Eligible Countries and Territories (checked 2026-10-28)
  11. [11]RBI: Payment System Operators authorised under the Payment and Settlement Systems Act, 2007, list as on 16 October 2026 (checked 2026-10-28)
  12. [12]RBI: Status of Applications received under Payment and Settlement Systems Act, 2007, as on 16 October 2026 (checked 2026-10-28)
  13. [13]Adyen, India merchant onboarding policy overview, version 1.5, 9 June 2026 (checked 2026-10-28)
  14. [14]Airwallex Help Centre, Payments Eligibility (checked 2026-10-28)
  15. [15]Skydo FAQs, What countries can I get paid locally through Skydo? (checked 2026-10-28)
  16. [16]Skydo FAQ, How much does Skydo charge? (checked 2026-10-28)
  17. [17]Skydo, Home page (checked 2026-10-28)
  18. [18]Skydo FAQ, Who will bear the SWIFT charges? (checked 2026-10-28)
  19. [19]Skydo FAQ, Limitations and restrictions on receiving your foreign remittance via Skydo (checked 2026-10-28)
  20. [20]Skydo, Receive international payments in India as a freelancer (checked 2026-10-28)
  21. [21]Skydo, Terms of use (checked 2026-10-28)
  22. [22]Skydo FAQs, What is accepted for GST filings and banks between FIRA and FIRC? (checked 2026-10-28)
  23. [23]Karbon Business, Karbon for Freelancers (checked 2026-10-28)
  24. [24]Karbon, PayPal alternative (checked 2026-10-28)
  25. [25]Razorpay Docs, International Bank Transfer (MoneySaver Export Account) (checked 2026-10-28)
  26. [26]Razorpay, MoneySaver Export Account (international bank transfers) (checked 2026-10-28)
  27. [27]Razorpay, Pricing (checked 2026-10-28)
  28. [28]Razorpay Docs, FIRS Automated Process (checked 2026-10-28)
  29. [29]Winvesta FAQs, What are the charges for the global collections account? (checked 2026-10-28)
  30. [30]Winvesta FAQs, What currencies are available with local accounts? (checked 2026-10-28)
  31. [31]Winvesta, Multi-currency account (checked 2026-10-28)
  32. [32]Winvesta FAQ, When will I receive my e-FIRA certificate? (checked 2026-10-28)
  33. [33]Winvesta FAQ, Can I get priority processing for my withdrawal? (checked 2026-10-28)
  34. [34]Adyen, Pricing (global page, checked 2026-10-28)
  35. [35]DGFT: eBRC services (self-generation of e-BRC from bank inward remittance data)
  36. [36]Airwallex Help Centre, How can I create a transfer/payout? (checked 2026-10-28)
  37. [37]GST Portal user guide: Furnishing of Letter of Undertaking (FORM GST RFD-11)

Frequently asked questions

Which is cheaper for Indian exporters, Airwallex or Adyen?+

There is no cost verdict for a USD 5,000 bank transfer: neither publishes full pricing for this case.5634 The answer can change with the currency, payment method and invoice size, so check your own numbers in the platform cost comparison.

Do Airwallex and Adyen give a FIRA to Indian exporters?+

Airwallex: Airwallex says an FIRC is issued by an authorised bank in India; you request it from Airwallex support through the chatbot in the web app, and Airwallex coordinates with its banking partner. Airwallex says there may be a fee, set by the banking partner. The amount is not published.8 Adyen: Not published.

Can individual freelancers use Airwallex and Adyen?+

Airwallex: India-registered companies and LLPs, proprietorships and partnerships, and MSMEs, per Airwallex's India document list. Proprietorships and partnerships need a GST Registration Certificate. No route for unregistered individual freelancers is listed.1 Adyen: Adyen describes itself as a platform for enterprises. To process payments locally in India, Adyen requires a local entity in India and a separate company account. Eligibility of Indian freelancers or small exporters is not published.94

Are Airwallex and Adyen authorised by the RBI?+

Airwallex: Airwallex's help centre lists India as a supported registration location, with the business onboarded by the Airwallex Singapore entity. Airwallex (Singapore) Pte. Ltd. says it is licensed in Singapore as a Major Payment Institution. Airwallex does not appear under the name Airwallex in RBI's list of authorised payment system operators (including PA-CB) as on 16 October 2026, nor in RBI's status of PA applications as on the same date.1051112 Adyen: The RBI lists Adyen India Technology Services Private Limited as an online payment aggregator (PA-O, 15 July 2024) and as PA-CB-O, a cross-border payment aggregator facilitating outward transactions. Adyen's India onboarding policy describes its cross-border product as the Payment Aggregator Cross Border Import solution for foreign merchants. Adyen is not listed for inward (export) cross-border transactions.11913

How fast do Airwallex and Adyen pay out to an Indian bank?+

Airwallex: Airwallex's docs give 0 to 2 business days for local INR payouts to India and 0 to 3 business days for SWIFT payouts to India.7 Adyen: Not published.34

Do I still need an LUT if I am paid through Airwallex or Adyen?+

Yes, if you are registered under GST and want to invoice the export without IGST. The Letter of Undertaking is a GST filing for the financial year, and it does not depend on how the money reaches you, whether through Airwallex, Adyen or a bank wire.37

This page is general information for Indian service exporters, not tax or legal advice. Rules change and outcomes depend on your facts, so confirm with a chartered accountant before acting.

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