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

Author:: Editorial team, serviceexportguide.com
Verified by:: Editorial team
Published: 28 October 2026
Last modified: 28 October 2026
Fees checked on: 28 October 2026
Reading time: 14 min read

Short answer

Neither Airwallex nor Dodo Payments 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 Dodo Payments is best for software and digital product sellers.¹²³⁴

Use case	Better option	Why
Bank transfer of USD 5,000	Cannot compare	Neither publishes full pricing for this case.
Bank transfer of USD 2,000	Cannot compare	Neither publishes full pricing for this case.
Client paying USD 2,000 by card or link	Cannot compare	Neither publishes full pricing for this case.
Airwallex is best for	Airwallex	Registered businesses paid by bank transfer.¹²
Dodo Payments is best for	Dodo Payments	Software and digital product sellers.³⁴

Invoice amountCurrencyHow the client pays

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 route	Best for	Fee (+GST)	Markup	You receive	Cost
1	Karbon BusinessLowest estimated costBank transfer to a Karbon virtual USD account	US bank transfers and marketplace payouts	₹942plus GST, rate not stated	0%	₹93,131 to ₹93,301	1.00 to 1.18%
2	RazorpayMoneySaver Export Account: bank transfer to virtual account details (Standard plan)	Local transfers from the US, UK and eurozone	₹1,000plus GST, rate not stated	0%	₹93,063 to ₹93,243	1.06 to 1.25%
3	WinvestaGlobal Collections Account, standard plan (up to 2,000 a month per currency)	Local transfers with a published per-payment fee	₹1,435	0%	₹92,809	1.52%
4	SkydoPayment link (InstaLinks) paid by ACH debit	Local bank transfers from major markets	₹1,885plus GST, rate not stated	0%	₹92,019 to ₹92,358	2.00 to 2.36%
5	PayoneerLocal bank transfer to Payoneer receiving account details	Marketplace payouts such as Amazon or Upwork	₹0no GST stated	1 to 4%	₹90,473 to ₹93,301	1.00 to 4.00%
6	PayPalInternational commercial transaction received into a PayPal account (PayPal checkout or invoice)	Clients paying by card or PayPal balance	₹4,175no GST stated	3 to 4%	₹86,465 to ₹87,366	7.30 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 Dodo Payments compare at a glance?

Airwallex and Dodo Payments 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.⁵⁶

	Airwallex	Dodo Payments
Best for	Registered businesses paid by bank transfer¹²	Software and digital product sellers³⁴
Fees	Singapore 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.⁵	4% + 40c per transaction for US cards and wallets, +1.5% for cards and payment methods outside the US, 4% + 15c for Indian cards and UPI (plus international fees where applicable), +0.5% for subscriptions, 1.5% capped at $15 or EUR 15 for ACH or SEPA direct debit.⁶
FX markup	Singapore 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.⁵⁷	Adaptive Currency costs the business 0%; Dodo says buyers pay a 2 to 4% FX fee. Standard foreign exchange rates apply on non-USD settlements, with no rate published. If the receiving bank account is in another currency, the bank converts on arrival at its own rate.⁶⁸
Settlement	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.⁹	Dodo's FAQ says funds typically reach the bank 1 to 2 business days after a payout is initiated, and elsewhere 1 to 5 business days. Its Master Service Agreement says the supplier fee is paid on or before the 20th of the following month.¹⁰³
FIRA	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.¹¹	Dodo's blog says a FIRA is available on request to support@dodopayments.com and that Dodo routes payouts through its payment partner and shares the FIRA once generated. Its documentation and terms do not mention FIRA. Cost not published.¹²⁸
Currencies	Airwallex says Global Accounts collect in 20+ currencies. The list available to an India-registered business is not published.⁷²	Dodo says buyers can pay in 80+ currencies through Adaptive Currency. Payout balances are held in USD, GBP and EUR wallets; INR payouts have been discontinued.⁶⁸
KYC: who can sign up	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	Individuals (no registered business needed; PAN mandatory for Indians) and registered entities, including sole proprietors with a GSTIN. Dodo says it does not support physical goods or e-commerce websites.¹⁰
RBI PA-CB status	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.¹³⁵¹⁴¹⁵	Dodo Payments acts as merchant of record under a Master Service Agreement with Dodo Payments Inc. and its group companies (Dodope Payments Limited and Sarvapanchhi Technologies Private Limited). None of these entities appears in the RBI's list of authorised payment aggregators dated 16 October 2026, and Dodo does not publish an RBI authorisation.³¹⁴
Support	Help 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.⁷¹¹	Email support@dodopayments.com.¹²
Limits	Airwallex's docs list no maximum transaction limit for local INR or SWIFT payouts to India. Limits for India-registered account holders are not published.⁹	Not published. Payout threshold is $100 by default and can be lowered to $50.
How clients pay	Local 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.²¹⁶	Buyers pay Dodo at its checkout or through Dodo invoicing: cards, Apple Pay, Google Pay and other wallets, BNPL, PayPal, ACH and SEPA direct debit, and in India UPI and Indian cards. The business may not invoice buyers itself.⁶³
Card payments	Singapore 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.⁵¹⁶	Yes. Buyers pay by card at Dodo's checkout; the fee is 4% + 40c, plus 1.5% for cards issued outside the US.⁶

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

The INR you receive with Airwallex and Dodo Payments 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.

Not estimated because pricing for USD is not fully published: Dodo Payments.

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.¹³⁷

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.¹³⁵¹⁴¹⁵
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 Dodo Payments and who is it for?

Dodo Payments is a merchant of record: it resells a business's digital product to buyers as the legal seller, handles customer-side sales tax and chargebacks, and pays the business a supplier fee in USD, GBP or EUR.³⁴⁸

Regulated by: Dodo Payments acts as merchant of record under a Master Service Agreement with Dodo Payments Inc. and its group companies (Dodope Payments Limited and Sarvapanchhi Technologies Private Limited). None of these entities appears in the RBI's list of authorised payment aggregators dated 16 October 2026, and Dodo does not publish an RBI authorisation.³¹⁴
Used by: Individuals (no registered business needed; PAN mandatory for Indians) and registered entities, including sole proprietors with a GSTIN. Dodo says it does not support physical goods or e-commerce websites.¹⁰
Best for: Software and digital product sellers.³⁴

How do Airwallex and Dodo Payments fees and FX markup compare?

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

What does Airwallex charge?

Transaction type	Fee	FX markup	GST on fees	Best for
Local transfer to Global Account details (Singapore fee schedule)	0%⁵¹³¹¹	0.6%	Not stated	Clients paying by local bank transfer
Card acceptance, international cards (Singapore fee schedule)	3.6% + SGD 0.5⁵¹¹	0.6%	Not stated	Clients paying by card

What does Dodo Payments charge?

Transaction type	Fee	FX markup	GST on fees	Best for
One-time payment by US card or wallet at Dodo checkout	4% + USD 0.4⁶⁸	Not published	Not stated	Clients paying by card
One-time payment by card or other payment method outside the US	5.5% + USD 0.4⁶⁸	Not published	Not stated	Clients paying by card
One-time payment by ACH (USD) or SEPA (EUR) direct debit	1.5%⁶⁸	Not published	Not stated	Clients paying through a payment link

How do Airwallex and Dodo Payments compare on settlement speed?

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

Platform	Settlement time	Payout to India	Best for
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.⁹	Airwallex 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.⁹⁵	Registered businesses paid by bank transfer¹²
Dodo Payments	Dodo's FAQ says funds typically reach the bank 1 to 2 business days after a payout is initiated, and elsewhere 1 to 5 business days. Its Master Service Agreement says the supplier fee is paid on or before the 20th of the following month.¹⁰³	Dodo pays out from USD, GBP or EUR wallets on a schedule (bi-monthly by default) once the balance reaches the threshold ($100 default, $50 minimum). Payout fee is $5 for payouts below $1,000 under standard pricing; USD SWIFT payouts for non-US businesses cost $25. Correspondent and receiving bank charges may also be deducted. Dodo's pricing table separately lists regular payouts as free.⁸⁶	Software and digital product sellers³⁴

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

Airwallex and Dodo Payments 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.³⁶

Platform	FIRA	RBI PA-CB status	Best for
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.¹¹	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.¹³⁵¹⁴¹⁵	Registered businesses paid by bank transfer¹²
Dodo Payments	Dodo's blog says a FIRA is available on request to support@dodopayments.com and that Dodo routes payouts through its payment partner and shares the FIRA once generated. Its documentation and terms do not mention FIRA. Cost not published.¹²⁸	Dodo Payments acts as merchant of record under a Master Service Agreement with Dodo Payments Inc. and its group companies (Dodope Payments Limited and Sarvapanchhi Technologies Private Limited). None of these entities appears in the RBI's list of authorised payment aggregators dated 16 October 2026, and Dodo does not publish an RBI authorisation.³¹⁴	Software and digital product sellers³⁴

Which currencies, countries and payment methods do Airwallex and Dodo Payments support?

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

Platform	Currencies	How clients pay	Card payments	Best for
Airwallex	Airwallex says Global Accounts collect in 20+ currencies. The list available to an India-registered business is not published.⁷²	Local 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.²¹⁶	Singapore 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.⁵¹⁶	Registered businesses paid by bank transfer¹²
Dodo Payments	Dodo says buyers can pay in 80+ currencies through Adaptive Currency. Payout balances are held in USD, GBP and EUR wallets; INR payouts have been discontinued.⁶⁸	Buyers pay Dodo at its checkout or through Dodo invoicing: cards, Apple Pay, Google Pay and other wallets, BNPL, PayPal, ACH and SEPA direct debit, and in India UPI and Indian cards. The business may not invoice buyers itself.⁶³	Yes. Buyers pay by card at Dodo's checkout; the fee is 4% + 40c, plus 1.5% for cards issued outside the US.⁶	Software and digital product sellers³⁴

What are the strengths and limitations of Airwallex and Dodo Payments?

Airwallex and Dodo Payments 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.⁷⁵
You are comfortable requesting an FIRC from support for each transaction rather than receiving one automatically.¹¹

Limitations:

Airwallex does not appear under the name Airwallex in RBI's list of authorised payment aggregators, including PA-CB, as on 16 October 2026.¹⁴¹⁵
There is no India pricing page; India-registered businesses are onboarded by the Singapore entity, whose fee schedule does not mention India.¹³⁵
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.¹¹
Purpose code handling for receipts into India is not published.³⁷
SWIFT payouts cost $20 (SHA) or $35 (OUR) under the Singapore fee schedule.⁵

What are the strengths and limitations of Dodo Payments?

Strengths:

You sell software, SaaS subscriptions or digital products to buyers in many countries and want another company to be the legal seller and handle sales tax, VAT and chargebacks.⁴³
You are an individual without a registered business and hold a PAN.¹⁰
You are comfortable receiving payouts in USD, GBP or EUR on a fixed cycle rather than per payment.⁸

Limitations:

Not listed by the RBI as an authorised payment aggregator; Dodo does not publish an RBI authorisation.¹⁴³
INR payouts have been discontinued; payouts go from USD, GBP or EUR wallets and any conversion happens at your bank.⁸
Does not support physical goods or e-commerce websites, and the business may not invoice buyers itself.¹⁰³
FIRA availability is described only in a blog post and is on request; purpose code handling is not published.¹²⁸
Dodo's own pages disagree on payout fees (free in the pricing table, $5 below $1,000 in the FAQ and documentation) and on payout timing.⁶⁸¹⁰³
Dodo cannot file the Export Declaration Form for the business.¹²

Should you choose Airwallex or Dodo Payments?

Choose between Airwallex and Dodo Payments 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.⁷⁵
You are comfortable requesting an FIRC from support for each transaction rather than receiving one automatically.¹¹

Choose Dodo Payments if:

You sell software, SaaS subscriptions or digital products to buyers in many countries and want another company to be the legal seller and handle sales tax, VAT and chargebacks.⁴³
You are an individual without a registered business and hold a PAN.¹⁰
You are comfortable receiving payouts in USD, GBP or EUR on a fixed cycle rather than per payment.⁸

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.⁵⁷⁶⁸

Which other platforms should you consider besides Airwallex and Dodo Payments?

Other platforms to consider besides Airwallex and Dodo Payments are the ones with the lowest estimated cost on a USD 5,000 receipt, listed in that order.¹⁸¹⁹²⁰²¹²²²³²⁵²⁶²⁸²⁹³¹³³³⁴³⁵

Platform	Best for	Estimated cost on USD 5,000	FIRA	Review
Skydo	Local bank transfers from major markets¹⁷	0.68%¹⁸¹⁹²⁰²¹²²²³	Skydo says it issues a free FIRA on every payment received, and that its FIRA and FIRC are accepted for GST filing and by banks.²²²⁴	Skydo review
Karbon Business	US bank transfers and marketplace payouts²⁵	1.00 to 1.18%²⁵²⁶	Karbon says it provides a FIRA for every transaction, issued by its licensed banking partner, which it does not name. Cost not published.²⁵	Karbon Business review
Razorpay	Local transfers from the US, UK and eurozone²⁷	1.00 to 1.18%²⁸²⁹	Razorpay 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.²⁷³⁰²⁹	Razorpay review
Winvesta	Local transfers with a published per-payment fee³¹³²	1.24%³¹³³³⁴³⁵	Free 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.³⁴³³	Winvesta 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.

Frequently asked questions

Which is cheaper for Indian exporters, Airwallex or Dodo Payments?+

There is no cost verdict for a USD 5,000 bank transfer: neither publishes full pricing for this case.⁵⁷⁶⁸ 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 Dodo Payments 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.¹¹ Dodo Payments: Dodo's blog says a FIRA is available on request to support@dodopayments.com and that Dodo routes payouts through its payment partner and shares the FIRA once generated. Its documentation and terms do not mention FIRA. Cost not published.¹²⁸

Can individual freelancers use Airwallex and Dodo Payments?+

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 Dodo Payments: Individuals (no registered business needed; PAN mandatory for Indians) and registered entities, including sole proprietors with a GSTIN. Dodo says it does not support physical goods or e-commerce websites.¹⁰

Are Airwallex and Dodo Payments 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.¹³⁵¹⁴¹⁵ Dodo Payments: Dodo Payments acts as merchant of record under a Master Service Agreement with Dodo Payments Inc. and its group companies (Dodope Payments Limited and Sarvapanchhi Technologies Private Limited). None of these entities appears in the RBI's list of authorised payment aggregators dated 16 October 2026, and Dodo does not publish an RBI authorisation.³¹⁴

How fast do Airwallex and Dodo Payments 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.⁹ Dodo Payments: Dodo's FAQ says funds typically reach the bank 1 to 2 business days after a payout is initiated, and elsewhere 1 to 5 business days. Its Master Service Agreement says the supplier fee is paid on or before the 20th of the following month.¹⁰³

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

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, Dodo Payments or a bank wire.³⁸

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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