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Airwallex vs TransFi (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: 13 min read

Short answer

Neither Airwallex nor TransFi 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 TransFi is best for payment links shared in chat, including stablecoins.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
TransFi is best for	TransFi	Payment links shared in chat, including stablecoins.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 TransFi compare at a glance?

Airwallex and TransFi 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.⁵⁸³¹⁷

	Airwallex	TransFi
Best for	Registered businesses paid by bank transfer¹²	Payment links shared in chat, including stablecoins³⁴
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	Not published as a schedule. TransFi says fees vary by payment method, origin country and transaction size and are shown before you confirm; the BizPay page says fees start from as low as 0.15% without saying what that covers.
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.⁵⁶	TransFi says pricing on its USA to India route is benchmarked to the mid-market rate and that the rate is shown before you accept. No markup percentage is published.⁷⁸
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	TransFi says collections on the USA to India route settle within minutes to a few hours where instant rails are available; its help centre says BizPay transfers are processed as per the bank settlement cycle.⁷¹⁰
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	Not published. TransFi's pages do not mention a FIRA or FIRC.
Currencies	Airwallex says Global Accounts collect in 20+ currencies. The list available to an India-registered business is not published.⁶²	TransFi says BizPay collects in currencies such as USD, EUR, GBP, AUD and AED, and that it supports 40+ currencies overall.³⁸
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	TransFi says BizPay can be used by businesses and individuals, including freelancers and sole proprietors without a registered company. It does not publish whether Indian residents are eligible.³¹²
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	TransFi does not appear on the RBI list of authorised PA-CB entities as on 16 October 2026. Its terms list Trans-Fi India Private Limited as an affiliate but name no Indian licence, regulator or partner bank.¹⁶¹⁷
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.⁶¹¹	TransFi publishes a help centre and a contact form. No India-specific support channel is published.¹⁸
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.
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.²¹⁹	TransFi says payers can use local bank details in supported currencies, SWIFT, bank transfers, digital wallets, real-time payment systems, payment links and QR codes; BizPay requests are paid through a payment link.⁸³
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.⁵¹⁹	TransFi says BizPay supports 250+ payment methods including cards. No card fee is published.³

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

The INR you receive with Airwallex and TransFi 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: TransFi.

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.¹³⁶

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 TransFi and who is it for?

TransFi describes itself as a stablecoin payments company offering collections, payouts and a chat-based product called BizPay that it says businesses and individuals can use to collect and send cross-border payments.¹⁸³¹²

Regulated by: TransFi does not appear on the RBI list of authorised PA-CB entities as on 16 October 2026. Its terms list Trans-Fi India Private Limited as an affiliate but name no Indian licence, regulator or partner bank.¹⁶¹⁷
Used by: TransFi says BizPay can be used by businesses and individuals, including freelancers and sole proprietors without a registered company. It does not publish whether Indian residents are eligible.³¹²
Best for: Payment links shared in chat, including stablecoins.³⁴

How do Airwallex and TransFi fees and FX markup compare?

Airwallex and TransFi 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 TransFi charge?

Transaction type	Fee	FX markup	GST on fees	Best for
BizPay payment link or collection, settled in INR	Not published³⁷	0%	Not stated	Clients paying through a payment link

How do Airwallex and TransFi compare on settlement speed?

Airwallex and TransFi 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
TransFi	TransFi says collections on the USA to India route settle within minutes to a few hours where instant rails are available; its help centre says BizPay transfers are processed as per the bank settlement cycle.⁷¹⁰	TransFi's USA to India page lists bank transfer, wallets and instant rails, with INR as the settlement currency. No payout fee is published.⁷	Payment links shared in chat, including stablecoins³⁴

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

Airwallex and TransFi 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.³⁹

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
TransFi	Not published. TransFi's pages do not mention a FIRA or FIRC.	TransFi does not appear on the RBI list of authorised PA-CB entities as on 16 October 2026. Its terms list Trans-Fi India Private Limited as an affiliate but name no Indian licence, regulator or partner bank.¹⁶¹⁷	Payment links shared in chat, including stablecoins³⁴

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

Airwallex and TransFi 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.⁶²	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.²¹⁹	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.⁵¹⁹	Registered businesses paid by bank transfer¹²
TransFi	TransFi says BizPay collects in currencies such as USD, EUR, GBP, AUD and AED, and that it supports 40+ currencies overall.³⁸	TransFi says payers can use local bank details in supported currencies, SWIFT, bank transfers, digital wallets, real-time payment systems, payment links and QR codes; BizPay requests are paid through a payment link.⁸³	TransFi says BizPay supports 250+ payment methods including cards. No card fee is published.³	Payment links shared in chat, including stablecoins³⁴

What are the strengths and limitations of Airwallex and TransFi?

Airwallex and TransFi 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.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.⁴⁰
SWIFT payouts cost $20 (SHA) or $35 (OUR) under the Singapore fee schedule.⁵

What are the strengths and limitations of TransFi?

Strengths:

Your client wants to pay through a payment link sent from a WhatsApp or Telegram chat.³⁴
Your client or you want to move money using stablecoins as well as fiat, which TransFi says BizPay supports.³¹⁸

Limitations:

TransFi is not on the RBI list of authorised PA-CB entities as on 16 October 2026, and its pages do not explain its regulatory set-up for Indian exporters.¹⁶¹⁷
No fee schedule, FX markup or limits are published for receiving into India.⁸⁷³
TransFi's pages do not mention a FIRA, FIRC or purpose code, which Indian exporters use for GST and bank records.⁷³

Should you choose Airwallex or TransFi?

Choose between Airwallex and TransFi 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.¹¹

Choose TransFi if:

Your client wants to pay through a payment link sent from a WhatsApp or Telegram chat.³⁴
Your client or you want to move money using stablecoins as well as fiat, which TransFi says BizPay supports.³¹⁸

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.⁵⁶⁷⁸

Which other platforms should you consider besides Airwallex and TransFi?

Other platforms to consider besides Airwallex and TransFi are the ones with the lowest estimated cost on a USD 5,000 receipt, listed in that order.²¹²²²³²⁴²⁵²⁶²⁸²⁹³¹³²³⁴³⁶³⁷³⁸

Platform	Best for	Estimated cost on USD 5,000	FIRA	Review
Skydo	Local bank transfers from major markets²⁰	0.68%²¹²²²³²⁴²⁵²⁶	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.²⁵²⁷	Skydo review
Karbon Business	US bank transfers and marketplace payouts²⁸	1.00 to 1.18%²⁸²⁹	Karbon says it provides a FIRA for every transaction, issued by its licensed banking partner, which it does not name. Cost not published.²⁸	Karbon Business review
Razorpay	Local transfers from the US, UK and eurozone³⁰	1.00 to 1.18%³¹³²	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.³⁰³³³²	Razorpay review
Winvesta	Local transfers with a published per-payment fee³⁴³⁵	1.24%³⁴³⁶³⁷³⁸	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.³⁷³⁶	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 TransFi?+

There is no cost verdict for a USD 5,000 bank transfer: neither publishes full pricing for this case.⁵⁶⁷⁸ 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 TransFi 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 TransFi: Not published. TransFi's pages do not mention a FIRA or FIRC.

Can individual freelancers use Airwallex and TransFi?+

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 TransFi: TransFi says BizPay can be used by businesses and individuals, including freelancers and sole proprietors without a registered company. It does not publish whether Indian residents are eligible.³¹²

Are Airwallex and TransFi 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 TransFi: TransFi does not appear on the RBI list of authorised PA-CB entities as on 16 October 2026. Its terms list Trans-Fi India Private Limited as an affiliate but name no Indian licence, regulator or partner bank.¹⁶¹⁷

How fast do Airwallex and TransFi 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 TransFi: TransFi says collections on the USA to India route settle within minutes to a few hours where instant rails are available; its help centre says BizPay transfers are processed as per the bank settlement cycle.⁷¹⁰

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

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, TransFi or a bank wire.⁴¹

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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