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

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Short answer

Neither Cashfree Payments 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: Cashfree Payments is best for registered businesses paid by local 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.
Cashfree Payments is best forCashfree PaymentsRegistered businesses paid by local 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 Cashfree Payments and Adyen compare at a glance?

Cashfree Payments 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.5635

Cashfree PaymentsAdyen
Best forRegistered businesses paid by local transfer12Large businesses with an Indian entity34
FeesGlobal Collections: Not published. The pricing page shows 'Request Price' and describes a 'Low, processing fee; no hidden charges'. Cashfree says there is no setup cost.56Not 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 markupCashfree says Global Collections has no forex markup and that it handles conversion to INR in real time. The exchange rate used and any spread are not published.761Not published.
SettlementGlobal Collections: Not published for the exporter. Cashfree says funds are swept to a NOSTRO account and repatriated to India no later than seven days after credit. International card gateway: T+2 per Cashfree's documentation.68Not published.
FIRACashfree's Global Collections page says an e-FIRA is generated at no extra cost within 1 day. Its documentation says its AD-1 partner bank issues an eFIRS on a T+1 basis, obtained by request through the support form or account manager. For the card gateway, Cashfree mentions monthly FIRC reports and instant FIRS.6798Not published.
CurrenciesGlobal Collections local account details in USD, EUR, CAD and GBP, plus SWIFT. Cashfree's documentation lists 17 supported currencies; its marketing pages say 30+ currencies from 180+ countries. The card gateway is described as accepting 140+ currencies.278Not published for Indian exporters.
KYC: who can sign upBusinesses only, per Cashfree. Its pricing page says it currently enables cross-border payments only for businesses, and its Global Collections documentation says you must be a registered business in India. Cashfree does not publish which legal forms (sole proprietor, partnership, LLP, company) qualify.51Adyen 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.104
RBI PA-CB statusCashfree Payments India Private Limited appears on the RBI list of authorised payment system operators as a Payment Aggregator (online and physical) and as PA-CB I & O, which the RBI defines as a Payment Aggregator, Cross Border facilitating inward and outward transactions. Cashfree's own pages also say Global Collections operates under the RBI's OPGSP (Online Payment Gateway Service Provider) guideline.1179The 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.121013
SupportSupport form in the merchant dashboard and an account manager; Global Collections onboarding is through Contact Sales. Enterprise customers get a dedicated account manager and WhatsApp support.917Not published for this use; Adyen's pricing page directs custom pricing and minimum invoice questions to its sales team.
LimitsGlobal Collections: invoice value up to USD 10,000 per transaction, per Cashfree; no daily or monthly cap on the number of transactions. The RBI Master Direction sets ₹25 lakh per transaction for PA-CB export transactions.9614For 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 payGlobal Collections: local bank transfer to collection account details (ACH in the US, SEPA in Europe, EFT in Canada, Faster Payments in the UK) or SWIFT. International Payment Gateway: international cards (Visa, Mastercard, American Express) on a checkout, and PayPal through the merchant's own linked PayPal account.2815Not published for Indian exporters. For local processing in India Adyen lists cards (Visa, Mastercard, RuPay), UPI, online banking and wallets.
Card paymentsYes, through the International Payment Gateway. Published platform fee: 2.99% for Visa and Mastercard international cards, 2.95% for American Express. PayPal is charged at PayPal's own rates; Cashfree says it adds no gateway charge for PayPal.57Not 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 Cashfree Payments vs Adyen?

The INR you receive with Cashfree Payments 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.

Not estimated because pricing for USD is not fully published: Cashfree 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 Cashfree Payments and who is it for?

Cashfree Payments is a Bengaluru-based payment company, authorised by the RBI as a cross-border payment aggregator for inward and outward transactions, whose Global Collections product gives Indian businesses local collection account details abroad and settles receipts in INR.1112

  • Regulated by: Cashfree Payments India Private Limited appears on the RBI list of authorised payment system operators as a Payment Aggregator (online and physical) and as PA-CB I & O, which the RBI defines as a Payment Aggregator, Cross Border facilitating inward and outward transactions. Cashfree's own pages also say Global Collections operates under the RBI's OPGSP (Online Payment Gateway Service Provider) guideline.1179
  • Used by: Businesses only, per Cashfree. Its pricing page says it currently enables cross-border payments only for businesses, and its Global Collections documentation says you must be a registered business in India. Cashfree does not publish which legal forms (sole proprietor, partnership, LLP, company) qualify.51
  • Best for: Registered businesses paid by local 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.101213

  • 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.121013
  • 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.104
  • Best for: Large businesses with an Indian entity.34

How do Cashfree Payments and Adyen fees and FX markup compare?

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

What does Cashfree Payments charge?

Transaction typeFeeFX markupGST on feesBest for
Global Collections: local account details or Global SWIFT AccountNot published650%Not statedClients paying by local bank transfer
International Payment Gateway: Visa or Mastercard international cards2.99%5Not publishedNot statedClients paying by card
International Payment Gateway: American Express2.95%5Not publishedNot 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.35

How do Cashfree Payments and Adyen compare on settlement speed?

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

PlatformSettlement timePayout to IndiaBest for
Cashfree PaymentsGlobal Collections: Not published for the exporter. Cashfree says funds are swept to a NOSTRO account and repatriated to India no later than seven days after credit. International card gateway: T+2 per Cashfree's documentation.68Automatic. Receipts are converted to INR and settled to the exporter's Indian bank account; Cashfree says balances cannot be held in foreign currency or settled to a foreign currency account. No separate withdrawal fee is published.16Registered businesses paid by local transfer12
AdyenNot published.Not published.Large businesses with an Indian entity34

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

Cashfree Payments 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.36

PlatformFIRARBI PA-CB statusBest for
Cashfree PaymentsCashfree's Global Collections page says an e-FIRA is generated at no extra cost within 1 day. Its documentation says its AD-1 partner bank issues an eFIRS on a T+1 basis, obtained by request through the support form or account manager. For the card gateway, Cashfree mentions monthly FIRC reports and instant FIRS.6798Cashfree Payments India Private Limited appears on the RBI list of authorised payment system operators as a Payment Aggregator (online and physical) and as PA-CB I & O, which the RBI defines as a Payment Aggregator, Cross Border facilitating inward and outward transactions. Cashfree's own pages also say Global Collections operates under the RBI's OPGSP (Online Payment Gateway Service Provider) guideline.1179Registered businesses paid by local 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.121013Large businesses with an Indian entity34

Which currencies, countries and payment methods do Cashfree Payments and Adyen support?

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

PlatformCurrenciesHow clients payCard paymentsBest for
Cashfree PaymentsGlobal Collections local account details in USD, EUR, CAD and GBP, plus SWIFT. Cashfree's documentation lists 17 supported currencies; its marketing pages say 30+ currencies from 180+ countries. The card gateway is described as accepting 140+ currencies.278Global Collections: local bank transfer to collection account details (ACH in the US, SEPA in Europe, EFT in Canada, Faster Payments in the UK) or SWIFT. International Payment Gateway: international cards (Visa, Mastercard, American Express) on a checkout, and PayPal through the merchant's own linked PayPal account.2815Yes, through the International Payment Gateway. Published platform fee: 2.99% for Visa and Mastercard international cards, 2.95% for American Express. PayPal is charged at PayPal's own rates; Cashfree says it adds no gateway charge for PayPal.57Registered businesses paid by local 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 Cashfree Payments and Adyen?

Cashfree Payments 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 Cashfree Payments?

Strengths:

  • You bill through a registered Indian business and want overseas clients to pay by local transfer in USD, EUR, CAD or GBP, with INR settled automatically.12
  • Your invoices are each up to USD 10,000.9
  • You also want a card checkout for international clients, with a published platform fee.58

Limitations:

  • Global Collections pricing is not published; Cashfree quotes it on request.5
  • Cross-border payments are available only to businesses, so individuals without a registered business cannot use Global Collections per Cashfree.51
  • Invoice value is capped at USD 10,000 per transaction for Global Collections.9
  • Foreign currency balances cannot be held; all receipts settle in INR.6

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.1213
  • Adyen publishes no product, fee, FIRA or purpose code process for Indian service exporters collecting from foreign customers.10354
  • Pricing shown is global and indicative, and a minimum invoice may apply depending on industry or business model.35
  • Adyen positions itself for enterprises; eligibility for freelancers or small agencies is not published.10

Should you choose Cashfree Payments or Adyen?

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

Choose Cashfree Payments if:

  • You bill through a registered Indian business and want overseas clients to pay by local transfer in USD, EUR, CAD or GBP, with INR settled automatically.12
  • Your invoices are each up to USD 10,000.9
  • You also want a card checkout for international clients, with a published platform fee.58

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.76135

Which other platforms should you consider besides Cashfree Payments and Adyen?

Other platforms to consider besides Cashfree Payments and Adyen are the ones with the lowest estimated cost on a USD 5,000 receipt, listed in that order.1718192021222425272830323334

PlatformBest forEstimated cost on USD 5,000FIRAReview
SkydoLocal bank transfers from major markets160.68%171819202122Skydo says it issues a free FIRA on every payment received, and that its FIRA and FIRC are accepted for GST filing and by banks.2123Skydo review
Karbon BusinessUS bank transfers and marketplace payouts241.00 to 1.18%2425Karbon says it provides a FIRA for every transaction, issued by its licensed banking partner, which it does not name. Cost not published.24Karbon Business review
RazorpayLocal transfers from the US, UK and eurozone261.00 to 1.18%2728Razorpay 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.262928Razorpay review
WinvestaLocal transfers with a published per-payment fee30311.24%30323334Free 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.3332Winvesta 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]Cashfree Payments Docs, Global Collections overview (checked 2026-10-28)
  2. [2]Cashfree Payments Docs, Global Collections: Collection Accounts (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]Cashfree Payments, Payment Gateway Charges (India), International Cards, Global Collections and Cross Border FAQ (checked 2026-10-28)
  6. [6]Cashfree Payments, Global Collections: International wire transfer for Indian businesses (checked 2026-10-28)
  7. [7]Cashfree Payments, Cross Border Payment solutions: Accept international payments (checked 2026-10-28)
  8. [8]Cashfree Payments Docs, International Payment Gateway (IPG) overview (checked 2026-10-28)
  9. [9]Cashfree Payments Docs, Global Collections FAQs (checked 2026-10-28)
  10. [10]Adyen India, home page (checked 2026-10-28)
  11. [11]RBI, Certificates of Authorisation issued under the Payment and Settlement Systems Act, 2007 for setting up and operating payment systems in India, Payment Aggregators table (checked 2026-10-28)
  12. [12]RBI: Certificates of Authorisation issued under the Payment and Settlement Systems Act, 2007, Payment Aggregators (PA-O, PA-P and PA-CB), list dated 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]RBI, Master Direction on Regulation of Payment Aggregators, 15 September 2025
  15. [15]Cashfree Payments Docs, PayPal for International Payments (checked 2026-10-28)
  16. [16]Skydo FAQs, What countries can I get paid locally through Skydo? (checked 2026-10-28)
  17. [17]Skydo FAQ, How much does Skydo charge? (checked 2026-10-28)
  18. [18]Skydo, Home page (checked 2026-10-28)
  19. [19]Skydo FAQ, Who will bear the SWIFT charges? (checked 2026-10-28)
  20. [20]Skydo FAQ, Limitations and restrictions on receiving your foreign remittance via Skydo (checked 2026-10-28)
  21. [21]Skydo, Receive international payments in India as a freelancer (checked 2026-10-28)
  22. [22]Skydo, Terms of use (checked 2026-10-28)
  23. [23]Skydo FAQs, What is accepted for GST filings and banks between FIRA and FIRC? (checked 2026-10-28)
  24. [24]Karbon Business, Karbon for Freelancers (checked 2026-10-28)
  25. [25]Karbon, PayPal alternative (checked 2026-10-28)
  26. [26]Razorpay Docs, International Bank Transfer (MoneySaver Export Account) (checked 2026-10-28)
  27. [27]Razorpay, MoneySaver Export Account (international bank transfers) (checked 2026-10-28)
  28. [28]Razorpay, Pricing (checked 2026-10-28)
  29. [29]Razorpay Docs, FIRS Automated Process (checked 2026-10-28)
  30. [30]Winvesta FAQs, What are the charges for the global collections account? (checked 2026-10-28)
  31. [31]Winvesta FAQs, What currencies are available with local accounts? (checked 2026-10-28)
  32. [32]Winvesta, Multi-currency account (checked 2026-10-28)
  33. [33]Winvesta FAQ, When will I receive my e-FIRA certificate? (checked 2026-10-28)
  34. [34]Winvesta FAQ, Can I get priority processing for my withdrawal? (checked 2026-10-28)
  35. [35]Adyen, Pricing (global page, checked 2026-10-28)
  36. [36]DGFT: eBRC services (self-generation of e-BRC from bank inward remittance data)
  37. [37]GST Portal user guide: Furnishing of Letter of Undertaking (FORM GST RFD-11)

Frequently asked questions

Which is cheaper for Indian exporters, Cashfree Payments or Adyen?+

There is no cost verdict for a USD 5,000 bank transfer: neither publishes full pricing for this case.76135 The answer can change with the currency, payment method and invoice size, so check your own numbers in the platform cost comparison.

Do Cashfree Payments and Adyen give a FIRA to Indian exporters?+

Cashfree Payments: Cashfree's Global Collections page says an e-FIRA is generated at no extra cost within 1 day. Its documentation says its AD-1 partner bank issues an eFIRS on a T+1 basis, obtained by request through the support form or account manager. For the card gateway, Cashfree mentions monthly FIRC reports and instant FIRS.6798 Adyen: Not published.

Can individual freelancers use Cashfree Payments and Adyen?+

Cashfree Payments: Businesses only, per Cashfree. Its pricing page says it currently enables cross-border payments only for businesses, and its Global Collections documentation says you must be a registered business in India. Cashfree does not publish which legal forms (sole proprietor, partnership, LLP, company) qualify.51 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.104

Are Cashfree Payments and Adyen authorised by the RBI?+

Cashfree Payments: Cashfree Payments India Private Limited appears on the RBI list of authorised payment system operators as a Payment Aggregator (online and physical) and as PA-CB I & O, which the RBI defines as a Payment Aggregator, Cross Border facilitating inward and outward transactions. Cashfree's own pages also say Global Collections operates under the RBI's OPGSP (Online Payment Gateway Service Provider) guideline.1179 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.121013

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

Cashfree Payments: Global Collections: Not published for the exporter. Cashfree says funds are swept to a NOSTRO account and repatriated to India no later than seven days after credit. International card gateway: T+2 per Cashfree's documentation.68 Adyen: Not published.35

Do I still need an LUT if I am paid through Cashfree Payments 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 Cashfree Payments, 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.