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Dodo Payments vs Revolut (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: 12 min read

Short answer

Neither Dodo Payments nor Revolut 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: Dodo Payments is best for software and digital product sellers, and Revolut is best for personal spending, not export receipts.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.
Dodo Payments is best for	Dodo Payments	Software and digital product sellers.¹²
Revolut is best for	Revolut	Personal spending, not export receipts.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 Dodo Payments and Revolut compare at a glance?

Dodo Payments and Revolut 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

	Dodo Payments	Revolut
Best for	Software and digital product sellers¹²	Personal spending, not export receipts³⁴
Fees	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.⁵	Revolut says it does not charge fees for receiving a bank transfer into the INR account by UPI.⁶
FX markup	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.⁵⁷	Not applicable to receiving: the India wallet holds INR only. No inward conversion rate is published.³
Settlement	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.⁸¹	Revolut says UPI transfers to the INR account are usually instant.⁶
FIRA	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.⁹⁷	Not published. Revolut's India pages do not mention a FIRA or FIRC.
Currencies	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.⁵⁷	INR only for the India wallet. Revolut's India terms say PPIs can only be used for payments in Indian rupees.³⁶
KYC: who can sign up	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.⁸	Individuals, for personal use. Revolut's India terms say you cannot use a Revolut Account for business purposes. Revolut Business requires a company registered in the UK, the EEA or the US; India is listed only as a country where an applicant for such a company may reside.³¹⁰
RBI PA-CB status	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.¹¹¹	Revolut Payments India Private Limited is listed by the RBI as a prepaid payment instrument (PPI) issuer, authorised on 4 April 2025. It does not appear on the RBI list of authorised PA-CB entities as on 16 October 2026.¹²³
Support	Email support@dodopayments.com.⁹	Revolut India publishes 24/7 in-app chat, support-india@revolut.com and a phone number.³
Limits	Not published. Payout threshold is $100 by default and can be lowered to $50.	Up to 25 inbound UPI transfers or INR 4,00,000 a day, whichever comes first, and a total INR balance of no more than INR 2,00,000 at any time.⁶
How clients pay	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.⁵¹	Revolut India says money can be received into the INR account by UPI only; NEFT, IMPS and RTGS are not supported. No route for a foreign client to pay a Revolut India account from abroad is published.⁶³
Card payments	Yes. Buyers pay by card at Dodo's checkout; the fee is 4% + 40c, plus 1.5% for cards issued outside the US.⁵	Not available for receiving. Revolut India does not publish a way to accept card payments from clients.³⁶

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

The INR you receive with Dodo Payments and Revolut 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 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.¹²⁷

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.¹¹¹
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.⁸
Best for: Software and digital product sellers.¹²

What is Revolut and who is it for?

Revolut in India is a personal app run by Revolut Payments India Private Limited, an RBI-authorised prepaid payment instrument issuer whose INR wallet cannot be used for business purposes.³¹²

Regulated by: Revolut Payments India Private Limited is listed by the RBI as a prepaid payment instrument (PPI) issuer, authorised on 4 April 2025. It does not appear on the RBI list of authorised PA-CB entities as on 16 October 2026.¹²³
Used by: Individuals, for personal use. Revolut's India terms say you cannot use a Revolut Account for business purposes. Revolut Business requires a company registered in the UK, the EEA or the US; India is listed only as a country where an applicant for such a company may reside.³¹⁰
Best for: Personal spending, not export receipts.³⁴

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

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

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 0.4⁵⁷	Not published	Not stated	Clients paying by card
One-time payment by card or other payment method outside the US	5.5% + USD 0.4⁵⁷	Not published	Not stated	Clients paying by card
One-time payment by ACH (USD) or SEPA (EUR) direct debit	1.5%⁵⁷	Not published	Not stated	Clients paying through a payment link

What does Revolut charge?

Fees: Revolut says it does not charge fees for receiving a bank transfer into the INR account by UPI.⁶

How do Dodo Payments and Revolut compare on settlement speed?

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

Platform	Settlement time	Payout to India	Best for
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.⁸¹	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.⁷⁵	Software and digital product sellers¹²
Revolut	Revolut says UPI transfers to the INR account are usually instant.⁶	Revolut says unloading the INR wallet is free on the Standard plan.⁴	Personal spending, not export receipts³⁴

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

Dodo Payments and Revolut 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.³²

Platform	FIRA	RBI PA-CB status	Best for
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.⁹⁷	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.¹¹¹	Software and digital product sellers¹²
Revolut	Not published. Revolut's India pages do not mention a FIRA or FIRC.	Revolut Payments India Private Limited is listed by the RBI as a prepaid payment instrument (PPI) issuer, authorised on 4 April 2025. It does not appear on the RBI list of authorised PA-CB entities as on 16 October 2026.¹²³	Personal spending, not export receipts³⁴

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

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

Platform	Currencies	How clients pay	Card payments	Best for
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.⁵⁷	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.⁵¹	Yes. Buyers pay by card at Dodo's checkout; the fee is 4% + 40c, plus 1.5% for cards issued outside the US.⁵	Software and digital product sellers¹²
Revolut	INR only for the India wallet. Revolut's India terms say PPIs can only be used for payments in Indian rupees.³⁶	Revolut India says money can be received into the INR account by UPI only; NEFT, IMPS and RTGS are not supported. No route for a foreign client to pay a Revolut India account from abroad is published.⁶³	Not available for receiving. Revolut India does not publish a way to accept card payments from clients.³⁶	Personal spending, not export receipts³⁴

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

Dodo Payments and Revolut each suit some exporters better than others. These points come from each provider's own pages.

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.²¹
You are an individual without a registered business and hold a PAN.⁸
You are comfortable receiving payouts in USD, GBP or EUR on a fixed cycle rather than per payment.⁷

Limitations:

Not listed by the RBI as an authorised payment aggregator; Dodo does not publish an RBI authorisation.¹¹¹
INR payouts have been discontinued; payouts go from USD, GBP or EUR wallets and any conversion happens at your bank.⁷
Does not support physical goods or e-commerce websites, and the business may not invoice buyers itself.⁸¹
FIRA availability is described only in a blog post and is on request; purpose code handling is not published.⁹⁷
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.⁵⁷⁸¹
Dodo cannot file the Export Declaration Form for the business.⁹

What are the strengths and limitations of Revolut?

Strengths:

You want a personal INR wallet and card for your own spending, separate from how you get paid for exports.³⁴

Limitations:

Revolut's India terms prohibit using a Revolut Account for business purposes.³
The India wallet holds INR only and receives money by UPI only, so a foreign client cannot pay into it from abroad by any published route.³⁶
Revolut Business is not available to companies registered in India.¹⁰
Revolut India is not an RBI-authorised PA-CB and its pages do not mention a FIRA, FIRC or purpose code.¹²³

Should you choose Dodo Payments or Revolut?

Choose between Dodo Payments and Revolut by how your clients pay and your usual invoice size.

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.²¹
You are an individual without a registered business and hold a PAN.⁸
You are comfortable receiving payouts in USD, GBP or EUR on a fixed cycle rather than per payment.⁷

Choose Revolut if:

You want a personal INR wallet and card for your own spending, separate from how you get paid for exports.³⁴

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.⁵⁷³

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

Other platforms to consider besides Dodo Payments and Revolut are the ones with the lowest estimated cost on a USD 5,000 receipt, listed in that order.¹⁴¹⁵¹⁶¹⁷¹⁸¹⁹²¹²²²⁴²⁵²⁷²⁹³⁰³¹

Platform	Best for	Estimated cost on USD 5,000	FIRA	Review
Skydo	Local bank transfers from major markets¹³	0.68%¹⁴¹⁵¹⁶¹⁷¹⁸¹⁹	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.¹⁸²⁰	Skydo review
Karbon Business	US bank transfers and marketplace payouts²¹	1.00 to 1.18%²¹²²	Karbon says it provides a FIRA for every transaction, issued by its licensed banking partner, which it does not name. Cost not published.²¹	Karbon Business review
Razorpay	Local transfers from the US, UK and eurozone²³	1.00 to 1.18%²⁴²⁵	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.²³²⁶²⁵	Razorpay review
Winvesta	Local transfers with a published per-payment fee²⁷²⁸	1.24%²⁷²⁹³⁰³¹	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.³⁰²⁹	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, Dodo Payments or Revolut?+

There is no cost verdict for a USD 5,000 bank transfer: neither publishes full pricing for this case.⁵⁷³ The answer can change with the currency, payment method and invoice size, so check your own numbers in the platform cost comparison.

Do Dodo Payments and Revolut give a FIRA to Indian exporters?+

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.⁹⁷ Revolut: Not published. Revolut's India pages do not mention a FIRA or FIRC.

Can individual freelancers use Dodo Payments and Revolut?+

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.⁸ Revolut: Individuals, for personal use. Revolut's India terms say you cannot use a Revolut Account for business purposes. Revolut Business requires a company registered in the UK, the EEA or the US; India is listed only as a country where an applicant for such a company may reside.³¹⁰

Are Dodo Payments and Revolut authorised by the RBI?+

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.¹¹¹ Revolut: Revolut Payments India Private Limited is listed by the RBI as a prepaid payment instrument (PPI) issuer, authorised on 4 April 2025. It does not appear on the RBI list of authorised PA-CB entities as on 16 October 2026.¹²³

How fast do Dodo Payments and Revolut pay out to an Indian bank?+

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.⁸¹ Revolut: Revolut says UPI transfers to the INR account are usually instant.⁶

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

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 Dodo Payments, Revolut or a bank wire.³³

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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