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Dodo Payments 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: 12 min read

Short answer

Neither Dodo Payments 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: Dodo Payments is best for software and digital product sellers, 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.
Dodo Payments is best for	Dodo Payments	Software and digital product sellers.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 Dodo Payments and TransFi compare at a glance?

Dodo Payments 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.⁵⁸³¹⁵

	Dodo Payments	TransFi
Best for	Software and digital product sellers¹²	Payment links shared in chat, including stablecoins³⁴
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	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	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.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	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.⁹¹	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	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.¹¹⁶	Not published. TransFi's 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.⁵⁶	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	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.⁹	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	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.¹¹³	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.¹⁴¹⁵
Support	Email support@dodopayments.com.¹¹	TransFi publishes a help centre and a contact form. No India-specific support channel is published.¹⁶
Limits	Not published. Payout threshold is $100 by default and can be lowered to $50.	Not published.
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	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	Yes. Buyers pay by card at Dodo's checkout; the fee is 4% + 40c, plus 1.5% for cards issued outside the US.⁵	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 Dodo Payments vs TransFi?

The INR you receive with Dodo Payments 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: Dodo Payments, 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 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.¹²⁶

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.¹¹³
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.⁹
Best for: Software and digital product sellers.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.¹⁶³¹²

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.¹⁴¹⁵
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 Dodo Payments and TransFi fees and FX markup compare?

Dodo Payments and TransFi 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 0.4⁵⁶	Not published	Not stated	Clients paying by card
One-time payment by card or other payment method outside the US	5.5% + USD 0.4⁵⁶	Not published	Not stated	Clients paying by card
One-time payment by ACH (USD) or SEPA (EUR) direct debit	1.5%⁵⁶	Not published	Not stated	Clients paying through a payment link

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 Dodo Payments and TransFi compare on settlement speed?

Dodo Payments and TransFi 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.⁹¹	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.⁶⁵	Software and digital product sellers¹²
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 Dodo Payments and TransFi provide FIRA and e-BRC, and are they RBI PA-CB authorised?

Dodo Payments 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.³⁶

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.¹¹⁶	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.¹¹³	Software and digital product sellers¹²
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.¹⁴¹⁵	Payment links shared in chat, including stablecoins³⁴

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

Dodo Payments and TransFi 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.⁵⁶	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
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 Dodo Payments and TransFi?

Dodo Payments 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 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.⁹
You are comfortable receiving payouts in USD, GBP or EUR on a fixed cycle rather than per payment.⁶

Limitations:

Not listed by the RBI as an authorised payment aggregator; Dodo does not publish an RBI authorisation.¹³¹
INR payouts have been discontinued; payouts go from USD, GBP or EUR wallets and any conversion happens at your bank.⁶
Does not support physical goods or e-commerce websites, and the business may not invoice buyers itself.⁹¹
FIRA availability is described only in a blog post and is on request; purpose code handling is not published.¹¹⁶
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.⁵⁶⁹¹
Dodo cannot file the Export Declaration Form for the business.¹¹

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.³¹⁶

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.¹⁴¹⁵
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 Dodo Payments or TransFi?

Choose between Dodo Payments and TransFi 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.⁹
You are comfortable receiving payouts in USD, GBP or EUR on a fixed cycle rather than per payment.⁶

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.³¹⁶

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 Dodo Payments and TransFi?

Other platforms to consider besides Dodo Payments and TransFi 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, Dodo Payments 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 Dodo Payments and TransFi 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.¹¹⁶ TransFi: Not published. TransFi's pages do not mention a FIRA or FIRC.

Can individual freelancers use Dodo Payments and TransFi?+

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.⁹ 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 Dodo Payments and TransFi 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.¹¹³ 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.¹⁴¹⁵

How fast do Dodo Payments and TransFi 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.⁹¹ 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 Dodo Payments 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 Dodo Payments, TransFi or a bank wire.³⁷

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

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