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EEFC Account, Wise or Payoneer: What Actually Wins for Receiving USD in India

Author:: Editorial team, serviceexportguide.com
Verified by:: Editorial team
Published: 31 October 2026
Last modified: 31 October 2026
Fees checked on: 28 October 2026
Reading time: 7 min read

Short answer

An EEFC account lets an Indian resident hold up to 100% of foreign exchange earnings in foreign currency.¹ EEFC balances earn no interest.¹ Wise converts every payment to INR, and Indian users cannot hold the foreign currency.³⁷ Payoneer converts to INR at 1% to 4%.³⁵ From 1 October 2026, every service export also needs an EDF.³

Applies to	Rules involved	Platforms compared	Last verified
Indian freelancers and businesses paid in USD by foreign clients¹⁰	FEMA 10(R) EEFC scheme; FEMA (Export and Import of Goods and Services) Regulations, 2026; PA Master Direction 11(d)²³⁷	Skydo, Razorpay, Karbon Business, Payoneer, EEFC account, Wise⁸	31 October 2026

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.

"Bank or fintech?" is the first decision an Indian exporter paid in US dollars makes. A bank route means a SWIFT wire into your Indian bank, optionally credited to an Exchange Earners Foreign Currency (EEFC) account so the dollars stay dollars.¹ A fintech route means giving the client local US account details from a provider such as Wise or Payoneer, which converts the money to rupees.³⁴³⁷ This page compares them on the same criteria, with the lowest-cost USD providers in this site's cost model.

No option wins for everyone. An exporter with dollar costs, such as software subscriptions or overseas contractors, gains most from holding USD, while an exporter who converts everything gains most from low conversion costs.¹ Confirm your own setup with a chartered accountant (CA).

How do an EEFC account, Wise and Payoneer compare for receiving USD in India?

An EEFC account, Wise and Payoneer compare on one main point: the EEFC account holds USD, Wise always converts to INR, and Payoneer converts at 1% to 4% or can pay out to an EEFC account.¹³⁴³⁵³⁷ The table orders providers by estimated cost on USD 5,000 from published fees, cheapest first, then options without a comparable published cost, A to Z.²¹²⁷³⁰³⁵

Platform	Best for	Fee	FX markup	Settlement	FIRA	RBI PA-CB status	Source
Skydo	Local bank transfers from major markets²⁰	USD 19 plus GST up to USD 2,000; USD 29 plus GST from USD 2,001 to USD 10,000; 0.3% plus GST above²¹²²	Product page: mid-market rate, 0% markup; terms: retail rate set by Skydo or its partner banks²³²⁴	Within 24 hours per product page; T+1 to T+3 business days per terms²³²⁴	Free FIRA on every payment²³²⁵	PA-CB-I & O, authorised 8 January 2026⁸	Skydo fee FAQ²¹
Razorpay	Local transfers from the US, UK and eurozone²⁶	MoneySaver: 1% plus GST, flat ₹1,000 below ₹1,00,000²⁷	0% markup at the live rate on MoneySaver bank transfers²⁷	T+1 for push bank transfers; non-INR settlement to EEFC supported²⁶	FIRS within 24 hours after settlement²⁶²⁸	PA-CB I & O⁸	Razorpay docs²⁶
Karbon Business	US bank transfers and marketplace payouts²⁹	1% transaction fee on its PayPal alternative page³⁰	0% on its freelancer page; 0.5% to 1.0% on its PayPal comparison page²⁹³⁰	24 to 48 hours²⁹	FIRA for every transaction²⁹	Not on the RBI list itself; its terms run export receipts under a partner the RBI lists as a PA-CB⁸³¹	Karbon pages²⁹
Payoneer	Marketplace payouts such as Amazon or Upwork³⁶	Free to receive (multi-currency account page); fixed fee or 1% for non-local currencies (pricing page)³⁴³⁵	1% to 4% when converting to INR³⁵	Within 24 hours (multi-currency account page); within 48 hours (pricing page), to a bank or EEFC account³⁴³⁵	Free digital FIRA from a partner AD bank³³	In-principle PA-CB authorisation on 22 January 2026; RBI Table E as on 16 October 2026⁹³²	Payoneer pages³⁴³⁵
EEFC account at an AD bank	Exporters with foreign currency costs¹	Bank's published charges; ICICI Bank shows nil commission in lieu of exchange on EEFC credits³¹⁷	None while held in USD; the bank's rate when you convert¹	Credited by the AD bank; accruals used or converted by the end of the following month¹	Bank advice; e-BRC self-certified from the bank's IRM¹⁴	Not applicable: an authorised dealer bank account under FEMA 10(R)²	RBI Master Direction¹
Wise	Bank transfers to local account details³⁷	2 USD equivalent for the e-FIRC transfer per the help article; free e-FIRC per the pricing page; 18% GST on fees³⁷³⁸	Mid-market rate plus a currency-dependent fee; no INR percentage published³⁸³⁹	INR within 1 to 2 days; no holding of USD³⁷	e-FIRC per transfer within 3 working days³⁷	PA-CB-I, authorised 12 March 2026⁸	Wise help article³⁷

See Wise vs Payoneer for those two side by side and EEFC account benefits for the account in depth.

Which RBI rule governs USD export proceeds received in India?

USD export proceeds received in India are governed by the FEMA (Export and Import of Goods and Services) Regulations, 2026, and keeping them in dollars is governed by the EEFC scheme in the FEMA (Foreign Currency Accounts by a person resident in India) Regulations, 2015.²³

Rule	Best for	Plain meaning	Source
FEMA 10(R), Schedule I	Exporters holding USD	Sets out the EEFC account scheme²	RBI²
Deposits and Accounts Master Direction, paragraph 3.1	EEFC holders	Up to 100% of earnings credited; no interest; no loans against the balance; monthly conversion window¹	RBI¹
2026 Regulations, regulations 3 and 4	Every service exporter	EDF within 30 days from the end of the invoice month³	RBI³
2026 Regulations, regulation 5 as amended	Every USD invoice	Realise within nine months of the invoice date⁴	RBI⁴
PA Master Direction, paragraph 11(d)	Wise, Skydo, Razorpay and other PA-CB routes	₹25 lakh cap per transaction⁷	RBI⁷

The realisation and EDF rules apply whether the dollars arrive by wire or through a provider.

What does each option charge to receive USD?

Each option charges differently to receive USD: a bank charges what its published schedule says, the PA-CB fintechs charge a fixed or percentage fee, and Payoneer charges on conversion.³²¹²⁷³⁵

Option	Best for	Estimated cost on USD 5,000	What drives the cost	Source
Skydo	Larger USD invoices by bank transfer	0.68%	USD 29 fixed fee plus GST²¹	Skydo²¹²²
Razorpay	Registered businesses	1.00 to 1.18%	1% fee plus GST²⁷	Razorpay²⁷
Karbon Business	Exporters incorporated in India	1.00 to 1.18%	1% fee plus GST³⁰	Karbon³⁰
Payoneer	Marketplace sellers	1.00 to 4.00%	Conversion fee to INR³⁵	Payoneer³⁵
EEFC account	Exporters with USD costs	Not estimated	Bank's published charges; GST on conversion is charged on the amount exchanged¹⁷¹⁸¹⁹	Bank schedules
Wise	Bank transfers to local details	Not estimated	INR conversion fee not published as a percentage³⁸	Wise³⁸

HDFC Bank publishes GST slabs on currency conversion, so money you never convert does not attract that GST.¹⁹

Which option is cheapest at $2,000, $5,000 and $10,000?

The cheapest option at $2,000, $5,000 and $10,000 depends on invoice size for the fintechs, and on whether you convert at all for an EEFC account.¹²¹²⁷ The table below works out rupees received at today's rate from published fees.

Platform	Best for	INR on USD 2,000	INR on USD 5,000	INR on USD 10,000	Cost on USD 5,000
SkydoMost INRTransfer to Skydo local account details or international SWIFT account	Local bank transfers from major markets	₹1,86,373	₹4,67,991	₹9,39,206	0.68%
Karbon BusinessBank transfer to a Karbon virtual USD account	US bank transfers and marketplace payouts	₹1,86,262 to ₹1,86,601	₹4,65,655 to ₹4,66,503	₹9,31,311 to ₹9,33,007	1.00 to 1.18%
RazorpayMoneySaver Export Account: bank transfer to virtual account details (Standard plan)	Local transfers from the US, UK and eurozone	₹1,86,262 to ₹1,86,601	₹4,65,655 to ₹4,66,503	₹9,31,311 to ₹9,33,007	1.00 to 1.18%
PayoneerLocal bank transfer to Payoneer receiving account details	Marketplace payouts such as Amazon or Upwork	₹1,80,947 to ₹1,86,601	₹4,52,367 to ₹4,66,503	₹9,04,734 to ₹9,33,007	1.00 to 4.00%

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

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.

For example, at $2,000 Razorpay's 1% fee and Skydo's USD 19 fee (about 0.95%) are close, while at $10,000 Skydo's USD 29 fee is about 0.29% before GST.²¹²⁷ Payoneer's 1% to 4% fee is stated for withdrawals converted to INR; its account page says payouts can also go to an EEFC account, and a fee for a payout without conversion is not published on the pages checked.³⁴³⁵

What documents and GST apply to USD receipts?

USD receipts need a FIRA or bank advice for each payment, an EDF with your bank, and an LUT if you are GST registered, whether the money goes to an EEFC account or is converted.³¹³

Document	Best for	What it does	Source
FIRA or e-FIRC	Every receipt	Proves the payment; Wise, Payoneer and Skydo each issue one²³³³³⁷	Provider pages
e-BRC	Exporters with an IEC	Self-certified on DGFT from the bank's IRM¹⁴	DGFT¹⁴
EDF	Every service exporter	Declares the export to the AD bank from 1 October 2026³	RBI³
LUT	GST-registered exporters	FORM GST RFD-11 each financial year¹³	GST portal¹³

Work for a foreign client is an export of services only when all five conditions of section 2(6) of the IGST Act hold, and exports are zero-rated under section 16.¹⁰¹¹ Under rule 96A, IGST with interest falls due if an LUT export is unpaid beyond one year or the FEMA period, whichever is later.¹² Read receive USD payments in India for the full currency guide.

What changes in 2026 for receiving USD in India?

Receiving USD in India changed in 2026 with new RBI export Regulations from 1 October 2026, a nine-month realisation period and new PA-CB authorisations.³⁴⁸

2026 Regulations: The 2026 Regulations replaced the 2015 Regulations on 1 October 2026.³
EDF for services: Every service exporter files an EDF, and RBI Circular No. 20 supersedes the SOFTEX circulars.³⁶
Realisation period: The period went to 15 months in November 2025 and is now nine months from the invoice date.⁴⁵
Provider status: RBI authorised Skydo on 8 January 2026 and Wise on 12 March 2026; Payoneer received in-principle authorisation on 22 January 2026.⁸³²
Income tax: The Income-tax Act, 2025 applies from 1 April 2026, and foreign tax credit is claimed in Form 44 from tax year 2026-27.¹⁵¹⁶

For a plain definition of the account, read what is an EEFC account.

How did we verify this?

We checked this page against the sources below on 31 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

Is it better to receive USD in a bank account or through a fintech in India?+

Receiving USD in a bank account or through a fintech suits different needs. A bank wire into an EEFC account lets you hold dollars and pay foreign costs without converting, while PA-CB fintechs give clients local US details and convert to INR at published fees. Neither suits every exporter, so compare your foreign costs, invoice sizes and FIRA needs.¹²¹²⁷

Can Payoneer pay into my EEFC account?+

Payoneer's India multi-currency account page says received payments can be withdrawn to a linked Indian bank account or an EEFC account. Its pricing page says withdrawing in INR from a balance in another currency costs 1% to 4%, with the exact fee shown in your account.³⁴³⁵

Can I hold dollars in Wise as an Indian freelancer?+

You cannot hold dollars in Wise as an Indian freelancer or business. Wise says it converts each payment to INR and sends it to the verified Indian bank account, that Indian users cannot hold the foreign currency, and that the account details cannot be used to send money.³⁷

Does an EEFC account earn interest on USD?+

An EEFC account does not earn interest on USD balances, and no loan can be secured against the balance, according to RBI's Master Direction on Deposits and Accounts. Each month's accruals must be used or converted to rupees by the end of the following month.¹

Do banks charge less when export proceeds go into an EEFC account?+

Some banks publish lower charges for EEFC credits. ICICI Bank's trade schedule shows nil commission in lieu of exchange on export proceeds credited to an EEFC account, and SBI's schedule does not apply that commission to transactions using foreign currency held with SBI. Check your own bank's published schedule.¹⁷¹⁸

Who can open an EEFC account in India?+

Any person resident in India with foreign exchange earnings can open an EEFC account with an AD bank. Individuals may hold it as a current, savings or term deposit account, and other holders as a current or term deposit account, under RBI's Master Direction on Deposits and Accounts.¹

Is USD received through Razorpay eligible for EEFC credit?+

Razorpay says it settles international bank transfers in INR automatically and also supports non-INR settlement to an EEFC account. Funds cannot be held in its foreign currency accounts. Ask Razorpay and your bank how non-INR settlement works for your account before relying on it.²⁶

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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