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

Author:
Editorial team, serviceexportguide.com
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Editorial team
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10 min read

Short answer

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: Karbon Business is best for uS bank transfers and marketplace payouts, and Adyen is best for large businesses with an Indian entity.134

Use caseBetter optionWhy
Bank transfer of USD 5,000Cannot compareKarbon Business costs about 1.00 to 1.18%; Adyen does not publish full pricing.12
Bank transfer of USD 2,000Cannot compareKarbon Business costs about 1.00 to 1.18%; Adyen does not publish full pricing.12
Client paying USD 2,000 by card or linkCannot compareNeither publishes full pricing for this case.
Karbon Business is best forKarbon BusinessUS bank transfers and marketplace payouts.1
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 costThis pageBank 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 Karbon Business and Adyen compare at a glance?

Karbon Business 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.2132

Karbon BusinessAdyen
Best forUS bank transfers and marketplace payouts1Large businesses with an Indian entity34
FeesKarbon's PayPal alternative page lists a 1% transaction fee in its feature list; its freelancer page gives no fee amount.21Not 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 markupKarbon's freelancer page says 0% markup on inward remittance; its PayPal comparison page gives a forex markup of 0.5% to 1.0%. The home page says displayed amounts are indicative and depend on the rate booking date.125Not published.
SettlementKarbon says international payments reach India within 24 to 48 hours.1Not published.
FIRAKarbon says it provides a FIRA for every transaction, issued by its licensed banking partner, which it does not name. Cost not published.1Not published.
CurrenciesKarbon names USD, EUR and GBP; the virtual account it describes is in USD.1Not published for Indian exporters.
KYC: who can sign upKarbon markets the service to freelancers, exporters and small businesses. Its forex terms require the user to be duly incorporated under the laws of India. Karbon does not publish whether an unregistered individual can sign up.16Adyen 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.74
RBI PA-CB statusKarbon does not appear in the RBI's list of authorised payment aggregators. Its forex terms, issued by Interropac Private Limited, say export receipts are processed subject to the connected user terms of a payment partner that the RBI lists as PA-CB I & O. Karbon says it works only with PA-CB licensed players and regulated banks.685The 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.879
SupportWhatsApp +91 74117 02726, sales@karboncard.com, support@karboncard.com and 1-800-309-8470.1Not published for this use; Adyen's pricing page directs custom pricing and minimum invoice questions to its sales team.
LimitsNot published by Karbon. RBI rules set a limit of ₹25 lakh per export transaction for PA-CBs.For 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.9
How clients payBank transfer to a virtual USD account (US account details in the user's name), payment requests or invoices sent by email or WhatsApp, and as a payout method on Upwork, Fiverr and Toptal.1Not published for Indian exporters. For local processing in India Adyen lists cards (Visa, Mastercard, RuPay), UPI, online banking and wallets.
Card paymentsNot published.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.

How much INR do you receive on $2,000, $5,000 and $10,000 with Karbon Business vs Adyen?

The INR you receive with Karbon Business 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.

PlatformBest forINR on USD 2,000INR on USD 5,000INR on USD 10,000Cost on USD 5,000
Karbon BusinessMost INRBank transfer to a Karbon virtual USD accountUS bank transfers and marketplace payouts₹1,86,262 to ₹1,86,601₹4,65,655 to ₹4,66,503₹9,31,311 to ₹9,33,0071.00 to 1.18%

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 Karbon Business and who is it for?

Karbon Business is a Bengaluru fintech that markets a virtual USD account, payment requests and inward remittances in INR to Indian freelancers and exporters; its forex terms say export receipts are processed under a payment partner's connected user terms.16

  • Regulated by: Karbon does not appear in the RBI's list of authorised payment aggregators. Its forex terms, issued by Interropac Private Limited, say export receipts are processed subject to the connected user terms of a payment partner that the RBI lists as PA-CB I & O. Karbon says it works only with PA-CB licensed players and regulated banks.685
  • Used by: Karbon markets the service to freelancers, exporters and small businesses. Its forex terms require the user to be duly incorporated under the laws of India. Karbon does not publish whether an unregistered individual can sign up.16
  • Best for: US bank transfers and marketplace payouts.1

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.789

  • 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.879
  • 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.74
  • Best for: Large businesses with an Indian entity.34

How do Karbon Business and Adyen fees and FX markup compare?

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

What does Karbon Business charge?

Transaction typeFeeFX markupGST on feesBest for
Bank transfer to a Karbon virtual USD account1%120%Not statedClients paying by local bank transfer

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.32

How do Karbon Business and Adyen compare on settlement speed?

Karbon Business and Adyen publish these settlement times for money reaching an Indian bank account.

PlatformSettlement timePayout to IndiaBest for
Karbon BusinessKarbon says international payments reach India within 24 to 48 hours.1Paid in INR to the user's Indian bank account. Payout fee not published.12US bank transfers and marketplace payouts1
AdyenNot published.Not published.Large businesses with an Indian entity34

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

Karbon Business 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.33

PlatformFIRARBI PA-CB statusBest for
Karbon BusinessKarbon says it provides a FIRA for every transaction, issued by its licensed banking partner, which it does not name. Cost not published.1Karbon does not appear in the RBI's list of authorised payment aggregators. Its forex terms, issued by Interropac Private Limited, say export receipts are processed subject to the connected user terms of a payment partner that the RBI lists as PA-CB I & O. Karbon says it works only with PA-CB licensed players and regulated banks.685US bank transfers and marketplace payouts1
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.879Large businesses with an Indian entity34

Which currencies, countries and payment methods do Karbon Business and Adyen support?

Karbon Business and Adyen accept the currencies and payment methods below, as each publishes them.

PlatformCurrenciesHow clients payCard paymentsBest for
Karbon BusinessKarbon names USD, EUR and GBP; the virtual account it describes is in USD.1Bank transfer to a virtual USD account (US account details in the user's name), payment requests or invoices sent by email or WhatsApp, and as a payout method on Upwork, Fiverr and Toptal.1Not published.US bank transfers and marketplace payouts1
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 Karbon Business and Adyen?

Karbon Business 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 Karbon Business?

Strengths:

  • Your clients can pay by US bank transfer to a USD account, or you are paid out by Upwork, Fiverr or Toptal.1
  • You want INR in your Indian bank and a FIRA for each receipt.1

Limitations:

  • No receiving fee, payout fee or FIRA cost is published.15
  • Karbon itself is not an RBI-authorised payment aggregator; export receipts run through a third party under separate terms.86
  • The forex terms address incorporated users, while marketing pages address freelancers; eligibility for unregistered individuals is not published.61
  • Purpose code handling and card payment options are not published.1

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.9

Limitations:

  • Adyen's RBI cross-border authorisation is for outward (import) transactions, not inward export receipts.89
  • Adyen publishes no product, fee, FIRA or purpose code process for Indian service exporters collecting from foreign customers.7324
  • Pricing shown is global and indicative, and a minimum invoice may apply depending on industry or business model.32
  • Adyen positions itself for enterprises; eligibility for freelancers or small agencies is not published.7

Should you choose Karbon Business or Adyen?

Choose between Karbon Business and Adyen by how your clients pay and your usual invoice size.

Choose Karbon Business if:

  • Your clients can pay by US bank transfer to a USD account, or you are paid out by Upwork, Fiverr or Toptal.1
  • You want INR in your Indian bank and a FIRA for each receipt.1

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.9

For example, say a designer invoices a US client USD 2,000. Because Adyen 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.12532

Which other platforms should you consider besides Karbon Business and Adyen?

Other platforms to consider besides Karbon Business and Adyen are the ones with the lowest estimated cost on a USD 5,000 receipt, listed in that order.111213141516192022242526282930

PlatformBest forEstimated cost on USD 5,000FIRAReview
SkydoLocal bank transfers from major markets100.68%111213141516Skydo says it issues a free FIRA on every payment received, and that its FIRA and FIRC are accepted for GST filing and by banks.1517Skydo review
RazorpayLocal transfers from the US, UK and eurozone181.00 to 1.18%1920Razorpay 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.182120Razorpay review
WinvestaLocal transfers with a published per-payment fee22231.24%22242526Free 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.2524Winvesta review
PayoneerMarketplace payouts such as Amazon or Upwork271.00 to 4.00%282930Free digital FIRA PDF for each transaction, issued by Payoneer's partner AD bank and available in the account under Manage, Reports and statements, within 24 to 72 hours (the same help article also says 1 to 3 business days). The e-FIRA/IRM in EDPMS is issued by the exporter's own bank, which may need the FIRA plus export documents.3031Payoneer 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]Karbon, Karbon for freelancers (checked 2026-10-28)
  2. [2]Karbon, PayPal alternative (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]Karbon, Karbon FX Remittances, home page (checked 2026-10-28)
  6. [6]Karbon Forex Terms and Conditions, Interropac Private Limited (checked 2026-10-28)
  7. [7]Adyen India, home page (checked 2026-10-28)
  8. [8]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)
  9. [9]Adyen, India merchant onboarding policy overview, version 1.5, 9 June 2026 (checked 2026-10-28)
  10. [10]Skydo FAQs, What countries can I get paid locally through Skydo? (checked 2026-10-28)
  11. [11]Skydo FAQ, How much does Skydo charge? (checked 2026-10-28)
  12. [12]Skydo, Home page (checked 2026-10-28)
  13. [13]Skydo FAQ, Who will bear the SWIFT charges? (checked 2026-10-28)
  14. [14]Skydo FAQ, Limitations and restrictions on receiving your foreign remittance via Skydo (checked 2026-10-28)
  15. [15]Skydo, Receive international payments in India as a freelancer (checked 2026-10-28)
  16. [16]Skydo, Terms of use (checked 2026-10-28)
  17. [17]Skydo FAQs, What is accepted for GST filings and banks between FIRA and FIRC? (checked 2026-10-28)
  18. [18]Razorpay Docs, International Bank Transfer (MoneySaver Export Account) (checked 2026-10-28)
  19. [19]Razorpay, MoneySaver Export Account (international bank transfers) (checked 2026-10-28)
  20. [20]Razorpay, Pricing (checked 2026-10-28)
  21. [21]Razorpay Docs, FIRS Automated Process (checked 2026-10-28)
  22. [22]Winvesta FAQs, What are the charges for the global collections account? (checked 2026-10-28)
  23. [23]Winvesta FAQs, What currencies are available with local accounts? (checked 2026-10-28)
  24. [24]Winvesta, Multi-currency account (checked 2026-10-28)
  25. [25]Winvesta FAQ, When will I receive my e-FIRA certificate? (checked 2026-10-28)
  26. [26]Winvesta FAQ, Can I get priority processing for my withdrawal? (checked 2026-10-28)
  27. [27]Payoneer, How to use Payoneer in India (last modified 18 September 2026, checked 2026-10-28)
  28. [28]Payoneer India, Payoneer Fees (checked 2026-10-28)
  29. [29]Payoneer India, Multi-currency account page and FAQs (checked 2026-10-28)
  30. [30]Payoneer Help Center, Digital FIRA FAQ (checked 2026-10-28)
  31. [31]Payoneer India, Digital FIRC page (checked 2026-10-28)
  32. [32]Adyen, Pricing (global page, checked 2026-10-28)
  33. [33]DGFT: eBRC services (self-generation of e-BRC from bank inward remittance data)
  34. [34]GST Portal user guide: Furnishing of Letter of Undertaking (FORM GST RFD-11)

Frequently asked questions

Which is cheaper for Indian exporters, Karbon Business or Adyen?+

There is no cost verdict for a USD 5,000 bank transfer: karbon Business costs about 1.00 to 1.18%; Adyen does not publish full pricing.12 The answer can change with the currency, payment method and invoice size, so check your own numbers in the platform cost comparison.

Do Karbon Business and Adyen give a FIRA to Indian exporters?+

Karbon Business: Karbon says it provides a FIRA for every transaction, issued by its licensed banking partner, which it does not name. Cost not published.1 Adyen: Not published.

Can individual freelancers use Karbon Business and Adyen?+

Karbon Business: Karbon markets the service to freelancers, exporters and small businesses. Its forex terms require the user to be duly incorporated under the laws of India. Karbon does not publish whether an unregistered individual can sign up.16 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.74

Are Karbon Business and Adyen authorised by the RBI?+

Karbon Business: Karbon does not appear in the RBI's list of authorised payment aggregators. Its forex terms, issued by Interropac Private Limited, say export receipts are processed subject to the connected user terms of a payment partner that the RBI lists as PA-CB I & O. Karbon says it works only with PA-CB licensed players and regulated banks.685 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.879

How fast do Karbon Business and Adyen pay out to an Indian bank?+

Karbon Business: Karbon says international payments reach India within 24 to 48 hours.1 Adyen: Not published.32

Do I still need an LUT if I am paid through Karbon Business 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 Karbon Business, Adyen or a bank wire.34

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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Karbon Business for Indian service exporters: how it works, costs and limits

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