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

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Short answer

On published fees for a USD 5,000 bank transfer, Karbon Business leaves more rupees: about 1.00 to 1.18% in costs against 1.24%.123456 The better choice depends on how your client pays: Karbon Business is best for uS bank transfers and marketplace payouts, and Winvesta is best for local transfers with a published per-payment fee.137

Use caseBetter optionWhy
Bank transfer of USD 5,000Karbon BusinessEstimated cost 1.00 to 1.18% against 1.24%.123456
Bank transfer of USD 2,000Karbon BusinessEstimated cost 1.00 to 1.18% against 1.35%.123456
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
Winvesta is best forWinvestaLocal transfers with a published per-payment fee.37

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%
3WinvestaThis pageGlobal 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 Winvesta compare at a glance?

Karbon Business and Winvesta 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.213

Karbon BusinessWinvesta
Best forUS bank transfers and marketplace payouts1Local transfers with a published per-payment fee37
FeesKarbon's PayPal alternative page lists a 1% transaction fee in its feature list; its freelancer page gives no fee amount.21Up to 2,000 a month per currency: 0.99% plus a fixed fee per transaction ($3 for USD, EUR 5, GBP 5, AUD 10, SGD 10, other currencies the equivalent of $5). 2,000 to 100,000 a month: custom pricing. Above 100,000 a month: 0.2% per transaction with no fixed fee. Winvesta says 18% GST is levied on its fees for every non-JPMC account.3
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.128Winvesta advertises 0% forex markup and zero FX on USD, and shows the exact FX rate applied and its booking time after each withdrawal. The reference rate is not published.49
SettlementKarbon says international payments reach India within 24 to 48 hours.1USD withdrawals reach the bank 1 business day after processing, EUR and GBP 2 business days, with a 1:00 PM IST cut-off. Card collections settle T+1 working day per the FAQ and T+2 days per the payment links page.101112
FIRAKarbon says it provides a FIRA for every transaction, issued by its licensed banking partner, which it does not name. Cost not published.1Free 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.54
CurrenciesKarbon names USD, EUR and GBP; the virtual account it describes is in USD.1Local account details in USD, EUR, GBP and CAD, plus SWIFT details for 30+ other currencies. Winvesta's pages give different totals (30+, 33 and 37+ currencies).7133
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.114Freelancers (PAN, Aadhaar, a marketing channel link and bank details) and businesses (the same plus business registration details). Winvesta publishes a list of restricted business types.1516
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.14178Winvesta says Winvesta India Technologies Private Limited is an online payment gateway service provider that facilitates cross-border collections under the RBI's regulations. It does not appear in the RBI's list of authorised payment aggregators dated 16 October 2026 or in the RBI's PA-CB application status tables as on that date.181719
SupportWhatsApp +91 74117 02726, sales@karboncard.com, support@karboncard.com and 1-800-309-8470.1Email support@winvesta.in; phone +91-(0)20-7117 8885, Monday to Friday, 10:00 am to 6:00 pm IST.4
LimitsNot published by Karbon. RBI rules set a limit of ₹25 lakh per export transaction for PA-CBs.Winvesta says there are no limits on incoming transactions in USD and 30 other currencies. Its FAQs give different maximum holding periods (30 days in one answer, 9 months in another).201321
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.1Local bank transfer to account details in USD (ACH, Fedwire, RTP), EUR, GBP and CAD; SWIFT for other currencies; and card payments through payment links.7221312
Card paymentsNot published.Yes, through payment links. The card fee (MDR) is not published; Winvesta's FAQ uses 3% only as an example, with GST charged on the MDR.1223

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

The INR you receive with Karbon Business and Winvesta 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%
WinvestaGlobal Collections Account, standard plan (up to 2,000 a month per currency)Local transfers with a published per-payment fee₹1,85,951₹4,65,377₹9,31,0881.24%

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.114

  • 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.14178
  • 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.114
  • Best for: US bank transfers and marketplace payouts.1

What is Winvesta and who is it for?

Winvesta is a Mumbai-based company whose Global Collections Account gives Indian businesses and freelancers local USD, EUR, GBP and CAD account details, with withdrawal to INR and a free e-FIRA.4135

  • Regulated by: Winvesta says Winvesta India Technologies Private Limited is an online payment gateway service provider that facilitates cross-border collections under the RBI's regulations. It does not appear in the RBI's list of authorised payment aggregators dated 16 October 2026 or in the RBI's PA-CB application status tables as on that date.181719
  • Used by: Freelancers (PAN, Aadhaar, a marketing channel link and bank details) and businesses (the same plus business registration details). Winvesta publishes a list of restricted business types.1516
  • Best for: Local transfers with a published per-payment fee.37

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

Karbon Business and Winvesta 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 Winvesta charge?

Transaction typeFeeFX markupGST on feesBest for
Global Collections Account, standard plan (up to 2,000 a month per currency)0.99% + plus a fixed fee by currency34560%18%Clients paying by local bank transfer
Card payment through Winvesta payment linksNot published120%Not statedClients paying by card

How do Karbon Business and Winvesta compare on settlement speed?

Karbon Business and Winvesta 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
WinvestaUSD withdrawals reach the bank 1 business day after processing, EUR and GBP 2 business days, with a 1:00 PM IST cut-off. Card collections settle T+1 working day per the FAQ and T+2 days per the payment links page.101112The user withdraws to an Indian bank account in INR after providing an invoice for the receipt. Priority withdrawal is available on request, typically for a $15 to $25 additional fee on USD.13446Local transfers with a published per-payment fee37

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

Karbon Business and Winvesta 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.45

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.14178US bank transfers and marketplace payouts1
WinvestaFree 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.54Winvesta says Winvesta India Technologies Private Limited is an online payment gateway service provider that facilitates cross-border collections under the RBI's regulations. It does not appear in the RBI's list of authorised payment aggregators dated 16 October 2026 or in the RBI's PA-CB application status tables as on that date.181719Local transfers with a published per-payment fee37

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

Karbon Business and Winvesta 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
WinvestaLocal account details in USD, EUR, GBP and CAD, plus SWIFT details for 30+ other currencies. Winvesta's pages give different totals (30+, 33 and 37+ currencies).7133Local bank transfer to account details in USD (ACH, Fedwire, RTP), EUR, GBP and CAD; SWIFT for other currencies; and card payments through payment links.7221312Yes, through payment links. The card fee (MDR) is not published; Winvesta's FAQ uses 3% only as an example, with GST charged on the MDR.1223Local transfers with a published per-payment fee37

What are the strengths and limitations of Karbon Business and Winvesta?

Karbon Business and Winvesta 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.18
  • Karbon itself is not an RBI-authorised payment aggregator; export receipts run through a third party under separate terms.1714
  • The forex terms address incorporated users, while marketing pages address freelancers; eligibility for unregistered individuals is not published.141
  • Purpose code handling and card payment options are not published.1

What are the strengths and limitations of Winvesta?

Strengths:

  • Your clients pay by local transfer in USD, EUR, GBP or CAD and you want a published per-transaction fee.73
  • You are a freelancer without a registered business who has a PAN and Aadhaar.15
  • You want an e-FIRA showing the purpose code for each receipt at no charge.5

Limitations:

  • Winvesta is not on the RBI's list of authorised payment aggregators and does not name its banking partner on its pages.1718
  • Each withdrawal needs an invoice with the purpose code and other mandatory fields.44
  • The fixed fee per transaction ($3 on USD) weighs more on small receipts.3
  • Card collection fees are not published.2312
  • Winvesta's own pages disagree on the number of currencies, the maximum holding period and card settlement time.133211112

Should you choose Karbon Business or Winvesta?

Choose between Karbon Business and Winvesta 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 Winvesta if:

  • Your clients pay by local transfer in USD, EUR, GBP or CAD and you want a published per-transaction fee.73
  • You are a freelancer without a registered business who has a PAN and Aadhaar.15
  • You want an e-FIRA showing the purpose code for each receipt at no charge.5

For example, say a designer invoices a US client USD 2,000 by bank transfer. On published fees, Karbon Business costs about 1.00 to 1.18% and Winvesta about 1.35%, a difference of about USD 5 on that invoice.123456

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

Other platforms to consider besides Karbon Business and Winvesta are the ones with the lowest estimated cost on a USD 5,000 receipt, listed in that order.25262728293033343738394243

PlatformBest forEstimated cost on USD 5,000FIRAReview
SkydoLocal bank transfers from major markets240.68%252627282930Skydo says it issues a free FIRA on every payment received, and that its FIRA and FIRC are accepted for GST filing and by banks.2931Skydo review
RazorpayLocal transfers from the US, UK and eurozone321.00 to 1.18%3334Razorpay 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.323534Razorpay review
PayoneerMarketplace payouts such as Amazon or Upwork361.00 to 4.00%373839Free 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.3940Payoneer review
PayPalClients paying by card or PayPal balance417.27 to 8.23%4243Free weekly digital FIRA (Foreign Inward Remittance Advise) from February 2026, downloadable under Reports, then Tax, in a business account for the last 12 months; earlier transactions are covered by monthly FIRAs. Custom FIRA: 100 INR plus 18% GST per transaction for up to 20 transactions, or 2,000 INR plus 18% GST for a bulk request above 20 transactions; PayPal says custom FIRAs are issued by Citibank.43PayPal 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]Winvesta FAQ, What are the charges for the Global Collections Account? (checked 2026-10-28)
  4. [4]Winvesta, Multi-currency account (checked 2026-10-28)
  5. [5]Winvesta FAQ, When will I receive my e-FIRA certificate? (checked 2026-10-28)
  6. [6]Winvesta FAQ, Can I get priority processing for my withdrawal? (checked 2026-10-28)
  7. [7]Winvesta FAQs, What currencies are available with local accounts? (checked 2026-10-28)
  8. [8]Karbon, Karbon FX Remittances, home page (checked 2026-10-28)
  9. [9]Winvesta FAQs, How can I view the FX rate for the conversion of my funds? (checked 2026-10-28)
  10. [10]Winvesta FAQs, How long does it take for funds to reach my Indian bank account? (checked 2026-10-28)
  11. [11]Winvesta FAQs, How does settlement work? Do I need to submit an invoice to withdraw funds? (checked 2026-10-28)
  12. [12]Winvesta, Card Collections via Payment Links (checked 2026-10-28)
  13. [13]Winvesta FAQs, What is a global collections account and how does it work? (checked 2026-10-28)
  14. [14]Karbon Forex Terms and Conditions, Interropac Private Limited (checked 2026-10-28)
  15. [15]Winvesta FAQs, What documents do I need to open a global collection account as a freelancer? (checked 2026-10-28)
  16. [16]Winvesta FAQs, What documents do I need to open a global collections account as a business owner? (checked 2026-10-28)
  17. [17]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)
  18. [18]Winvesta FAQs, How is Winvesta regulated? (checked 2026-10-28)
  19. [19]RBI: Status of Applications received under Payment and Settlement Systems Act, 2007, as on 16 October 2026 (checked 2026-10-28)
  20. [20]Winvesta FAQs, What are the transaction limits on my account? (checked 2026-10-28)
  21. [21]Winvesta FAQs, What is the maximum time I can keep funds in my GCA? (checked 2026-10-28)
  22. [22]Winvesta FAQs, How do I receive USD? (checked 2026-10-28)
  23. [23]Winvesta FAQs, My client paid ₹1,000, and their bank charged them a 2% fee. How does that affect me? (checked 2026-10-28)
  24. [24]Skydo FAQs, What countries can I get paid locally through Skydo? (checked 2026-10-28)
  25. [25]Skydo FAQ, How much does Skydo charge? (checked 2026-10-28)
  26. [26]Skydo, Home page (checked 2026-10-28)
  27. [27]Skydo FAQ, Who will bear the SWIFT charges? (checked 2026-10-28)
  28. [28]Skydo FAQ, Limitations and restrictions on receiving your foreign remittance via Skydo (checked 2026-10-28)
  29. [29]Skydo, Receive international payments in India as a freelancer (checked 2026-10-28)
  30. [30]Skydo, Terms of use (checked 2026-10-28)
  31. [31]Skydo FAQs, What is accepted for GST filings and banks between FIRA and FIRC? (checked 2026-10-28)
  32. [32]Razorpay Docs, International Bank Transfer (MoneySaver Export Account) (checked 2026-10-28)
  33. [33]Razorpay, MoneySaver Export Account (international bank transfers) (checked 2026-10-28)
  34. [34]Razorpay, Pricing (checked 2026-10-28)
  35. [35]Razorpay Docs, FIRS Automated Process (checked 2026-10-28)
  36. [36]Payoneer, How to use Payoneer in India (last modified 18 September 2026, checked 2026-10-28)
  37. [37]Payoneer India, Payoneer Fees (checked 2026-10-28)
  38. [38]Payoneer India, Multi-currency account page and FAQs (checked 2026-10-28)
  39. [39]Payoneer Help Center, Digital FIRA FAQ (checked 2026-10-28)
  40. [40]Payoneer India, Digital FIRC page (checked 2026-10-28)
  41. [41]PayPal India, User Agreement for PayPal Services (last updated 13 January 2025) (checked 2026-10-28)
  42. [42]PayPal India, PayPal Merchant Fees (page last updated 28 March 2024) (checked 2026-10-28)
  43. [43]PayPal India, Foreign Inward Remittance Advise (FIRA) (checked 2026-10-28)
  44. [44]Winvesta FAQs, What GST invoice do I need to withdraw funds? (checked 2026-10-28)
  45. [45]DGFT: eBRC services (self-generation of e-BRC from bank inward remittance data)
  46. [46]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 Winvesta?+

Karbon Business is cheaper on published fees for a USD 5,000 bank transfer: estimated cost 1.00 to 1.18% against 1.24%.123456 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 Winvesta 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 Winvesta: 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.54

Can individual freelancers use Karbon Business and Winvesta?+

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.114 Winvesta: Freelancers (PAN, Aadhaar, a marketing channel link and bank details) and businesses (the same plus business registration details). Winvesta publishes a list of restricted business types.1516

Are Karbon Business and Winvesta 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.14178 Winvesta: Winvesta says Winvesta India Technologies Private Limited is an online payment gateway service provider that facilitates cross-border collections under the RBI's regulations. It does not appear in the RBI's list of authorised payment aggregators dated 16 October 2026 or in the RBI's PA-CB application status tables as on that date.181719

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

Karbon Business: Karbon says international payments reach India within 24 to 48 hours.1 Winvesta: USD withdrawals reach the bank 1 business day after processing, EUR and GBP 2 business days, with a 1:00 PM IST cut-off. Card collections settle T+1 working day per the FAQ and T+2 days per the payment links page.101112

Do I still need an LUT if I am paid through Karbon Business or Winvesta?+

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, Winvesta or a bank wire.46

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.