Payments

PayPal, Wise or Payoneer: What RBI's FIRC Rules Actually Mean for Receiving International Payments

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

In 2026 RBI has no standalone "FIRC rule": the 2026 FEMA Regulations require an EDF and payment within nine months of the invoice.¹² A PA-CB must give your bank the documents to close export entries.³ PayPal offers a free weekly digital FIRA.⁴ Wise emails an e-FIRC for each transfer.⁵ Payoneer issues a free digital FIRA per transaction.⁶

Applies to	Rules involved	Platforms compared	Last verified
Indian freelancers and businesses receiving payment for exported services⁷	2026 FEMA Regulations (EDF, nine-month realisation); RBI Payment Aggregator Master Direction, paragraph 11(h)¹²³	Skydo, Razorpay, Karbon Business, Payoneer, PayPal, Wise⁸⁹¹⁰¹¹¹²⁵	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.

PayPal, Wise and Payoneer all give Indian exporters a remittance document for each payment, but the rules that make the document matter come from FEMA and the RBI's payment aggregator directions.¹³ This page explains those rules, compares the three platforms with the three lowest-cost providers on published fees, and links to the FIRC, FIRA and e-BRC guide for the document detail.

How do PayPal, Wise and Payoneer compare for receiving international payments in India?

PayPal, Wise and Payoneer differ most on fees and on their RBI status, while all three issue a FIRA or e-FIRC.⁴⁵⁶ The table lists providers by estimated cost on a USD 5,000 receipt from published fees, cheapest first, then providers without enough published pricing, A to Z.

Platform	Best for	Fee	FX markup	Settlement	FIRA	RBI PA-CB status	Source
Skydo	Local bank transfers from major markets¹⁸	USD 29 plus GST from USD 2,001 to USD 10,000; 0.3% plus GST above USD 10,000. Estimated cost on USD 5,000: 0.68%⁸¹⁹	0% markup on the mid-market rate (product page); retail rate set by Skydo or its partner banks (terms)²⁰⁴⁰	Within 24 hours (product page); T+1 to T+3 business days (terms)²⁰⁴⁰	Free FIRA on every payment²⁰²¹	PA-CB-I & O²²	Skydo fee FAQ and RBI list⁸²²
Razorpay	Local transfers from the US, UK and eurozone²³	1% per transaction plus GST, with a flat fee below ₹1,00,000. Estimated cost: 1.00 to 1.18%⁹	0% markup at the live rate⁹	T+1 for push bank transfers²³	FIRS emailed within 24 hours of settlement²³²⁴	PA-CB I & O²²	Razorpay MoneySaver page⁹
Karbon Business	US bank transfers and marketplace payouts²⁵	1% transaction fee. Estimated cost: 1.00 to 1.18%¹⁰	0% (freelancer page); 0.5% to 1.0% (PayPal alternative page)²⁵¹⁰	24 to 48 hours²⁵	FIRA for every transaction from an unnamed banking partner²⁵	Not on the RBI list itself; its terms run export receipts under a partner the RBI lists as a PA-CB²⁶²²	Karbon pages²⁵¹⁰
Payoneer	Marketplace payouts such as Amazon or Upwork²⁷	Free to receive (multi-currency account page); fixed fee or 1% for non-local currencies (pricing page). Estimated cost: 1.00 to 4.00%²⁸¹¹	1% to 4% when converting to INR¹¹	Within 24 hours (multi-currency account page); within 48 hours (pricing page)¹¹²⁸	Free digital FIRA per transaction⁶	In-principle PA-CB authorisation on 22 January 2026; listed as under process on 16 October 2026²⁹³⁰	Payoneer fees page¹¹
PayPal	Clients paying by card or PayPal balance³¹	4.40% plus a fixed fee such as 0.30 USD. Estimated cost: 7.27 to 8.23%¹²	3.0% or 4.00% above the base rate¹²	Up to 5 business days to reach the bank³²	Free weekly digital FIRA from February 2026⁴	Existing PA-CB with in-principle authorisation granted³⁰	PayPal fee page¹²
Wise	Bank transfers to local account details⁵	2 USD equivalent per transfer to the INR account (help article); free e-FIRC (receive pricing page); 18% GST on fees. Cost not estimated⁵³³³⁴	Mid-market rate plus a currency-dependent fee; no INR percentage published³⁴	INR within 1 to 2 days⁵	e-FIRC per transfer within 3 working days⁵	PA-CB-I, authorised 12 March 2026²²	Wise India help article⁵

The order comes only from published fees, and it changes with invoice size.

Which RBI rule governs international payments received in India?

The Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 (the 2026 Regulations) govern export receipts from 1 October 2026, and the RBI Payment Aggregator Master Direction governs PA-CBs such as Wise.¹³ Neither text sets out a standalone FIRC rule.¹³

Rule	Best for	Plain meaning	Source
2026 Regulations, regulations 3 and 4	Every exporter of services	Give an Export Declaration Form to your bank within 30 days from the end of the month of invoicing, or for non-software services on or before the date payment is received	¹
2026 Regulations, regulation 5	Invoices raised in foreign currency	Realise payment within nine months from the invoice date; twelve months if invoiced or settled in rupees	²
Payment Aggregator Master Direction, paragraph 11(h)	Exporters paid through a PA-CB	The PA-CB gives the AD bank the documents the exporter needs to close the EDPMS entry	³
Payment Aggregator Master Direction, paragraph 11(d)	Large single invoices	Each PA-CB transaction is capped at ₹25 lakh	³
Payment Aggregator Master Direction, paragraph 19	Exporters using older online payment gateways	The OPGSP circulars of 2010, 2013 and 2015 are repealed, except for an existing PA-CB that applied by 30 April 2024 and is still awaiting a decision	³

PayPal's India user agreement still describes its export payment service as an online payment gateway service provider under RBI Circular No. 16 of 2015.³¹

What does each option charge?

Each option charges a different mix of transaction fee and conversion markup, so compare the total on your own invoice size.⁸¹¹¹²

Option	Best for	Transaction fee	Conversion	Source
Skydo	Local bank transfers from major markets¹⁸	USD 19 plus GST up to USD 2,000; USD 29 plus GST from USD 2,001 to USD 10,000	0% markup on the mid-market rate (product page); retail rate set by Skydo or its partner banks (terms)	⁸²⁰⁴⁰
Razorpay	Local transfers from the US, UK and eurozone²³	1% plus GST	0% markup	⁹
Karbon Business	US bank transfers and marketplace payouts²⁵	1%	0% (freelancer page); 0.5% to 1.0% (PayPal alternative page)	²⁵¹⁰
Payoneer	Marketplace payouts such as Amazon or Upwork²⁷	Card payment request 2.90% + $0.49; ACH bank debit 1%	1% to 4% to INR	¹¹
PayPal	Clients paying by card or PayPal balance³¹	4.40% plus fixed fee	3.0% or 4.00% above base rate	¹²
Wise	Bank transfers to local account details⁵	Domestic receipts free (business fee table); 2 USD equivalent per transfer to the INR account (help article); 6.11 USD per USD wire or Swift payment on the business fee table	Currency-dependent fee	³³³⁴⁵

A SWIFT wire straight to your Indian bank is also possible; the charges are set by your bank and any intermediary banks. See SWIFT transfer charges in India.

Which option is cheapest at $500, $2,000 and $5,000?

The cheapest option depends on the invoice size, because flat fees weigh more on small payments and percentage fees weigh more on large ones.⁸¹² The table below works out the rupees from published fees at today's rate.

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%
PayPalInternational commercial transaction received into a PayPal account (PayPal checkout or invoice)	Clients paying by card or PayPal balance	₹1,72,958 to ₹1,74,760	₹4,32,436 to ₹4,36,940	₹8,64,899 to ₹8,73,908	7.27 to 8.23%

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, on a USD 5,000 receipt the estimated cost from published fees is 0.68% with Skydo, 1.00 to 1.18% with Razorpay or Karbon Business, 1.00 to 4.00% with Payoneer and 7.27 to 8.23% with PayPal.⁸⁹¹⁰¹¹¹² Wise does not publish a conversion percentage for INR, so its cost is not estimated.³⁴

What documents and GST apply to international payments received in India?

Each receipt needs a remittance record, an Export Declaration Form and, for GST-registered exporters, an LUT.¹³⁵

Document	Best for	Who issues it	Source
FIRA or e-FIRC	Proof of each receipt, rate and purpose code	The platform's partner bank or your bank	⁴⁵⁶
Export Declaration Form	Every service export from 1 October 2026	You, to your AD bank	¹
e-BRC	GST refunds and export incentive records	You, on the DGFT portal from the bank's data	¹³
LUT (FORM GST RFD-11)	Zero-rated invoicing without IGST	You, on the GST portal, each financial year	³⁵

Export status: a service is an export only when all five conditions in section 2(6) of the IGST Act are met.⁷
Zero rating: an export of services is a zero-rated supply under section 16 of the IGST Act.³⁶
Late payment: under an LUT, if payment is not received within one year of the invoice or the FEMA period, whichever is later, IGST with interest becomes payable.³⁷

Purpose codes are covered in the purpose code finder.

What changes in 2026 for receiving international payments in India?

Four changes in 2026 affect how Indian exporters receive international payments.¹³⁸³⁹

2026 Regulations: in force from 1 October 2026, replacing the 2015 export regulations.¹
EDF for all services: every exporter of services gives an EDF from 1 October 2026, and RBI Circular No. 20 supersedes the earlier SOFTEX circulars from that date.¹³⁸
Realisation period: nine months from the invoice date from 1 October 2026.²
Income-tax Act, 2025: in force from 1 April 2026, with "tax year" replacing previous year and assessment year.³⁹

For invoices raised before 1 October 2026 that are still unpaid, ask your bank how the 2026 Regulations apply.¹ The EDF guide covers filing.

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

Does RBI require a FIRC for every international payment I receive in India?+

RBI's 2026 export regulations require an Export Declaration Form and realisation within nine months, and they do not name a FIRC as a standalone requirement.¹² A FIRA or FIRC is still the record most exporters keep for each receipt, because it shows the amount, the date, the rate and the purpose code.⁶⁵

Is a PayPal FIRA valid for GST and bank records in India?+

PayPal India says it provides a free weekly digital Foreign Inward Remittance Advise from February 2026, downloadable under Reports and then Tax.⁴ For individual transactions it sells a custom FIRA issued by Citibank.⁴ Confirm with your chartered accountant which record your GST refund or bank needs.

How long does Wise take to send the e-FIRC to India?+

Wise says the e-FIRC for each transfer is emailed to the registered address within 3 working days and can be downloaded from the transfer page.⁵ Wise converts every payment to INR and sends it to the verified Indian bank account, and Indian users cannot hold the foreign currency.⁵

Where do I download the Payoneer FIRA in India?+

Payoneer says its partner authorised dealer bank issues a free digital FIRA PDF for each transaction, available under Manage, then Reports and statements, within 24 to 72 hours.⁶ The purpose code you select in profile settings is printed on each FIRA and applies to every payment.⁶

Can I get an e-BRC from a PayPal, Wise or Payoneer payment?+

The e-BRC is generated by the exporter on the DGFT portal from the inward remittance data that the bank reports.¹³ DGFT says no e-BRC can be generated without that bank record, so ask your provider which authorised dealer bank reports your receipts.¹⁴

Which purpose code should I use on international client payments?+

Pick the RBI purpose code that matches the service. For example, P1006 is "Business and management consultancy and public relations services" and P0802 is "Software consultancy/implementation (other than those covered in SOFTEX form)".¹⁵¹⁶ PayPal and Payoneer ask you to set the code in your account.¹⁷⁶

Is there a limit on how much I can receive through a payment aggregator?+

The RBI Payment Aggregator Master Direction caps each cross-border transaction processed by a PA-CB at ₹25 lakh.³ Wise publishes a maximum of ₹25 lakh or equivalent per transaction, and payments outside its limits are returned to the sender.⁵ For larger invoices, a SWIFT wire to your own Indian bank is the usual route.

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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RBI and FEMA