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PayU 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: 11 min read

Short answer

Neither PayU 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: PayU is best for card or PayPal checkout with INR settlement, and TransFi is best for payment links shared in chat, including stablecoins.¹²³

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.
PayU is best for	PayU	Card or PayPal checkout with INR settlement.¹
TransFi is best for	TransFi	Payment links shared in chat, including stablecoins.²³

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 PayU and TransFi compare at a glance?

PayU 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.⁴⁷²¹⁴

	PayU	TransFi
Best for	Card or PayPal checkout with INR settlement¹	Payment links shared in chat, including stablecoins²³
Fees	3% for international transactions under the Standard Plan, GST extra. No separate bank transfer receiving fee is published because PayU does not publish a bank transfer collection route.⁴	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	Converted to INR at the rate on the transaction date; PayU says it applies exchange rate or margins on the card issuing currency for dynamic currency conversion. The margin is not published.¹⁵	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.⁶⁷
Settlement	Typically T+2 business days for international payments.¹⁵	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.⁶⁸
FIRA	PayU says it provides a FIRC on request through the merchant's Key Account Manager. The cost is not published.⁵	Not published. TransFi's pages do not mention a FIRA or FIRC.
Currencies	PayU says it accepts payments in 135+ currencies and can show local prices in 27 currencies.¹⁵	TransFi says BizPay collects in currencies such as USD, EUR, GBP, AUD and AED, and that it supports 40+ currencies overall.²⁷
KYC: who can sign up	PayU's account activation checklist covers individuals, sole proprietorships, partnerships, LLPs, private and public limited companies and other entity types. International payments must be enabled separately through a PayU Key Account Manager; PayU does not publish which entity types are eligible for them.⁹¹⁰	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.²¹¹
RBI PA-CB status	The RBI lists PayU Payments Private Limited as a Payment Aggregator (online and physical) and as PA-CB I & O, a cross-border payment aggregator facilitating inward and outward transactions, in its list dated 16 October 2026.¹²	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.¹³¹⁴
Support	Existing merchants raise a ticket at help.payu.in or email care@payu.in; new merchants are directed to their account manager or care@payu.in for international rates.¹	TransFi publishes a help centre and a contact form. No India-specific support channel is published.¹⁵
Limits	PayU does not publish a limit for export receipts. RBI rules set a limit of ₹25 lakh per export transaction for PA-CBs.¹¹⁶	Not published.
How clients pay	International credit and debit cards (Visa, Mastercard, American Express) and PayPal at a PayU checkout. PayU does not publish local bank account details or virtual accounts for foreign clients to pay by bank transfer.¹¹⁰	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.⁷²
Card payments	Yes. International card transactions fall under PayU's 3% Standard Plan slab, GST extra.⁴	TransFi says BizPay supports 250+ payment methods including cards. No card fee is published.²

How much INR do you receive on $2,000, $5,000 and $10,000 with PayU vs TransFi?

The INR you receive with PayU 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: 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 PayU and who is it for?

PayU is an Indian payment gateway that the RBI lists as a cross-border payment aggregator for inward and outward transactions; its international payments product lets Indian merchants accept foreign cards and PayPal and settles in INR.¹²¹

Regulated by: The RBI lists PayU Payments Private Limited as a Payment Aggregator (online and physical) and as PA-CB I & O, a cross-border payment aggregator facilitating inward and outward transactions, in its list dated 16 October 2026.¹²
Used by: PayU's account activation checklist covers individuals, sole proprietorships, partnerships, LLPs, private and public limited companies and other entity types. International payments must be enabled separately through a PayU Key Account Manager; PayU does not publish which entity types are eligible for them.⁹¹⁰
Best for: Card or PayPal checkout with INR settlement.¹

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.¹⁵²¹¹

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.¹³¹⁴
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.²¹¹
Best for: Payment links shared in chat, including stablecoins.²³

How do PayU and TransFi fees and FX markup compare?

PayU and TransFi charge in different ways, so compare the fee and the conversion markup together, not the headline fee alone.

What does PayU charge?

Transaction type	Fee	FX markup	GST on fees	Best for
International card or PayPal transaction at PayU checkout (Standard plan)	3%⁴⁵	Not published	Not stated	Clients paying by card

What does TransFi charge?

Transaction type	Fee	FX markup	GST on fees	Best for
BizPay payment link or collection, settled in INR	Not published²⁶	0%	Not stated	Clients paying through a payment link

How do PayU and TransFi compare on settlement speed?

PayU and TransFi publish these settlement times for money reaching an Indian bank account.

Platform	Settlement time	Payout to India	Best for
PayU	Typically T+2 business days for international payments.¹⁵	Settled automatically to the merchant's bank account in INR; PayU's documentation also mentions non-INR settlement. No separate payout fee is published for standard settlement; priority or same-day settlement may carry a nominal fee that is not published.¹¹⁰⁴	Card or PayPal checkout with INR settlement¹
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.⁶⁸	TransFi's USA to India page lists bank transfer, wallets and instant rails, with INR as the settlement currency. No payout fee is published.⁶	Payment links shared in chat, including stablecoins²³

Do PayU and TransFi provide FIRA and e-BRC, and are they RBI PA-CB authorised?

PayU 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
PayU	PayU says it provides a FIRC on request through the merchant's Key Account Manager. The cost is not published.⁵	The RBI lists PayU Payments Private Limited as a Payment Aggregator (online and physical) and as PA-CB I & O, a cross-border payment aggregator facilitating inward and outward transactions, in its list dated 16 October 2026.¹²	Card or PayPal checkout with INR settlement¹
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.¹³¹⁴	Payment links shared in chat, including stablecoins²³

Which currencies, countries and payment methods do PayU and TransFi support?

PayU and TransFi accept the currencies and payment methods below, as each publishes them.

Platform	Currencies	How clients pay	Card payments	Best for
PayU	PayU says it accepts payments in 135+ currencies and can show local prices in 27 currencies.¹⁵	International credit and debit cards (Visa, Mastercard, American Express) and PayPal at a PayU checkout. PayU does not publish local bank account details or virtual accounts for foreign clients to pay by bank transfer.¹¹⁰	Yes. International card transactions fall under PayU's 3% Standard Plan slab, GST extra.⁴	Card or PayPal checkout with INR settlement¹
TransFi	TransFi says BizPay collects in currencies such as USD, EUR, GBP, AUD and AED, and that it supports 40+ currencies overall.²⁷	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.⁷²	TransFi says BizPay supports 250+ payment methods including cards. No card fee is published.²	Payment links shared in chat, including stablecoins²³

What are the strengths and limitations of PayU and TransFi?

PayU 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 PayU?

Strengths:

Your foreign clients prefer to pay by international card or PayPal on a checkout page and you want INR settlement.¹
You want a provider listed by the RBI as a cross-border payment aggregator for inward transactions.¹²
You already use PayU for domestic payments and want international payments enabled on the same integration.¹⁰

Limitations:

No bank transfer collection route (local account details for foreign clients) is published; the international product is card and wallet based.¹¹⁰
The exchange margin on conversion to INR is not published.⁵
International payments must be enabled through a Key Account Manager, and the FIRC is also requested through the account manager.¹⁰⁵
PA-CB export transactions are limited to ₹25 lakh each under RBI rules.¹⁶
Priority settlement fees and the conditions behind the Standard Plan's terms and conditions note are not published.⁴

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.²³
Your client or you want to move money using stablecoins as well as fiat, which TransFi says BizPay supports.²¹⁵

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.¹³¹⁴
No fee schedule, FX markup or limits are published for receiving into India.⁷⁶²
TransFi's pages do not mention a FIRA, FIRC or purpose code, which Indian exporters use for GST and bank records.⁶²

Should you choose PayU or TransFi?

Choose between PayU and TransFi by how your clients pay and your usual invoice size.

Choose PayU if:

Your foreign clients prefer to pay by international card or PayPal on a checkout page and you want INR settlement.¹
You want a provider listed by the RBI as a cross-border payment aggregator for inward transactions.¹²
You already use PayU for domestic payments and want international payments enabled on the same integration.¹⁰

Choose TransFi if:

Your client wants to pay through a payment link sent from a WhatsApp or Telegram chat.²³
Your client or you want to move money using stablecoins as well as fiat, which TransFi says BizPay supports.²¹⁵

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.¹⁵⁶⁷

Which other platforms should you consider besides PayU and TransFi?

Other platforms to consider besides PayU 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, PayU or TransFi?+

There is no cost verdict for a USD 5,000 bank transfer: neither publishes full pricing for this case.¹⁵⁶⁷ The answer can change with the currency, payment method and invoice size, so check your own numbers in the platform cost comparison.

Do PayU and TransFi give a FIRA to Indian exporters?+

PayU: PayU says it provides a FIRC on request through the merchant's Key Account Manager. The cost is not published.⁵ TransFi: Not published. TransFi's pages do not mention a FIRA or FIRC.

Can individual freelancers use PayU and TransFi?+

PayU: PayU's account activation checklist covers individuals, sole proprietorships, partnerships, LLPs, private and public limited companies and other entity types. International payments must be enabled separately through a PayU Key Account Manager; PayU does not publish which entity types are eligible for them.⁹¹⁰ 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.²¹¹

Are PayU and TransFi authorised by the RBI?+

PayU: The RBI lists PayU Payments Private Limited as a Payment Aggregator (online and physical) and as PA-CB I & O, a cross-border payment aggregator facilitating inward and outward transactions, in its list dated 16 October 2026.¹² 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.¹³¹⁴

How fast do PayU and TransFi pay out to an Indian bank?+

PayU: Typically T+2 business days for international payments.¹⁵ 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.⁶⁸

Do I still need an LUT if I am paid through PayU 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 PayU, 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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