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

PingPong is a payments company founded in New York in 2015 that started operating in India in July 2019 and has its Indian office in Bengaluru.² It is used mostly by e-commerce sellers, and PingPong also markets its receiving accounts to Indian freelancers and service providers such as designers, developers and consultants who are paid through freelance platforms or by direct client transfer.⁷

This page sets out how PingPong works for an Indian service exporter, using only PingPong's own India pages and RBI documents.¹⁴ It is not legal or tax advice; for questions about your own receipts, check with a chartered accountant or your bank.

Is PingPong good for Indian exporters and freelancers?

PingPong suits Indian exporters paid through marketplaces and processors who want a free FIRC and a published 1% withdrawal fee, with the caveats that it is not on the RBI's PA-CB list and does not publish its FX markup.³⁴⁶¹¹

The regulatory row is the one to check most carefully, as set out below.

What is PingPong and who is it for?

PingPong is a cross-border collection service that gives you virtual receiving accounts in foreign currencies, collects payments into them, and then withdraws the money to your Indian bank account.⁶

• Founded: in New York in 2015; operating in India since July 2019, with its Indian office in Bengaluru.²
• Contracting entity: PingPong Global Solutions Inc., a New York corporation, with terms governed by California law.³
• Regulated by: PingPong says the RBI has approved its India Liaison Office (unique identification number BGLO19008226) and that PingPong acts in India as an Online Payment Gateway Service Provider (OPGSP).¹
• Used by: mostly e-commerce sellers, and also freelancers and service providers such as designers, developers and consultants.⁷
• Best for: Collecting marketplace and processor payouts.⁶⁷

PingPong may also fit an exporter who wants to keep foreign currency, since PingPong says you can withdraw in the same currency to an EEFC account.⁶

How do you open a PingPong account in India?

You open a PingPong account in India as an individual or a business, with a withdrawal bank account in the same name as the registered user.⁸

1. Choose an account type: personal (individual), or business for partnerships, corporations and sole proprietorships.⁸
2. Add a withdrawal bank account: in the same name as the registered user.⁸
3. Choose a purpose code: at setup; it can be changed later in Settings.⁸¹³
4. Share your virtual receiving account: or send a payment request from the dashboard.⁶¹⁰
5. Withdraw and apply for the FIRC: under the Transactions tab.¹²

An LLP should ask PingPong directly before applying.

What are PingPong fees and FX markup?

PingPong says creating an account and receiving payments is free, and that withdrawing to your own bank account costs 1% per transaction; the same help article says the fee standard may vary from region to region.¹¹

The full fee table, with what is not published, is on PingPong fees in India.

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

PingPong publishes its 1% withdrawal fee but not its conversion markup, so the INR received on $2,000, $5,000 and $10,000 through PingPong cannot be fully estimated.³¹¹ The table below shows what the published data allows at today's rate.

Ask PingPong for its rate on the day you withdraw before comparing.

How fast does PingPong settle payments to India?

PingPong says INR withdrawals submitted before 2:30 pm complete the same day and non-INR withdrawals within 1 to 3 days, though bank processing can add time.¹⁴

• INR withdrawal before 2:30 pm: same day, per PingPong.¹⁴
• Non-INR withdrawal: 1 to 3 days.¹⁴
• FIRC application: 3 to 5 business days.¹²
• Rejected client wires: around 15 to 20 working days to return.⁹

Does PingPong provide FIRA and e-BRC, and is it RBI PA-CB authorised?

PingPong provides a digital Foreign Inward Remittance Certificate (FIRC) free of cost, and it does not appear among the PA-CB entities in the RBI's list of Certificates of Authorisation dated 16 October 2026.⁴⁶¹⁷

PingPong's own pages and the RBI record say different things on regulation, so both are set out:³⁴

• PingPong's terms: they list the RBI Payment Aggregator Cross Border (PA-CB) rules as applicable law for customers in India, and say receipts are held in an Export Collection Account with an Authorised Dealer (AD) bank in India before transfer to your bank account.³
• RBI Master Direction: the Master Direction on Regulation of Payment Aggregator, dated 15 September 2025, repealed the older OPGSP circulars except for an existing PA-CB that applied for authorisation on or before 30 April 2024 and whose application is still pending.⁵
• What is not published: PingPong's pages do not say whether it has such a pending application, and its partner AD bank is not named.¹³

Note: If authorisation status matters to you or your auditor, ask PingPong for its RBI application status and the name of its AD bank in writing.

You apply for the FIRC by selecting transactions under the Transactions tab and clicking "Apply FIRC", then download it singly or in bulk.¹² PingPong's India terms also say you must indicate the purpose of the underlying receipts when you withdraw, for FEMA and RBI reporting.³ A video editor would normally need a different code from a software developer, so see purpose codes for freelancers before choosing.

How do the 2026 EDF and realisation rules apply to money received through PingPong?

The FEMA (Export and Import of Goods and Services) Regulations, 2026 (the 2026 Regulations) apply to your export of services whatever channel the client uses to pay.¹⁵ From 1 October 2026, every exporter of services gives an Export Declaration Form (EDF) to the specified authority, usually the AD bank, within 30 days from the end of the month of invoicing; exporters of non-software services may instead file it on or before the date payment is received.¹⁵ The full export value must be realised within nine months from the invoice date, or twelve months if invoiced or settled in Indian rupees.¹⁶

PingPong's pages do not explain how the EDF is filed or matched for receipts that come through PingPong, which AD bank handles it, or how the FIRC links to the EDF.¹¹² Ask PingPong and your own bank before relying on it for EDF compliance. See the export realisation period and EDPMS for service exporters.

Which currencies, countries and payment methods does PingPong support?

PingPong India lists virtual accounts in 12 currencies: USD, EUR, GBP, AUD, CAD, JPY, HKD, SGD, AED, MXN, PLN and NZD.⁶ Its freelancer page lists a shorter set of six receiving currencies (USD, EUR, GBP, CAD, JPY and AUD).⁷

PingPong notes that some banks do not accept payments from personal accounts.⁹ For example, a Hyderabad app developer paid through an app store could collect the payout into a USD virtual account and withdraw rupees to a bank account in the same name.⁶⁸

What are the pros and cons of PingPong?

PingPong's strengths are free receiving, a free FIRC and wide currency coverage, and its gaps are RBI status, the unpublished FX markup and foreign governing law.³⁴⁶¹¹

Pros:

• Free receiving: creating an account and receiving payments are free.¹¹
• Free FIRC: digital, downloadable singly or in bulk.⁶¹²
• Currency range: virtual accounts in 12 currencies.⁶
• Platform payouts: collects from marketplaces and processors such as PayPal and Stripe.⁶
• EEFC option: withdrawals in the same currency to an EEFC account.⁶
• Individuals accepted: a personal account is offered.⁸

Cons:

• RBI status: not in the RBI's list of authorised PA-CB entities dated 16 October 2026, and its pending-application status is not published.¹⁴
• FX markup: the exchange rate is set by PingPong at its discretion, with no published markup.³
• Fee may vary: the 1% withdrawal fee comes from a help article that says the fee may vary by region.¹¹
• Per-transaction cap: eligible receipts are capped at ₹25,00,000 per transaction.³
• Governing law: disputes fall under California law, through a New York company.³

Is PingPong worth it for Indian exporters and freelancers?

PingPong tends to suit exporters whose money arrives through marketplaces, app stores or processors such as PayPal and Stripe, because its receiving accounts are built to collect those payouts.⁶

• Marketplace or app store seller: fits the virtual receiving account model.⁶
• Freelancer paid by direct client wire: possible, with invoice or contract evidence.⁹
• Exporter who wants to hold foreign currency: withdrawals to an EEFC account are offered.⁶
• Business whose auditor needs an RBI PA-CB: PingPong is not on the list.⁴

For example, a Bengaluru designer paid through a freelance platform into a USD virtual account could withdraw rupees before 2:30 pm for same-day completion, then apply for a free FIRC for the month's receipts.⁶¹²¹⁴

What are the best alternatives to PingPong?

The alternatives below are listed cheapest first by estimated cost on published fees, the order the INR tables on this site use.

For more options, see PingPong alternatives and compare costs on the PingPong fees page. Head-to-head pages: Wise vs PingPong, Payoneer vs PingPong and PayPal vs PingPong.