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PingPong vs TransFi (2026): Which Is Better for Receiving International Payments in India?

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Short answer

Neither PingPong 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: PingPong is best for collecting marketplace and processor payouts, and TransFi is best for payment links shared in chat, including stablecoins.1234

Use caseBetter optionWhy
Bank transfer of USD 5,000Cannot compareNeither publishes full pricing for this case.
Bank transfer of USD 2,000Cannot compareNeither publishes full pricing for this case.
Client paying USD 2,000 by card or linkCannot compareNeither publishes full pricing for this case.
PingPong is best forPingPongCollecting marketplace and processor payouts.12
TransFi is best forTransFiPayment links shared in chat, including stablecoins.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 costBank 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 PingPong and TransFi compare at a glance?

PingPong 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.568321

PingPongTransFi
Best forCollecting marketplace and processor payouts12Payment links shared in chat, including stablecoins34
FeesPingPong says creating an account and receiving payments is free of charge, and that most virtual accounts are free to use.56Not 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 markupNot published as a percentage. PingPong's terms say conversion happens at the rate PingPong determines at the time of the transaction, at its sole and absolute discretion.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.78
SettlementPingPong says INR withdrawals submitted before 2:30 pm succeed the same day (T+0) and after 2:30 pm the next day (T+1); non-INR withdrawals succeed within 1 to 3 days. Its freelancer page says 1 to 2 working days to an Indian account.92TransFi 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.710
FIRAPingPong says it provides a digital FIRC free of cost. You apply in the dashboard against the relevant transactions and PingPong says the application takes 3 to 5 business days.11112Not published. TransFi's pages do not mention a FIRA or FIRC.
CurrenciesPingPong India lists virtual accounts in 12 currencies. Its freelancer page lists a shorter set of six receiving currencies.12TransFi says BizPay collects in currencies such as USD, EUR, GBP, AUD and AED, and that it supports 40+ currencies overall.38
KYC: who can sign upIndividuals (personal account) and businesses registered as partnerships, corporations or sole proprietorships. LLPs are not named.13TransFi 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.314
RBI PA-CB statusPingPong says its India Liaison Office is approved by the RBI (unique identification number BGLO19008226) and that PingPong acts in India as an Online Payment Gateway Service Provider (OPGSP). Its terms for Indian customers cite the RBI Payment Aggregator Cross Border (PA-CB) rules and say funds are held in an Export Collection Account with an Authorised Dealer bank in India. PingPong does not appear among the PA-CB entities in the RBI list of Certificates of Authorisation dated 16 October 2026. Under the RBI Master Direction of 15 September 2025, the older OPGSP circulars continue only for an existing PA-CB that applied for authorisation on or before 30 April 2024 and whose application is still pending. Whether PingPong has such a pending application is not published on the pages checked.1516171819TransFi 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.2021
SupportEmail cs-india@pingpongx.com, LiveChat, a Bengaluru office for licensing queries, and a dedicated account manager.15111TransFi publishes a help centre and a contact form. No India-specific support channel is published.22
LimitsPingPong's India terms limit eligible receipts to ₹25,00,000 per transaction. The number of virtual accounts you can open depends on account usage level and turnover.1723Not published.
How clients payPayment into a virtual receiving account from marketplaces, payment processors such as PayPal and Stripe, or a client's wire transfer (PingPong may ask for the invoice or contract); or through a PingPong payment request (e-invoice) paid by bank transfer or PingPong balance.122425TransFi 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.83
Card paymentsPingPong's India home page says payment requests accept bank transfers and US debit card payments; its help centre lists only bank transfer and PingPong balance for paying an e-invoice. Card fee: Not published.125TransFi says BizPay supports 250+ payment methods including cards. No card fee is published.3

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

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

PingPong is a cross-border payments company founded in New York in 2015 that gives Indian sellers, freelancers and service providers virtual receiving accounts in foreign currencies and withdraws the money to an Indian bank account.161

  • Regulated by: PingPong says its India Liaison Office is approved by the RBI (unique identification number BGLO19008226) and that PingPong acts in India as an Online Payment Gateway Service Provider (OPGSP). Its terms for Indian customers cite the RBI Payment Aggregator Cross Border (PA-CB) rules and say funds are held in an Export Collection Account with an Authorised Dealer bank in India. PingPong does not appear among the PA-CB entities in the RBI list of Certificates of Authorisation dated 16 October 2026. Under the RBI Master Direction of 15 September 2025, the older OPGSP circulars continue only for an existing PA-CB that applied for authorisation on or before 30 April 2024 and whose application is still pending. Whether PingPong has such a pending application is not published on the pages checked.1516171819
  • Used by: Individuals (personal account) and businesses registered as partnerships, corporations or sole proprietorships. LLPs are not named.13
  • Best for: Collecting marketplace and processor payouts.12

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.22314

  • 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.2021
  • 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.314
  • Best for: Payment links shared in chat, including stablecoins.34

How do PingPong and TransFi fees and FX markup compare?

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

What does PingPong charge?

Transaction typeFeeFX markupGST on feesBest for
Payment into a PingPong virtual receiving account, then withdrawal to an Indian bank1%56117Not publishedNot statedClients paying by local bank transfer

What does TransFi charge?

Transaction typeFeeFX markupGST on feesBest for
BizPay payment link or collection, settled in INRNot published370%Not statedClients paying through a payment link

How do PingPong and TransFi compare on settlement speed?

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

PlatformSettlement timePayout to IndiaBest for
PingPongPingPong says INR withdrawals submitted before 2:30 pm succeed the same day (T+0) and after 2:30 pm the next day (T+1); non-INR withdrawals succeed within 1 to 3 days. Its freelancer page says 1 to 2 working days to an Indian account.92Withdrawal to your own Indian bank account, manually or by auto withdraw, in INR or in foreign currency to an EEFC account. PingPong's help centre says withdrawals are charged 1% per transaction and that the fee standard may vary by region.195Collecting marketplace and processor payouts12
TransFiTransFi 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.710TransFi's USA to India page lists bank transfer, wallets and instant rails, with INR as the settlement currency. No payout fee is published.7Payment links shared in chat, including stablecoins34

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

PingPong 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.45

PlatformFIRARBI PA-CB statusBest for
PingPongPingPong says it provides a digital FIRC free of cost. You apply in the dashboard against the relevant transactions and PingPong says the application takes 3 to 5 business days.11112PingPong says its India Liaison Office is approved by the RBI (unique identification number BGLO19008226) and that PingPong acts in India as an Online Payment Gateway Service Provider (OPGSP). Its terms for Indian customers cite the RBI Payment Aggregator Cross Border (PA-CB) rules and say funds are held in an Export Collection Account with an Authorised Dealer bank in India. PingPong does not appear among the PA-CB entities in the RBI list of Certificates of Authorisation dated 16 October 2026. Under the RBI Master Direction of 15 September 2025, the older OPGSP circulars continue only for an existing PA-CB that applied for authorisation on or before 30 April 2024 and whose application is still pending. Whether PingPong has such a pending application is not published on the pages checked.1516171819Collecting marketplace and processor payouts12
TransFiNot 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.2021Payment links shared in chat, including stablecoins34

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

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

PlatformCurrenciesHow clients payCard paymentsBest for
PingPongPingPong India lists virtual accounts in 12 currencies. Its freelancer page lists a shorter set of six receiving currencies.12Payment into a virtual receiving account from marketplaces, payment processors such as PayPal and Stripe, or a client's wire transfer (PingPong may ask for the invoice or contract); or through a PingPong payment request (e-invoice) paid by bank transfer or PingPong balance.122425PingPong's India home page says payment requests accept bank transfers and US debit card payments; its help centre lists only bank transfer and PingPong balance for paying an e-invoice. Card fee: Not published.125Collecting marketplace and processor payouts12
TransFiTransFi says BizPay collects in currencies such as USD, EUR, GBP, AUD and AED, and that it supports 40+ currencies overall.38TransFi 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.83TransFi says BizPay supports 250+ payment methods including cards. No card fee is published.3Payment links shared in chat, including stablecoins34

What are the strengths and limitations of PingPong and TransFi?

PingPong 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 PingPong?

Strengths:

  • You are paid through marketplaces, app stores or processors such as PayPal and Stripe and want a receiving account that collects those payouts.12
  • You want to keep receipts in foreign currency through an EEFC account rather than convert every payment to INR.1
  • You want a free digital FIRC from the dashboard for each receipt.112

Limitations:

  • PingPong does not appear among PA-CB entities in the RBI list of Certificates of Authorisation dated 16 October 2026, and its India authorisation status under the PA-CB rules is not published on the pages checked.1815
  • The FX rate is set by PingPong at its discretion and no markup percentage is published.17
  • The 1% withdrawal fee is published in a help article that says the fee may vary by region and to check with customer service or an account manager.5
  • Eligible receipts are capped at ₹25,00,000 per transaction.17
  • The contracting entity for India is PingPong Global Solutions Inc., a New York corporation, with California law and courts.17

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.34
  • Your client or you want to move money using stablecoins as well as fiat, which TransFi says BizPay supports.322

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.2021
  • No fee schedule, FX markup or limits are published for receiving into India.873
  • TransFi's pages do not mention a FIRA, FIRC or purpose code, which Indian exporters use for GST and bank records.73

Should you choose PingPong or TransFi?

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

Choose PingPong if:

  • You are paid through marketplaces, app stores or processors such as PayPal and Stripe and want a receiving account that collects those payouts.12
  • You want to keep receipts in foreign currency through an EEFC account rather than convert every payment to INR.1
  • You want a free digital FIRC from the dashboard for each receipt.112

Choose TransFi if:

  • Your client wants to pay through a payment link sent from a WhatsApp or Telegram chat.34
  • Your client or you want to move money using stablecoins as well as fiat, which TransFi says BizPay supports.322

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.1778

Which other platforms should you consider besides PingPong and TransFi?

Other platforms to consider besides PingPong and TransFi are the ones with the lowest estimated cost on a USD 5,000 receipt, listed in that order.2728293031323435373840424344

PlatformBest forEstimated cost on USD 5,000FIRAReview
SkydoLocal bank transfers from major markets260.68%272829303132Skydo says it issues a free FIRA on every payment received, and that its FIRA and FIRC are accepted for GST filing and by banks.3133Skydo review
Karbon BusinessUS bank transfers and marketplace payouts341.00 to 1.18%3435Karbon says it provides a FIRA for every transaction, issued by its licensed banking partner, which it does not name. Cost not published.34Karbon Business review
RazorpayLocal transfers from the US, UK and eurozone361.00 to 1.18%3738Razorpay 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.363938Razorpay review
WinvestaLocal transfers with a published per-payment fee40411.24%40424344Free 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.4342Winvesta 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]PingPong India, home page (checked 2026-10-28)
  2. [2]PingPong India, Freelancers and Service Providers (checked 2026-10-28)
  3. [3]TransFi, BizPay product page (checked 2026-10-28)
  4. [4]TransFi Help Center, How can I get started? What documents are needed? BizPay (checked 2026-10-28)
  5. [5]PingPong India Help Center, What is the charging standard? (checked 2026-10-28)
  6. [6]PingPong India Help Center, How does your virtual account charge? (checked 2026-10-28)
  7. [7]TransFi, Receive money in India from USA (checked 2026-10-28)
  8. [8]TransFi, Receive money (checked 2026-10-28)
  9. [9]PingPong India Help Center, How can I withdraw funds from my PingPong account? (checked 2026-10-28)
  10. [10]TransFi Help Center, How long does it take to transfer funds? BizPay (checked 2026-10-28)
  11. [11]PingPong India, Value Added Services (checked 2026-10-28)
  12. [12]PingPong India Help Center, How can I get a FIRC? (checked 2026-10-28)
  13. [13]PingPong India Help Center, What steps should I follow for registering a PingPong account? (checked 2026-10-28)
  14. [14]TransFi Help Center, Do I need to be a registered business? BizPay (checked 2026-10-28)
  15. [15]PingPong India, License and Regulation (checked 2026-10-28)
  16. [16]PingPong India, About Us (checked 2026-10-28)
  17. [17]PingPong Service Terms and Conditions, section 3.1, section 9.3 and Exhibit A (Applicable to Customer Location in India) (checked 2026-10-28)
  18. [18]RBI: Certificates of Authorisation issued under the Payment and Settlement Systems Act, 2007, Payment Aggregators (PA-O, PA-P and PA-CB), dated 16 October 2026 (checked 2026-10-28)
  19. [19]RBI: Master Direction on Regulation of Payment Aggregator, 15 September 2025, paragraphs 11(d) and 19
  20. [20]RBI: Payment system operators authorised under the PSS Act, 2007, list as on 16 October 2026 (checked 2026-10-28)
  21. [21]TransFi, Terms and Conditions, last updated 28 May 2026, section 6.4 and Annexure A (checked 2026-10-28)
  22. [22]TransFi, home page (checked 2026-10-28)
  23. [23]PingPong India Help Center, Are there any requirements to increase the amount of receiving accounts that I have? (checked 2026-10-28)
  24. [24]PingPong India Help Center, Can I receive funds from purchaser through wire transfer? (checked 2026-10-28)
  25. [25]PingPong India Help Center, What are the payment methods available for paying e-invoice? (checked 2026-10-28)
  26. [26]Skydo FAQs, What countries can I get paid locally through Skydo? (checked 2026-10-28)
  27. [27]Skydo FAQ, How much does Skydo charge? (checked 2026-10-28)
  28. [28]Skydo, Home page (checked 2026-10-28)
  29. [29]Skydo FAQ, Who will bear the SWIFT charges? (checked 2026-10-28)
  30. [30]Skydo FAQ, Limitations and restrictions on receiving your foreign remittance via Skydo (checked 2026-10-28)
  31. [31]Skydo, Receive international payments in India as a freelancer (checked 2026-10-28)
  32. [32]Skydo, Terms of use (checked 2026-10-28)
  33. [33]Skydo FAQs, What is accepted for GST filings and banks between FIRA and FIRC? (checked 2026-10-28)
  34. [34]Karbon Business, Karbon for Freelancers (checked 2026-10-28)
  35. [35]Karbon, PayPal alternative (checked 2026-10-28)
  36. [36]Razorpay Docs, International Bank Transfer (MoneySaver Export Account) (checked 2026-10-28)
  37. [37]Razorpay, MoneySaver Export Account (international bank transfers) (checked 2026-10-28)
  38. [38]Razorpay, Pricing (checked 2026-10-28)
  39. [39]Razorpay Docs, FIRS Automated Process (checked 2026-10-28)
  40. [40]Winvesta FAQs, What are the charges for the global collections account? (checked 2026-10-28)
  41. [41]Winvesta FAQs, What currencies are available with local accounts? (checked 2026-10-28)
  42. [42]Winvesta, Multi-currency account (checked 2026-10-28)
  43. [43]Winvesta FAQ, When will I receive my e-FIRA certificate? (checked 2026-10-28)
  44. [44]Winvesta FAQ, Can I get priority processing for my withdrawal? (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, PingPong or TransFi?+

There is no cost verdict for a USD 5,000 bank transfer: neither publishes full pricing for this case.1778 The answer can change with the currency, payment method and invoice size, so check your own numbers in the platform cost comparison.

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

PingPong: PingPong says it provides a digital FIRC free of cost. You apply in the dashboard against the relevant transactions and PingPong says the application takes 3 to 5 business days.11112 TransFi: Not published. TransFi's pages do not mention a FIRA or FIRC.

Can individual freelancers use PingPong and TransFi?+

PingPong: Individuals (personal account) and businesses registered as partnerships, corporations or sole proprietorships. LLPs are not named.13 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.314

Are PingPong and TransFi authorised by the RBI?+

PingPong: PingPong says its India Liaison Office is approved by the RBI (unique identification number BGLO19008226) and that PingPong acts in India as an Online Payment Gateway Service Provider (OPGSP). Its terms for Indian customers cite the RBI Payment Aggregator Cross Border (PA-CB) rules and say funds are held in an Export Collection Account with an Authorised Dealer bank in India. PingPong does not appear among the PA-CB entities in the RBI list of Certificates of Authorisation dated 16 October 2026. Under the RBI Master Direction of 15 September 2025, the older OPGSP circulars continue only for an existing PA-CB that applied for authorisation on or before 30 April 2024 and whose application is still pending. Whether PingPong has such a pending application is not published on the pages checked.1516171819 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.2021

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

PingPong: PingPong says INR withdrawals submitted before 2:30 pm succeed the same day (T+0) and after 2:30 pm the next day (T+1); non-INR withdrawals succeed within 1 to 3 days. Its freelancer page says 1 to 2 working days to an Indian account.92 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.710

Do I still need an LUT if I am paid through PingPong 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 PingPong, TransFi 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.