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Razorpay vs Cashfree Payments (2026): Which Is Better for Receiving International Payments in India?

Author:
Editorial team, serviceexportguide.com
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15 min read

Short answer

Cashfree Payments 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: Razorpay is best for local transfers from the US, UK and eurozone, and Cashfree Payments is best for registered businesses paid by local transfer.345

Use caseBetter optionWhy
Bank transfer of USD 5,000Cannot compareRazorpay costs about 1.00 to 1.18%; Cashfree Payments does not publish full pricing.12
Bank transfer of USD 2,000Cannot compareRazorpay costs about 1.00 to 1.18%; Cashfree Payments does not publish full pricing.12
Client paying USD 2,000 by card or linkCannot compareRazorpay costs about 2.00 to 2.36%; Cashfree Payments does not publish full pricing.1
Razorpay is best forRazorpayLocal transfers from the US, UK and eurozone.3
Cashfree Payments is best forCashfree PaymentsRegistered businesses paid by local transfer.45

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%
2RazorpayThis pageMoneySaver 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 Razorpay and Cashfree Payments compare at a glance?

Razorpay and Cashfree Payments 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.12678

RazorpayCashfree Payments
Best forLocal transfers from the US, UK and eurozone3Registered businesses paid by local transfer45
FeesMoneySaver bank transfers: 1% per transaction, GST applicable, with a flat fee of ₹1,000 on transactions below ₹1,00,000. Flash Links (US ACH debit): 2%. International cards: up to 3% per successful transaction plus 18% GST on the pricing page (the international payments page says 3% plus taxes). Enterprise pricing is custom.126Global Collections: Not published. The pricing page shows 'Request Price' and describes a 'Low, processing fee; no hidden charges'. Cashfree says there is no setup cost.78
FX markupMoneySaver bank transfers: Razorpay says 0% FX markup, converting at the live exchange rate. Card payments: converted at the rate on the date of payment (the processing bank's rate, per Razorpay's docs); any markup on card conversions is not published.129Cashfree says Global Collections has no forex markup and that it handles conversion to INR in real time. The exchange rate used and any spread are not published.1084
SettlementPush bank transfers (ACH, FPS, SEPA, SWIFT): T+1 from capture or from when invoice details are shared, whichever is later. Flash Links (ACH debit): around T+5 business days. International cards: Razorpay's FAQ refers to a T+7 working day settlement period, with early settlement at an additional, unpublished charge.311112Global Collections: Not published for the exporter. Cashfree says funds are swept to a NOSTRO account and repatriated to India no later than seven days after credit. International card gateway: T+2 per Cashfree's documentation.813
FIRARazorpay 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.3142Cashfree's Global Collections page says an e-FIRA is generated at no extra cost within 1 day. Its documentation says its AD-1 partner bank issues an eFIRS on a T+1 basis, obtained by request through the support form or account manager. For the card gateway, Cashfree mentions monthly FIRC reports and instant FIRS.8101513
CurrenciesVirtual local accounts in USD, GBP and EUR plus a SWIFT account; Razorpay's docs list other currencies (such as SGD, AED, AUD, CHF, DKK, SEK and CAD accounts) as coming soon on the dashboard. Card payments are accepted in around 135 currencies, according to Razorpay.36Global Collections local account details in USD, EUR, CAD and GBP, plus SWIFT. Cashfree's documentation lists 17 supported currencies; its marketing pages say 30+ currencies from 180+ countries. The card gateway is described as accepting 140+ currencies.51013
KYC: who can sign upIndian businesses with a completed Razorpay KYC. The MoneySaver onboarding form lists Individual, Sole Proprietorship, Partnership, Private Limited, Public Limited and LLP as business types, and the business must fall under one of the export purpose codes Razorpay lists. International card payments need a website with terms, privacy, refund and shipping policy pages. Razorpay says it cannot offer international payments to NGOs.31612Businesses only, per Cashfree. Its pricing page says it currently enables cross-border payments only for businesses, and its Global Collections documentation says you must be a registered business in India. Cashfree does not publish which legal forms (sole proprietor, partnership, LLP, company) qualify.74
RBI PA-CB statusRazorpay Payments Private Limited (formerly Razorpay Software Private Limited) appears on the RBI list of authorised payment system operators as a Payment Aggregator: Online, Physical, and Cross Border facilitating Inward and Outward transactions (PA-CB I and O).17Cashfree Payments India Private Limited appears on the RBI list of authorised payment system operators as a Payment Aggregator (online and physical) and as PA-CB I & O, which the RBI defines as a Payment Aggregator, Cross Border facilitating inward and outward transactions. Cashfree's own pages also say Global Collections operates under the RBI's OPGSP (Online Payment Gateway Service Provider) guideline.181015
SupportSupport tickets raised from Razorpay's support page, per product.19Support form in the merchant dashboard and an account manager; Global Collections onboarding is through Contact Sales. Enterprise customers get a dedicated account manager and WhatsApp support.15410
LimitsRazorpay does not publish a per-transaction limit for international receipts. RBI's Payment Aggregator directions cap PA-CB export transactions at ₹25 lakh per transaction.20Global Collections: invoice value up to USD 10,000 per transaction, per Cashfree; no daily or monthly cap on the number of transactions. The RBI Master Direction sets ₹25 lakh per transaction for PA-CB export transactions.15820
How clients payBank transfer to virtual account details (ACH in USD, FPS in GBP, SEPA in EUR, and SWIFT), ACH debit through Flash Links for US payers, or international card and wallet payments through Razorpay checkout or payment links.3116Global Collections: local bank transfer to collection account details (ACH in the US, SEPA in Europe, EFT in Canada, Faster Payments in the UK) or SWIFT. International Payment Gateway: international cards (Visa, Mastercard, American Express) on a checkout, and PayPal through the merchant's own linked PayPal account.51321
Card paymentsYes, international cards (Visa, Mastercard, Amex, Diners, Discover, JCB, UnionPay listed on the pricing page) and wallets such as Apple Pay and Google Pay, at up to 3% per successful transaction plus 18% GST.26Yes, through the International Payment Gateway. Published platform fee: 2.99% for Visa and Mastercard international cards, 2.95% for American Express. PayPal is charged at PayPal's own rates; Cashfree says it adds no gateway charge for PayPal.710

How much INR do you receive on $2,000, $5,000 and $10,000 with Razorpay vs Cashfree Payments?

The INR you receive with Razorpay and Cashfree Payments 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
RazorpayMost INRMoneySaver 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 ₹9,33,0071.00 to 1.18%

Not estimated because pricing for USD is not fully published: Cashfree Payments.

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 Razorpay and who is it for?

Razorpay is a Bengaluru-based payment company whose international products let Indian businesses accept foreign card payments and receive bank transfers into virtual USD, GBP, EUR and SWIFT account details (the MoneySaver Export Account), with settlement in INR to an Indian bank account.6317

  • Regulated by: Razorpay Payments Private Limited (formerly Razorpay Software Private Limited) appears on the RBI list of authorised payment system operators as a Payment Aggregator: Online, Physical, and Cross Border facilitating Inward and Outward transactions (PA-CB I and O).17
  • Used by: Indian businesses with a completed Razorpay KYC. The MoneySaver onboarding form lists Individual, Sole Proprietorship, Partnership, Private Limited, Public Limited and LLP as business types, and the business must fall under one of the export purpose codes Razorpay lists. International card payments need a website with terms, privacy, refund and shipping policy pages. Razorpay says it cannot offer international payments to NGOs.31612
  • Best for: Local transfers from the US, UK and eurozone.3

What is Cashfree Payments and who is it for?

Cashfree Payments is a Bengaluru-based payment company, authorised by the RBI as a cross-border payment aggregator for inward and outward transactions, whose Global Collections product gives Indian businesses local collection account details abroad and settles receipts in INR.1845

  • Regulated by: Cashfree Payments India Private Limited appears on the RBI list of authorised payment system operators as a Payment Aggregator (online and physical) and as PA-CB I & O, which the RBI defines as a Payment Aggregator, Cross Border facilitating inward and outward transactions. Cashfree's own pages also say Global Collections operates under the RBI's OPGSP (Online Payment Gateway Service Provider) guideline.181015
  • Used by: Businesses only, per Cashfree. Its pricing page says it currently enables cross-border payments only for businesses, and its Global Collections documentation says you must be a registered business in India. Cashfree does not publish which legal forms (sole proprietor, partnership, LLP, company) qualify.74
  • Best for: Registered businesses paid by local transfer.45

How do Razorpay and Cashfree Payments fees and FX markup compare?

Razorpay and Cashfree Payments charge in different ways, so compare the fee and the conversion markup together, not the headline fee alone.

What does Razorpay charge?

Transaction typeFeeFX markupGST on feesBest for
MoneySaver Export Account: bank transfer to virtual account details (Standard plan)INR 1000 up to INR 100,000; 1% above that120%Not statedClients paying by local bank transfer
FlashLinks (US) payment link paid by ACH debit2%10%Not statedClients paying through a payment link
International cards and wallets3%2Not published18%Clients paying by card

What does Cashfree Payments charge?

Transaction typeFeeFX markupGST on feesBest for
Global Collections: local account details or Global SWIFT AccountNot published870%Not statedClients paying by local bank transfer
International Payment Gateway: Visa or Mastercard international cards2.99%7Not publishedNot statedClients paying by card
International Payment Gateway: American Express2.95%7Not publishedNot statedClients paying by card

How do Razorpay and Cashfree Payments compare on settlement speed?

Razorpay and Cashfree Payments publish these settlement times for money reaching an Indian bank account.

PlatformSettlement timePayout to IndiaBest for
RazorpayPush bank transfers (ACH, FPS, SEPA, SWIFT): T+1 from capture or from when invoice details are shared, whichever is later. Flash Links (ACH debit): around T+5 business days. International cards: Razorpay's FAQ refers to a T+7 working day settlement period, with early settlement at an additional, unpublished charge.311112Automatic settlement in INR to the Indian bank account after Razorpay deducts its charges. Funds cannot be held in the foreign currency accounts. Razorpay also says it supports non-INR settlement to an EEFC account. No separate withdrawal fee is published.3Local transfers from the US, UK and eurozone3
Cashfree PaymentsGlobal Collections: Not published for the exporter. Cashfree says funds are swept to a NOSTRO account and repatriated to India no later than seven days after credit. International card gateway: T+2 per Cashfree's documentation.813Automatic. Receipts are converted to INR and settled to the exporter's Indian bank account; Cashfree says balances cannot be held in foreign currency or settled to a foreign currency account. No separate withdrawal fee is published.48Registered businesses paid by local transfer45

Do Razorpay and Cashfree Payments provide FIRA and e-BRC, and are they RBI PA-CB authorised?

Razorpay and Cashfree Payments 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.42

PlatformFIRARBI PA-CB statusBest for
RazorpayRazorpay 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.3142Razorpay Payments Private Limited (formerly Razorpay Software Private Limited) appears on the RBI list of authorised payment system operators as a Payment Aggregator: Online, Physical, and Cross Border facilitating Inward and Outward transactions (PA-CB I and O).17Local transfers from the US, UK and eurozone3
Cashfree PaymentsCashfree's Global Collections page says an e-FIRA is generated at no extra cost within 1 day. Its documentation says its AD-1 partner bank issues an eFIRS on a T+1 basis, obtained by request through the support form or account manager. For the card gateway, Cashfree mentions monthly FIRC reports and instant FIRS.8101513Cashfree Payments India Private Limited appears on the RBI list of authorised payment system operators as a Payment Aggregator (online and physical) and as PA-CB I & O, which the RBI defines as a Payment Aggregator, Cross Border facilitating inward and outward transactions. Cashfree's own pages also say Global Collections operates under the RBI's OPGSP (Online Payment Gateway Service Provider) guideline.181015Registered businesses paid by local transfer45

Which currencies, countries and payment methods do Razorpay and Cashfree Payments support?

Razorpay and Cashfree Payments accept the currencies and payment methods below, as each publishes them.

PlatformCurrenciesHow clients payCard paymentsBest for
RazorpayVirtual local accounts in USD, GBP and EUR plus a SWIFT account; Razorpay's docs list other currencies (such as SGD, AED, AUD, CHF, DKK, SEK and CAD accounts) as coming soon on the dashboard. Card payments are accepted in around 135 currencies, according to Razorpay.36Bank transfer to virtual account details (ACH in USD, FPS in GBP, SEPA in EUR, and SWIFT), ACH debit through Flash Links for US payers, or international card and wallet payments through Razorpay checkout or payment links.3116Yes, international cards (Visa, Mastercard, Amex, Diners, Discover, JCB, UnionPay listed on the pricing page) and wallets such as Apple Pay and Google Pay, at up to 3% per successful transaction plus 18% GST.26Local transfers from the US, UK and eurozone3
Cashfree PaymentsGlobal Collections local account details in USD, EUR, CAD and GBP, plus SWIFT. Cashfree's documentation lists 17 supported currencies; its marketing pages say 30+ currencies from 180+ countries. The card gateway is described as accepting 140+ currencies.51013Global Collections: local bank transfer to collection account details (ACH in the US, SEPA in Europe, EFT in Canada, Faster Payments in the UK) or SWIFT. International Payment Gateway: international cards (Visa, Mastercard, American Express) on a checkout, and PayPal through the merchant's own linked PayPal account.51321Yes, through the International Payment Gateway. Published platform fee: 2.99% for Visa and Mastercard international cards, 2.95% for American Express. PayPal is charged at PayPal's own rates; Cashfree says it adds no gateway charge for PayPal.710Registered businesses paid by local transfer45

What are the strengths and limitations of Razorpay and Cashfree Payments?

Razorpay and Cashfree Payments each suit some exporters better than others. These points come from each provider's own pages.

What are the strengths and limitations of Razorpay?

Strengths:

  • You want clients in the US, UK or eurozone to pay by local bank transfer (ACH, FPS or SEPA) and receive INR in your Indian bank account the next business day after invoice details are shared.3
  • You want to offer international card or wallet checkout on your own website alongside bank transfers, from one dashboard.616
  • You are paid through Upwork, Deel, Toptal, Freelancer, Fiverr or Amazon and want those payouts to land in a virtual account; Razorpay says invoice upload is not required for Amazon, Upwork and Freelancer transactions.343

Limitations:

  • Every MoneySaver payment needs an invoice and buyer address uploaded before Razorpay settles it, except Amazon, Upwork and Freelancer platform transactions.343
  • Transactions below ₹1,00,000 attract a flat fee of ₹1,000 instead of the 1% fee.1
  • Funds cannot be held in the foreign currency accounts; they are converted and settled.3
  • Refunds are not supported on push bank transfers, and ACH debit (Flash Links) payments can be reversed by the payer through a chargeback.311
  • International card acceptance needs a website with policy pages and approval by Razorpay's banking partners, and the conversion markup on card payments is not published.169
  • Only the purpose codes on Razorpay's list can use the MoneySaver account; P0807 is not on that list.3

What are the strengths and limitations of Cashfree Payments?

Strengths:

  • You bill through a registered Indian business and want overseas clients to pay by local transfer in USD, EUR, CAD or GBP, with INR settled automatically.45
  • Your invoices are each up to USD 10,000.15
  • You also want a card checkout for international clients, with a published platform fee.713

Limitations:

  • Global Collections pricing is not published; Cashfree quotes it on request.7
  • Cross-border payments are available only to businesses, so individuals without a registered business cannot use Global Collections per Cashfree.74
  • Invoice value is capped at USD 10,000 per transaction for Global Collections.15
  • Foreign currency balances cannot be held; all receipts settle in INR.8

Should you choose Razorpay or Cashfree Payments?

Choose between Razorpay and Cashfree Payments by how your clients pay and your usual invoice size.

Choose Razorpay if:

  • You want clients in the US, UK or eurozone to pay by local bank transfer (ACH, FPS or SEPA) and receive INR in your Indian bank account the next business day after invoice details are shared.3
  • You want to offer international card or wallet checkout on your own website alongside bank transfers, from one dashboard.616
  • You are paid through Upwork, Deel, Toptal, Freelancer, Fiverr or Amazon and want those payouts to land in a virtual account; Razorpay says invoice upload is not required for Amazon, Upwork and Freelancer transactions.343

Choose Cashfree Payments if:

  • You bill through a registered Indian business and want overseas clients to pay by local transfer in USD, EUR, CAD or GBP, with INR settled automatically.45
  • Your invoices are each up to USD 10,000.15
  • You also want a card checkout for international clients, with a published platform fee.713

For example, say a designer invoices a US client USD 2,000. Because Cashfree Payments 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.1291084

Which other platforms should you consider besides Razorpay and Cashfree Payments?

Other platforms to consider besides Razorpay and Cashfree Payments are the ones with the lowest estimated cost on a USD 5,000 receipt, listed in that order.232425262728303132343536383940

PlatformBest forEstimated cost on USD 5,000FIRAReview
SkydoLocal bank transfers from major markets220.68%232425262728Skydo says it issues a free FIRA on every payment received, and that its FIRA and FIRC are accepted for GST filing and by banks.2729Skydo review
Karbon BusinessUS bank transfers and marketplace payouts301.00 to 1.18%3031Karbon says it provides a FIRA for every transaction, issued by its licensed banking partner, which it does not name. Cost not published.30Karbon Business review
WinvestaLocal transfers with a published per-payment fee32331.24%32343536Free 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.3534Winvesta review
PayoneerMarketplace payouts such as Amazon or Upwork371.00 to 4.00%383940Free 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.4041Payoneer 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]Razorpay, MoneySaver Export Account (international bank transfers) (checked 2026-10-28)
  2. [2]Razorpay, Pricing (checked 2026-10-28)
  3. [3]Razorpay Docs, International Bank Transfer (MoneySaver Export Account) (checked 2026-10-28)
  4. [4]Cashfree Payments Docs, Global Collections overview (checked 2026-10-28)
  5. [5]Cashfree Payments Docs, Global Collections: Collection Accounts (checked 2026-10-28)
  6. [6]Razorpay, Accept International Payments (checked 2026-10-28)
  7. [7]Cashfree Payments, Payment Gateway Charges (India), International Cards, Global Collections and Cross Border FAQ (checked 2026-10-28)
  8. [8]Cashfree Payments, Global Collections: International wire transfer for Indian businesses (checked 2026-10-28)
  9. [9]Razorpay Docs, Currency Conversion (checked 2026-10-28)
  10. [10]Cashfree Payments, Cross Border Payment solutions: Accept international payments (checked 2026-10-28)
  11. [11]Razorpay Docs, Flash Links (ACH Debit) (checked 2026-10-28)
  12. [12]Razorpay Docs, International Payments FAQs (checked 2026-10-28)
  13. [13]Cashfree Payments Docs, International Payment Gateway (IPG) overview (checked 2026-10-28)
  14. [14]Razorpay Docs, FIRS Automated Process (checked 2026-10-28)
  15. [15]Cashfree Payments Docs, Global Collections FAQs (checked 2026-10-28)
  16. [16]Razorpay Docs, International Debit and Credit Cards (checked 2026-10-28)
  17. [17]RBI: Certificates of Authorisation issued under the Payment and Settlement Systems Act, 2007, Payment Aggregators list (dated 16 October 2026)
  18. [18]RBI, Certificates of Authorisation issued under the Payment and Settlement Systems Act, 2007 for setting up and operating payment systems in India, Payment Aggregators table (checked 2026-10-28)
  19. [19]Razorpay, Support (checked 2026-10-28)
  20. [20]RBI: Master Direction on Regulation of Payment Aggregators, 15 September 2025
  21. [21]Cashfree Payments Docs, PayPal for International Payments (checked 2026-10-28)
  22. [22]Skydo FAQs, What countries can I get paid locally through Skydo? (checked 2026-10-28)
  23. [23]Skydo FAQ, How much does Skydo charge? (checked 2026-10-28)
  24. [24]Skydo, Home page (checked 2026-10-28)
  25. [25]Skydo FAQ, Who will bear the SWIFT charges? (checked 2026-10-28)
  26. [26]Skydo FAQ, Limitations and restrictions on receiving your foreign remittance via Skydo (checked 2026-10-28)
  27. [27]Skydo, Receive international payments in India as a freelancer (checked 2026-10-28)
  28. [28]Skydo, Terms of use (checked 2026-10-28)
  29. [29]Skydo FAQs, What is accepted for GST filings and banks between FIRA and FIRC? (checked 2026-10-28)
  30. [30]Karbon Business, Karbon for Freelancers (checked 2026-10-28)
  31. [31]Karbon, PayPal alternative (checked 2026-10-28)
  32. [32]Winvesta FAQs, What are the charges for the global collections account? (checked 2026-10-28)
  33. [33]Winvesta FAQs, What currencies are available with local accounts? (checked 2026-10-28)
  34. [34]Winvesta, Multi-currency account (checked 2026-10-28)
  35. [35]Winvesta FAQ, When will I receive my e-FIRA certificate? (checked 2026-10-28)
  36. [36]Winvesta FAQ, Can I get priority processing for my withdrawal? (checked 2026-10-28)
  37. [37]Payoneer, How to use Payoneer in India (last modified 18 September 2026, checked 2026-10-28)
  38. [38]Payoneer India, Payoneer Fees (checked 2026-10-28)
  39. [39]Payoneer India, Multi-currency account page and FAQs (checked 2026-10-28)
  40. [40]Payoneer Help Center, Digital FIRA FAQ (checked 2026-10-28)
  41. [41]Payoneer India, Digital FIRC page (checked 2026-10-28)
  42. [42]DGFT: eBRC services (self-generation of e-BRC from bank inward remittance data)
  43. [43]Razorpay Docs, Manage Invoices and Transactions (International Bank Transfer) (checked 2026-10-28)
  44. [44]GST Portal user guide: Furnishing of Letter of Undertaking (FORM GST RFD-11)

Frequently asked questions

Which is cheaper for Indian exporters, Razorpay or Cashfree Payments?+

There is no cost verdict for a USD 5,000 bank transfer: razorpay costs about 1.00 to 1.18%; Cashfree Payments does not publish full pricing.12 The answer can change with the currency, payment method and invoice size, so check your own numbers in the platform cost comparison.

Do Razorpay and Cashfree Payments give a FIRA to Indian exporters?+

Razorpay: 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.3142 Cashfree Payments: Cashfree's Global Collections page says an e-FIRA is generated at no extra cost within 1 day. Its documentation says its AD-1 partner bank issues an eFIRS on a T+1 basis, obtained by request through the support form or account manager. For the card gateway, Cashfree mentions monthly FIRC reports and instant FIRS.8101513

Can individual freelancers use Razorpay and Cashfree Payments?+

Razorpay: Indian businesses with a completed Razorpay KYC. The MoneySaver onboarding form lists Individual, Sole Proprietorship, Partnership, Private Limited, Public Limited and LLP as business types, and the business must fall under one of the export purpose codes Razorpay lists. International card payments need a website with terms, privacy, refund and shipping policy pages. Razorpay says it cannot offer international payments to NGOs.31612 Cashfree Payments: Businesses only, per Cashfree. Its pricing page says it currently enables cross-border payments only for businesses, and its Global Collections documentation says you must be a registered business in India. Cashfree does not publish which legal forms (sole proprietor, partnership, LLP, company) qualify.74

Are Razorpay and Cashfree Payments authorised by the RBI?+

Razorpay: Razorpay Payments Private Limited (formerly Razorpay Software Private Limited) appears on the RBI list of authorised payment system operators as a Payment Aggregator: Online, Physical, and Cross Border facilitating Inward and Outward transactions (PA-CB I and O).17 Cashfree Payments: Cashfree Payments India Private Limited appears on the RBI list of authorised payment system operators as a Payment Aggregator (online and physical) and as PA-CB I & O, which the RBI defines as a Payment Aggregator, Cross Border facilitating inward and outward transactions. Cashfree's own pages also say Global Collections operates under the RBI's OPGSP (Online Payment Gateway Service Provider) guideline.181015

How fast do Razorpay and Cashfree Payments pay out to an Indian bank?+

Razorpay: Push bank transfers (ACH, FPS, SEPA, SWIFT): T+1 from capture or from when invoice details are shared, whichever is later. Flash Links (ACH debit): around T+5 business days. International cards: Razorpay's FAQ refers to a T+7 working day settlement period, with early settlement at an additional, unpublished charge.311112 Cashfree Payments: Global Collections: Not published for the exporter. Cashfree says funds are swept to a NOSTRO account and repatriated to India no later than seven days after credit. International card gateway: T+2 per Cashfree's documentation.813

Do I still need an LUT if I am paid through Razorpay or Cashfree Payments?+

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 Razorpay, Cashfree Payments or a bank wire.44

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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