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

Author:
Editorial team, serviceexportguide.com
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Short answer

On published fees for a USD 5,000 bank transfer, Razorpay costs 1.00 to 1.18% and Karbon Business 1.00 to 1.18%; the ranges overlap, so neither is always cheaper.1234 The better choice depends on how your client pays: Razorpay is best for local transfers from the US, UK and eurozone, and Karbon Business is best for uS bank transfers and marketplace payouts.53

Use caseBetter optionWhy
Bank transfer of USD 5,000DependsCost ranges overlap: Razorpay 1.00 to 1.18%, Karbon Business 1.00 to 1.18%.1234
Bank transfer of USD 2,000DependsCost ranges overlap: Razorpay 1.00 to 1.18%, Karbon Business 1.00 to 1.18%.1234
Client paying USD 2,000 by card or linkCannot compareRazorpay costs about 2.00 to 2.36%; Karbon Business does not publish full pricing.1
Razorpay is best forRazorpayLocal transfers from the US, UK and eurozone.5
Karbon Business is best forKarbon BusinessUS bank transfers and marketplace payouts.3

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 costThis pageBank 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 Karbon Business compare at a glance?

Razorpay and Karbon Business 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.12643

RazorpayKarbon Business
Best forLocal transfers from the US, UK and eurozone5US bank transfers and marketplace payouts3
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.126Karbon's PayPal alternative page lists a 1% transaction fee in its feature list; its freelancer page gives no fee amount.43
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.127Karbon's freelancer page says 0% markup on inward remittance; its PayPal comparison page gives a forex markup of 0.5% to 1.0%. The home page says displayed amounts are indicative and depend on the rate booking date.348
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.59110Karbon says international payments reach India within 24 to 48 hours.3
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.5112Karbon says it provides a FIRA for every transaction, issued by its licensed banking partner, which it does not name. Cost not published.3
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.56Karbon names USD, EUR and GBP; the virtual account it describes is in USD.3
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.51210Karbon markets the service to freelancers, exporters and small businesses. Its forex terms require the user to be duly incorporated under the laws of India. Karbon does not publish whether an unregistered individual can sign up.313
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).14Karbon does not appear in the RBI's list of authorised payment aggregators. Its forex terms, issued by Interropac Private Limited, say export receipts are processed subject to the connected user terms of a payment partner that the RBI lists as PA-CB I & O. Karbon says it works only with PA-CB licensed players and regulated banks.13158
SupportSupport tickets raised from Razorpay's support page, per product.16WhatsApp +91 74117 02726, sales@karboncard.com, support@karboncard.com and 1-800-309-8470.3
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.17Not published by Karbon. RBI rules set a limit of ₹25 lakh per export transaction for PA-CBs.
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.596Bank transfer to a virtual USD account (US account details in the user's name), payment requests or invoices sent by email or WhatsApp, and as a payout method on Upwork, Fiverr and Toptal.3
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.26Not published.

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

The INR you receive with Razorpay and Karbon Business 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
Karbon BusinessMost INRBank transfer to a Karbon virtual USD accountUS bank transfers and marketplace payouts₹1,86,262 to ₹1,86,601₹4,65,655 to ₹4,66,503₹9,31,311 to ₹9,33,0071.00 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 ₹9,33,0071.00 to 1.18%

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.6514

  • 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).14
  • 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.51210
  • Best for: Local transfers from the US, UK and eurozone.5

What is Karbon Business and who is it for?

Karbon Business is a Bengaluru fintech that markets a virtual USD account, payment requests and inward remittances in INR to Indian freelancers and exporters; its forex terms say export receipts are processed under a payment partner's connected user terms.313

  • Regulated by: Karbon does not appear in the RBI's list of authorised payment aggregators. Its forex terms, issued by Interropac Private Limited, say export receipts are processed subject to the connected user terms of a payment partner that the RBI lists as PA-CB I & O. Karbon says it works only with PA-CB licensed players and regulated banks.13158
  • Used by: Karbon markets the service to freelancers, exporters and small businesses. Its forex terms require the user to be duly incorporated under the laws of India. Karbon does not publish whether an unregistered individual can sign up.313
  • Best for: US bank transfers and marketplace payouts.3

How do Razorpay and Karbon Business fees and FX markup compare?

Razorpay and Karbon Business 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 Karbon Business charge?

Transaction typeFeeFX markupGST on feesBest for
Bank transfer to a Karbon virtual USD account1%340%Not statedClients paying by local bank transfer

How do Razorpay and Karbon Business compare on settlement speed?

Razorpay and Karbon Business 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.59110Automatic 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.5Local transfers from the US, UK and eurozone5
Karbon BusinessKarbon says international payments reach India within 24 to 48 hours.3Paid in INR to the user's Indian bank account. Payout fee not published.34US bank transfers and marketplace payouts3

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

Razorpay and Karbon Business 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.39

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.5112Razorpay 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).14Local transfers from the US, UK and eurozone5
Karbon BusinessKarbon says it provides a FIRA for every transaction, issued by its licensed banking partner, which it does not name. Cost not published.3Karbon does not appear in the RBI's list of authorised payment aggregators. Its forex terms, issued by Interropac Private Limited, say export receipts are processed subject to the connected user terms of a payment partner that the RBI lists as PA-CB I & O. Karbon says it works only with PA-CB licensed players and regulated banks.13158US bank transfers and marketplace payouts3

Which currencies, countries and payment methods do Razorpay and Karbon Business support?

Razorpay and Karbon Business 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.56Bank 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.596Yes, 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 eurozone5
Karbon BusinessKarbon names USD, EUR and GBP; the virtual account it describes is in USD.3Bank transfer to a virtual USD account (US account details in the user's name), payment requests or invoices sent by email or WhatsApp, and as a payout method on Upwork, Fiverr and Toptal.3Not published.US bank transfers and marketplace payouts3

What are the strengths and limitations of Razorpay and Karbon Business?

Razorpay and Karbon Business 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.5
  • You want to offer international card or wallet checkout on your own website alongside bank transfers, from one dashboard.612
  • 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.540

Limitations:

  • Every MoneySaver payment needs an invoice and buyer address uploaded before Razorpay settles it, except Amazon, Upwork and Freelancer platform transactions.540
  • 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.5
  • Refunds are not supported on push bank transfers, and ACH debit (Flash Links) payments can be reversed by the payer through a chargeback.59
  • 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.127
  • Only the purpose codes on Razorpay's list can use the MoneySaver account; P0807 is not on that list.5

What are the strengths and limitations of Karbon Business?

Strengths:

  • Your clients can pay by US bank transfer to a USD account, or you are paid out by Upwork, Fiverr or Toptal.3
  • You want INR in your Indian bank and a FIRA for each receipt.3

Limitations:

  • No receiving fee, payout fee or FIRA cost is published.38
  • Karbon itself is not an RBI-authorised payment aggregator; export receipts run through a third party under separate terms.1513
  • The forex terms address incorporated users, while marketing pages address freelancers; eligibility for unregistered individuals is not published.133
  • Purpose code handling and card payment options are not published.3

Should you choose Razorpay or Karbon Business?

Choose between Razorpay and Karbon Business 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.5
  • You want to offer international card or wallet checkout on your own website alongside bank transfers, from one dashboard.612
  • 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.540

Choose Karbon Business if:

  • Your clients can pay by US bank transfer to a USD account, or you are paid out by Upwork, Fiverr or Toptal.3
  • You want INR in your Indian bank and a FIRA for each receipt.3

For example, say a designer invoices a US client USD 2,000 by bank transfer. On published fees, Razorpay costs 1.00 to 1.18% and Karbon Business 1.00 to 1.18%. The ranges overlap, so the cheaper one depends on where each provider's markup lands; compare the rate on your first FIRA.1234

Which other platforms should you consider besides Razorpay and Karbon Business?

Other platforms to consider besides Razorpay and Karbon Business are the ones with the lowest estimated cost on a USD 5,000 receipt, listed in that order.192021222324262829303233343738

PlatformBest forEstimated cost on USD 5,000FIRAReview
SkydoLocal bank transfers from major markets180.68%192021222324Skydo says it issues a free FIRA on every payment received, and that its FIRA and FIRC are accepted for GST filing and by banks.2325Skydo review
WinvestaLocal transfers with a published per-payment fee26271.24%26282930Free 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.2928Winvesta review
PayoneerMarketplace payouts such as Amazon or Upwork311.00 to 4.00%323334Free 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.3435Payoneer review
PayPalClients paying by card or PayPal balance367.27 to 8.23%3738Free weekly digital FIRA (Foreign Inward Remittance Advise) from February 2026, downloadable under Reports, then Tax, in a business account for the last 12 months; earlier transactions are covered by monthly FIRAs. Custom FIRA: 100 INR plus 18% GST per transaction for up to 20 transactions, or 2,000 INR plus 18% GST for a bulk request above 20 transactions; PayPal says custom FIRAs are issued by Citibank.38PayPal 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]Karbon, Karbon for freelancers (checked 2026-10-28)
  4. [4]Karbon, PayPal alternative (checked 2026-10-28)
  5. [5]Razorpay Docs, International Bank Transfer (MoneySaver Export Account) (checked 2026-10-28)
  6. [6]Razorpay, Accept International Payments (checked 2026-10-28)
  7. [7]Razorpay Docs, Currency Conversion (checked 2026-10-28)
  8. [8]Karbon, Karbon FX Remittances, home page (checked 2026-10-28)
  9. [9]Razorpay Docs, Flash Links (ACH Debit) (checked 2026-10-28)
  10. [10]Razorpay Docs, International Payments FAQs (checked 2026-10-28)
  11. [11]Razorpay Docs, FIRS Automated Process (checked 2026-10-28)
  12. [12]Razorpay Docs, International Debit and Credit Cards (checked 2026-10-28)
  13. [13]Karbon Forex Terms and Conditions, Interropac Private Limited (checked 2026-10-28)
  14. [14]RBI: Certificates of Authorisation issued under the Payment and Settlement Systems Act, 2007, Payment Aggregators list (dated 16 October 2026)
  15. [15]RBI: Certificates of Authorisation issued under the Payment and Settlement Systems Act, 2007, Payment Aggregators (PA-O, PA-P and PA-CB), list dated 16 October 2026 (checked 2026-10-28)
  16. [16]Razorpay, Support (checked 2026-10-28)
  17. [17]RBI: Master Direction on Regulation of Payment Aggregators, 15 September 2025
  18. [18]Skydo FAQs, What countries can I get paid locally through Skydo? (checked 2026-10-28)
  19. [19]Skydo FAQ, How much does Skydo charge? (checked 2026-10-28)
  20. [20]Skydo, Home page (checked 2026-10-28)
  21. [21]Skydo FAQ, Who will bear the SWIFT charges? (checked 2026-10-28)
  22. [22]Skydo FAQ, Limitations and restrictions on receiving your foreign remittance via Skydo (checked 2026-10-28)
  23. [23]Skydo, Receive international payments in India as a freelancer (checked 2026-10-28)
  24. [24]Skydo, Terms of use (checked 2026-10-28)
  25. [25]Skydo FAQs, What is accepted for GST filings and banks between FIRA and FIRC? (checked 2026-10-28)
  26. [26]Winvesta FAQs, What are the charges for the global collections account? (checked 2026-10-28)
  27. [27]Winvesta FAQs, What currencies are available with local accounts? (checked 2026-10-28)
  28. [28]Winvesta, Multi-currency account (checked 2026-10-28)
  29. [29]Winvesta FAQ, When will I receive my e-FIRA certificate? (checked 2026-10-28)
  30. [30]Winvesta FAQ, Can I get priority processing for my withdrawal? (checked 2026-10-28)
  31. [31]Payoneer, How to use Payoneer in India (last modified 18 September 2026, checked 2026-10-28)
  32. [32]Payoneer India, Payoneer Fees (checked 2026-10-28)
  33. [33]Payoneer India, Multi-currency account page and FAQs (checked 2026-10-28)
  34. [34]Payoneer Help Center, Digital FIRA FAQ (checked 2026-10-28)
  35. [35]Payoneer India, Digital FIRC page (checked 2026-10-28)
  36. [36]PayPal India, User Agreement for PayPal Services (last updated 13 January 2025) (checked 2026-10-28)
  37. [37]PayPal India, PayPal Merchant Fees (page last updated 28 March 2024) (checked 2026-10-28)
  38. [38]PayPal India, Foreign Inward Remittance Advise (FIRA) (checked 2026-10-28)
  39. [39]DGFT: eBRC services (self-generation of e-BRC from bank inward remittance data)
  40. [40]Razorpay Docs, Manage Invoices and Transactions (International Bank Transfer) (checked 2026-10-28)
  41. [41]GST Portal user guide: Furnishing of Letter of Undertaking (FORM GST RFD-11)

Frequently asked questions

Which is cheaper for Indian exporters, Razorpay or Karbon Business?+

Neither is always cheaper on a USD 5,000 bank transfer: cost ranges overlap: Razorpay 1.00 to 1.18%, Karbon Business 1.00 to 1.18%.1234 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 Karbon Business 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.5112 Karbon Business: Karbon says it provides a FIRA for every transaction, issued by its licensed banking partner, which it does not name. Cost not published.3

Can individual freelancers use Razorpay and Karbon Business?+

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.51210 Karbon Business: Karbon markets the service to freelancers, exporters and small businesses. Its forex terms require the user to be duly incorporated under the laws of India. Karbon does not publish whether an unregistered individual can sign up.313

Are Razorpay and Karbon Business 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).14 Karbon Business: Karbon does not appear in the RBI's list of authorised payment aggregators. Its forex terms, issued by Interropac Private Limited, say export receipts are processed subject to the connected user terms of a payment partner that the RBI lists as PA-CB I & O. Karbon says it works only with PA-CB licensed players and regulated banks.13158

How fast do Razorpay and Karbon Business 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.59110 Karbon Business: Karbon says international payments reach India within 24 to 48 hours.3

Do I still need an LUT if I am paid through Razorpay or Karbon Business?+

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, Karbon Business or a bank wire.41

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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