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

Author:
Editorial team, serviceexportguide.com
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Editorial team
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14 min read

Short answer

On published fees for a USD 5,000 bank transfer, Razorpay leaves more rupees: about 1.00 to 1.18% in costs against 1.24%.123456 The better choice depends on how your client pays: Razorpay is best for local transfers from the US, UK and eurozone, and Winvesta is best for local transfers with a published per-payment fee.738

Use caseBetter optionWhy
Bank transfer of USD 5,000RazorpayEstimated cost 1.00 to 1.18% against 1.24%.123456
Bank transfer of USD 2,000RazorpayEstimated cost 1.00 to 1.18% against 1.35%.123456
Client paying USD 2,000 by card or linkCannot compareRazorpay costs about 2.00 to 2.36%; Winvesta does not publish full pricing.1
Razorpay is best forRazorpayLocal transfers from the US, UK and eurozone.7
Winvesta is best forWinvestaLocal transfers with a published per-payment fee.38

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%
3WinvestaThis pageGlobal 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 Winvesta compare at a glance?

Razorpay and Winvesta 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.1293

RazorpayWinvesta
Best forLocal transfers from the US, UK and eurozone7Local transfers with a published per-payment fee38
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.129Up to 2,000 a month per currency: 0.99% plus a fixed fee per transaction ($3 for USD, EUR 5, GBP 5, AUD 10, SGD 10, other currencies the equivalent of $5). 2,000 to 100,000 a month: custom pricing. Above 100,000 a month: 0.2% per transaction with no fixed fee. Winvesta says 18% GST is levied on its fees for every non-JPMC account.3
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.1210Winvesta advertises 0% forex markup and zero FX on USD, and shows the exact FX rate applied and its booking time after each withdrawal. The reference rate is not published.411
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.712113USD withdrawals reach the bank 1 business day after processing, EUR and GBP 2 business days, with a 1:00 PM IST cut-off. Card collections settle T+1 working day per the FAQ and T+2 days per the payment links page.141516
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.7172Free 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.54
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.79Local account details in USD, EUR, GBP and CAD, plus SWIFT details for 30+ other currencies. Winvesta's pages give different totals (30+, 33 and 37+ currencies).8183
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.71913Freelancers (PAN, Aadhaar, a marketing channel link and bank details) and businesses (the same plus business registration details). Winvesta publishes a list of restricted business types.2021
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).22Winvesta says Winvesta India Technologies Private Limited is an online payment gateway service provider that facilitates cross-border collections under the RBI's regulations. It does not appear in the RBI's list of authorised payment aggregators dated 16 October 2026 or in the RBI's PA-CB application status tables as on that date.232425
SupportSupport tickets raised from Razorpay's support page, per product.26Email support@winvesta.in; phone +91-(0)20-7117 8885, Monday to Friday, 10:00 am to 6:00 pm IST.4
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.27Winvesta says there are no limits on incoming transactions in USD and 30 other currencies. Its FAQs give different maximum holding periods (30 days in one answer, 9 months in another).281829
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.7129Local bank transfer to account details in USD (ACH, Fedwire, RTP), EUR, GBP and CAD; SWIFT for other currencies; and card payments through payment links.8301816
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.29Yes, through payment links. The card fee (MDR) is not published; Winvesta's FAQ uses 3% only as an example, with GST charged on the MDR.1631

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

The INR you receive with Razorpay and Winvesta 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%
WinvestaGlobal Collections Account, standard plan (up to 2,000 a month per currency)Local transfers with a published per-payment fee₹1,85,951₹4,65,377₹9,31,0881.24%

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.9722

  • 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).22
  • 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.71913
  • Best for: Local transfers from the US, UK and eurozone.7

What is Winvesta and who is it for?

Winvesta is a Mumbai-based company whose Global Collections Account gives Indian businesses and freelancers local USD, EUR, GBP and CAD account details, with withdrawal to INR and a free e-FIRA.4185

  • Regulated by: Winvesta says Winvesta India Technologies Private Limited is an online payment gateway service provider that facilitates cross-border collections under the RBI's regulations. It does not appear in the RBI's list of authorised payment aggregators dated 16 October 2026 or in the RBI's PA-CB application status tables as on that date.232425
  • Used by: Freelancers (PAN, Aadhaar, a marketing channel link and bank details) and businesses (the same plus business registration details). Winvesta publishes a list of restricted business types.2021
  • Best for: Local transfers with a published per-payment fee.38

How do Razorpay and Winvesta fees and FX markup compare?

Razorpay and Winvesta 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 Winvesta charge?

Transaction typeFeeFX markupGST on feesBest for
Global Collections Account, standard plan (up to 2,000 a month per currency)0.99% + plus a fixed fee by currency34560%18%Clients paying by local bank transfer
Card payment through Winvesta payment linksNot published160%Not statedClients paying by card

How do Razorpay and Winvesta compare on settlement speed?

Razorpay and Winvesta 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.712113Automatic 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.7Local transfers from the US, UK and eurozone7
WinvestaUSD withdrawals reach the bank 1 business day after processing, EUR and GBP 2 business days, with a 1:00 PM IST cut-off. Card collections settle T+1 working day per the FAQ and T+2 days per the payment links page.141516The user withdraws to an Indian bank account in INR after providing an invoice for the receipt. Priority withdrawal is available on request, typically for a $15 to $25 additional fee on USD.18506Local transfers with a published per-payment fee38

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

Razorpay and Winvesta 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.51

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.7172Razorpay 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).22Local transfers from the US, UK and eurozone7
WinvestaFree 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.54Winvesta says Winvesta India Technologies Private Limited is an online payment gateway service provider that facilitates cross-border collections under the RBI's regulations. It does not appear in the RBI's list of authorised payment aggregators dated 16 October 2026 or in the RBI's PA-CB application status tables as on that date.232425Local transfers with a published per-payment fee38

Which currencies, countries and payment methods do Razorpay and Winvesta support?

Razorpay and Winvesta 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.79Bank 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.7129Yes, 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.29Local transfers from the US, UK and eurozone7
WinvestaLocal account details in USD, EUR, GBP and CAD, plus SWIFT details for 30+ other currencies. Winvesta's pages give different totals (30+, 33 and 37+ currencies).8183Local bank transfer to account details in USD (ACH, Fedwire, RTP), EUR, GBP and CAD; SWIFT for other currencies; and card payments through payment links.8301816Yes, through payment links. The card fee (MDR) is not published; Winvesta's FAQ uses 3% only as an example, with GST charged on the MDR.1631Local transfers with a published per-payment fee38

What are the strengths and limitations of Razorpay and Winvesta?

Razorpay and Winvesta 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.7
  • You want to offer international card or wallet checkout on your own website alongside bank transfers, from one dashboard.919
  • 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.752

Limitations:

  • Every MoneySaver payment needs an invoice and buyer address uploaded before Razorpay settles it, except Amazon, Upwork and Freelancer platform transactions.752
  • 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.7
  • Refunds are not supported on push bank transfers, and ACH debit (Flash Links) payments can be reversed by the payer through a chargeback.712
  • 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.1910
  • Only the purpose codes on Razorpay's list can use the MoneySaver account; P0807 is not on that list.7

What are the strengths and limitations of Winvesta?

Strengths:

  • Your clients pay by local transfer in USD, EUR, GBP or CAD and you want a published per-transaction fee.83
  • You are a freelancer without a registered business who has a PAN and Aadhaar.20
  • You want an e-FIRA showing the purpose code for each receipt at no charge.5

Limitations:

  • Winvesta is not on the RBI's list of authorised payment aggregators and does not name its banking partner on its pages.2423
  • Each withdrawal needs an invoice with the purpose code and other mandatory fields.50
  • The fixed fee per transaction ($3 on USD) weighs more on small receipts.3
  • Card collection fees are not published.3116
  • Winvesta's own pages disagree on the number of currencies, the maximum holding period and card settlement time.183291516

Should you choose Razorpay or Winvesta?

Choose between Razorpay and Winvesta 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.7
  • You want to offer international card or wallet checkout on your own website alongside bank transfers, from one dashboard.919
  • 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.752

Choose Winvesta if:

  • Your clients pay by local transfer in USD, EUR, GBP or CAD and you want a published per-transaction fee.83
  • You are a freelancer without a registered business who has a PAN and Aadhaar.20
  • You want an e-FIRA showing the purpose code for each receipt at no charge.5

For example, say a designer invoices a US client USD 2,000 by bank transfer. On published fees, Razorpay costs about 1.00 to 1.18% and Winvesta about 1.35%, a difference of about USD 5 on that invoice.123456

Which other platforms should you consider besides Razorpay and Winvesta?

Other platforms to consider besides Razorpay and Winvesta are the ones with the lowest estimated cost on a USD 5,000 receipt, listed in that order.33343536373840414344454849

PlatformBest forEstimated cost on USD 5,000FIRAReview
SkydoLocal bank transfers from major markets320.68%333435363738Skydo says it issues a free FIRA on every payment received, and that its FIRA and FIRC are accepted for GST filing and by banks.3739Skydo review
Karbon BusinessUS bank transfers and marketplace payouts401.00 to 1.18%4041Karbon says it provides a FIRA for every transaction, issued by its licensed banking partner, which it does not name. Cost not published.40Karbon Business review
PayoneerMarketplace payouts such as Amazon or Upwork421.00 to 4.00%434445Free 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.4546Payoneer review
PayPalClients paying by card or PayPal balance477.27 to 8.23%4849Free 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.49PayPal 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]Winvesta FAQ, What are the charges for the Global Collections Account? (checked 2026-10-28)
  4. [4]Winvesta, Multi-currency account (checked 2026-10-28)
  5. [5]Winvesta FAQ, When will I receive my e-FIRA certificate? (checked 2026-10-28)
  6. [6]Winvesta FAQ, Can I get priority processing for my withdrawal? (checked 2026-10-28)
  7. [7]Razorpay Docs, International Bank Transfer (MoneySaver Export Account) (checked 2026-10-28)
  8. [8]Winvesta FAQs, What currencies are available with local accounts? (checked 2026-10-28)
  9. [9]Razorpay, Accept International Payments (checked 2026-10-28)
  10. [10]Razorpay Docs, Currency Conversion (checked 2026-10-28)
  11. [11]Winvesta FAQs, How can I view the FX rate for the conversion of my funds? (checked 2026-10-28)
  12. [12]Razorpay Docs, Flash Links (ACH Debit) (checked 2026-10-28)
  13. [13]Razorpay Docs, International Payments FAQs (checked 2026-10-28)
  14. [14]Winvesta FAQs, How long does it take for funds to reach my Indian bank account? (checked 2026-10-28)
  15. [15]Winvesta FAQs, How does settlement work? Do I need to submit an invoice to withdraw funds? (checked 2026-10-28)
  16. [16]Winvesta, Card Collections via Payment Links (checked 2026-10-28)
  17. [17]Razorpay Docs, FIRS Automated Process (checked 2026-10-28)
  18. [18]Winvesta FAQs, What is a global collections account and how does it work? (checked 2026-10-28)
  19. [19]Razorpay Docs, International Debit and Credit Cards (checked 2026-10-28)
  20. [20]Winvesta FAQs, What documents do I need to open a global collection account as a freelancer? (checked 2026-10-28)
  21. [21]Winvesta FAQs, What documents do I need to open a global collections account as a business owner? (checked 2026-10-28)
  22. [22]RBI: Certificates of Authorisation issued under the Payment and Settlement Systems Act, 2007, Payment Aggregators list (dated 16 October 2026)
  23. [23]Winvesta FAQs, How is Winvesta regulated? (checked 2026-10-28)
  24. [24]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)
  25. [25]RBI: Status of Applications received under Payment and Settlement Systems Act, 2007, as on 16 October 2026 (checked 2026-10-28)
  26. [26]Razorpay, Support (checked 2026-10-28)
  27. [27]RBI: Master Direction on Regulation of Payment Aggregators, 15 September 2025
  28. [28]Winvesta FAQs, What are the transaction limits on my account? (checked 2026-10-28)
  29. [29]Winvesta FAQs, What is the maximum time I can keep funds in my GCA? (checked 2026-10-28)
  30. [30]Winvesta FAQs, How do I receive USD? (checked 2026-10-28)
  31. [31]Winvesta FAQs, My client paid ₹1,000, and their bank charged them a 2% fee. How does that affect me? (checked 2026-10-28)
  32. [32]Skydo FAQs, What countries can I get paid locally through Skydo? (checked 2026-10-28)
  33. [33]Skydo FAQ, How much does Skydo charge? (checked 2026-10-28)
  34. [34]Skydo, Home page (checked 2026-10-28)
  35. [35]Skydo FAQ, Who will bear the SWIFT charges? (checked 2026-10-28)
  36. [36]Skydo FAQ, Limitations and restrictions on receiving your foreign remittance via Skydo (checked 2026-10-28)
  37. [37]Skydo, Receive international payments in India as a freelancer (checked 2026-10-28)
  38. [38]Skydo, Terms of use (checked 2026-10-28)
  39. [39]Skydo FAQs, What is accepted for GST filings and banks between FIRA and FIRC? (checked 2026-10-28)
  40. [40]Karbon Business, Karbon for Freelancers (checked 2026-10-28)
  41. [41]Karbon, PayPal alternative (checked 2026-10-28)
  42. [42]Payoneer, How to use Payoneer in India (last modified 18 September 2026, checked 2026-10-28)
  43. [43]Payoneer India, Payoneer Fees (checked 2026-10-28)
  44. [44]Payoneer India, Multi-currency account page and FAQs (checked 2026-10-28)
  45. [45]Payoneer Help Center, Digital FIRA FAQ (checked 2026-10-28)
  46. [46]Payoneer India, Digital FIRC page (checked 2026-10-28)
  47. [47]PayPal India, User Agreement for PayPal Services (last updated 13 January 2025) (checked 2026-10-28)
  48. [48]PayPal India, PayPal Merchant Fees (page last updated 28 March 2024) (checked 2026-10-28)
  49. [49]PayPal India, Foreign Inward Remittance Advise (FIRA) (checked 2026-10-28)
  50. [50]Winvesta FAQs, What GST invoice do I need to withdraw funds? (checked 2026-10-28)
  51. [51]DGFT: eBRC services (self-generation of e-BRC from bank inward remittance data)
  52. [52]Razorpay Docs, Manage Invoices and Transactions (International Bank Transfer) (checked 2026-10-28)
  53. [53]GST Portal user guide: Furnishing of Letter of Undertaking (FORM GST RFD-11)

Frequently asked questions

Which is cheaper for Indian exporters, Razorpay or Winvesta?+

Razorpay is cheaper on published fees for a USD 5,000 bank transfer: estimated cost 1.00 to 1.18% against 1.24%.123456 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 Winvesta 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.7172 Winvesta: Free e-FIRA, emailed within 24 hours of funds reaching the Indian bank account and downloadable from the dashboard; it shows the purpose code and exchange rate.54

Can individual freelancers use Razorpay and Winvesta?+

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.71913 Winvesta: Freelancers (PAN, Aadhaar, a marketing channel link and bank details) and businesses (the same plus business registration details). Winvesta publishes a list of restricted business types.2021

Are Razorpay and Winvesta 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).22 Winvesta: Winvesta says Winvesta India Technologies Private Limited is an online payment gateway service provider that facilitates cross-border collections under the RBI's regulations. It does not appear in the RBI's list of authorised payment aggregators dated 16 October 2026 or in the RBI's PA-CB application status tables as on that date.232425

How fast do Razorpay and Winvesta 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.712113 Winvesta: USD withdrawals reach the bank 1 business day after processing, EUR and GBP 2 business days, with a 1:00 PM IST cut-off. Card collections settle T+1 working day per the FAQ and T+2 days per the payment links page.141516

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

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, Winvesta or a bank wire.53

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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