Payments

SEPA or SWIFT: Getting Paid by a Client in Belgium Without the Guesswork

Author:: Editorial team, serviceexportguide.com
Verified by:: Editorial team
Published: 31 October 2026
Last modified: 31 October 2026
Fees checked on: 28 October 2026
Reading time: 6 min read

Short answer

SEPA moves euro payments within a region of 41 European countries, so a Belgian client can use it only to pay euro account details in that region.¹ A payment straight to an Indian bank goes by SWIFT, at charges in the bank's published policy.² From 1 October 2026 the exporter files an EDF and realises payment within nine months.²³

Applies to	Rules involved	Platforms compared	Last verified
Indian freelancers, agencies and companies invoicing clients in Belgium in euro⁴	FEMA 2026 Regulations (EDF, nine-month realisation), PA Master Direction (₹25 lakh cap), India-Belgium DTAA²³⁵⁴	SWIFT wire to an Indian bank, Skydo, Razorpay, Karbon Business⁶	31 October 2026

Invoice amountCurrencyHow the client pays

900 EUR = ₹93,742 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 route	Best for	Fee (+GST)	Markup	You receive	Cost
1	Karbon BusinessLowest estimated costBank transfer to a Karbon virtual USD account	US bank transfers and marketplace payouts	₹937plus GST, rate not stated	0%	₹92,636 to ₹92,804	1.00 to 1.18%
2	RazorpayMoneySaver Export Account: bank transfer to virtual account details (Standard plan)	Local transfers from the US, UK and eurozone	₹1,000plus GST, rate not stated	0%	₹92,562 to ₹92,742	1.07 to 1.26%
3	WinvestaGlobal Collections Account, standard plan (up to 2,000 a month per currency)	Local transfers with a published per-payment fee	₹1,710	0%	₹92,032	1.82%
4	SkydoTransfer to Skydo local account details or international SWIFT account	Local bank transfers from major markets	₹2,113	0%	₹91,629	2.25%
5	PayoneerLocal bank transfer to Payoneer receiving account details	Marketplace payouts such as Amazon or Upwork	₹0no GST stated	1 to 4%	₹89,992 to ₹92,804	1.00 to 4.00%
6	PayPalInternational commercial transaction received into a PayPal account (PayPal checkout or invoice)	Clients paying by card or PayPal balance	₹4,161no GST stated	3 to 4%	₹85,997 to ₹86,893	7.31 to 8.26%

Not estimated because pricing is not fully published: Cashfree Payments, Dodo Payments, PingPong, 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.

A client in Belgium will usually offer to pay by SEPA, the euro bank transfer system it uses every day, or by an international SWIFT transfer. Which one works depends on where your receiving account sits, and the export rules apply in both cases.¹²

This page explains the two routes and compares providers that publish euro account details. The Belgium to India guide covers tax and costs in more detail. Confirm your position with a chartered accountant (CA), because your facts decide the answer.

How do SEPA and SWIFT compare for a client in Belgium?

SEPA is a euro transfer inside a region of 41 European countries, so it only reaches an Indian exporter through euro account details held in that region by a provider.¹ SWIFT sends the payment across borders to your Indian bank directly. The table lists the direct SWIFT route and the three lowest-cost providers for EUR on published fees, ordered by estimated cost on a €4,500 receipt, cheapest first.¹⁰¹¹¹²

Platform	Best for	Fee	FX markup	Settlement	FIRA	RBI PA-CB status	Source
Skydo	Local bank transfers from major markets⁷	USD 19 up to USD 2,000, USD 29 from USD 2,001 to USD 10,000, 0.3% above, plus GST¹⁰	0% markup on the mid-market rate (product page); retail rate set by Skydo or its partner banks (terms)¹³²³	Within 24 hours (product page); T+1 to T+3 business days (terms)¹³²³	Free FIRA on every payment¹³	PA-CB inward and outward, authorised 8 January 2026⁶	Skydo FAQs¹⁰⁷
Razorpay	Local transfers from the US, UK and eurozone⁸	1% plus GST, flat ₹1,000 below ₹1,00,000¹¹	0% on bank transfers, per Razorpay¹¹	T+1 for SEPA and SWIFT transfers⁸	Foreign Inward Remittance Statement within 24 hours of settlement⁸	PA-CB inward and outward⁶	Razorpay docs and pricing⁸¹¹
Karbon Business	US bank transfers and marketplace payouts¹⁴	1% transaction fee¹²	0% (freelancer page); 0.5% to 1.0% (PayPal alternative page)¹⁴¹²	24 to 48 hours¹⁴	FIRA for every transaction from a partner bank¹⁴	Not on the RBI list itself; its terms run export receipts under a partner the RBI lists as a PA-CB¹⁵⁶	Karbon pages¹⁴
SWIFT wire to your Indian bank	Larger invoices from clients who prefer their own bank	Charges listed in the bank's published policy²	The bank's conversion rate	Depends on the banks in the chain	e-BRC self-certified from the bank's inward remittance data¹⁶	Not applicable: the bank is an authorised dealer	RBI and DGFT²¹⁶

Skydo names EUR among its local account currencies, Razorpay offers a virtual EUR account, and Karbon names EUR among its currencies.⁷⁸¹⁴ Read what a SEPA transfer is and SWIFT transfer charges in India for the mechanics.

Which RBI rule governs money from Belgium?

Money from a Belgian client for services is governed by the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 (the 2026 Regulations), whether it arrives by SEPA through a provider or by SWIFT.² Provider routes also fall under RBI's Payment Aggregator Master Direction.⁵

Rule	Best for (who it applies to)	Plain meaning	Source
2026 Regulations, regulations 3 and 4	Every service exporter	Give the Export Declaration Form (EDF) within 30 days from the end of the invoice month, or for non-software services by the payment date²	RBI²
2026 Regulations, regulation 5, as amended	Anyone with an open euro invoice	Realise within nine months of the invoice date; twelve months for rupee invoices³	RBI³
2026 Regulations, regulation 19	Exporters paid by SWIFT	Your bank publishes its documents, timelines and charges on its website²	RBI²
PA Master Direction, paragraph 11(d)	Exporters paid through a PA-CB	Each transaction is capped at ₹25 lakh⁵	RBI⁵
India-Belgium DTAA, Article 12	Exporters whose client withholds tax	Tax on fees for technical services is capped at 10% of the gross amount⁴	Income Tax Department⁴

The bank also reports each receipt under a five-character purpose code, P followed by four digits.¹⁷

What does each option charge for a euro payment?

Each option charges a different way for a euro payment from Belgium: a fixed slab, a percentage, or the bank's own schedule. The table uses each provider's published pricing.

Option	Best for	Published fee	What else to check	Source
Skydo	Local bank transfers from major markets⁷	Fixed USD slab plus GST, 0.3% above USD 10,000¹⁰	Who bears SWIFT charges on its SWIFT account¹⁸	Skydo FAQs¹⁰¹⁸
Razorpay	Local transfers from the US, UK and eurozone⁸	1% plus GST¹¹	Flat ₹1,000 below ₹1,00,000¹¹	Razorpay¹¹
Karbon Business	US bank transfers and marketplace payouts¹⁴	1% transaction fee¹²	Karbon's virtual account is described in USD¹⁴	Karbon¹²¹⁴
SWIFT to your bank	Clients paying from their own bank	Bank's published charges²	Intermediary bank deductions and the bank's rate	RBI²

Which option is cheapest at €500, €2,000 and €5,000?

The cheapest option for a euro invoice depends on its size: a fixed fee costs proportionally more on €500 than on €5,000, and a percentage fee stays the same at every size.¹⁰¹¹ The table below works out the INR received from published fees at today's rate.

Platform	Best for	INR on EUR 1,800	INR on EUR 4,500	INR on EUR 9,000	Cost on EUR 4,500
SkydoMost INRTransfer to Skydo local account details or international SWIFT account	Local bank transfers from major markets	₹1,85,371	₹4,65,484	₹9,34,193	0.69%
Karbon BusinessBank transfer to a Karbon virtual USD account	US bank transfers and marketplace payouts	₹1,85,271 to ₹1,85,609	₹4,63,178 to ₹4,64,022	₹9,26,356 to ₹9,28,043	1.00 to 1.18%
RazorpayMoneySaver Export Account: bank transfer to virtual account details (Standard plan)	Local transfers from the US, UK and eurozone	₹1,85,271 to ₹1,85,609	₹4,63,178 to ₹4,64,022	₹9,26,356 to ₹9,28,043	1.00 to 1.18%

Ranked by INR received on EUR 4,500. 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.

Percentage fees: Razorpay's 1% plus GST is 1.18% at every size, and Karbon's published fee is 1%.¹¹¹²
Fixed fees: Skydo charges USD 19 plus GST up to USD 2,000 and USD 29 plus GST up to USD 10,000, so its percentage falls as the invoice grows.¹⁰

For example, a Kochi translator billing a Brussels agency €5,000 pays 1.18% through Razorpay, while Skydo charges its fixed USD 29 plus GST slab fee, a share of the invoice that shrinks as the invoice grows.¹¹¹⁰

What documents and GST apply to a payment from Belgium?

A payment from Belgium needs proof of receipt, an e-BRC, an EDF and, for a GST-registered exporter, a Letter of Undertaking (LUT).²¹⁶¹⁹

Document	Best for	What it does	Source
FIRA or bank advice	Every receipt	Proves the euro payment reached you¹³⁸	Provider or bank
e-BRC	Exporters claiming export status	Self-certified on DGFT from the bank's inward remittance data¹⁶	DGFT¹⁶
EDF	Every service exporter from 1 October 2026	Declares the export to the AD bank²	RBI²
LUT (FORM GST RFD-11)	GST-registered exporters	Lets you invoice without IGST for the financial year¹⁹	GST portal¹⁹

A supply to a Belgian client is an export of services only when all five conditions of IGST Act section 2(6) are met, and exports are zero-rated under section 16.⁹²⁰ See GST on export of services and EUR payments in India.

What changes in 2026 for payments from Belgium?

Payments from Belgium are affected by four changes in 2026: the new export regulations, the EDF for every service export, the nine-month realisation period and the Income-tax Act, 2025.²³²¹

New regulations: The 2026 Regulations replaced the 2015 Regulations from 1 October 2026.²
EDF: Every service exporter files an EDF from 1 October 2026, and Circular No. 20 supersedes the SOFTEX circulars from that date.²²²
Realisation: Nine months from the invoice date, twelve months for rupee invoices.³
Income tax: The Income-tax Act, 2025 applies from 1 April 2026; tax year 2026-27 runs to 31 March 2027.²¹

Use the export realisation deadline calculator to date each euro invoice.

How did we verify this?

We checked this page against the sources below on 31 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.

Frequently asked questions

How can I receive payments from my Belgian client in India?+

A Belgian client can send a SWIFT transfer to your Indian bank, or a SEPA transfer to euro account details that a payment provider gives you. Either way the money ends up in rupees in your Indian bank account, and the 2026 Regulations require realisation within nine months of the invoice date.³

Can a Belgian client send a SEPA transfer to an Indian bank account?+

SEPA covers euro payments within a region of 41 European countries, so an Indian bank account outside that region cannot receive a SEPA transfer directly.¹ A provider with euro account details in the SEPA region, such as Skydo or Razorpay, receives the SEPA payment and pays rupees to you.⁷⁸

Is a SEPA instant transfer from Belgium faster?+

The ECB says a SEPA instant credit transfer makes funds available in the payee's account within ten seconds.¹ That speed covers only the leg to the euro account. Conversion and payout to India follow the provider's own timeline, for example T+1 for Razorpay bank transfers.⁸

Will a Belgian client deduct tax from my invoice?+

Belgian domestic withholding rules were not verified for this page. If tax is withheld, the India-Belgium DTAA caps tax on fees for technical services at 10% of the gross amount.⁴ Ask the client in writing before the first invoice, and claim any credit through your Indian return.

Who pays SWIFT charges on a payment from Belgium?+

Each Indian bank lists its own inward remittance charges in a published policy under regulation 19 of the 2026 Regulations.² The Belgian bank and any intermediary bank may also deduct charges. Agree with your client before the transfer who bears which charges, so the invoice arrives in full.

Should I invoice a Belgian client in euro or rupees?+

You can invoice in euro or in rupees. Under the amended regulation 5, a euro invoice must be realised within nine months, while an invoice settled in Indian rupees gets twelve months.³ For GST, the payment must be in convertible foreign exchange or in rupees where RBI permits.⁹

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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