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Stripe, Razorpay or PayU: What RBI's Payment Aggregator Rules Mean for Accepting Global Payments

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Short answer

RBI lists Razorpay and PayU as cross-border payment aggregators (PA-CB) for inward and outward transactions.1 Stripe India is listed as an online aggregator only, and its PA-CB application is shown as withdrawn.12 Each PA-CB export transaction is capped at ₹25 lakh.3 From 1 October 2026 every service exporter files an EDF.4

Applies toRules involvedPlatforms comparedLast verified
Indian businesses and freelancers starting to accept card and bank payments from abroad5RBI Payment Aggregator Master Direction (PA-CB, ₹25 lakh cap), FEMA 2026 Regulations (EDF, nine-month realisation)346Skydo, Razorpay, Karbon Business, PayU, Stripe131 October 2026

1,000 USD = ₹94,243 at the reference rate for 13 November 2026 (European Central Bank data).

Estimated rupees received, on published fees

Sorted by estimated rupees received, highest first. Only providers that publish both their fee and their conversion markup for this currency and method can be estimated.

#Provider and routeBest forFee (+GST)MarkupYou receiveCost
1Karbon BusinessLowest estimated costBank transfer to a Karbon virtual USD accountUS bank transfers and marketplace payouts₹942plus GST, rate not stated0%₹93,131 to ₹93,3011.00 to 1.18%
2RazorpayMoneySaver Export Account: bank transfer to virtual account details (Standard plan)Local transfers from the US, UK and eurozone₹1,000plus GST, rate not stated0%₹93,063 to ₹93,2431.06 to 1.25%
3WinvestaGlobal Collections Account, standard plan (up to 2,000 a month per currency)Local transfers with a published per-payment fee₹1,4350%₹92,8091.52%
4SkydoPayment link (InstaLinks) paid by ACH debitLocal bank transfers from major markets₹1,885plus GST, rate not stated0%₹92,019 to ₹92,3582.00 to 2.36%
5PayoneerLocal bank transfer to Payoneer receiving account detailsMarketplace payouts such as Amazon or Upwork₹0no GST stated1 to 4%₹90,473 to ₹93,3011.00 to 4.00%
6PayPalInternational commercial transaction received into a PayPal account (PayPal checkout or invoice)Clients paying by card or PayPal balance₹4,175no GST stated3 to 4%₹86,465 to ₹87,3667.30 to 8.25%

Not estimated because pricing is not fully published: Cashfree Payments, Dodo Payments, PingPong, Stripe, Tazapay, TransFi, Wise.

Where a provider says GST applies to its fee but not at what rate, the range runs from no GST to 18%, the rate Skydo, Stripe and Winvesta state on their pages. Estimates use each provider's published fee, conversion markup, GST on fees and FIRA charge, checked 2026-10-28, against the reference rate. They exclude charges taken by intermediary banks and your own bank, and the rate a provider actually applies at the time of conversion. Check the provider's pricing page before you choose. The order is calculated only from these published numbers; no provider can pay to change its position, and there are no affiliate links.

Accepting payments from abroad through a payment gateway means using a payment aggregator, and RBI regulates cross-border aggregators separately from domestic ones. Stripe, Razorpay and PayU sit in different places on RBI's lists, which affects who can sign up and how documents flow.13

This page compares the three with the lowest-cost USD providers, then sets out the rules. For the rules in depth, read RBI PA-CB guidelines. Confirm your position with a chartered accountant (CA).

How do Stripe, Razorpay and PayU compare for accepting global payments?

Stripe, Razorpay and PayU all accept international cards, but RBI lists Razorpay and PayU as cross-border aggregators while Stripe India is listed only as an online aggregator.1 The table adds the lowest-cost USD providers on published fees, ordered by estimated cost on a $5,000 receipt, cheapest first, then providers without full published pricing A to Z.2122

PlatformBest forFeeFX markupSettlementFIRARBI PA-CB statusSource
SkydoLocal bank transfers from major markets23USD 19 up to USD 2,000, USD 29 from USD 2,001 to USD 10,000, 0.3% above, plus GST210% markup on the mid-market rate (product page); retail rate set by Skydo or its partner banks (terms)2442Within 24 hours (product page); T+1 to T+3 business days (terms)2442Free FIRA on every payment24PA-CB inward and outward, authorised 8 January 20261Skydo2124
RazorpayLocal transfers from the US, UK and eurozone12Bank transfers 1% plus GST; international cards up to 3% plus 18% GST22160% on bank transfers; card markup not published2225T+1 bank transfers; T+7 working days for cards1220FIRS for bank transfers; FIRC or eFIRC included for cards1216PA-CB inward and outward1Razorpay1612
Karbon BusinessUS bank transfers and marketplace payouts261% transaction fee270% (freelancer page); 0.5% to 1.0% (PayPal alternative page)262724 to 48 hours26FIRA for every transaction from a partner bank26Not on the RBI list itself; its terms run export receipts under a partner the RBI lists as a PA-CB281Karbon26
PayUCard or PayPal checkout with INR settlement293% for international transactions on the Standard Plan, GST extra30Margin on dynamic currency conversion not published17Typically T+2 business days17FIRC on request through the Key Account Manager17PA-CB inward and outward1PayU3017
StripeCard checkout and subscriptions313% Visa or Mastercard issued abroad, 3.5% American Express, 4.3% for non-INR presentment3233Additional 2% if conversion is required32Daily payouts include card payments from five business days earlier34Standard Chartered payment advice; FIRC from your own bank18Online PA only; PA-CB application withdrawn; cross-border by invite1210Stripe3210

Stripe vs Razorpay and Razorpay vs PayU compare the pairs in detail.

Which RBI rule governs a payment aggregator handling export payments?

A payment aggregator handling export payments is governed by RBI's Master Direction on Regulation of Payment Aggregators dated 15 September 2025, which caps each cross-border transaction at ₹25 lakh.3 The export itself falls under the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 (the 2026 Regulations).4

RuleBest for (who it applies to)Plain meaningSource
PA Master Direction, paragraph 11(d)Exporters using any PA-CB₹25 lakh per inward or outward transaction3RBI3
RBI Certificates of Authorisation list, 16 October 2026Anyone choosing a providerShows which entities are authorised as PA-CB and for which direction1RBI1
2026 Regulations, regulations 3 and 4Every service exporterFile the Export Declaration Form (EDF) within 30 days from the end of the invoice month, or for non-software services by the payment date4RBI4
2026 Regulations, regulation 5, as amendedAnyone with an open invoiceRealise within nine months; twelve months for rupee invoices6RBI6
A.P. (DIR Series) Circular No. 84 of 2012Every inward paymentPurpose code of P plus four digits35RBI35

Read the PA-CB transaction limit for exports for how the cap works on large invoices.

What does each option charge to accept a global payment?

Each option charges separately for cards and bank transfers, and GST applies to the provider's fee.163036

PlatformBest forInternational cardBank transferSource
SkydoLocal bank transfers from major markets23No card fee published; ACH debit links 2%, minimum $937Fixed USD slab plus GST21Skydo2137
RazorpayLocal transfers from the US, UK and eurozone12Up to 3% plus 18% GST161% plus GST22Razorpay16
Karbon BusinessUS bank transfers and marketplace payouts26Not published261%27Karbon27
PayUCard or PayPal checkout with INR settlement293%, GST extra30No bank transfer route published30PayU30
StripeCard checkout and subscriptions313% to 4.3%, plus 2% if converted, 18% GST on fees3236Not published as a routeStripe32

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

The cheapest option depends on whether the client pays by card or bank transfer: published card fees run from 3% to 4.3% before conversion, and bank-transfer fees from Skydo's fixed slab to 1% plus GST.32302122 The table below works out INR received from published fees at today's rate.

PlatformBest forINR on USD 2,000INR on USD 5,000INR on USD 10,000Cost on USD 5,000
SkydoMost INRTransfer to Skydo local account details or international SWIFT accountLocal bank transfers from major markets₹1,86,373₹4,67,991₹9,39,2060.68%
Karbon BusinessBank 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%

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

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.

  • At $500: A 3% card fee with 18% GST is 3.54% on Razorpay or PayU; Skydo's USD 19 with GST is about 4.48% by bank transfer.163021
  • At $2,000: Razorpay bank transfer is 1.18% with GST; Skydo is about 1.12%.2221
  • At $5,000: Skydo is about 0.68% with GST; Stripe's 3% card fee with GST is 3.54% before any 2% conversion fee.213236

For example, an Indore online tutor selling $500 course packages to US students by card pays 3% plus GST through PayU or up to 3% plus GST through Razorpay, while Stripe adds 2% when conversion applies.301632

What documents and GST apply when you accept global payments?

Accepting global payments needs a proof of receipt for each payment, an e-BRC, an EDF and, for GST-registered exporters, a Letter of Undertaking (LUT).4388

DocumentBest forWhat it doesSource
FIRC, FIRA or FIRSEvery receiptProves the payment reached you; Razorpay, PayU and Stripe each issue or arrange it differently161718Provider pages
e-BRCExporters claiming export statusSelf-certified on DGFT from the bank's inward remittance data38DGFT38
EDFEvery service exporter from 1 October 2026Declares the export to the AD bank4RBI4
LUT (FORM GST RFD-11)GST-registered exportersLets you invoice without IGST for the financial year8GST portal8
Website policy pagesRazorpay card merchantsTerms, privacy, refund and shipping pages needed for international cards19Razorpay

A supply to a foreign customer is an export only when all five conditions of IGST Act section 2(6) hold, and exports are zero-rated under section 16.539 See accepting international card payments in India.

What changes in 2026 for businesses accepting global payments?

Businesses accepting global payments are affected by new PA-CB authorisations, the 2026 Regulations, the EDF for every service export and the nine-month realisation period.146

  • Authorisations: RBI's 16 October 2026 list shows Skydo authorised on 8 January 2026 and Wise on 12 March 2026 as PA-CBs.1
  • New regulations: The 2026 Regulations apply from 1 October 2026.4
  • EDF: Every service exporter files an EDF from 1 October 2026; Circular No. 20 supersedes the SOFTEX circulars from that date.440
  • Realisation: Nine months from the invoice date; twelve months for rupee invoices.6
  • Income tax: The Income-tax Act, 2025 applies from 1 April 2026.41

The best payment gateway for international payments page applies the same criteria to more gateways.

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.

  1. [1]RBI: Certificates of Authorisation issued under the Payment and Settlement Systems Act, 2007, Payment Aggregators list dated 16 October 2026 (checked 2026-10-28)
  2. [2]RBI: Status of Applications received under the Payment and Settlement Systems Act, 2007, as on 16 October 2026 (checked 2026-10-28)
  3. [3]RBI: Master Direction on Regulation of Payment Aggregators, 15 September 2025, paragraph 11(d)
  4. [4]RBI: Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, Notification No. FEMA 23(R)/2026-RB, amended up to 22 September 2026 (regulations 3, 4, 5, 13 and 19)
  5. [5]CBIC: IGST Act, 2017, section 2(6) (export of services)
  6. [6]RBI: FEMA (Export and Import of Goods and Services) (Amendment) Regulations, 2026, Notification No. FEMA 23(R)/(1)/2026-RB dated 22 September 2026 (regulation 5: nine months, twelve months for rupee invoices)
  7. [7]Razorpay Docs, About Purpose Codes (checked 2026-10-28)
  8. [8]GST portal user guide: Furnishing of Letter of Undertaking (FORM GST RFD-11)
  9. [9]Stripe Support, Accepting international payments from Stripe accounts in India (checked 2026-10-28)
  10. [10]Stripe Support, Cross-border payment services in India (checked 2026-10-28)
  11. [11]Stripe Support, Export (international) transaction limits for Stripe accounts in India (checked 2026-10-28)
  12. [12]Razorpay Docs, International Bank Transfer (MoneySaver Export Account) (checked 2026-10-28)
  13. [13]PayU Docs, Documents Checklist for Account Activation (checked 2026-10-28)
  14. [14]PayU Docs, PayU India International Payments (checked 2026-10-28)
  15. [15]Stripe Support, Supported payment methods, currencies and businesses for Stripe accounts in India (checked 2026-10-28)
  16. [16]Razorpay, Pricing, International Payments and International Bank Transfers tabs (checked 2026-10-28)
  17. [17]PayU Docs, FAQs: International Payments and Dynamic Currency Conversion (checked 2026-10-28)
  18. [18]Stripe Support, FIRC/payment advice for international transactions in India (checked 2026-10-28)
  19. [19]Razorpay Docs, International Debit and Credit Cards (checked 2026-10-28)
  20. [20]Razorpay Docs, International Payments FAQs (checked 2026-10-28)
  21. [21]Skydo FAQs, How much does Skydo charge? (checked 2026-10-28)
  22. [22]Razorpay, Multi-Currency Account for International Bank Transfers (MoneySaver Export Account pricing) (checked 2026-10-28)
  23. [23]Skydo FAQs, What countries can I get paid locally through Skydo? (checked 2026-10-28)
  24. [24]Skydo, Receive international payments as a freelancer in India (product page) (checked 2026-10-28)
  25. [25]Razorpay Docs, Currency Conversion (checked 2026-10-28)
  26. [26]Karbon Business, Karbon for Freelancers (checked 2026-10-28)
  27. [27]Karbon Business, PayPal Alternative comparison page (checked 2026-10-28)
  28. [28]Karbon Forex Terms and Conditions, Interropac Private Limited (checked 2026-10-28)
  29. [29]PayU India, International Payment Gateway (checked 2026-10-28)
  30. [30]PayU India, Pricing (checked 2026-10-28)
  31. [31]Stripe Docs, Accept international payments from India (checked 2026-10-28)
  32. [32]Stripe India, Pricing (checked 2026-10-28)
  33. [33]Stripe Support, Additional pricing information for Indian cross-border sellers (checked 2026-10-28)
  34. [34]Stripe Support, Payout schedule for Stripe accounts in India (checked 2026-10-28)
  35. [35]RBI: A.P. (DIR Series) Circular No. 84 dated 29 February 2012, Compilation of R-Returns: Reporting under FETERS (purpose codes)
  36. [36]Stripe Support, Taxes on Stripe fees for India-based businesses (checked 2026-10-28)
  37. [37]Skydo FAQs, What are the fees for using Payment Links? (checked 2026-10-28)
  38. [38]DGFT: eBRC services page (IRM data from banks; Trade Notice 33/2023-24 dated 10 November 2023)
  39. [39]CBIC: IGST Act, 2017, section 16 (zero-rated supply)
  40. [40]RBI: A.P. (DIR Series) Circular No. 20 dated 16 January 2026 (supersedes the SOFTEX circulars from 1 October 2026)
  41. [41]PIB: Income-tax Act, 2025 comes into force from 1 April 2026
  42. [42]Skydo, Terms of Use, last updated 9 April 2026 (checked 2026-10-28)

Frequently asked questions

How do I start accepting global payments in India?+

Choose a provider whose route matches how clients pay, complete its KYC, select the purpose code for your service, and file a GST Letter of Undertaking if you are registered.78 From 1 October 2026 you also file an EDF with your bank for each month's export invoices.4

Do I need an IEC to accept international payments through Stripe or Razorpay?+

Stripe says an Importer Exporter Code (IEC) is optional for services exporters unless they accept American Express cards from abroad or claim Foreign Trade Policy benefits.9 Razorpay asks for a purpose code during international activation, which its team verifies, and that code then applies to all international transactions on the account.7

Is Stripe allowed to process export payments in India?+

RBI lists Stripe India as an online payment aggregator, and its status list shows the cross-border application withdrawn.12 Stripe says it withdrew the application based on RBI guidance and continues cross-border services for Indian businesses on an invite-only basis.10 Check the [RBI list](/blog/check-rbi-authorised-payment-aggregator) yourself.

What is the RBI limit on international payments through a payment gateway?+

RBI's Payment Aggregator Master Direction caps each cross-border aggregator transaction at ₹25 lakh, for inward and outward payments alike.3 Stripe applies the same ₹25 lakh limit per export transaction for sole proprietorships, LLPs and companies.11 Larger invoices need another route, such as a bank wire.

Can a freelancer without a company use Razorpay or PayU for international payments?+

Razorpay's MoneySaver form lists Individual and Sole Proprietorship among its business types.12 PayU's activation checklist covers individuals, but international payments are enabled separately through a Key Account Manager.1314 Stripe opens international payments to sole proprietorships, LLPs and companies, and individuals can use Stripe India for domestic payments only.159

Do Stripe, Razorpay and PayU give a FIRC for export payments?+

Razorpay's pricing page lists FIRC or eFIRC as included for international cards.16 PayU provides a FIRC on request through the merchant's Key Account Manager.17 Stripe sends a Standard Chartered payment advice that you present to your own bank to request a FIRC.18

Which documents does Razorpay need to enable international card payments?+

Razorpay says international card payments need a website with terms, privacy, refund and shipping policy pages, and it cannot offer international payments to NGOs.1920 Its purpose code list for bank transfers includes P0802, P1004 to P1009 and P1014, among others.7

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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