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TransFi vs Remitly (2026): Which Is Better for Receiving International Payments in India?

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Editorial team, serviceexportguide.com
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11 min read

Short answer

Neither TransFi nor Remitly publishes enough pricing to estimate the cost of a USD 5,000 receipt, so there is no cost verdict. The better choice depends on how your client pays: TransFi is best for payment links shared in chat, including stablecoins, and Remitly is best for uS or Canadian business clients already using Remitly.12345

Use caseBetter optionWhy
Bank transfer of USD 5,000Cannot compareNeither publishes full pricing for this case.
Bank transfer of USD 2,000Cannot compareNeither publishes full pricing for this case.
Client paying USD 2,000 by card or linkCannot compareNeither publishes full pricing for this case.
TransFi is best forTransFiPayment links shared in chat, including stablecoins.12
Remitly is best forRemitlyUS or Canadian business clients already using Remitly.345

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.

How do TransFi and Remitly compare at a glance?

TransFi and Remitly 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.911467

TransFiRemitly
Best forPayment links shared in chat, including stablecoins12US or Canadian business clients already using Remitly345
FeesNot published as a schedule. TransFi says fees vary by payment method, origin country and transaction size and are shown before you confirm; the BizPay page says fees start from as low as 0.15% without saying what that covers.Remitly says there are no fees for the receiver in India. The sender pays the transfer fee: on its USD to INR page, $3.99 below $1,000 and $0 at $1,000 or more for personal transfers, with no fee on a new customer's first transfer.67
FX markupTransFi says pricing on its USA to India route is benchmarked to the mid-market rate and that the rate is shown before you accept. No markup percentage is published.89Remitly says it may earn from the difference between the rate at which it buys currency and the rate given to the sender. The rate is shown before the sender confirms; no markup percentage is published.107
SettlementTransFi says collections on the USA to India route settle within minutes to a few hours where instant rails are available; its help centre says BizPay transfers are processed as per the bank settlement cycle.811Remitly says business transfers to India are typically delivered within the hour, and that a delivery time is shown before the sender confirms.4
FIRANot published. TransFi's pages do not mention a FIRA or FIRC.Not published. Remitly's pages do not mention a FIRA or FIRC for the Indian recipient.
CurrenciesTransFi says BizPay collects in currencies such as USD, EUR, GBP, AUD and AED, and that it supports 40+ currencies overall.19Senders pay in the currency of the send country; Remitly Business sends from the US. Recipients in India receive INR.347
KYC: who can sign upTransFi says BizPay can be used by businesses and individuals, including freelancers and sole proprietors without a registered company. It does not publish whether Indian residents are eligible.112Senders only. The personal service is for individuals sending for personal, family or household purposes, and business use is a breach. Remitly Business is for US-registered businesses with a US-resident account holder, and Remitly's Canada site says Remitly Business is also available to businesses in Canada. Recipients in India do not need a Remitly account to be paid; Remitly's India page offers recipients a free profile to request money.103465
RBI PA-CB statusTransFi does not appear on the RBI list of authorised PA-CB entities as on 16 October 2026. Its terms list Trans-Fi India Private Limited as an affiliate but name no Indian licence, regulator or partner bank.1314Remitly does not appear on the RBI list of authorised PA-CB entities as on 16 October 2026. Its US User Agreement says it processes transactions to India under the Rupee Drawing Arrangements established by the RBI.1310
SupportTransFi publishes a help centre and a contact form. No India-specific support channel is published.15Remitly says business customers get 24/7 support by phone or help centre.4
LimitsNot published.Not published as amounts. Remitly says limits vary by country, delivery method and verification, and are shown when the sender starts a transfer.
How clients payTransFi says payers can use local bank details in supported currencies, SWIFT, bank transfers, digital wallets, real-time payment systems, payment links and QR codes; BizPay requests are paid through a payment link.91The client sends from a Remitly account: a US or Canadian business through Remitly Business, or an individual through the personal service for personal purposes only. Money arrives in India by bank deposit, UPI, cash pickup or wallet.104165
Card paymentsTransFi says BizPay supports 250+ payment methods including cards. No card fee is published.1The sender can fund a transfer with a debit or credit card; the Indian recipient cannot accept card payments through Remitly.410

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

The INR you receive with TransFi and Remitly 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.

None of these providers publishes both a fee and a conversion markup for USD.

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

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 TransFi and who is it for?

TransFi describes itself as a stablecoin payments company offering collections, payouts and a chat-based product called BizPay that it says businesses and individuals can use to collect and send cross-border payments.15112

  • Regulated by: TransFi does not appear on the RBI list of authorised PA-CB entities as on 16 October 2026. Its terms list Trans-Fi India Private Limited as an affiliate but name no Indian licence, regulator or partner bank.1314
  • Used by: TransFi says BizPay can be used by businesses and individuals, including freelancers and sole proprietors without a registered company. It does not publish whether Indian residents are eligible.112
  • Best for: Payment links shared in chat, including stablecoins.12

What is Remitly and who is it for?

Remitly is a money transfer service whose personal service is limited to individuals sending for personal, family or household purposes; its Remitly Business product lets US businesses pay contractors, freelancers and suppliers in India.104

  • Regulated by: Remitly does not appear on the RBI list of authorised PA-CB entities as on 16 October 2026. Its US User Agreement says it processes transactions to India under the Rupee Drawing Arrangements established by the RBI.1310
  • Used by: Senders only. The personal service is for individuals sending for personal, family or household purposes, and business use is a breach. Remitly Business is for US-registered businesses with a US-resident account holder, and Remitly's Canada site says Remitly Business is also available to businesses in Canada. Recipients in India do not need a Remitly account to be paid; Remitly's India page offers recipients a free profile to request money.103465
  • Best for: US or Canadian business clients already using Remitly.345

How do TransFi and Remitly fees and FX markup compare?

TransFi and Remitly charge in different ways, so compare the fee and the conversion markup together, not the headline fee alone.

What does TransFi charge?

Transaction typeFeeFX markupGST on feesBest for
BizPay payment link or collection, settled in INRNot published180%Not statedClients paying through a payment link

What does Remitly charge?

  • Fees: Remitly says there are no fees for the receiver in India. The sender pays the transfer fee: on its USD to INR page, $3.99 below $1,000 and $0 at $1,000 or more for personal transfers, with no fee on a new customer's first transfer.67

How do TransFi and Remitly compare on settlement speed?

TransFi and Remitly publish these settlement times for money reaching an Indian bank account.

PlatformSettlement timePayout to IndiaBest for
TransFiTransFi says collections on the USA to India route settle within minutes to a few hours where instant rails are available; its help centre says BizPay transfers are processed as per the bank settlement cycle.811TransFi's USA to India page lists bank transfer, wallets and instant rails, with INR as the settlement currency. No payout fee is published.8Payment links shared in chat, including stablecoins12
RemitlyRemitly says business transfers to India are typically delivered within the hour, and that a delivery time is shown before the sender confirms.4Bank deposit, UPI, cash pickup or wallet in INR; the recipient does not need to withdraw anything.1646US or Canadian business clients already using Remitly345

Do TransFi and Remitly provide FIRA and e-BRC, and are they RBI PA-CB authorised?

TransFi and Remitly 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.36

PlatformFIRARBI PA-CB statusBest for
TransFiNot published. TransFi's pages do not mention a FIRA or FIRC.TransFi does not appear on the RBI list of authorised PA-CB entities as on 16 October 2026. Its terms list Trans-Fi India Private Limited as an affiliate but name no Indian licence, regulator or partner bank.1314Payment links shared in chat, including stablecoins12
RemitlyNot published. Remitly's pages do not mention a FIRA or FIRC for the Indian recipient.Remitly does not appear on the RBI list of authorised PA-CB entities as on 16 October 2026. Its US User Agreement says it processes transactions to India under the Rupee Drawing Arrangements established by the RBI.1310US or Canadian business clients already using Remitly345

Which currencies, countries and payment methods do TransFi and Remitly support?

TransFi and Remitly accept the currencies and payment methods below, as each publishes them.

PlatformCurrenciesHow clients payCard paymentsBest for
TransFiTransFi says BizPay collects in currencies such as USD, EUR, GBP, AUD and AED, and that it supports 40+ currencies overall.19TransFi says payers can use local bank details in supported currencies, SWIFT, bank transfers, digital wallets, real-time payment systems, payment links and QR codes; BizPay requests are paid through a payment link.91TransFi says BizPay supports 250+ payment methods including cards. No card fee is published.1Payment links shared in chat, including stablecoins12
RemitlySenders pay in the currency of the send country; Remitly Business sends from the US. Recipients in India receive INR.347The client sends from a Remitly account: a US or Canadian business through Remitly Business, or an individual through the personal service for personal purposes only. Money arrives in India by bank deposit, UPI, cash pickup or wallet.104165The sender can fund a transfer with a debit or credit card; the Indian recipient cannot accept card payments through Remitly.410US or Canadian business clients already using Remitly345

What are the strengths and limitations of TransFi and Remitly?

TransFi and Remitly each suit some exporters better than others. These points come from each provider's own pages.

What are the strengths and limitations of TransFi?

Strengths:

  • Your client wants to pay through a payment link sent from a WhatsApp or Telegram chat.12
  • Your client or you want to move money using stablecoins as well as fiat, which TransFi says BizPay supports.115

Limitations:

  • TransFi is not on the RBI list of authorised PA-CB entities as on 16 October 2026, and its pages do not explain its regulatory set-up for Indian exporters.1314
  • No fee schedule, FX markup or limits are published for receiving into India.981
  • TransFi's pages do not mention a FIRA, FIRC or purpose code, which Indian exporters use for GST and bank records.81

What are the strengths and limitations of Remitly?

Strengths:

  • Your client is a US or Canadian business that already uses, or is willing to open, a Remitly Business account to pay contractors in India.345
  • Your client is an individual paying for a personal need, such as private tutoring, which Remitly's personal terms permit.10

Limitations:

  • An Indian freelancer or company cannot open an account to receive or invoice through Remitly; the client must be the Remitly customer.1034
  • Remitly Business is offered to businesses in the US and Canada only, and Remitly's personal terms prohibit sending for business purposes.3105
  • Remitly is not on the RBI list of authorised PA-CB entities, and its pages do not mention a FIRA, FIRC or purpose code for the Indian recipient.1346

Should you choose TransFi or Remitly?

Choose between TransFi and Remitly by how your clients pay and your usual invoice size.

Choose TransFi if:

  • Your client wants to pay through a payment link sent from a WhatsApp or Telegram chat.12
  • Your client or you want to move money using stablecoins as well as fiat, which TransFi says BizPay supports.115

Choose Remitly if:

  • Your client is a US or Canadian business that already uses, or is willing to open, a Remitly Business account to pay contractors in India.345
  • Your client is an individual paying for a personal need, such as private tutoring, which Remitly's personal terms permit.10

For example, say a designer invoices a US client USD 2,000. Because neither provider does not publish full pricing for that case, ask for a quote in writing and compare it with the FIRA rate after the first payment.89107

Which other platforms should you consider besides TransFi and Remitly?

Other platforms to consider besides TransFi and Remitly are the ones with the lowest estimated cost on a USD 5,000 receipt, listed in that order.1819202122232526282931333435

PlatformBest forEstimated cost on USD 5,000FIRAReview
SkydoLocal bank transfers from major markets170.68%181920212223Skydo says it issues a free FIRA on every payment received, and that its FIRA and FIRC are accepted for GST filing and by banks.2224Skydo review
Karbon BusinessUS bank transfers and marketplace payouts251.00 to 1.18%2526Karbon says it provides a FIRA for every transaction, issued by its licensed banking partner, which it does not name. Cost not published.25Karbon Business review
RazorpayLocal transfers from the US, UK and eurozone271.00 to 1.18%2829Razorpay 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.273029Razorpay review
WinvestaLocal transfers with a published per-payment fee31321.24%31333435Free 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.3433Winvesta 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]TransFi, BizPay product page (checked 2026-10-28)
  2. [2]TransFi Help Center, How can I get started? What documents are needed? BizPay (checked 2026-10-28)
  3. [3]Remitly Business Account Agreement (US), updated 1 August 2026, sections 3, 4 and 8 (checked 2026-10-28)
  4. [4]Remitly, Business payments from the United States to India (checked 2026-10-28)
  5. [5]Remitly Canada, Remitly Business page and FAQ (checked 2026-10-31)
  6. [6]Remitly India, Receive money in India from family abroad (checked 2026-10-28)
  7. [7]Remitly, USD to INR rate and fees (checked 2026-10-28)
  8. [8]TransFi, Receive money in India from USA (checked 2026-10-28)
  9. [9]TransFi, Receive money (checked 2026-10-28)
  10. [10]Remitly User Agreement (US), effective 23 February 2026, sections on account use, foreign currency exchange, commercial transactions and transactions to India (checked 2026-10-28)
  11. [11]TransFi Help Center, How long does it take to transfer funds? BizPay (checked 2026-10-28)
  12. [12]TransFi Help Center, Do I need to be a registered business? BizPay (checked 2026-10-28)
  13. [13]RBI: Payment system operators authorised under the PSS Act, 2007, list as on 16 October 2026 (checked 2026-10-28)
  14. [14]TransFi, Terms and Conditions, last updated 28 May 2026, section 6.4 and Annexure A (checked 2026-10-28)
  15. [15]TransFi, home page (checked 2026-10-28)
  16. [16]Remitly, Send money to India from the United States (checked 2026-10-28)
  17. [17]Skydo FAQs, What countries can I get paid locally through Skydo? (checked 2026-10-28)
  18. [18]Skydo FAQ, How much does Skydo charge? (checked 2026-10-28)
  19. [19]Skydo, Home page (checked 2026-10-28)
  20. [20]Skydo FAQ, Who will bear the SWIFT charges? (checked 2026-10-28)
  21. [21]Skydo FAQ, Limitations and restrictions on receiving your foreign remittance via Skydo (checked 2026-10-28)
  22. [22]Skydo, Receive international payments in India as a freelancer (checked 2026-10-28)
  23. [23]Skydo, Terms of use (checked 2026-10-28)
  24. [24]Skydo FAQs, What is accepted for GST filings and banks between FIRA and FIRC? (checked 2026-10-28)
  25. [25]Karbon Business, Karbon for Freelancers (checked 2026-10-28)
  26. [26]Karbon, PayPal alternative (checked 2026-10-28)
  27. [27]Razorpay Docs, International Bank Transfer (MoneySaver Export Account) (checked 2026-10-28)
  28. [28]Razorpay, MoneySaver Export Account (international bank transfers) (checked 2026-10-28)
  29. [29]Razorpay, Pricing (checked 2026-10-28)
  30. [30]Razorpay Docs, FIRS Automated Process (checked 2026-10-28)
  31. [31]Winvesta FAQs, What are the charges for the global collections account? (checked 2026-10-28)
  32. [32]Winvesta FAQs, What currencies are available with local accounts? (checked 2026-10-28)
  33. [33]Winvesta, Multi-currency account (checked 2026-10-28)
  34. [34]Winvesta FAQ, When will I receive my e-FIRA certificate? (checked 2026-10-28)
  35. [35]Winvesta FAQ, Can I get priority processing for my withdrawal? (checked 2026-10-28)
  36. [36]DGFT: eBRC services (self-generation of e-BRC from bank inward remittance data)
  37. [37]GST Portal user guide: Furnishing of Letter of Undertaking (FORM GST RFD-11)

Frequently asked questions

Which is cheaper for Indian exporters, TransFi or Remitly?+

There is no cost verdict for a USD 5,000 bank transfer: neither publishes full pricing for this case.89107 The answer can change with the currency, payment method and invoice size, so check your own numbers in the platform cost comparison.

Do TransFi and Remitly give a FIRA to Indian exporters?+

TransFi: Not published. TransFi's pages do not mention a FIRA or FIRC. Remitly: Not published. Remitly's pages do not mention a FIRA or FIRC for the Indian recipient.

Can individual freelancers use TransFi and Remitly?+

TransFi: TransFi says BizPay can be used by businesses and individuals, including freelancers and sole proprietors without a registered company. It does not publish whether Indian residents are eligible.112 Remitly: Senders only. The personal service is for individuals sending for personal, family or household purposes, and business use is a breach. Remitly Business is for US-registered businesses with a US-resident account holder, and Remitly's Canada site says Remitly Business is also available to businesses in Canada. Recipients in India do not need a Remitly account to be paid; Remitly's India page offers recipients a free profile to request money.103465

Are TransFi and Remitly authorised by the RBI?+

TransFi: TransFi does not appear on the RBI list of authorised PA-CB entities as on 16 October 2026. Its terms list Trans-Fi India Private Limited as an affiliate but name no Indian licence, regulator or partner bank.1314 Remitly: Remitly does not appear on the RBI list of authorised PA-CB entities as on 16 October 2026. Its US User Agreement says it processes transactions to India under the Rupee Drawing Arrangements established by the RBI.1310

How fast do TransFi and Remitly pay out to an Indian bank?+

TransFi: TransFi says collections on the USA to India route settle within minutes to a few hours where instant rails are available; its help centre says BizPay transfers are processed as per the bank settlement cycle.811 Remitly: Remitly says business transfers to India are typically delivered within the hour, and that a delivery time is shown before the sender confirms.4

Do I still need an LUT if I am paid through TransFi or Remitly?+

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 TransFi, Remitly or a bank wire.37

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.

Keep reading

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TransFi for Indian service exporters: how it works, costs and limits

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