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

Author:: Editorial team, serviceexportguide.com
Verified by:: Editorial team
Published: 28 October 2026
Last modified: 28 October 2026
Fees checked on: 28 October 2026
Reading time: 10 min read

Short answer

Neither TransFi nor Revolut 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 Revolut is best for personal spending, not export receipts.¹²³⁴

Use case	Better option	Why
Bank transfer of USD 5,000	Cannot compare	Neither publishes full pricing for this case.
Bank transfer of USD 2,000	Cannot compare	Neither publishes full pricing for this case.
Client paying USD 2,000 by card or link	Cannot compare	Neither publishes full pricing for this case.
TransFi is best for	TransFi	Payment links shared in chat, including stablecoins.¹²
Revolut is best for	Revolut	Personal spending, not export receipts.³⁴

Invoice amountCurrencyHow the client pays

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 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	₹942plus GST, rate not stated	0%	₹93,131 to ₹93,301	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%	₹93,063 to ₹93,243	1.06 to 1.25%
3	WinvestaGlobal Collections Account, standard plan (up to 2,000 a month per currency)	Local transfers with a published per-payment fee	₹1,435	0%	₹92,809	1.52%
4	SkydoPayment link (InstaLinks) paid by ACH debit	Local bank transfers from major markets	₹1,885plus GST, rate not stated	0%	₹92,019 to ₹92,358	2.00 to 2.36%
5	PayoneerLocal bank transfer to Payoneer receiving account details	Marketplace payouts such as Amazon or Upwork	₹0no GST stated	1 to 4%	₹90,473 to ₹93,301	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	₹4,175no GST stated	3 to 4%	₹86,465 to ₹87,366	7.30 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 Revolut compare at a glance?

TransFi and Revolut 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.⁷¹¹²⁵

	TransFi	Revolut
Best for	Payment links shared in chat, including stablecoins¹²	Personal spending, not export receipts³⁴
Fees	Not 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.	Revolut says it does not charge fees for receiving a bank transfer into the INR account by UPI.⁵
FX markup	TransFi 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.⁶⁷	Not applicable to receiving: the India wallet holds INR only. No inward conversion rate is published.³
Settlement	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.⁶⁸	Revolut says UPI transfers to the INR account are usually instant.⁵
FIRA	Not published. TransFi's pages do not mention a FIRA or FIRC.	Not published. Revolut's India pages do not mention a FIRA or FIRC.
Currencies	TransFi says BizPay collects in currencies such as USD, EUR, GBP, AUD and AED, and that it supports 40+ currencies overall.¹⁷	INR only for the India wallet. Revolut's India terms say PPIs can only be used for payments in Indian rupees.³⁵
KYC: who can sign up	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.¹⁹	Individuals, for personal use. Revolut's India terms say you cannot use a Revolut Account for business purposes. Revolut Business requires a company registered in the UK, the EEA or the US; India is listed only as a country where an applicant for such a company may reside.³¹⁰
RBI PA-CB status	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.¹¹¹²	Revolut Payments India Private Limited is listed by the RBI as a prepaid payment instrument (PPI) issuer, authorised on 4 April 2025. It does not appear on the RBI list of authorised PA-CB entities as on 16 October 2026.¹¹³
Support	TransFi publishes a help centre and a contact form. No India-specific support channel is published.¹³	Revolut India publishes 24/7 in-app chat, support-india@revolut.com and a phone number.³
Limits	Not published.	Up to 25 inbound UPI transfers or INR 4,00,000 a day, whichever comes first, and a total INR balance of no more than INR 2,00,000 at any time.⁵
How clients pay	TransFi 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.⁷¹	Revolut India says money can be received into the INR account by UPI only; NEFT, IMPS and RTGS are not supported. No route for a foreign client to pay a Revolut India account from abroad is published.⁵³
Card payments	TransFi says BizPay supports 250+ payment methods including cards. No card fee is published.¹	Not available for receiving. Revolut India does not publish a way to accept card payments from clients.³⁵

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

The INR you receive with TransFi and Revolut 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.¹³¹⁹

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.¹¹¹²
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.¹⁹
Best for: Payment links shared in chat, including stablecoins.¹²

What is Revolut and who is it for?

Revolut in India is a personal app run by Revolut Payments India Private Limited, an RBI-authorised prepaid payment instrument issuer whose INR wallet cannot be used for business purposes.³¹¹

Regulated by: Revolut Payments India Private Limited is listed by the RBI as a prepaid payment instrument (PPI) issuer, authorised on 4 April 2025. It does not appear on the RBI list of authorised PA-CB entities as on 16 October 2026.¹¹³
Used by: Individuals, for personal use. Revolut's India terms say you cannot use a Revolut Account for business purposes. Revolut Business requires a company registered in the UK, the EEA or the US; India is listed only as a country where an applicant for such a company may reside.³¹⁰
Best for: Personal spending, not export receipts.³⁴

How do TransFi and Revolut fees and FX markup compare?

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

What does TransFi charge?

Transaction type	Fee	FX markup	GST on fees	Best for
BizPay payment link or collection, settled in INR	Not published¹⁶	0%	Not stated	Clients paying through a payment link

What does Revolut charge?

Fees: Revolut says it does not charge fees for receiving a bank transfer into the INR account by UPI.⁵

How do TransFi and Revolut compare on settlement speed?

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

Platform	Settlement time	Payout to India	Best for
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.⁶⁸	TransFi's USA to India page lists bank transfer, wallets and instant rails, with INR as the settlement currency. No payout fee is published.⁶	Payment links shared in chat, including stablecoins¹²
Revolut	Revolut says UPI transfers to the INR account are usually instant.⁵	Revolut says unloading the INR wallet is free on the Standard plan.⁴	Personal spending, not export receipts³⁴

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

TransFi and Revolut 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.³³

Platform	FIRA	RBI PA-CB status	Best for
TransFi	Not 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.¹¹¹²	Payment links shared in chat, including stablecoins¹²
Revolut	Not published. Revolut's India pages do not mention a FIRA or FIRC.	Revolut Payments India Private Limited is listed by the RBI as a prepaid payment instrument (PPI) issuer, authorised on 4 April 2025. It does not appear on the RBI list of authorised PA-CB entities as on 16 October 2026.¹¹³	Personal spending, not export receipts³⁴

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

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

Platform	Currencies	How clients pay	Card payments	Best for
TransFi	TransFi says BizPay collects in currencies such as USD, EUR, GBP, AUD and AED, and that it supports 40+ currencies overall.¹⁷	TransFi 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.⁷¹	TransFi says BizPay supports 250+ payment methods including cards. No card fee is published.¹	Payment links shared in chat, including stablecoins¹²
Revolut	INR only for the India wallet. Revolut's India terms say PPIs can only be used for payments in Indian rupees.³⁵	Revolut India says money can be received into the INR account by UPI only; NEFT, IMPS and RTGS are not supported. No route for a foreign client to pay a Revolut India account from abroad is published.⁵³	Not available for receiving. Revolut India does not publish a way to accept card payments from clients.³⁵	Personal spending, not export receipts³⁴

What are the strengths and limitations of TransFi and Revolut?

TransFi and Revolut 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.¹¹³

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.¹¹¹²
No fee schedule, FX markup or limits are published for receiving into India.⁷⁶¹
TransFi's pages do not mention a FIRA, FIRC or purpose code, which Indian exporters use for GST and bank records.⁶¹

What are the strengths and limitations of Revolut?

Strengths:

You want a personal INR wallet and card for your own spending, separate from how you get paid for exports.³⁴

Limitations:

Revolut's India terms prohibit using a Revolut Account for business purposes.³
The India wallet holds INR only and receives money by UPI only, so a foreign client cannot pay into it from abroad by any published route.³⁵
Revolut Business is not available to companies registered in India.¹⁰
Revolut India is not an RBI-authorised PA-CB and its pages do not mention a FIRA, FIRC or purpose code.¹¹³

Should you choose TransFi or Revolut?

Choose between TransFi and Revolut 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.¹¹³

Choose Revolut if:

You want a personal INR wallet and card for your own spending, separate from how you get paid for exports.³⁴

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.⁶⁷³

Which other platforms should you consider besides TransFi and Revolut?

Other platforms to consider besides TransFi and Revolut are the ones with the lowest estimated cost on a USD 5,000 receipt, listed in that order.¹⁵¹⁶¹⁷¹⁸¹⁹²⁰²²²³²⁵²⁶²⁸³⁰³¹³²

Platform	Best for	Estimated cost on USD 5,000	FIRA	Review
Skydo	Local bank transfers from major markets¹⁴	0.68%¹⁵¹⁶¹⁷¹⁸¹⁹²⁰	Skydo says it issues a free FIRA on every payment received, and that its FIRA and FIRC are accepted for GST filing and by banks.¹⁹²¹	Skydo review
Karbon Business	US bank transfers and marketplace payouts²²	1.00 to 1.18%²²²³	Karbon says it provides a FIRA for every transaction, issued by its licensed banking partner, which it does not name. Cost not published.²²	Karbon Business review
Razorpay	Local transfers from the US, UK and eurozone²⁴	1.00 to 1.18%²⁵²⁶	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.²⁴²⁷²⁶	Razorpay review
Winvesta	Local transfers with a published per-payment fee²⁸²⁹	1.24%²⁸³⁰³¹³²	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.³¹³⁰	Winvesta 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.

Frequently asked questions

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

There is no cost verdict for a USD 5,000 bank transfer: neither publishes full pricing for this case.⁶⁷³ 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 Revolut give a FIRA to Indian exporters?+

TransFi: Not published. TransFi's pages do not mention a FIRA or FIRC. Revolut: Not published. Revolut's India pages do not mention a FIRA or FIRC.

Can individual freelancers use TransFi and Revolut?+

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.¹⁹ Revolut: Individuals, for personal use. Revolut's India terms say you cannot use a Revolut Account for business purposes. Revolut Business requires a company registered in the UK, the EEA or the US; India is listed only as a country where an applicant for such a company may reside.³¹⁰

Are TransFi and Revolut 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.¹¹¹² Revolut: Revolut Payments India Private Limited is listed by the RBI as a prepaid payment instrument (PPI) issuer, authorised on 4 April 2025. It does not appear on the RBI list of authorised PA-CB entities as on 16 October 2026.¹¹³

How fast do TransFi and Revolut 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.⁶⁸ Revolut: Revolut says UPI transfers to the INR account are usually instant.⁵

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

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, Revolut or a bank wire.³⁴

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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