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

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Editorial team, serviceexportguide.com
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12 min read

Short answer

TransFi 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 Skydo is best for local bank transfers from major markets.8910

Use caseBetter optionWhy
Bank transfer of USD 5,000Cannot compareSkydo costs about 0.68%; TransFi does not publish full pricing.123456
Bank transfer of USD 2,000Cannot compareSkydo costs about 1.12%; TransFi does not publish full pricing.123456
Client paying USD 2,000 by card or linkCannot compareSkydo costs about 2.00 to 2.36%; TransFi does not publish full pricing.2756
TransFi is best forTransFiPayment links shared in chat, including stablecoins.89
Skydo is best forSkydoLocal bank transfers from major markets.10

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%
4SkydoThis pagePayment 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 Skydo compare at a glance?

TransFi and Skydo 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.1281912

TransFiSkydo
Best forPayment links shared in chat, including stablecoins89Local bank transfers from major markets10
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.Skydo says it charges USD 19 plus GST for transactions up to USD 2,000, USD 29 plus GST from USD 2,001 to USD 10,000, and 0.3% plus GST above USD 10,000; payments above USD 100K a month are priced on request.12
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.1112Skydo's product page says conversion is at a live mid-market rate with 0% markup. Its terms say conversion uses a retail foreign exchange rate determined by Skydo or its partner banks and do not guarantee the most favourable rate.56
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.1113Skydo's product page says funds settle to the Indian bank within 24 hours. Its terms commit to commercially reasonable efforts to credit within T+1 to T+3 business days, depending on currency and corridor. ACH Debit via InstaLinks typically settles within 6 business days.5614
FIRANot published. TransFi's pages do not mention a FIRA or FIRC.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.515
CurrenciesTransFi says BizPay collects in currencies such as USD, EUR, GBP, AUD and AED, and that it supports 40+ currencies overall.812Local accounts in USD, GBP, AED, CAD, EUR, AUD and SGD; Skydo says its SWIFT account supports 32 currencies, listed only in an image.1016
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.817Skydo's terms cover individuals aged 18 or over, proprietorships, companies and other legal entities, for business and commercial payments only; Skydo says the service is built for Indian freelancers and exporters. Whether GST registration is required is not published.65
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.1819Skydo Technologies Private Limited is on the RBI list as a PA-CB-I & O (Payment Aggregator, Cross Border, facilitating inward and outward transactions), authorised on 8 January 2026. Its terms say it uses partner banks to provide the service.186
SupportTransFi publishes a help centre and a contact form. No India-specific support channel is published.20Skydo publishes support@skydo.com and phone 7026000500.4
LimitsNot published.Skydo says the minimum transaction is USD 50 and there is no upper limit on the amount you can receive. The RBI Master Direction caps each PA-CB inward or outward transaction at ₹25 lakh; Skydo's pages do not explain how this applies to its account transfers.421
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.128Bank transfer to Skydo local account details in seven markets, or to an international SWIFT account for other currencies and countries; Skydo also offers payment links (InstaLinks) with ACH Debit.102276
Card paymentsTransFi says BizPay supports 250+ payment methods including cards. No card fee is published.8Not published. Skydo publishes InstaLinks fees for ACH Debit only (2% per transaction, minimum $9) and no card fee.

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

The INR you receive with TransFi and Skydo 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
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%

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.20817

  • 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.1819
  • 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.817
  • Best for: Payment links shared in chat, including stablecoins.89

What is Skydo and who is it for?

Skydo is a Bengaluru-based payment aggregator, listed by the RBI as a PA-CB for inward and outward transactions, that gives Indian exporters local and SWIFT account details abroad and pays out in INR to their Indian bank.18610

  • Regulated by: Skydo Technologies Private Limited is on the RBI list as a PA-CB-I & O (Payment Aggregator, Cross Border, facilitating inward and outward transactions), authorised on 8 January 2026. Its terms say it uses partner banks to provide the service.186
  • Used by: Skydo's terms cover individuals aged 18 or over, proprietorships, companies and other legal entities, for business and commercial payments only; Skydo says the service is built for Indian freelancers and exporters. Whether GST registration is required is not published.65
  • Best for: Local bank transfers from major markets.10

How do TransFi and Skydo fees and FX markup compare?

TransFi and Skydo 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 published8110%Not statedClients paying through a payment link

What does Skydo charge?

Transaction typeFeeFX markupGST on feesBest for
Transfer to Skydo local account details or international SWIFT accountUSD 19 up to USD 2,000; USD 29 up to USD 10,000; 0.3% above that1234560%18%Clients paying by local bank transfer
Payment link (InstaLinks) paid by ACH debit2% + minimum USD 927560%Not statedClients paying through a payment link

How do TransFi and Skydo compare on settlement speed?

TransFi and Skydo 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.1113TransFi's USA to India page lists bank transfer, wallets and instant rails, with INR as the settlement currency. No payout fee is published.11Payment links shared in chat, including stablecoins89
SkydoSkydo's product page says funds settle to the Indian bank within 24 hours. Its terms commit to commercially reasonable efforts to credit within T+1 to T+3 business days, depending on currency and corridor. ACH Debit via InstaLinks typically settles within 6 business days.5614Converted to INR and credited to the user's Indian bank account; Skydo says there is no additional SWIFT fee for the transfer to India apart from its own fee.35Local bank transfers from major markets10

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

TransFi and Skydo 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.39

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.1819Payment links shared in chat, including stablecoins89
SkydoSkydo says it issues a free FIRA on every payment received, and that its FIRA and FIRC are accepted for GST filing and by banks.515Skydo Technologies Private Limited is on the RBI list as a PA-CB-I & O (Payment Aggregator, Cross Border, facilitating inward and outward transactions), authorised on 8 January 2026. Its terms say it uses partner banks to provide the service.186Local bank transfers from major markets10

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

TransFi and Skydo 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.812TransFi 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.128TransFi says BizPay supports 250+ payment methods including cards. No card fee is published.8Payment links shared in chat, including stablecoins89
SkydoLocal accounts in USD, GBP, AED, CAD, EUR, AUD and SGD; Skydo says its SWIFT account supports 32 currencies, listed only in an image.1016Bank transfer to Skydo local account details in seven markets, or to an international SWIFT account for other currencies and countries; Skydo also offers payment links (InstaLinks) with ACH Debit.102276Not published. Skydo publishes InstaLinks fees for ACH Debit only (2% per transaction, minimum $9) and no card fee.Local bank transfers from major markets10

What are the strengths and limitations of TransFi and Skydo?

TransFi and Skydo 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.89
  • Your client or you want to move money using stablecoins as well as fiat, which TransFi says BizPay supports.820

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.1819
  • No fee schedule, FX markup or limits are published for receiving into India.12118
  • TransFi's pages do not mention a FIRA, FIRC or purpose code, which Indian exporters use for GST and bank records.118

What are the strengths and limitations of Skydo?

Strengths:

  • Your clients are in the US, UK, UAE, Canada, Europe, Australia or Singapore and can pay by local bank transfer in their own currency.10
  • Your invoices are large enough that a flat USD 19 or USD 29 fee is a small share of the amount; Skydo itself says invoices under $1,000 carry a higher effective rate.15
  • You want a FIRA issued for each payment by an RBI-authorised PA-CB.518

Limitations:

  • Payments below USD 50 cannot be processed, and the flat fee weighs more on small invoices.45
  • Skydo says it does not accept payments from 15 countries, but lists them only in an image.40
  • No card payment option or card fee is published.7
  • Skydo's pages give different settlement times (within 24 hours on its product page, T+1 to T+3 business days in its terms) and describe its FX rate differently (0% markup on its product page, a retail rate set by Skydo or its partner banks in its terms).56
  • Skydo's terms limit the service to business and commercial payments, so it does not cover personal remittances.6

Should you choose TransFi or Skydo?

Choose between TransFi and Skydo 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.89
  • Your client or you want to move money using stablecoins as well as fiat, which TransFi says BizPay supports.820

Choose Skydo if:

  • Your clients are in the US, UK, UAE, Canada, Europe, Australia or Singapore and can pay by local bank transfer in their own currency.10
  • Your invoices are large enough that a flat USD 19 or USD 29 fee is a small share of the amount; Skydo itself says invoices under $1,000 carry a higher effective rate.15
  • You want a FIRA issued for each payment by an RBI-authorised PA-CB.518

For example, say a designer invoices a US client USD 2,000. Because TransFi 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.111256

Which other platforms should you consider besides TransFi and Skydo?

Other platforms to consider besides TransFi and Skydo are the ones with the lowest estimated cost on a USD 5,000 receipt, listed in that order.2324262729313233353637

PlatformBest forEstimated cost on USD 5,000FIRAReview
Karbon BusinessUS bank transfers and marketplace payouts231.00 to 1.18%2324Karbon says it provides a FIRA for every transaction, issued by its licensed banking partner, which it does not name. Cost not published.23Karbon Business review
RazorpayLocal transfers from the US, UK and eurozone251.00 to 1.18%2627Razorpay 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.252827Razorpay review
WinvestaLocal transfers with a published per-payment fee29301.24%29313233Free 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.3231Winvesta review
PayoneerMarketplace payouts such as Amazon or Upwork341.00 to 4.00%353637Free 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.3738Payoneer 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]Skydo FAQ, How much does Skydo charge? (checked 2026-10-28)
  2. [2]Skydo, Home page (checked 2026-10-28)
  3. [3]Skydo FAQ, Who will bear the SWIFT charges? (checked 2026-10-28)
  4. [4]Skydo FAQ, Limitations and restrictions on receiving your foreign remittance via Skydo (checked 2026-10-28)
  5. [5]Skydo, Receive international payments in India as a freelancer (checked 2026-10-28)
  6. [6]Skydo, Terms of use (checked 2026-10-28)
  7. [7]Skydo FAQ, What are the fees for using Payment Links? (checked 2026-10-28)
  8. [8]TransFi, BizPay product page (checked 2026-10-28)
  9. [9]TransFi Help Center, How can I get started? What documents are needed? BizPay (checked 2026-10-28)
  10. [10]Skydo FAQs, What countries can I get paid locally through Skydo? (checked 2026-10-28)
  11. [11]TransFi, Receive money in India from USA (checked 2026-10-28)
  12. [12]TransFi, Receive money (checked 2026-10-28)
  13. [13]TransFi Help Center, How long does it take to transfer funds? BizPay (checked 2026-10-28)
  14. [14]Skydo FAQs, How long does settlement take on InstaLinks? (checked 2026-10-28)
  15. [15]Skydo FAQs, What is accepted for GST filings and banks between FIRA and FIRC? (checked 2026-10-28)
  16. [16]Skydo FAQs, In which currencies I can receive money using Skydo? (checked 2026-10-28)
  17. [17]TransFi Help Center, Do I need to be a registered business? BizPay (checked 2026-10-28)
  18. [18]RBI: Payment system operators authorised under the PSS Act, 2007, list as on 16 October 2026 (checked 2026-10-28)
  19. [19]TransFi, Terms and Conditions, last updated 28 May 2026, section 6.4 and Annexure A (checked 2026-10-28)
  20. [20]TransFi, home page (checked 2026-10-28)
  21. [21]RBI: Master Direction on Regulation of Payment Aggregator, 15 September 2025, paragraph 11 (checked 2026-10-28)
  22. [22]Skydo FAQs, When should I use the International SWIFT account and when should I use the Local Account? (checked 2026-10-28)
  23. [23]Karbon Business, Karbon for Freelancers (checked 2026-10-28)
  24. [24]Karbon, PayPal alternative (checked 2026-10-28)
  25. [25]Razorpay Docs, International Bank Transfer (MoneySaver Export Account) (checked 2026-10-28)
  26. [26]Razorpay, MoneySaver Export Account (international bank transfers) (checked 2026-10-28)
  27. [27]Razorpay, Pricing (checked 2026-10-28)
  28. [28]Razorpay Docs, FIRS Automated Process (checked 2026-10-28)
  29. [29]Winvesta FAQs, What are the charges for the global collections account? (checked 2026-10-28)
  30. [30]Winvesta FAQs, What currencies are available with local accounts? (checked 2026-10-28)
  31. [31]Winvesta, Multi-currency account (checked 2026-10-28)
  32. [32]Winvesta FAQ, When will I receive my e-FIRA certificate? (checked 2026-10-28)
  33. [33]Winvesta FAQ, Can I get priority processing for my withdrawal? (checked 2026-10-28)
  34. [34]Payoneer, How to use Payoneer in India (last modified 18 September 2026, checked 2026-10-28)
  35. [35]Payoneer India, Payoneer Fees (checked 2026-10-28)
  36. [36]Payoneer India, Multi-currency account page and FAQs (checked 2026-10-28)
  37. [37]Payoneer Help Center, Digital FIRA FAQ (checked 2026-10-28)
  38. [38]Payoneer India, Digital FIRC page (checked 2026-10-28)
  39. [39]DGFT: eBRC services (self-generation of e-BRC from bank inward remittance data)
  40. [40]Skydo FAQs, From which countries I can not receive payments using Skydo? (checked 2026-10-28)
  41. [41]GST Portal user guide: Furnishing of Letter of Undertaking (FORM GST RFD-11)

Frequently asked questions

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

There is no cost verdict for a USD 5,000 bank transfer: skydo costs about 0.68%; TransFi does not publish full pricing.123456 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 Skydo give a FIRA to Indian exporters?+

TransFi: Not published. TransFi's pages do not mention a FIRA or FIRC. Skydo: 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.515

Can individual freelancers use TransFi and Skydo?+

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.817 Skydo: Skydo's terms cover individuals aged 18 or over, proprietorships, companies and other legal entities, for business and commercial payments only; Skydo says the service is built for Indian freelancers and exporters. Whether GST registration is required is not published.65

Are TransFi and Skydo 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.1819 Skydo: Skydo Technologies Private Limited is on the RBI list as a PA-CB-I & O (Payment Aggregator, Cross Border, facilitating inward and outward transactions), authorised on 8 January 2026. Its terms say it uses partner banks to provide the service.186

How fast do TransFi and Skydo 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.1113 Skydo: Skydo's product page says funds settle to the Indian bank within 24 hours. Its terms commit to commercially reasonable efforts to credit within T+1 to T+3 business days, depending on currency and corridor. ACH Debit via InstaLinks typically settles within 6 business days.5614

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

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, Skydo or a bank wire.41

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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