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Wise, Airwallex or Deel: What's Actually Cheaper Than Payoneer

Author:
Editorial team, serviceexportguide.com
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Editorial team
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9 min read

Short answer

Payoneer charges 1% to 4% to withdraw a non-INR balance to an Indian bank in 2026.1 Wise charges a USD 2 equivalent per transfer to INR (India help article; its India receive pricing page describes a free e-FIRC).29 Airwallex publishes no India pricing page.3 Deel is paid for by the hiring company from USD 49 per contractor a month.4

Applies toRules involvedPlatforms comparedLast verified
Indian freelancers and businesses comparing Payoneer costs5PA-CB limit ₹25 lakh per transaction; EDF from 1 October 202667Skydo, Razorpay, Karbon Business, Payoneer, Airwallex, Deel, Wise831 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.

Whether Wise, Airwallex or Deel is cheaper than Payoneer cannot be settled from published fees alone. Payoneer charges 1% to 4% to withdraw a non-INR balance to an Indian bank in rupees, and says the exact fee depends on region and volume.1 Wise publishes a USD 2 equivalent fee per transfer to the INR account (India help article; its India receive pricing page describes a free e-FIRC) but no conversion percentage for INR, and Airwallex publishes no India pricing page at all.293 Deel is a platform the hiring company pays for, from USD 49 per contractor a month, so an Indian contractor uses it only when a client already does.4 This page sets out what each publishes so you can compare like for like. The wider list is on Payoneer alternatives.

How do Wise, Airwallex, Deel and Payoneer compare on cost for Indian exporters?

Wise, Airwallex, Deel and Payoneer each publish part of their cost: a per-transfer fee, a conversion margin, or a withdrawal fee, but not all three.210111 The table adds the three lowest-cost providers for a USD 5,000 receipt on published fees, ordered by estimated cost, cheapest first, then providers without enough published pricing to estimate, A to Z.121314

PlatformBest forFeeFX markupSettlementFIRARBI PA-CB statusSource
SkydoLocal bank transfers from major markets15USD 19 up to USD 2,000, USD 29 up to USD 10,000, 0.3% above, plus GST120% markup on the mid-market rate (product page); retail rate set by Skydo or its partner banks (terms)1630Within 24 hours (product page); T+1 to T+3 business days (terms)1630Free FIRA on every payment16PA-CB I & O, authorised 8 January 20268Official pages1512168
RazorpayLocal transfers from the US, UK and eurozone17Bank transfers 1% (flat ₹1,000 below ₹1,00,000); cards up to 3%; GST extra13180% on MoneySaver bank transfers13T+1 for bank transfers; T+7 working days for cards1719FIRS emailed within 24 hours of settlement17PA-CB I & O8Official pages171318198
Karbon BusinessUS bank transfers and marketplace payouts201% transaction fee on its PayPal comparison page140% (freelancer page); 0.5% to 1.0% (PayPal alternative page)201424 to 48 hours20FIRA for every transaction from a banking partner20Not on the RBI list itself; its terms run export receipts under a partner the RBI lists as a PA-CB218Official pages2014218
PayoneerMarketplace payouts such as Amazon or Upwork5Free to receive (multi-currency account page); fixed fee or 1% for non-local currencies (pricing page); card requests 2.90% + $0.492211% to 4% to withdraw to INR from another currency1Within 24 hours (multi-currency account page); within 48 hours (pricing page)122Free digital FIRA per transaction from a partner AD bank23In-principle PA-CB authorisation on 22 January 2026; not on the authorised list24258Official pages52212324258
AirwallexRegistered businesses paid by bank transfer26No India pricing page; Singapore schedule lists 0% collections in most currencies310Singapore schedule: 0.40% for majors, 0.60% for a list that includes INR100 to 2 business days for local INR payouts27FIRC on request through support; fee not published28Not on the RBI payment aggregator list8Official pages2631027288
DeelContractors whose client already pays through Deel11Local bank transfer no cost to the contractor; Payoneer 1%; PayPal 2.5% (USD)11Not published11Local bank transfer 1 to 5 business days11Not described by Deel11Not on the RBI payment aggregator list8Official pages118
WiseBank transfers to local account details2Equivalent of USD 2 per transfer to the INR account (help article); free e-FIRC (receive pricing page)29Conversion fee varies by currency; no INR percentage published9INR in 1 to 2 days2e-FIRC per transfer within 3 working days2PA-CB I, authorised 12 March 20268Official pages298

The platform cost comparison runs the same numbers for any invoice size.

Which platforms are named as Payoneer alternatives, and can Indian exporters use them?

The platforms named as cheaper Payoneer alternatives are not all open to the same Indian exporters. Airwallex lists no route for unregistered individual freelancers, Wise needs a business account, and Deel depends on your client.26294

PlatformWho can sign upReceives export payments into India?Best for
SkydoIndividuals aged 18 or over, proprietorships and companies, for business payments only30Yes, through local account details and a SWIFT account15Local bank transfers from major markets15
RazorpayIndian businesses with Razorpay KYC; MoneySaver lists individuals, proprietorships, partnerships, LLPs and companies17Yes, by ACH, FPS, SEPA or SWIFT to virtual account details17Local transfers from the US, UK and eurozone17
Karbon BusinessIts forex terms require a user incorporated under the laws of India21Yes, by transfer to a virtual USD account20US bank transfers and marketplace payouts20
PayoneerFreelancers and businesses verified with ID such as Aadhaar or PAN22Yes, with automatic withdrawal to an Indian bank in INR5Marketplace payouts such as Amazon or Upwork5
AirwallexRegistered companies, LLPs, partnerships and GST-registered proprietorships; no route listed for unregistered individuals26Onboarded by the Singapore entity; INR payouts to Indian banks by NEFT, IMPS, RTGS or SWIFT327Registered businesses paid by bank transfer26
DeelChosen and paid for by the hiring company, from USD 49 per contractor a month4Contractors withdraw a Deel balance; Deel's guide does not name INR among its currencies11Contractors whose client already pays through Deel11
WiseWise Business only: sole traders, proprietorships, private limited companies, LLPs and general partnerships29Yes for Wise Business; Wise personal accounts in India cannot receive money231Bank transfers to local account details2
  • Airwallex status: Airwallex onboards India-registered businesses through its Singapore entity and is not on RBI's payment aggregator list.38
  • Deel status: Deel is not on RBI's payment aggregator list, and Deel's withdrawal guide does not mention India or INR.811

What does each Payoneer alternative charge?

Each Payoneer alternative charges at a different point in the payment: Payoneer and Airwallex on conversion, Wise per transfer plus a conversion fee, and Deel on some withdrawal methods.110211

PlatformBank transfer routeCard or link routeConversionBest for
SkydoUSD 19 up to USD 2,000, USD 29 up to USD 10,000, 0.3% above, plus GST12InstaLinks ACH Debit 2%, minimum $9; no card fee published320% markup on the mid-market rate (product page); retail rate set by Skydo or its partner banks (terms)1630Local bank transfers from major markets15
Razorpay1% per transaction, flat ₹1,000 below ₹1,00,000, GST extra13Up to 3% plus 18% GST180% on bank transfers; card markup not published13Local transfers from the US, UK and eurozone17
Karbon Business1% transaction fee on its PayPal comparison page14Not published200% (freelancer page); 0.5% to 1.0% (PayPal alternative page)2014US bank transfers and marketplace payouts20
PayoneerFree to receive (multi-currency account page); fixed fee or 1% for non-local currencies (pricing page)221Card 2.90% + $0.49; US ACH debit 1%11% to 4% to withdraw to INR1Marketplace payouts such as Amazon or Upwork5
AirwallexSingapore schedule: 0% collections in most currencies10India eligibility for cards not published100.40% majors, 0.60% list incl. INR (Singapore schedule)10Registered businesses paid by bank transfer26
DeelLocal bank transfer no cost to the contractor11Not applicable; the client funds Deel4Not published11Contractors whose client already pays through Deel11
WiseEquivalent of USD 2 per transfer to the INR account (help article); free e-FIRC (receive pricing page)29Card acceptance not available for India-based businesses33Varies by currency; no INR percentage published9Bank transfers to local account details2

Deel lists Payoneer withdrawals at 1% and PayPal at 2.5% with a USD 0.25 minimum, both in USD only, and a local bank transfer at no cost to the contractor.11 Wise says 18% GST applies to its fees, and Skydo and Razorpay quote their fees plus GST.91213

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

The cheapest option depends on invoice size: a fixed fee weighs more on a USD 500 invoice, and a percentage fee more on USD 5,000. The table below uses published fees at today's rate for providers this site can estimate.121

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%
PayoneerLocal bank transfer to Payoneer receiving account detailsMarketplace payouts such as Amazon or Upwork₹1,80,947 to ₹1,86,601₹4,52,367 to ₹4,66,503₹9,04,734 to ₹9,33,0071.00 to 4.00%

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

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.

For example, on a USD 5,000 invoice, Payoneer's withdrawal fee to INR is 1% to 4% of the amount, Skydo's USD 29 fee is 0.58% before GST, and Razorpay's MoneySaver fee is 1% before GST.11213 Wise's USD 2 equivalent fee (India help article; its India receive pricing page describes a free e-FIRC) is 0.04% of the same invoice, but its INR conversion fee is not published as a percentage.29

What documents do you get from each Payoneer alternative?

Each Payoneer alternative gives a different proof of receipt, and Deel does not describe one. Payoneer gives a free digital FIRA for each transaction from its partner AD bank.2311

PlatformProof of receiptHow you get itBest for
SkydoFree FIRA on every payment16Issued for each receiptLocal bank transfers from major markets15
RazorpayForeign Inward Remittance Statement (FIRS)17Emailed within 24 hours after settlementLocal transfers from the US, UK and eurozone17
Karbon BusinessFIRA from an unnamed banking partner20For every transactionUS bank transfers and marketplace payouts20
PayoneerDigital FIRA from a partner AD bank23Within 24 to 72 hours, in Reports and statementsMarketplace payouts such as Amazon or Upwork5
AirwallexFIRC from a bank partner28On request through the support chatbotRegistered businesses paid by bank transfer26
DeelNot described by Deel11Ask your bank what it issuesContractors whose client already pays through Deel11
Wisee-FIRC2Emailed within 3 working daysBank transfers to local account details2

You self-certify the e-BRC on the DGFT portal from your bank's inward remittance messages.34 Read does Payoneer give a FIRA in India.

What changes in 2026 for exporters comparing Payoneer costs?

Exporters comparing Payoneer costs in 2026 also need to factor in the new FEMA export rules from 1 October 2026 and changes to providers' RBI status.78

  • 2026 Regulations: The Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 came into force on 1 October 2026 and replaced the 2015 Regulations.7
  • EDF for every service exporter: From 1 October 2026 every exporter of services gives an Export Declaration Form (EDF) to the AD bank within 30 days from the end of the month of invoicing, and non-software exporters may instead file it on or before the date payment is received.7
  • SOFTEX: RBI Circular No. 20 supersedes the earlier SOFTEX circulars with effect from 1 October 2026.35
  • Realisation period: Export proceeds must be realised within nine months from the invoice date, or twelve months if invoiced or settled in Indian rupees.36
  • PA-CB limit: A cross-border payment aggregator (PA-CB) can handle up to ₹25 lakh per transaction, for inward and outward transactions.6
  • Provider status: Payoneer India received in-principle PA-CB authorisation on 22 January 2026, and Wise was authorised as PA-CB I on 12 March 2026.248

See is Payoneer legal in India and EDF for service exporters.

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]Payoneer India, Payoneer Fees (checked 2026-10-28)
  2. [2]Wise Help Centre, Receiving payments for Indian businesses (checked 2026-10-28)
  3. [3]Airwallex Help Centre, Eligible Countries and Territories (checked 2026-10-28)
  4. [4]Deel, Pricing (checked 2026-10-31)
  5. [5]Payoneer, How to use Payoneer in India (last modified 18 September 2026) (checked 2026-10-28)
  6. [6]RBI: Master Direction on Regulation of Payment Aggregator dated 15 September 2025, paragraph 11(d) (transaction limit)
  7. [7]RBI: Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, FEMA 23(R)/2026-RB, amended up to 22 September 2026, regulations 3 and 4
  8. [8]RBI: Certificates of Authorisation issued under the Payment and Settlement Systems Act, 2007 (Payment Aggregators and PPI issuers), list dated 30 October 2026 (checked 2026-10-31)
  9. [9]Wise India, Fees for getting paid (Wise Business receive pricing) (checked 2026-10-28)
  10. [10]Airwallex Singapore, Fee schedule, last updated 10 October 2026 (checked 2026-10-28)
  11. [11]Deel, A Contractor's Guide to Deel's Flexible Payment Terms, last update 22 July 2026 (checked 2026-10-31)
  12. [12]Skydo FAQs, How much does Skydo charge? (checked 2026-10-28)
  13. [13]Razorpay, Multi-Currency Account for International Bank Transfers (MoneySaver Export Account pricing) (checked 2026-10-28)
  14. [14]Karbon Business, PayPal Alternative comparison page (checked 2026-10-28)
  15. [15]Skydo FAQs, What countries can I get paid locally through Skydo? (checked 2026-10-28)
  16. [16]Skydo, Receive international payments as a freelancer in India (product page) (checked 2026-10-28)
  17. [17]Razorpay Docs, International Bank Transfer (MoneySaver Export Account) (checked 2026-10-28)
  18. [18]Razorpay, Pricing, International Payments and International Bank Transfers tabs (checked 2026-10-28)
  19. [19]Razorpay Docs, International Payments FAQs (checked 2026-10-28)
  20. [20]Karbon Business, Karbon for Freelancers (checked 2026-10-28)
  21. [21]Karbon Forex Terms and Conditions, Interropac Private Limited (checked 2026-10-28)
  22. [22]Payoneer India, Multi-currency account page and FAQs (checked 2026-10-28)
  23. [23]Payoneer Help Center, Digital FIRA FAQ (checked 2026-10-28)
  24. [24]Payoneer press release, Payoneer receives in-principle authorization as Cross-Border Payment Aggregator in India, 22 January 2026 (checked 2026-10-28)
  25. [25]RBI: Status of Applications received under the Payment and Settlement Systems Act, 2007, as on 16 October 2026, Tables D and E (checked 2026-10-28)
  26. [26]Airwallex Help Centre, Documents required for companies in South East Asia (India section) (checked 2026-10-28)
  27. [27]Airwallex Docs, Payout network: bank accounts, India (checked 2026-10-28)
  28. [28]Airwallex Help Centre, What is an FIRC and how do I get one? (checked 2026-10-28)
  29. [29]Wise Help Centre, How to verify your Indian business to receive payments (checked 2026-10-28)
  30. [30]Skydo, Terms of Use, last updated 9 April 2026 (checked 2026-10-28)
  31. [31]Wise India, Receive pricing (personal accounts) (checked 2026-10-28)
  32. [32]Skydo FAQs, What are the fees for using Payment Links? (checked 2026-10-28)
  33. [33]Wise Help Centre, Getting paid to your Wise Business by card, Apple Pay or Google Pay (checked 2026-10-28)
  34. [34]DGFT: eBRC system, self-certification of eBRC from bank IRMs, Trade Notice 33/2023-24 dated 10 November 2023
  35. [35]RBI: A.P. (DIR Series) Circular No. 20 dated 16 January 2026
  36. [36]RBI: Notification FEMA 23(R)/(1)/2026-RB dated 22 September 2026, amending regulation 5 (realisation period)

Frequently asked questions

Is Wise cheaper than Payoneer for receiving USD in India?+

Wise charges a USD 2 equivalent per transfer to an Indian INR account (India help article; its India receive pricing page describes a free e-FIRC) plus a conversion fee it does not publish as a percentage for INR.29 Payoneer's multi-currency account page says receiving USD is free for Indian customers, its pricing page lists a fixed fee or 1% for non-local currencies, and Payoneer charges 1% to 4% to withdraw to INR.221 Check both calculators for your amount.29221

What is Airwallex's FX markup for Indian businesses?+

Airwallex publishes no India pricing page. Its Singapore fee schedule, which applies to the entity that onboards Indian businesses, lists a 0.40% markup for major currencies and 0.60% for a list that includes INR, and does not say how the margin applies to USD to INR.310

Can I use Deel instead of Payoneer as an Indian freelancer?+

Deel is used when your client hires and pays you through it; the client pays Deel from USD 49 per contractor a month. You then withdraw your Deel balance, for example by local bank transfer at no cost to you, or to Payoneer at 1%.411

What are Payoneer fees in India in 2026?+

Payoneer's India pricing page shows receiving USD as free for Indian customers, a standard 'fixed fee or 1%' for non-local currencies, 2.90% plus USD 0.49 for card payment requests, and 1% to 4% to withdraw to an Indian bank in INR.221

How fast does Airwallex pay out to an Indian bank account?+

Airwallex's docs give 0 to 2 business days for local INR payouts to Indian bank accounts by NEFT, IMPS, RTGS or iACH, and 0 to 3 business days for SWIFT payouts in foreign currency. Whether payout to your own Indian account is automatic is not published.27

Is Airwallex RBI authorised in India?+

Airwallex does not appear on RBI's payment aggregator list dated 30 October 2026. It onboards India-registered businesses through Airwallex (Singapore) Pte. Ltd., which says it is licensed in Singapore as a Major Payment Institution.8310

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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