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Wise Business or Payoneer: What RBI's Foreign Currency Account Rules Mean for a US Account from India

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Editorial team, serviceexportguide.com
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Short answer

RBI lets a resident exporter hold a foreign currency account with a bank abroad under regulation 5(CA), with funds repatriated by the next month's end.1 Wise Business gives Indian users USD account details but they cannot hold the foreign currency.2 Payoneer gives USD receiving account details and withdraws automatically to India.34 Both pay out in INR in 2026.24

Applies toRules involvedPlatforms comparedLast verified
Indian freelancers and exporters paid by US clients12FEMA Foreign Currency Accounts Regulations, regulation 5(CA); FEMA 2026 Regulations, regulation 5; PA Master Direction para 11(d)156Skydo, Razorpay, Karbon Business, Payoneer, Wise7894231 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.

When people ask for "a US account from India", they usually want a US client to pay them as easily as a US vendor. Wise Business and Payoneer both offer this through USD account details. Wise says Indian users cannot hold the foreign currency, and Payoneer withdraws payments to India automatically.24 RBI has a separate rule for exporters who open their own foreign currency account with a bank outside India.1 This page compares the platforms and explains where the RBI rule fits. For your own case, ask your bank or a chartered accountant.

How do Wise Business, Payoneer and the lowest-cost platforms compare for a US account from India?

Wise Business and Payoneer both give USD receiving details, and Skydo, Razorpay and Karbon Business have the lowest estimated cost on published fees for a USD 5,000 receipt.23789 Rows are ordered by estimated cost on published fees, cheapest first; Wise does not publish enough to estimate and follows.

PlatformBest forFeeFX markupSettlementFIRARBI PA-CB statusSource
SkydoLocal bank transfers from major markets10USD 19 plus GST up to USD 2,000; USD 29 plus GST from USD 2,001 to USD 10,000; 0.3% plus GST above USD 10,00070% markup on the mid-market rate (product page); retail rate set by Skydo or its partner banks (terms)2030Within 24 hours (product page); T+1 to T+3 business days (terms)2030Free FIRA on every payment20PA-CB inward and outward, authorised 8 January 202616Skydo FAQs and product page720
RazorpayLocal transfers from the US, UK and eurozone111% plus GST on MoneySaver bank transfers, with a flat fee on small transactions80% on MoneySaver bank transfers8T+1 for bank transfers11FIRS within 24 hours of settlement11PA-CB inward and outward16Razorpay docs and pricing118
Karbon BusinessUS bank transfers and marketplace payouts121% transaction fee, per Karbon's PayPal comparison page90% per the freelancer page; 0.5% to 1.0% per the comparison page12924 to 48 hours12FIRA for every transaction from a banking partner12Not on the RBI list itself; its terms run export receipts under a partner the RBI lists as a PA-CB2116Karbon pages and terms1221
PayoneerMarketplace payouts such as Amazon or Upwork22Free to receive (multi-currency account page); fixed fee or 1% for non-local currencies (pricing page); 1% to 4% to convert to INR34Not published separately from the conversion fee4Within 24 hours (multi-currency account page); within 48 hours (pricing page)43Free digital FIRA per transaction23In-principle PA-CB authorisation, 22 January 2026; not on the authorised list141516Payoneer pricing and FAQs423
Wise BusinessBank transfers to local account details2Equivalent of 2 USD per transfer to India (help article); free e-FIRC (receive pricing page)217Conversion fee varies by currency; no INR percentage published17INR within 1 to 2 days after Wise receives the payment2e-FIRC per transfer within 3 working days2PA-CB inward, authorised 12 March 202616Wise help and pricing217

Each option above pays out in INR to an Indian bank account, which is how Wise, Payoneer and Razorpay describe their India settlement.2411

Which RBI rule governs money from a US client?

Money from a US client for your services is governed by the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, and a bank account you hold abroad is governed by regulation 5(CA) of the Foreign Currency Accounts Regulations.51

RuleBest forPlain meaningSource
Regulation 5(CA), Foreign Currency Accounts RegulationsExporters who open their own account with a bank abroadHold full export value and advances; use for imports into India or repatriate by the end of the next month, or within three months in an IFSC1RBI, 6 October 20251
Regulation 5, 2026 RegulationsEvery services exporterRealise within nine months of the invoice date; twelve months for rupee invoices524RBI524
Regulations 3 and 4, 2026 RegulationsEvery services exporterEDF to the AD bank within 30 days from the end of the invoice month5RBI5
PA Master Direction, para 11(d)Exporters paid through a PA-CB₹25 lakh limit per cross-border transaction6RBI6

Wise also applies the ₹25 lakh ceiling as its maximum per transaction for Indian businesses.2 Read foreign currency account abroad for exporters for the full regulation 5(CA) conditions.

What does each option charge for USD received from a US client?

Each option charges for USD in its own way: flat band, percentage, or a per-transfer fee plus conversion.78942

OptionBest forPublished charge for USDSource
SkydoLocal bank transfers from major markets10USD 29 plus GST from USD 2,001 to USD 10,0007Skydo7
Razorpay MoneySaverLocal transfers from the US, UK and eurozone111% plus GST, 0% FX markup; ACH in USD811Razorpay811
Karbon BusinessUS bank transfers and marketplace payouts121% transaction fee; virtual USD account in the user's name912Karbon912
PayoneerMarketplace payouts such as Amazon or Upwork22Free to receive (multi-currency account page); fixed fee or 1% for non-local currencies (pricing page); 1% to 4% to INR; card payment requests 2.90% plus USD 0.4934Payoneer34
Wise BusinessBank transfers to local account details22 USD equivalent per transfer to India (help article); free e-FIRC (receive pricing page); 6.11 USD per USD wire or Swift payment in the general fee table22517Wise225

Ask your client to pay by local ACH transfer where offered, since Wise's business fee table lists domestic payments free and wires at a fee, and its India help article gives a 2 USD equivalent per transfer to the INR account.252

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

On published fees the cheapest option shifts with the amount, and Wise cannot be fully estimated because it does not publish an INR conversion percentage.7817

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, at $5,000 Skydo's USD 29 fee is 0.58% before GST,7 Razorpay MoneySaver is 1% plus GST,8 and Payoneer's conversion to INR is 1% to 4% depending on region and volume.4

What documents and GST apply to a US account from India?

A US account from India still sits inside Indian export rules: you need a FIRA or FIRC per receipt, an LUT if GST-registered, and an EDF from 1 October 2026; your US client may ask for a W-8BEN.2627518

DocumentBest forPurposeSource
FIRA or e-FIRCEvery receiptProof of the foreign payment; Wise and Payoneer issue one per transfer223Wise, Payoneer223
LUTGST-registered exportersInvoice without IGST under section 16(3)2827CBIC, GST portal2827
EDFEvery services exporterDeclaration to the AD bank from 1 October 20265RBI5
Form W-8BEN or W-8BEN-EUS clients' payer teamsCertifies foreign status; W-8BEN-E for entities18IRS18

Purpose codes matter too: Wise collects the purpose code when you set up your business profile, and Payoneer prints yours on each FIRA.2923 See virtual accounts for exporters and Wise vs Payoneer.

What changes in 2026 for a US account from India?

The 2026 changes touch platform licensing, the RBI export rules and the IFSC account option.1651

  • Wise authorised: Wise Payments India Private Limited was authorised as a PA-CB for inward transactions on 12 March 2026.16
  • Payoneer in-principle: Payoneer India received in-principle PA-CB authorisation on 22 January 2026.14
  • New FEMA regulations: The 2026 Regulations apply from 1 October 2026, with the EDF for every services exporter.5
  • Nine-month realisation: Regulation 5 as amended on 22 September 2026 sets nine months from the invoice date.24
  • IFSC accounts: Since 6 October 2025, an exporter's foreign currency account in an IFSC gets three months to use or repatriate funds.1

The USD receiving guide compares more routes, and the USD to INR rate page shows today's rate.

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: Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) (Seventh Amendment) Regulations, 2025, Notification No. FEMA 10(R)(7)/2025-RB dated 6 October 2025, regulation 5(CA) (checked 2026-10-31)
  2. [2]Wise Help Centre, Receiving payments for Indian businesses (checked 2026-10-28)
  3. [3]Payoneer India, Multi-currency account page and FAQs (checked 2026-10-28)
  4. [4]Payoneer India, Payoneer Fees (checked 2026-10-28)
  5. [5]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 and 5
  6. [6]RBI: Master Direction on Regulation of Payment Aggregator dated 15 September 2025, paragraph 11(d) (transaction limit)
  7. [7]Skydo FAQs, How much does Skydo charge? (checked 2026-10-28)
  8. [8]Razorpay, Multi-Currency Account for International Bank Transfers (MoneySaver Export Account pricing) (checked 2026-10-28)
  9. [9]Karbon Business, PayPal Alternative comparison page (checked 2026-10-28)
  10. [10]Skydo FAQs, What countries can I get paid locally through Skydo? (checked 2026-10-28)
  11. [11]Razorpay Docs, International Bank Transfer (MoneySaver Export Account) (checked 2026-10-28)
  12. [12]Karbon Business, Karbon for Freelancers (checked 2026-10-28)
  13. [13]Wise India, Receive pricing (personal accounts) (checked 2026-10-28)
  14. [14]Payoneer India, Payoneer's multi-jurisdictional licenses (checked 2026-10-28)
  15. [15]RBI: Status of applications received under the Payment and Settlement Systems Act, 2007, as on 16.10.2026, Tables D and E (checked 2026-10-28)
  16. [16]RBI: Certificates of Authorisation issued under the Payment and Settlement Systems Act, 2007, Payment Aggregators list dated 16 October 2026 (checked 2026-10-28)
  17. [17]Wise India, Fees for getting paid (Wise Business receive pricing) (checked 2026-10-28)
  18. [18]IRS: Instructions for Form W-8BEN
  19. [19]IRS: Nonresident aliens, sourcing of income
  20. [20]Skydo, Receive international payments as a freelancer in India (product page) (checked 2026-10-28)
  21. [21]Karbon Forex Terms and Conditions, Interropac Private Limited (checked 2026-10-28)
  22. [22]Payoneer, How to use Payoneer in India (last modified 18 September 2026, checked 2026-10-28)
  23. [23]Payoneer Help Center, Digital FIRA FAQ (checked 2026-10-28)
  24. [24]RBI: Notification FEMA 23(R)/(1)/2026-RB dated 22 September 2026, amending regulation 5 (realisation period)
  25. [25]Wise India site, Wise Business pricing, fees at a glance (checked 2026-10-28)
  26. [26]CBIC: CGST Rules, 2017 (consolidated), rule 46 (tax invoice and export endorsement), rule 47 (time limit) and rule 89(2)(c) (refund documents)
  27. [27]GST Portal user guide: Furnishing of Letter of Undertaking (FORM GST RFD-11)
  28. [28]CBIC: IGST Act, 2017, section 16 (zero-rated supply)
  29. [29]Wise India blog, Verifying Wise Business account as a sole trader in India, dated 28 August 2026 (checked 2026-10-28)
  30. [30]Skydo, Terms of Use, last updated 9 April 2026 (checked 2026-10-28)

Frequently asked questions

How do I get a US account from India to receive international payments?+

Most Indian freelancers get US account details from a payment platform. Wise Business, Payoneer, Skydo, Razorpay and Karbon Business all publish USD receiving details for Indian users.23101112 A US client pays those details locally, and the platform converts the money to INR for your Indian bank account.211

Is a Wise USD account a real US bank account for Indian users?+

Wise gives Indian businesses USD account details that clients can pay, but Wise says Indian users cannot hold the foreign currency and cannot use the account details to send money.2 Each payment is converted to INR and sent to the verified Indian bank account automatically.2 Wise personal accounts in India cannot receive money.13

Can I keep US dollars in Payoneer from India?+

Payoneer's India pricing page says payments received are withdrawn automatically to the linked Indian bank account, with 1% to 4% charged when converting to INR.4 Its multi-currency account page also mentions withdrawal to an EEFC account.3 Ask Payoneer how long a balance can stay before the automatic withdrawal.

Is Payoneer allowed by RBI in India in 2026?+

Payoneer India Private Limited received in-principle authorisation as a cross-border payment aggregator on 22 January 2026.14 RBI lists it among applications under process as of 16 October 2026, and in-principle authorisation is not final authorisation.15 It does not appear on RBI's Certificates of Authorisation list dated 16 October 2026.16

Wise Business or Payoneer: which is cheaper for USD from India?+

Payoneer's India multi-currency page says receiving USD to its local account is free and its India pricing page lists a fixed fee or 1% for non-local currencies, with 1% to 4% charged to convert to INR.34 Wise charges the equivalent of 2 USD per transfer to India (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, so a full cost estimate for Wise is not possible from published pages.217

Do US clients need a W-8BEN from me to pay my US account details?+

A non-US individual gives Form W-8BEN to the payer when asked, and entities use Form W-8BEN-E.18 The IRS treats services performed outside the US as generally foreign-source income for a non-resident alien, which is generally not subject to US withholding.19 Your US client's payer team decides which form it needs.

Can an Indian freelancer open a bank account in the US?+

RBI's regulation 5(CA) lets a resident exporter open, hold and maintain a foreign currency account with a bank outside India for export proceeds and advances.1 Funds must pay for imports into India or be repatriated by the end of the next month, or within three months for an account in an IFSC.1 Whether a US bank accepts you is the bank's decision.

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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