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Wise, Payoneer or Airwallex: The Best Platform for Receiving USD Payments in India

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Editorial team, serviceexportguide.com
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Short answer

Wise has held RBI authorisation as a cross-border payment aggregator since 12 March 2026.1 Payoneer received in-principle PA-CB authorisation on 22 January 2026.2 Airwallex onboards Indian businesses through its Singapore entity and is not on RBI's PA-CB list.31 Airwallex's Singapore schedule lists a 0.60% conversion markup for currencies including INR.4

Applies toRules involvedPlatforms comparedLast verified
Indian freelancers, agencies and companies paid in USD for services5FEMA 2026 Regulations, PA Master Direction (₹25 lakh cap), RBI PA-CB list671Skydo, Razorpay, Karbon Business, Payoneer, Airwallex, Wise131 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.

Wise, Payoneer and Airwallex all give account details abroad so a client can pay you in US dollars, but they differ in who can sign up, how they price conversion to rupees, and where they sit on RBI's lists.1216131

This page compares them with the lowest-cost USD providers on published fees, then sets out the rules. The USD payments guide covers the currency in depth. Confirm your position with a chartered accountant (CA).

How do Wise, Payoneer and Airwallex compare for receiving USD in India?

Wise, Payoneer and Airwallex compare on three points: Wise is an authorised PA-CB, Payoneer has in-principle authorisation, and Airwallex onboards Indian businesses through its Singapore entity.123 The table adds the lowest-cost USD providers on published fees, ordered by estimated cost on a $5,000 receipt, cheapest first, then providers without full published pricing A to Z.89

PlatformBest forFeeFX markupSettlementFIRARBI PA-CB statusSource
SkydoLocal bank transfers from major markets19USD 19 up to USD 2,000, USD 29 from USD 2,001 to USD 10,000, 0.3% above, plus GST80% 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 20261Skydo820
RazorpayLocal transfers from the US, UK and eurozone211% plus GST on bank transfers, flat ₹1,000 below ₹1,00,00090% on bank transfers, per Razorpay9T+1 for bank transfers21Foreign Inward Remittance Statement within 24 hours of settlement21PA-CB inward and outward1Razorpay921
Karbon BusinessUS bank transfers and marketplace payouts221% transaction fee100% (freelancer page); 0.5% to 1.0% (PayPal alternative page)221024 to 48 hours22FIRA for every transaction from a partner bank22Not on the RBI list itself; its terms run export receipts under a partner the RBI lists as a PA-CB231Karbon2210
PayoneerMarketplace payouts such as Amazon or Upwork11Free to receive (multi-currency account page); fixed fee or 1% for non-local currencies (pricing page); 1% to 4% to withdraw to INR1617Not published separately17Within 24 hours (multi-currency account page); within 48 hours (pricing page)1617Free digital FIRA per transaction24In-principle PA-CB authorisation, 22 January 2026214Payoneer1724
AirwallexRegistered businesses paid by bank transfer130% for collections in most currencies, per the Singapore fee schedule40.40% for majors including USD; 0.60% for a list including INR40 to 2 business days for local INR payouts to India25FIRC from a bank partner on request; fee not published18Not on RBI's list or PA application status tables under the Airwallex name114Airwallex418
WiseBank transfers to local account details12Equivalent of 2 USD per transfer to the INR account (help article); free e-FIRC (receive pricing page); 18% GST on fees1215Conversion fee depends on the currency; no INR percentage published151 to 2 days after pay-in12e-FIRC for each transfer within 3 working days12PA-CB inward, authorised 12 March 20261Wise1215

Payoneer vs Airwallex and Wise vs Airwallex compare the pairs in more depth.

Which RBI rule governs USD received through these platforms?

USD received for services through any of these platforms is governed by the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 (the 2026 Regulations), in force from 1 October 2026.6 Providers that collect payments in India as aggregators fall under RBI's Payment Aggregator Master Direction.7

RuleBest for (who it applies to)Plain meaningSource
PA Master Direction, paragraph 11(d)Exporters paid through a PA-CB₹25 lakh per inward or outward transaction7RBI7
RBI Certificates of Authorisation list, 16 October 2026Anyone comparing providersLists authorised PA-CBs and the direction each may handle1RBI1
2026 Regulations, regulations 3 and 4Every service exporterFile the Export Declaration Form (EDF) within 30 days from the end of the invoice month, or for non-software services by the payment date6RBI6
2026 Regulations, regulation 5, as amendedAnyone with an open USD invoiceRealise within nine months; twelve months for rupee invoices26RBI26
A.P. (DIR Series) Circular No. 84 of 2012Every inward paymentPurpose code of P plus four digits27RBI27
IGST Act, section 2(6)GST-registered exportersFive conditions for an export of services5CBIC5

You can check whether a provider is RBI authorised on RBI's site.

What does each platform charge, and who can sign up?

Each platform's cost and eligibility differ: Wise and Payoneer accept freelancers, while Airwallex lists only registered businesses.282913

PlatformBest forWho can sign upPublished cost to receive USDSource
SkydoLocal bank transfers from major markets19Individuals 18 or over, proprietorships, companies and other entities, for business payments30Fixed USD slab plus GST8Skydo308
RazorpayLocal transfers from the US, UK and eurozone21Individual, proprietorship, partnership, private and public limited, LLP211% plus GST9Razorpay21
Karbon BusinessUS bank transfers and marketplace payouts22Terms require the user to be incorporated under Indian law231%10Karbon23
PayoneerMarketplace payouts such as Amazon or Upwork11Freelancers and businesses over 1829Free to receive (multi-currency account page); fixed fee or 1% for non-local currencies (pricing page); 1% to 4% to withdraw1617Payoneer17
AirwallexRegistered businesses paid by bank transfer13Companies, LLPs, proprietorships and partnerships with GST registration, MSMEs130% collection, 0.40% conversion markup for USD in Singapore schedule4Airwallex134
WiseBank transfers to local account details12Sole traders, proprietorships, private companies, LLPs and partnerships282 USD equivalent (help article) plus conversion fee; free e-FIRC (receive pricing page)1215Wise2812

How Airwallex's conversion margin applies to a USD to INR conversion is not published on its Singapore pricing pages.431

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

The cheapest USD platform depends on invoice size: Wise's and Skydo's fixed fees weigh most at $500, and percentage fees weigh most at $5,000.128 The table below works out INR received from published fees 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%
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.

  • At $500: Wise's 2 USD equivalent (India help article; its India receive pricing page describes a free e-FIRC) with GST is about 0.47% before conversion; Skydo is about 4.48% with GST.12815
  • At $2,000: Skydo is about 1.12% with GST and Razorpay 1.18%.89
  • At $5,000: Skydo is about 0.68% with GST; Payoneer's withdrawal fee is 1% to 4%.817

For example, a Gurugram analytics consultancy paid $5,000 a month by a US client pays about 0.68% through Skydo's slab, 1.18% through Razorpay, and 1% to 4% through Payoneer, while Airwallex's Singapore schedule lists a 0.40% to 0.60% conversion markup whose application to INR is not published.89174

What documents do you get from each platform?

Each platform issues its own proof of receipt, which supports your e-BRC on the DGFT portal and your GST records.32

DocumentBest forIssued bySource
FIRASkydo usersSkydo, free per payment20Skydo
Foreign Inward Remittance StatementRazorpay usersRazorpay, within 24 hours of settlement21Razorpay
Digital FIRAPayoneer usersPayoneer's partner AD bank24Payoneer
FIRCAirwallex usersAn authorised bank in India, on request through support18Airwallex
e-FIRCWise Business usersWise, within 3 working days12Wise
e-BRCEvery exporterSelf-certified on DGFT32DGFT

A GST-registered exporter files a Letter of Undertaking in FORM GST RFD-11 each financial year to invoice without IGST.33 See Wise vs Payoneer for a closer look at those two.

What changes in 2026 for receiving USD in India?

Receiving USD in India is affected by new RBI authorisations, the 2026 Regulations, the EDF for every service export and the nine-month realisation period.1626

  • Authorisations: Skydo was authorised on 8 January 2026 and Wise on 12 March 2026; Payoneer received in-principle authorisation on 22 January 2026.12
  • New regulations: In force from 1 October 2026.6
  • EDF: Every service exporter files an EDF from 1 October 2026; Circular No. 20 supersedes the SOFTEX circulars from that date.634
  • Realisation: Nine months from the invoice date; twelve months for rupee invoices.26
  • Income tax: The Income-tax Act, 2025 applies from 1 April 2026.35

The platform cost comparison recalculates each platform at 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: Certificates of Authorisation issued under the Payment and Settlement Systems Act, 2007, Payment Aggregators list dated 16 October 2026 (checked 2026-10-28)
  2. [2]Payoneer press release, Payoneer receives in-principle authorization as Cross-Border Payment Aggregator in India, 22 January 2026
  3. [3]Airwallex Help Centre, Eligible Countries and Territories (checked 2026-10-28)
  4. [4]Airwallex Singapore, Fee schedule, last updated 10 October 2026 (checked 2026-10-28)
  5. [5]CBIC: IGST Act, 2017, section 2(6) (export of services)
  6. [6]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, 5, 13 and 19)
  7. [7]RBI: Master Direction on Regulation of Payment Aggregators, 15 September 2025, paragraph 11(d)
  8. [8]Skydo FAQs, How much does Skydo charge? (checked 2026-10-28)
  9. [9]Razorpay, Multi-Currency Account for International Bank Transfers (MoneySaver Export Account pricing) (checked 2026-10-28)
  10. [10]Karbon Business, PayPal Alternative comparison page (checked 2026-10-28)
  11. [11]Payoneer, How to use Payoneer in India (last modified 18 September 2026, checked 2026-10-28)
  12. [12]Wise Help Centre, Receiving payments for Indian businesses (checked 2026-10-28)
  13. [13]Airwallex Help Centre, Documents required for companies in South East Asia (India section) (checked 2026-10-28)
  14. [14]RBI: Status of Applications received under the Payment and Settlement Systems Act, 2007, as on 16 October 2026 (checked 2026-10-28)
  15. [15]Wise India, Fees for getting paid (Wise Business receive pricing) (checked 2026-10-28)
  16. [16]Payoneer India, Multi-currency account page and FAQs (checked 2026-10-28)
  17. [17]Payoneer India, Payoneer Fees (checked 2026-10-28)
  18. [18]Airwallex Help Centre, What is an FIRC and how do I get one? (checked 2026-10-28)
  19. [19]Skydo FAQs, What countries can I get paid locally through Skydo? (checked 2026-10-28)
  20. [20]Skydo, Receive international payments as a freelancer in India (product page) (checked 2026-10-28)
  21. [21]Razorpay Docs, International Bank Transfer (MoneySaver Export Account) (checked 2026-10-28)
  22. [22]Karbon Business, Karbon for Freelancers (checked 2026-10-28)
  23. [23]Karbon Forex Terms and Conditions, Interropac Private Limited (checked 2026-10-28)
  24. [24]Payoneer Help Center, Digital FIRA FAQ (checked 2026-10-28)
  25. [25]Airwallex Docs, Payout network: bank accounts, India (checked 2026-10-28)
  26. [26]RBI: FEMA (Export and Import of Goods and Services) (Amendment) Regulations, 2026, Notification No. FEMA 23(R)/(1)/2026-RB dated 22 September 2026 (regulation 5: nine months, twelve months for rupee invoices)
  27. [27]RBI: A.P. (DIR Series) Circular No. 84 dated 29 February 2012, Compilation of R-Returns: Reporting under FETERS (purpose codes)
  28. [28]Wise Help Centre, How to verify your Indian business to receive payments (checked 2026-10-28)
  29. [29]Payoneer, How to receive international payments in India (last modified 31 August 2026, checked 2026-10-28)
  30. [30]Skydo, Terms of Use, last updated 9 April 2026 (checked 2026-10-28)
  31. [31]Airwallex Singapore, Pricing (checked 2026-10-28)
  32. [32]DGFT: eBRC services page (IRM data from banks; Trade Notice 33/2023-24 dated 10 November 2023)
  33. [33]GST portal user guide: Furnishing of Letter of Undertaking (FORM GST RFD-11)
  34. [34]RBI: A.P. (DIR Series) Circular No. 20 dated 16 January 2026 (supersedes the SOFTEX circulars from 1 October 2026)
  35. [35]PIB: Income-tax Act, 2025 comes into force from 1 April 2026

Frequently asked questions

What is the best platform to receive USD payments in India?+

No single platform suits every exporter. On published fees for a $5,000 bank transfer, Skydo, Razorpay and Karbon Business cost the least.8910 Payoneer suits marketplace payouts, Wise suits local bank transfers, and Airwallex suits registered businesses paid by bank transfer.111213

Can Indian freelancers use Airwallex to receive USD?+

Airwallex's India document list covers companies, LLPs, proprietorships, partnerships and MSMEs, and proprietorships and partnerships need a GST Registration Certificate.13 No route for unregistered individual freelancers is listed, so a freelancer without GST registration may not qualify for an Airwallex account.

Is Airwallex approved by RBI for export payments?+

Airwallex does not appear under its own name in RBI's list of authorised payment system operators or in RBI's status of PA applications as on 16 October 2026.114 Airwallex says Indian businesses are onboarded by its Singapore entity, which is licensed in Singapore as a Major Payment Institution.34

How much does Wise charge to receive USD in India?+

Wise's India help article says it charges an equivalent of 2 USD in the received currency for the transfer to your INR account, and its India receive pricing page describes the e-FIRC as free, with 18% GST on its fees.1215 The conversion fee depends on the currency, and Wise does not publish a percentage for INR.15

Does Payoneer charge to receive USD from clients in India?+

Payoneer's India multi-currency page says receiving USD is free for customers from India, and its India pricing page lists a fixed fee or 1% for non-local currencies.1617 Withdrawing to an Indian bank account in INR costs 1% to 4% of the amount, and Payoneer says the exact fee depends on region and volume and appears in your account.17

How do I get a FIRC from Airwallex?+

Airwallex says an FIRC is issued by an authorised bank in India, and you request it from Airwallex support through the chatbot in its web app.18 Airwallex says its banking partner may charge a fee, and the amount is not published.18

Is there a limit on USD payments through Wise or Payoneer?+

Wise accepts a minimum of 5 USD and a maximum of ₹25 lakh or equivalent per transaction, and returns payments outside these limits.12 RBI caps each PA-CB transaction at ₹25 lakh.7 Payoneer does not publish a limit on the India pages this site checked.17

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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