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Wise, Payoneer or Airwallex: What GST Rules Mean for Freelancers Getting Paid from Singapore

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Editorial team, serviceexportguide.com
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Short answer

An Indian freelancer's service to a Singapore client is a zero-rated export when all five IGST section 2(6) conditions hold.12 Suppliers of only inter-State services need no registration up to ₹20 lakh turnover.3 Airwallex lists no route for unregistered freelancers; Wise and Payoneer accept individuals.456 IRAS thresholds decide Singapore GST.7 From October 2026 each export needs an EDF.8

Applies toRules involvedPlatforms comparedLast verified
Indian freelancers invoicing clients in Singapore1IGST Act sections 2(6) and 16; Notification 10/2017-Integrated Tax; FEMA Export and Import Regulations, 2026; IRAS overseas vendor rules12387Winvesta, Skydo, Payoneer, Airwallex, Wise91011121331 October 2026

1,300 SGD = ₹95,114 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
1WinvestaLowest estimated costGlobal Collections Account, standard plan (up to 2,000 a month per currency)Local transfers with a published per-payment fee₹1,9740%₹93,1402.08%
2SkydoTransfer to Skydo local account details or international SWIFT accountLocal bank transfers from major markets₹2,1130%₹93,0012.22%
3PayoneerLocal bank transfer to Payoneer receiving account detailsMarketplace payouts such as Amazon or Upwork₹0no GST stated1 to 4%₹91,310 to ₹94,1631.00 to 4.00%
4PayPalInternational commercial transaction received into a PayPal account (PayPal checkout or invoice)Clients paying by card or PayPal balance₹4,222no GST stated3 to 4%₹87,257 to ₹88,1667.31 to 8.26%

Not estimated because pricing is not fully published: PingPong, Tazapay, 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.

Freelancers paid by Singapore clients often compare Wise, Payoneer and Airwallex, then ask what GST means for the payment. Two GST systems are in play: India's GST, which treats qualifying exports as zero-rated, and Singapore's GST, which can reach overseas suppliers of remote services to Singapore consumers. This page compares the three platforms with the providers that cost least on published fees for a SGD 2,600 receipt,91011 and sets out both sets of GST rules. For treaty and country detail, see receiving money from Singapore to India.

How do Wise, Payoneer and Airwallex compare for freelancers getting paid from Singapore?

Wise and Payoneer both accept individual freelancers and give Singapore dollar (SGD) account details, while Airwallex's India document list covers registered businesses and lists no route for unregistered individual freelancers.5144 Singapore clients pay those local details through FAST or PayNow, which the Monetary Authority of Singapore describes as its domestic transfer services.15 Rows are ordered by estimated cost on SGD 2,600, cheapest first; providers without enough published pricing to estimate follow, A to Z.91011

PlatformBest forFeeFX markupSettlementFIRARBI PA-CB statusSource
WinvestaLocal transfers with a published per-payment fee0.99% plus a fixed fee per payment up to 2,000 a month per currency (for example $3, EUR 5, SGD 10); 18% GST on feesAdvertises 0% forex markupUSD 1 business day, EUR and GBP 2 business days after processingFree e-FIRA within 24 hoursSays it is an online payment gateway service provider; not on RBI's PA-CB list or status tables916171819202122
SkydoLocal bank transfers from major marketsUSD 19 plus GST up to USD 2,000; USD 29 plus GST up to USD 10,000; 0.3% plus GST above0% markup on the mid-market rate (product page); retail rate set by Skydo or its partner banks (terms)Within 24 hours (product page); T+1 to T+3 business days (terms)Free FIRA on every payment, per SkydoListed PA-CB for inward and outward transactions, authorised 8 January 202610232425202641
PayoneerMarketplace payouts such as Amazon or UpworkFree to receive (multi-currency account page); fixed fee or 1% for non-local currencies (pricing page); fees shown in the account1% to 4% to withdraw in INR from a foreign currency balanceWithin 24 hours (multi-currency account page); within 48 hours (pricing page)Free digital FIRA for each transactionOPGSP registration; PA-CB in-principle authorisation (22 January 2026), not yet a Certificate of Authorisation1411272829212030
AirwallexRegistered businesses paid by bank transfer0% collection fee for most currencies (Singapore fee schedule)0.40% for major currencies, 0.60% for a list that includes INR (Singapore fee schedule)0 to 2 business days for local INR payoutsFIRC from a partner bank on request through support; a fee may apply, amount not publishedOnboarded through Airwallex Singapore; not on RBI's PA list or application status list123132332021434
WiseBank transfers to local account details2 USD equivalent per transfer to the INR account (help article); free e-FIRC (receive pricing page); 18% GST on feesMid-market rate plus a fee that depends on the currency; no INR percentage publishedINR within 1 to 2 days, per Wisee-FIRC for each transfer within 3 working daysListed PA-CB for inward transactions, authorised 12 March 2026133520
  • Lowest published cost at SGD 2,600: Winvesta at about 1.62% (0.99% plus SGD 10 and GST), then Skydo at about 1.69%.91023
  • Payoneer: 1% to 4% to withdraw in INR, so about 1.00 to 4.00%.11
  • Airwallex and Wise: not estimated, because neither publishes enough India pricing to estimate a cost to INR.3335

The order follows published fees only and changes with invoice size.

Which RBI and GST rules govern money from a Singapore client?

Money from a Singapore client for services falls under the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 for RBI purposes, and under the IGST Act's export test for Indian GST.81 Singapore's own GST applies to overseas suppliers only in defined cases, set out by IRAS.7

RuleBest forPlain meaningSource
IGST Act, section 2(6)Every freelancer billing a Singapore clientAll five export conditions must hold, including payment in convertible foreign exchange1
IGST Act, section 16GST-registered freelancersExports are zero-rated; supply under an LUT goes without IGST2
Notification No. 10/2017-Integrated Tax and CGST Act, section 2(6)Small freelancers deciding on registrationSuppliers of only inter-State taxable services up to ₹20 lakh aggregate turnover (₹10 lakh in special category States) are exempt from registration; export turnover counts in aggregate turnover336
FEMA (Export and Import of Goods and Services) Regulations, 2026Every service exporterEDF within 30 days from the end of the invoice month, or by the payment date for non-software services8
Regulation 5, as amended on 22 September 2026Freelancers with long payment termsPayment within nine months of the invoice date37
Master Direction on Regulation of Payment Aggregators, paragraph 11(d)Freelancers using platformsA cross-border aggregator transaction is capped at ₹25 lakh38

An unregistered freelancer cannot file an LUT, because the LUT is filed by a registered person on the GST portal.39 See GST registration for freelancers who export.

What does each option charge a freelancer paid in SGD?

Each option charges a freelancer paid in SGD differently, and the sign-up rules decide which ones a freelancer can use at all.945

OptionBest forPublished charge on an SGD receiptWho can sign upSource
WinvestaLocal transfers with a published per-payment fee0.99% plus SGD 10 per payment up to 2,000 a month; 18% GST on feesFreelancers with PAN, Aadhaar, a marketing channel link and bank details; businesses94022
SkydoLocal bank transfers from major marketsUSD 19 plus GST up to USD 2,000; USD 29 plus GST up to USD 10,000Individuals aged 18 or over, proprietorships and companies104126
PayoneerMarketplace payouts such as Amazon or UpworkFree to receive (multi-currency account page); fixed fee or 1% for non-local currencies (pricing page); 1% to 4% to withdraw in INRIndividuals (freelancers) and businesses1411630
AirwallexRegistered businesses paid by bank transfer0% collection fee for most currencies and 0.60% conversion margin for a list including INR (Singapore schedule)Registered companies, LLPs, proprietorships and partnerships; proprietorships and partnerships need GST registration12434
WiseBank transfers to local account details2 USD equivalent per transfer to the INR account (help article); free e-FIRC (receive pricing page); 18% GST on feesWise Business: sole traders with a personal PAN, proprietorships, companies, LLPs and partnerships13535

Airwallex's GST registration requirement for proprietorships is a practical link between platform choice and GST: an unregistered freelancer is not on its published list.4

Which option is cheapest at SGD 2,600, SGD 6,400 and SGD 12,800?

The cheapest option at each SGD invoice size changes because Winvesta's fixed SGD 10 and Skydo's fixed USD fee weigh differently as the invoice grows.910 The table works out the INR received on published fees at today's rate.

PlatformBest forINR on SGD 2,600INR on SGD 6,400INR on SGD 13,000Cost on SGD 6,400
SkydoMost INRTransfer to Skydo local account details or international SWIFT accountLocal bank transfers from major markets₹1,87,004₹4,65,030₹9,47,7760.69%
WinvestaGlobal Collections Account, standard plan (up to 2,000 a month per currency)Local transfers with a published per-payment fee₹1,87,143₹4,61,922₹9,39,1691.35%
PayoneerLocal bank transfer to Payoneer receiving account detailsMarketplace payouts such as Amazon or Upwork₹1,82,619 to ₹1,88,326₹4,49,525 to ₹4,63,573₹9,13,097 to ₹9,41,6321.00 to 4.00%

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

Ranked by INR received on SGD 6,400. 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 published fees a SGD 2,600 receipt costs about 1.62% with Winvesta and 1.69% with Skydo; at SGD 6,400 Skydo works out to about 0.69% and Winvesta to about 1.35%.91023 At SGD 12,800, Skydo's fee works out to about 0.34% and Winvesta's to about 1.26%.910

What documents and GST apply to payments from Singapore?

A payment from a Singapore client is an Indian export of services when all five conditions in section 2(6) of the IGST Act hold, and Singapore GST reaches an Indian freelancer only in the cases IRAS sets out.17

Document or ruleWhat it doesWhenBest for
Export of services test, IGST Act section 2(6)Five conditions: supplier in India, recipient outside India, place of supply outside India, payment in convertible foreign exchange (or INR where RBI permits), and the two not merely establishments of one person1Before you invoiceChecking a new foreign client
Letter of Undertaking (LUT) in FORM GST RFD-11Lets a registered supplier invoice exports without IGST; deemed accepted when the ARN is generated392Once for each financial yearGST-registered freelancers and firms
Export Declaration Form (EDF)Declares the export to your authorised dealer (AD) bank; one EDF can cover a month's invoices8Within 30 days from the end of the invoice month, or for non-software services on or before the payment date8Every service exporter from 1 October 2026
Purpose codeTells the bank what the receipt is for, as a five-character code starting with P42When the money arrivesMatching the receipt to the service
FIRA, FIRC or e-FIRCAdvice or certificate showing the foreign payment reached India, usually with the rate and purpose codeFor each receipt, from the bank or platformMatching each payment to its invoice
e-BRCSelf-generated by the exporter on the DGFT portal from the bank's inward remittance (IRM) data4344After the bank reports the receiptProving realisation for GST refunds and schemes
Rule 96A, CGST RulesIGST with interest becomes payable if payment is not received within one year of the invoice, or the FEMA period with any extension, whichever is later45Tracked per invoiceExporters with slow-paying clients
  • Singapore GST on B2C remote services: from 1 January 2023 GST applies to digital and non-digital remote services, and an overseas business must register if its global turnover exceeds S$1 million and its B2C supplies to Singapore exceed S$100,000 a year.7
  • Singapore business clients: the overseas supplier charges GST to a customer treated as non-registered unless the customer gives its GST registration number; GST-registered businesses not entitled to full input tax account for GST on imported services under reverse charge.7
  • Singapore withholding tax: IRAS says that where a non-resident company provides services electronically from overseas without sending staff to Singapore, the services are rendered outside Singapore and withholding does not apply.46

See GST on export of services and, for digital products sold to consumers, OIDAR services under GST.

What changes in 2026 for freelancers paid from Singapore?

The 2026 changes for freelancers paid from Singapore are the FEMA export regulations with the EDF from 1 October 2026, the nine-month realisation period, and the Income-tax Act, 2025.83747

ChangeFromWhat it meansBest for
FEMA (Export and Import of Goods and Services) Regulations, 20261 October 2026Replace the 2015 export regulations for goods and services8Every exporter
EDF for all services1 October 2026Every exporter of services gives an EDF to the AD bank, not only software exporters8Freelancers and agencies new to the EDF
Realisation period1 October 2026Nine months from the invoice date, or twelve months if invoiced or settled in rupees37Exporters with long payment terms
Income-tax Act, 20251 April 2026"Tax year" replaces previous year and assessment year; tax year 2026-27 runs from 1 April 2026 to 31 March 202747Everyone filing income tax
GST Council recommendation on condition (v) of section 2(6)Recommended 8 October 2026A recommendation only; it needs a change in the law and is not in force48Exporters billing a related foreign entity
  • Platform status: Skydo was authorised as a PA-CB on 8 January 2026 and Wise on 12 March 2026, while Airwallex is not on RBI's PA list or application status list.2021

Your GST and tax position depends on your facts, so confirm it with a chartered accountant.

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]CBIC: IGST Act, 2017, section 2(6), definition of export of services
  2. [2]CBIC: IGST Act, 2017, section 16, zero-rated supply
  3. [3]Notification No. 10/2017-Integrated Tax, exemption from registration for inter-State suppliers of taxable services (GSTZen reproduction)
  4. [4]Airwallex Help Centre, Documents required for companies in South East Asia (India section) (checked 2026-10-28)
  5. [5]Wise Help Centre, How to verify your Indian business to receive payments (checked 2026-10-28)
  6. [6]Payoneer, How to receive international payments in India (last modified 31 August 2026, checked 2026-10-28)
  7. [7]IRAS: Overseas businesses supplying remote services and low-value goods to Singapore (checked 2026-10-31)
  8. [8]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 and 19)
  9. [9]Winvesta FAQs, What are the charges for the global collections account? (checked 2026-10-28)
  10. [10]Skydo FAQs, How much does Skydo charge? (checked 2026-10-28)
  11. [11]Payoneer India, Payoneer Fees (checked 2026-10-28)
  12. [12]Airwallex Singapore, Fee schedule, last updated 10 October 2026 (checked 2026-10-28)
  13. [13]Wise Help Centre, Receiving payments for Indian businesses (checked 2026-10-28)
  14. [14]Payoneer India, Multi-currency account page and FAQs (checked 2026-10-28)
  15. [15]Monetary Authority of Singapore: E-Payments (FAST and PayNow) (checked 2026-10-28)
  16. [16]Winvesta, Multi-Currency Business Account (checked 2026-10-28)
  17. [17]Winvesta FAQs, How long does it take for funds to reach my Indian bank account? (checked 2026-10-28)
  18. [18]Winvesta FAQs, When will I receive my e-FIRA certificate? (checked 2026-10-28)
  19. [19]Winvesta FAQs, How is Winvesta regulated? (checked 2026-10-28)
  20. [20]RBI: Certificates of Authorisation issued under the Payment and Settlement Systems Act, 2007, Payment Aggregators (PA-O, PA-P and PA-CB), list dated 16 October 2026 (checked 2026-10-28)
  21. [21]RBI: Status of Applications received under Payment and Settlement Systems Act, 2007, as on 16 October 2026 (checked 2026-10-28)
  22. [22]Winvesta FAQs, What currencies are available with local accounts? (checked 2026-10-28)
  23. [23]Skydo, home page fee table (checked 2026-10-28)
  24. [24]Skydo, Receive international payments as a freelancer in India (product page) (checked 2026-10-28)
  25. [25]Skydo FAQs, What is accepted for GST filings and banks between FIRA and FIRC? (checked 2026-10-28)
  26. [26]Skydo FAQs, What countries can I get paid locally through Skydo? (checked 2026-10-28)
  27. [27]Payoneer Help Center, Digital FIRA FAQ (checked 2026-10-28)
  28. [28]Payoneer India, Payoneer's multi-jurisdictional licenses (checked 2026-10-28)
  29. [29]Payoneer press release, Payoneer receives in-principle authorization as Cross-Border Payment Aggregator in India, 22 January 2026
  30. [30]Payoneer, How to use Payoneer in India (last modified 18 September 2026, checked 2026-10-28)
  31. [31]Airwallex Docs, Payout network: bank accounts, India (checked 2026-10-28)
  32. [32]Airwallex Help Centre, What is an FIRC and how do I get one? (checked 2026-10-28)
  33. [33]Airwallex Help Centre, Eligible Countries and Territories (checked 2026-10-28)
  34. [34]Airwallex Help Centre, Which currencies can I get a Global Account in and what payments can I receive? (checked 2026-10-28)
  35. [35]Wise India, Fees for getting paid (Wise Business receive pricing) (checked 2026-10-28)
  36. [36]CBIC: CGST Act, 2017, section 2(6), aggregate turnover
  37. [37]RBI: Notification No. FEMA 23(R)/(1)/2026-RB dated 22 September 2026, amending regulation 5 (realisation period)
  38. [38]RBI: Master Direction on Regulation of Payment Aggregators, 15 September 2025, paragraph 11(d)
  39. [39]GST Portal user guide: Furnishing of Letter of Undertaking (FORM GST RFD-11)
  40. [40]Winvesta FAQs, What documents do I need to open a global collection account as a freelancer? (checked 2026-10-28)
  41. [41]Skydo, Terms of Use, last updated 9 April 2026 (checked 2026-10-28)
  42. [42]RBI: A.P. (DIR Series) Circular No. 84 (RBI/2011-12/413) dated 29 February 2012, Compilation of R-Returns: Reporting under FETERS
  43. [43]DGFT: eBRC services (self-generation of e-BRC from bank inward remittance data)
  44. [44]DGFT: FAQs (Self-Generation of eBRC), Version 1.0, March 2024
  45. [45]CBIC: CGST Rules, 2017, rule 96A, as substituted by Notification No. 12/2024-Central Tax dated 10 July 2024
  46. [46]IRAS: Payments that are Subject to Withholding Tax, payments to non-resident companies (checked 2026-10-28)
  47. [47]PIB: Income-tax Act, 2025 comes into force from 1 April 2026
  48. [48]GST Council: Press release on the recommendations of the 57th GST Council meeting, 8 October 2026

Frequently asked questions

What is the best way to receive Singapore to India payments as a freelancer?+

On published fees for SGD 2,600, Winvesta costs about 1.62% and Skydo about 1.69%, and Payoneer charges 1% to 4% to withdraw in INR.91011 Wise does not publish its INR conversion percentage. The right choice also depends on FIRA, sign-up rules and how your client prefers to pay.

Can an individual freelancer in India use Airwallex for Singapore clients?+

Airwallex's India document list covers companies, LLPs, proprietorships and partnerships, and requires a GST Registration Certificate for proprietorships and partnerships.4 It lists no route for unregistered individual freelancers, so an individual without GST registration would usually look at Wise Business or Payoneer instead.56

Do I need GST registration to get paid by a Singapore client?+

You do not need GST registration until aggregate turnover passes ₹20 lakh (₹10 lakh in special category States) for suppliers of only inter-State services, and export turnover counts toward it.336 Registration is needed to file an LUT and invoice exports without IGST under that route.39

Do I charge Singapore GST to my Singapore client?+

Singapore GST reaches an overseas supplier of remote services sold to non-registered customers once global turnover exceeds S$1 million and B2C supplies to Singapore exceed S$100,000 a year.7 Below those thresholds you do not register; GST-registered business clients may account under reverse charge.7

Does a Singapore client deduct withholding tax on payments to an Indian freelancer?+

IRAS says that for a non-resident company, services provided electronically from overseas without sending staff to Singapore are rendered outside Singapore, so withholding tax does not apply to them.46 Work done in Singapore is treated differently, so tell your client where the work is performed.

Can my Singapore client pay me through PayNow?+

A Singapore client can pay by PayNow or FAST only to Singapore account details, because both are domestic Singapore services, as the Monetary Authority of Singapore describes them.15 Wise, Payoneer and Skydo give SGD local account details, so a PayNow or FAST payment can reach them before conversion to rupees.131426

Do I get a FIRA for SGD payments received through Wise or Payoneer?+

Wise says it emails an e-FIRC for each transfer within 3 working days, and Payoneer says it issues a free digital FIRA for each transaction through its partner bank.1327 Airwallex issues a FIRC on request through support, with any fee set by its banking partner.32

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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