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Wise, PayPal or Payoneer: What RBI's EEFC Rules Mean for Receiving Euro Payments in India

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Short answer

In 2026 an Indian resident can credit 100% of foreign exchange earnings to an Exchange Earner's Foreign Currency (EEFC) account and must convert each month's balance by the end of the next month.1 Wise converts every payment to INR automatically.2 Payoneer says payouts can go to an EEFC account.3 PayPal publishes no EEFC payout option.4

Applies toRules involvedPlatforms comparedLast verified
Indian freelancers and businesses invoicing clients in euros5RBI Master Direction on Deposits and Accounts, paragraph 3.1 (EEFC); 2026 FEMA Regulations16Skydo, Razorpay, Karbon Business, Payoneer, PayPal, Wise7891011231 October 2026

900 EUR = ₹93,742 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₹937plus GST, rate not stated0%₹92,636 to ₹92,8041.00 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%₹92,562 to ₹92,7421.07 to 1.26%
3WinvestaGlobal Collections Account, standard plan (up to 2,000 a month per currency)Local transfers with a published per-payment fee₹1,7100%₹92,0321.82%
4SkydoTransfer to Skydo local account details or international SWIFT accountLocal bank transfers from major markets₹2,1130%₹91,6292.25%
5PayoneerLocal bank transfer to Payoneer receiving account detailsMarketplace payouts such as Amazon or Upwork₹0no GST stated1 to 4%₹89,992 to ₹92,8041.00 to 4.00%
6PayPalInternational commercial transaction received into a PayPal account (PayPal checkout or invoice)Clients paying by card or PayPal balance₹4,161no GST stated3 to 4%₹85,997 to ₹86,8937.31 to 8.26%

Not estimated because pricing is not fully published: Cashfree Payments, Dodo Payments, PingPong, 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, PayPal and Payoneer can all receive euros for Indian users, but they differ on whether any euros reach you as euros.234 The EEFC rules only matter if the money arrives in your Indian bank in foreign currency. For the full euro guide, see receiving EUR payments in India.

How do Wise, PayPal and Payoneer compare for receiving euro payments in India?

Wise, PayPal and Payoneer differ on cost and on EEFC payouts, and the three lowest-cost EUR providers on published fees are Skydo, Razorpay and Karbon Business.789 The table lists ranked providers by estimated cost on EUR 4,500, cheapest first, then the rest A to Z.

PlatformBest forFeeFX markupSettlementFIRARBI PA-CB statusSource
SkydoLocal bank transfers from major markets16USD 29 plus GST from USD 2,001 to USD 10,000. Estimated cost on EUR 4,500: 0.68%7170% markup on the mid-market rate (product page); retail rate set by Skydo or its partner banks (terms)1835Within 24 hours (product page); T+1 to T+3 business days (terms)1835Free FIRA on every payment18PA-CB-I & O19Skydo fee FAQ7
RazorpayLocal transfers from the US, UK and eurozone121% plus GST; EUR by SEPA. Estimated cost: 1.00 to 1.18%8120% markup8T+1 for push bank transfers12FIRS within 24 hours of settlement12PA-CB I & O19Razorpay MoneySaver page8
Karbon BusinessUS bank transfers and marketplace payouts201%. Estimated cost: 1.00 to 1.18%90% (freelancer page); 0.5% to 1.0% (PayPal alternative page)20924 to 48 hours20FIRA for every transaction20Not on the RBI list itself; its terms run export receipts under a partner the RBI lists as a PA-CB2119Karbon pages209
PayoneerMarketplace payouts such as Amazon or Upwork22Free to receive (multi-currency account page); fixed fee or 1% for non-local currencies (pricing page). Estimated cost: 1.00 to 4.00%3101% to 4% to INR10Within 24 hours (multi-currency account page); within 48 hours (pricing page)103Free digital FIRA per transaction23In-principle PA-CB authorisation; under process on 16 October 20262425Payoneer fees page10
PayPalClients paying by card or PayPal balance144.40% plus 0.35 EUR. Estimated cost: 7.28 to 8.23%113.0% or 4.00% above the base rate11Up to 5 business days4Free weekly digital FIRA15Existing PA-CB with in-principle authorisation granted25PayPal fee page11
WiseBank transfers to local account details22 USD equivalent per transfer to INR (help article); free e-FIRC (receive pricing page); 2.39 EUR per EUR Swift payment. Cost not estimated22627Currency-dependent fee; no INR percentage published27INR within 1 to 2 days2e-FIRC per transfer within 3 working days2PA-CB-I19Wise India help article2

Whether each option can pay euros into an EEFC account, as each provider publishes it:

PlatformBest forEEFC payoutSource
SkydoLocal bank transfers from major markets16Converted to INR and credited to your Indian bank account18
RazorpayLocal transfers from the US, UK and eurozone12Razorpay says it supports non-INR settlement to an EEFC account12
Karbon BusinessUS bank transfers and marketplace payouts20Paid in INR20
PayoneerMarketplace payouts such as Amazon or Upwork22Withdrawals to the linked Indian bank account or EEFC account, per the multi-currency page3
PayPalClients paying by card or PayPal balance14Not published; PayPal transfers the balance daily to the linked Indian bank account4
WiseBank transfers to local account details2No; every payment is converted to INR2

Which RBI rule governs euro payments received in India?

Euro payments for exported services fall under the 2026 FEMA Regulations, and any euros you keep fall under the EEFC rules in RBI's Master Direction on Deposits and Accounts.61

RuleBest forPlain meaningSource
Deposits and Accounts Master Direction, paragraph 3.1Residents who want to hold eurosCredit 100% of foreign exchange earnings received by inward remittance through normal banking channels1
Same, paragraph 3.1, point 4Anyone comparing returnsThe EEFC account is non-interest bearing1
Same, paragraph 3.1, point 6Monthly cash planningConvert balances into rupees on or before the last day of the succeeding calendar month1
2026 Regulations, regulation 5EUR invoicesRealise payment within nine months from the invoice date28
Payment Aggregator Master Direction, paragraph 11(d)Receipts through a PA-CB₹25 lakh maximum per transaction29

The EEFC account guide covers permitted uses of the balance.

What does each option charge for EUR?

Each EUR option charges a fixed fee, a percentage or a conversion spread.7811

OptionBest forPublished chargeSource
SkydoLocal bank transfers from major markets16USD 19 plus GST up to USD 2,000; USD 29 plus GST to USD 10,000; 0.3% plus GST above7
RazorpayLocal transfers from the US, UK and eurozone121% plus GST, flat fee below ₹1,00,0008
Karbon BusinessUS bank transfers and marketplace payouts201% transaction fee9
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% on conversion to INR310
PayPalClients paying by card or PayPal balance144.40% plus 0.35 EUR; 3.0% or 4.00% conversion spread11
WiseBank transfers to local account details2Domestic receipts free (business fee table); 2.39 EUR per EUR Swift payment; 2 USD equivalent per transfer to INR (help article); free e-FIRC (receive pricing page)26227

Which option is cheapest at EUR 1,800, EUR 4,500 and EUR 9,000?

The cheapest EUR option changes with invoice size: Razorpay and Karbon Business lead on EUR 1,800, and Skydo leads on EUR 4,500 and EUR 9,000.897 The table works out the rupees from published fees at today's rate.

PlatformBest forINR on EUR 1,800INR on EUR 4,500INR on EUR 9,000Cost on EUR 4,500
SkydoMost INRTransfer to Skydo local account details or international SWIFT accountLocal bank transfers from major markets₹1,85,371₹4,65,484₹9,34,1930.69%
Karbon BusinessBank transfer to a Karbon virtual USD accountUS bank transfers and marketplace payouts₹1,85,271 to ₹1,85,609₹4,63,178 to ₹4,64,022₹9,26,356 to ₹9,28,0431.00 to 1.18%
RazorpayMoneySaver Export Account: bank transfer to virtual account details (Standard plan)Local transfers from the US, UK and eurozone₹1,85,271 to ₹1,85,609₹4,63,178 to ₹4,64,022₹9,26,356 to ₹9,28,0431.00 to 1.18%
PayoneerLocal bank transfer to Payoneer receiving account detailsMarketplace payouts such as Amazon or Upwork₹1,79,984 to ₹1,85,609₹4,49,960 to ₹4,64,022₹8,99,921 to ₹9,28,0431.00 to 4.00%
PayPalInternational commercial transaction received into a PayPal account (PayPal checkout or invoice)Clients paying by card or PayPal balance₹1,72,030 to ₹1,73,822₹4,30,127 to ₹4,34,608₹8,60,289 to ₹8,69,2517.28 to 8.23%

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

Ranked by INR received on EUR 4,500. 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 EUR 1,800 the estimated cost is 1.00 to 1.18% with Razorpay or Karbon Business and 1.71% with Skydo; on EUR 9,000 it is 0.35% with Skydo.897

What documents and GST apply to euro payments?

Euro payments need the same documents as any service export, plus EEFC statements if you hold euros.61

DocumentBest forWho issues itSource
FIRA, e-FIRC or FIRSEach EUR receiptPlatform partner bank or your bank18230
Export Declaration FormEvery service export from 1 October 2026You, to your AD bank6
LUT (FORM GST RFD-11)Invoicing without IGSTYou, on the GST portal31
e-BRCGST refund recordsYou, on the DGFT portal32
  • Export status: a euro invoice counts as an export of services only when all five conditions in section 2(6) of the IGST Act are met.5
  • GST: an export of services is zero-rated under section 16 of the IGST Act.33
  • Late payment under LUT: IGST with interest becomes payable if payment is not received within one year of the invoice or the FEMA period, whichever is later.34

What changes in 2026 for euro payments to India?

Four 2026 changes apply to euro payments for services.6281

  • EDF for all services: from 1 October 2026 under the 2026 Regulations.6
  • Nine-month realisation: from the invoice date, from 1 October 2026.28
  • Deposits and Accounts Master Direction: updated as on 2 September 2026; the EEFC conversion deadline still applies.1
  • New PA-CB authorisations: RBI lists Skydo as PA-CB-I & O and Wise as PA-CB-I.19

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: Master Direction, Deposits and Accounts (FED Master Direction No. 14/2015-16), updated as on 2 September 2026, Part I paragraph 3.1 (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]PayPal India Help, How do I transfer funds to my bank account? (checked 2026-10-28)
  5. [5]IGST Act, 2017, section 2(6): definition of export of services (CBIC)
  6. [6]RBI: Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, amended up to 22 September 2026 (regulations 3, 4 and 5)
  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]Payoneer India, Payoneer Fees (checked 2026-10-28)
  11. [11]PayPal India, PayPal Merchant Fees (page last updated 28 March 2024) (checked 2026-10-28)
  12. [12]Razorpay Docs, International Bank Transfer (MoneySaver Export Account) (checked 2026-10-28)
  13. [13]European Central Bank: Single Euro Payments Area (SEPA) (checked 2026-10-28)
  14. [14]PayPal India, User Agreement for PayPal Services (last updated 13 January 2025) (checked 2026-10-28)
  15. [15]PayPal India, Foreign Inward Remittance Advise (FIRA) (checked 2026-10-28)
  16. [16]Skydo FAQs, What countries can I get paid locally through Skydo? (checked 2026-10-28)
  17. [17]Skydo, home page fee table (checked 2026-10-28)
  18. [18]Skydo, Receive international payments as a freelancer in India (product page) (checked 2026-10-28)
  19. [19]RBI: Certificates of Authorisation issued under the Payment and Settlement Systems Act, 2007, list dated 30 October 2026, cross-border money transfer (MTSS) and Payment Aggregator sections (checked 2026-10-31)
  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, 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]Payoneer press release, Payoneer receives in-principle authorization as Cross-Border Payment Aggregator in India, 22 January 2026
  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]Wise India site, Wise Business pricing, fees at a glance (checked 2026-10-28)
  27. [27]Wise India, Fees for getting paid (Wise Business receive pricing) (checked 2026-10-28)
  28. [28]RBI: Notification No. FEMA 23(R)/(1)/2026-RB dated 22 September 2026, amending regulation 5 (realisation period)
  29. [29]RBI: Master Direction on Regulation of Payment Aggregator, 15 September 2025, paragraphs 11(d), 11(h), 16 and 19 (checked 2026-10-31)
  30. [30]Razorpay Docs, FIRS Automated Process (checked 2026-10-28)
  31. [31]GST Portal user guide: Furnishing of Letter of Undertaking (FORM GST RFD-11)
  32. [32]DGFT: eBRC services page (Trade Notice 33/2023-24 dated 10 November 2023)
  33. [33]IGST Act, 2017, section 16: zero-rated supply (CBIC)
  34. [34]CBIC: CGST Rules, 2017, rule 96A, as substituted by Notification No. 12/2024-Central Tax dated 10 July 2024
  35. [35]Skydo, Terms of Use, last updated 9 April 2026 (checked 2026-10-28)

Frequently asked questions

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

For regular invoices, local EUR account details from a platform usually cost least. On published fees for EUR 4,500, Skydo costs about 0.68%, and Razorpay and Karbon Business 1.00 to 1.18%.789 PayPal costs 7.28 to 8.23% on the same amount.11

Can I receive euros directly into my EEFC account?+

Yes, if the payment reaches your Indian bank in euros, for example by SWIFT wire. RBI allows 100% of foreign exchange earnings by inward remittance to be credited to an EEFC account.1 Razorpay says it supports non-INR settlement to an EEFC account.12

Does an EEFC account pay interest on euro balances?+

No. RBI's Master Direction on Deposits and Accounts says an EEFC account is a non-interest bearing account.1 Balances must be converted into rupees on or before the last day of the succeeding calendar month, so the account suits short holding periods.1

Does Wise let Indian businesses hold euros?+

No. Wise's India help article says Indian users cannot hold the foreign currency they receive, and each payment is converted to INR and sent to the verified Indian bank account.2 Wise charges an equivalent of 2 USD for that transfer to INR.2

How do European clients pay in euros by local transfer?+

Clients in the euro area pay through the Single Euro Payments Area, using SEPA credit transfer, SEPA instant credit transfer, where funds arrive in about 10 seconds, or SEPA direct debit.13 Razorpay accepts EUR by SEPA to virtual account details.12

Is PayPal good for receiving euro payments in India?+

PayPal charges 4.40% plus a fixed fee of 0.35 EUR per international commercial transaction, plus a conversion spread of 3.0% or 4.00% above the base rate.11 It suits clients who want to pay by card or PayPal balance and offers a free weekly digital FIRA.1415

How long can I keep euros in an EEFC account before converting?+

RBI's Master Direction says EEFC balances should be converted into rupees on or before the last day of the succeeding calendar month.1 For example, an EEFC euro balance from March should be converted by 30 April. The account pays no interest in the meantime.1

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.

Keep reading

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How Do You Receive EUR (Euro) Payments in India in 2026?

How Indian freelancers and service exporters receive Euro (EUR): methods, platforms ordered by cost, INR received, EEFC, conversion timing and RBI rules.

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What are the benefits of an EEFC account for Indian service exporters?

What an Exchange Earner's Foreign Currency (EEFC) account lets an Indian exporter do, what RBI does not allow, and when it saves money on foreign receipts.

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What is an EEFC account?

An EEFC account is a foreign currency current account in India where resident exporters can keep up to 100% of foreign earnings. Rules, uses and limits.

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How Indian service exporters get paid by European clients: SEPA and IBAN, which providers publish EUR account details, treaty rates by country, and India paperwork.