Payments

Wise, PayPal or Payoneer: What RBI's Export Rules Mean for Getting Paid by a Singapore Client

Author:: Editorial team, serviceexportguide.com
Verified by:: Editorial team
Published: 31 October 2026
Last modified: 31 October 2026
Fees checked on: 28 October 2026
Reading time: 7 min read

Short answer

RBI's 2026 Regulations require an EDF for every service export from 1 October 2026.¹ A Singapore client's invoice must be paid within nine months.² Wise gives Indian businesses local SGD account details.⁴³ Payoneer lists local SGD receiving details.³⁶ PayPal charges 4.40% plus a fixed fee per international commercial payment.⁴⁰ IRAS does not apply withholding to services rendered wholly overseas.¹⁹

Applies to	Rules involved	Platforms compared	Last verified
Indian freelancers and businesses invoicing clients in Singapore⁸	FEMA (Export and Import of Goods and Services) Regulations, 2026; PA Master Direction 11(d); IRAS withholding tax rules¹⁵¹⁹	Skydo, Winvesta, Payoneer, PayPal, Wise⁶	31 October 2026

Invoice amountCurrencyHow the client pays

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 route	Best for	Fee (+GST)	Markup	You receive	Cost
1	WinvestaLowest estimated costGlobal Collections Account, standard plan (up to 2,000 a month per currency)	Local transfers with a published per-payment fee	₹1,974	0%	₹93,140	2.08%
2	SkydoTransfer to Skydo local account details or international SWIFT account	Local bank transfers from major markets	₹2,113	0%	₹93,001	2.22%
3	PayoneerLocal bank transfer to Payoneer receiving account details	Marketplace payouts such as Amazon or Upwork	₹0no GST stated	1 to 4%	₹91,310 to ₹94,163	1.00 to 4.00%
4	PayPalInternational commercial transaction received into a PayPal account (PayPal checkout or invoice)	Clients paying by card or PayPal balance	₹4,222no GST stated	3 to 4%	₹87,257 to ₹88,166	7.31 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.

Singapore clients often run regional businesses and pay suppliers quickly, usually through FAST transfers or PayNow at home, or by card or PayPal when paying abroad.²¹ For an Indian freelancer, agency or IT company, the choice is mostly between local SGD account details from a provider, PayPal, and a SWIFT wire. This page compares Wise, PayPal and Payoneer with the lowest-cost providers in this site's SGD cost model and explains the Indian export rules that apply.

RBI's export rules apply to a Singapore client exactly as to any other: declare the export, collect within the realisation period, and keep proof of each receipt.¹² Singapore's own tax rules decide whether the client withholds anything.¹⁹ Confirm your own setup with a chartered accountant (CA).

How do Wise, PayPal and Payoneer compare for getting paid by a Singapore client?

Wise, PayPal and Payoneer compare differently for a Singapore client: Wise and Payoneer give local SGD details, Wise is an authorised PA-CB, and PayPal charges 4.40% plus a fixed fee before conversion.⁶³⁶⁴⁰⁴³ The table orders providers by estimated cost on SGD 6,400 from published fees, cheapest first, then providers without enough published pricing.²³²⁸³⁷⁴⁰

Platform	Best for	Fee	FX markup	Settlement	FIRA	RBI PA-CB status	Source
Skydo	Local bank transfers from major markets²²	USD 19 plus GST up to USD 2,000; USD 29 plus GST from USD 2,001 to USD 10,000; 0.3% plus GST above²³²⁴	Product page: mid-market rate, 0% markup; terms: retail rate set by Skydo or its partner banks²⁵²⁶	Within 24 hours per product page; T+1 to T+3 business days per terms²⁵²⁶	Free FIRA on every payment²⁵²⁷	PA-CB-I & O, authorised 8 January 2026⁶	Skydo fee FAQ²³
Winvesta	Local transfers with a published per-payment fee²⁸²⁹	0.99% plus SGD 10 per transaction up to 2,000 a month per currency; 0.2% above 100,000 a month; 18% GST on fees²⁸	Advertises 0% forex markup³⁰	USD 1 business day, EUR and GBP 2 business days after processing; SGD not stated³¹	Free e-FIRA within 24 hours³²	Says it is an OPGSP; not on RBI's PA list or status tables as on 16 October 2026⁶⁷³³	Winvesta charges FAQ²⁸
Payoneer	Marketplace payouts such as Amazon or Upwork³⁸	Local SGD receiving: free per the India account page, or "fixed fee or 1%" per the pricing page³⁶³⁷	1% to 4% when converting to INR³⁷	Within 24 hours (multi-currency account page); within 48 hours (pricing page)³⁶³⁷	Free digital FIRA from a partner AD bank³⁵	In-principle PA-CB authorisation on 22 January 2026; RBI Table E as on 16 October 2026⁷³⁴	Payoneer pricing³⁷
PayPal	Clients paying by card or PayPal balance³⁹	4.40% plus a fixed fee by currency per international commercial transaction⁴⁰	3.0% or 4.00% above the base rate; the page does not say which applies to INR withdrawals⁴⁰	Up to 5 business days⁴¹	Free weekly digital FIRA from February 2026⁴²	Existing PA-CB that can operate, with in-principle authorisation, as on 16 October 2026⁷	PayPal fee page⁴⁰
Wise	Bank transfers to local account details⁴³	2 USD equivalent for the e-FIRC transfer per the help article; free e-FIRC per the pricing page; 18% GST on fees⁴³⁴⁴	Mid-market rate plus a currency-dependent fee; no INR percentage published⁴⁴⁴⁵	INR within 1 to 2 days⁴³	e-FIRC per transfer within 3 working days⁴³	PA-CB-I, authorised 12 March 2026⁶	Wise help article⁴³

Winvesta lists local details in USD, EUR, GBP and CAD and SWIFT details for other currencies, so check how SGD reaches it before you share details.²⁹ See Wise vs PayPal for a two-way comparison.

Which RBI rule governs money from a Singapore client?

Money from a Singapore client is governed by the FEMA (Export and Import of Goods and Services) Regulations, 2026 for declaration and realisation, and by RBI's Payment Aggregator Master Direction where a provider collects it.¹⁵

Rule	Best for	Plain meaning	Source
2026 Regulations, regulations 3 and 4	Every Singapore invoice	EDF within 30 days from the end of the invoice month, or by the payment date for non-software services¹	RBI¹
2026 Regulations, regulation 5 as amended	Every Singapore invoice	Realise within nine months, or twelve months for rupee invoices²	RBI²
PA Master Direction, paragraphs 11(d) and 11(h)	Payments through Wise, Skydo or another PA-CB	₹25 lakh cap per transaction; the PA-CB gives your AD bank your documents⁵	RBI⁵
IGST Act, sections 2(6) and 13(2)	GST treatment	Export of services where the five conditions hold; place of supply at the client's location by default⁸⁹	CBIC
IRAS withholding rules	The Singapore client	Withholding only on work done in Singapore¹⁹	IRAS¹⁹

These rules apply whichever of Wise, PayPal or Payoneer the client pays through.

What does each option charge on Singapore dollars?

Each option charges differently on Singapore dollars: Skydo charges a fixed fee by band, Winvesta charges 0.99% plus SGD 10 on smaller volumes, Payoneer charges 1% to 4% on conversion, and PayPal charges 4.40% plus a fixed fee and a conversion fee.²³²⁸³⁷⁴⁰

Option	Best for	Estimated cost on SGD 6,400	What drives the cost	Source
Skydo	Larger SGD invoices by FAST	0.69%	USD 29 fixed fee plus GST²³	Skydo²³²⁴
Winvesta	Smaller monthly SGD volumes	1.35%	0.99% plus SGD 10, with GST on fees²⁸	Winvesta²⁸
Payoneer	Marketplace sellers	1.00 to 4.00%	Conversion fee to INR³⁷	Payoneer³⁷
PayPal	Card and wallet payers	7.28 to 8.23%	4.40% plus fixed fee, then a conversion fee⁴⁰	PayPal⁴⁰
Wise	Clients paying by FAST to local details	Not estimated	INR conversion fee not published as a percentage⁴⁴	Wise⁴⁴

A SWIFT wire to your own bank is priced in the bank's published charges policy under regulation 19.¹

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

The cheapest option at SGD 2,600, SGD 6,400 and SGD 12,800 shifts with invoice size, because Skydo's fees are fixed by band while Winvesta's are mostly a percentage.²³²⁸ The table below works out rupees received at today's rate from published fees.

Platform	Best for	INR on SGD 2,600	INR on SGD 6,400	INR on SGD 13,000	Cost on SGD 6,400
SkydoMost INRTransfer to Skydo local account details or international SWIFT account	Local bank transfers from major markets	₹1,87,004	₹4,65,030	₹9,47,776	0.69%
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	₹9,39,169	1.35%
PayoneerLocal bank transfer to Payoneer receiving account details	Marketplace payouts such as Amazon or Upwork	₹1,82,619 to ₹1,88,326	₹4,49,525 to ₹4,63,573	₹9,13,097 to ₹9,41,632	1.00 to 4.00%
PayPalInternational commercial transaction received into a PayPal account (PayPal checkout or invoice)	Clients paying by card or PayPal balance	₹1,74,549 to ₹1,76,367	₹4,29,711 to ₹4,34,187	₹8,72,886 to ₹8,81,979	7.28 to 8.23%

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, at SGD 2,600 Winvesta's 0.99% plus SGD 10 works out to about 1.62% and Skydo's USD 19 fee to about 1.69%, while at SGD 12,800 Skydo falls to about 0.34%.²³²⁴²⁸ PayPal stays above 7% at every size on its published fees.⁴⁰

What documents and GST apply to payments from a Singapore client?

Payments from a Singapore client need a FIRA for each receipt, an EDF with your bank and an LUT if you are GST registered; the client may also ask for a Certificate of Residence where it claims a treaty rate.¹¹³²⁰

Document	Best for	What it does	Source
FIRA or e-FIRC	Every SGD receipt	Proves the payment; Wise, Payoneer, PayPal, Skydo and Winvesta each issue one²⁵³²³⁵⁴²⁴³	Provider pages
FIRC	GST refund claims	Bank certificate named in rule 89(2)(c)¹²	CBIC¹²
e-BRC	Exporters with an IEC	Self-certified on DGFT from the bank's IRM¹⁴¹⁵	DGFT¹⁴
EDF	Every service exporter	Declares the export to the AD bank from 1 October 2026¹	RBI¹
LUT	GST-registered exporters	Invoice without IGST, in FORM GST RFD-11¹³	GST portal¹³
Certificate of Residence	Work where Singapore withholding applies	Lets the Singapore payer apply a reduced treaty rate²⁰	IRAS²⁰

Exports are zero-rated under section 16 of the IGST Act, and under rule 96A IGST with interest falls due if an LUT export is unpaid beyond one year or the FEMA period, whichever is later.¹⁰¹¹ The India-Singapore DTAA taxes fees for technical services at 10% in the source country.¹⁸ See receive money from Singapore to India and DTAA for Indian exporters.

What changes in 2026 for Indian exporters paid by Singapore clients?

Indian exporters paid by Singapore clients work under new RBI export rules from 1 October 2026, a nine-month realisation period and a new Income-tax Act from 1 April 2026.¹²¹⁶

2026 Regulations: The 2026 Regulations replaced the 2015 Regulations on 1 October 2026.¹
EDF for services: Every service exporter files an EDF, and RBI Circular No. 20 supersedes the SOFTEX circulars from that date.¹⁴
Realisation period: The period went to 15 months in November 2025 and is back to nine months from the invoice date.²³
Provider status: RBI authorised Skydo on 8 January 2026 and Wise on 12 March 2026 as PA-CBs; Payoneer received in-principle authorisation on 22 January 2026.⁶³⁴
PayPal FIRA: PayPal moved to free weekly digital FIRAs in February 2026.⁴²
Income tax: Foreign tax credit for tax year 2026-27 is claimed in Form 44.¹⁷

For the currency view, read receive SGD payments in India.

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.

Frequently asked questions

How can I receive payments from my Singaporean client?+

You can receive payments from a Singaporean client by FAST transfer to local SGD account details from a payment provider such as Wise, Payoneer or Skydo, through PayPal or card, or by SWIFT wire to your own Indian bank. Whichever you choose, file an EDF with your bank and keep a FIRA for each payment.¹²¹²²³⁶⁴³

Can a Singapore client pay me through PayNow?+

PayNow is a central addressing scheme built on FAST that lets payers in Singapore send Singapore dollars using an ID number, mobile number or UEN, according to the Monetary Authority of Singapore. It works between participating Singapore banks, so an Indian exporter needs local SGD details from a provider to be paid this way.²¹

Will my Singapore client deduct withholding tax from my invoice?+

IRAS says withholding tax on service fees to a non-resident company applies only to the part attributable to work done in Singapore. Services provided from overseas without sending staff to Singapore are rendered outside Singapore, so withholding tax does not apply to them.¹⁹

Does my Singapore client need a certificate from me?+

A Singapore payer that applies a reduced treaty rate must obtain a Certificate of Residence from the non-resident for each year relief is claimed, according to IRAS. This matters only where withholding applies, such as work done in Singapore; ask your client what it needs before the first invoice.²⁰

Does PayPal charge more than Wise for SGD payments?+

On published fees, PayPal charges 4.40% plus a fixed fee per international commercial transaction and then a conversion fee of 3.0% or 4.00%. Wise publishes a currency-dependent conversion fee over the mid-market rate without an INR percentage, so a direct comparison needs Wise's calculator for the amount.⁴⁰⁴⁴

Is work for a Singapore company zero-rated under GST?+

Work for a Singapore company is zero-rated under GST when all five conditions of section 2(6) of the IGST Act hold, including a recipient and place of supply outside India. A GST-registered exporter files an LUT in FORM GST RFD-11 and invoices without IGST under section 16.⁸¹⁰¹³

What does the India-Singapore DTAA say about fees for technical services?+

The India-Singapore DTAA allows fees for technical services to be taxed at 10% in the source country, as substituted by the 2005 Protocol. Its definition covers services that make available technical knowledge or skill, or develop and transfer a technical plan or design, and excludes some professional services by individuals.¹⁸

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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