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Wise vs PingPong (2026): Which Is Better for Receiving International Payments in India?

Author:: Editorial team, serviceexportguide.com
Verified by:: Editorial team
Published: 28 October 2026
Last modified: 28 October 2026
Fees checked on: 28 October 2026
Reading time: 14 min read

Short answer

Neither Wise nor PingPong publishes enough pricing to estimate the cost of a USD 5,000 receipt, so there is no cost verdict. The better choice depends on how your client pays: Wise is best for bank transfers to local account details, and PingPong is best for collecting marketplace and processor payouts.¹²³

Use case	Better option	Why
Bank transfer of USD 5,000	Cannot compare	Neither publishes full pricing for this case.
Bank transfer of USD 2,000	Cannot compare	Neither publishes full pricing for this case.
Client paying USD 2,000 by card or link	Cannot compare	Neither publishes full pricing for this case.
Wise is best for	Wise	Bank transfers to local account details.¹
PingPong is best for	PingPong	Collecting marketplace and processor payouts.²³

Invoice amountCurrencyHow the client pays

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 route	Best for	Fee (+GST)	Markup	You receive	Cost
1	Karbon BusinessLowest estimated costBank transfer to a Karbon virtual USD account	US bank transfers and marketplace payouts	₹942plus GST, rate not stated	0%	₹93,131 to ₹93,301	1.00 to 1.18%
2	RazorpayMoneySaver Export Account: bank transfer to virtual account details (Standard plan)	Local transfers from the US, UK and eurozone	₹1,000plus GST, rate not stated	0%	₹93,063 to ₹93,243	1.06 to 1.25%
3	WinvestaGlobal Collections Account, standard plan (up to 2,000 a month per currency)	Local transfers with a published per-payment fee	₹1,435	0%	₹92,809	1.52%
4	SkydoPayment link (InstaLinks) paid by ACH debit	Local bank transfers from major markets	₹1,885plus GST, rate not stated	0%	₹92,019 to ₹92,358	2.00 to 2.36%
5	PayoneerLocal bank transfer to Payoneer receiving account details	Marketplace payouts such as Amazon or Upwork	₹0no GST stated	1 to 4%	₹90,473 to ₹93,301	1.00 to 4.00%
6	PayPalInternational commercial transaction received into a PayPal account (PayPal checkout or invoice)	Clients paying by card or PayPal balance	₹4,175no GST stated	3 to 4%	₹86,465 to ₹87,366	7.30 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.

How do Wise and PingPong compare at a glance?

Wise and PingPong compare on the twelve points below, using each provider's published information as checked on 28 October 2026. Where a provider does not publish something, the table says so.¹⁴⁵⁶⁷

	Wise	PingPong
Best for	Bank transfers to local account details¹	Collecting marketplace and processor payouts²³
Fees	Wise's India help article says it charges an equivalent of 2 USD in the received currency for the transfer to the INR bank account that issues the e-FIRC. Wise's India receive pricing page describes a free eFIRC for every transfer. The general Wise Business fee table on Wise's India site lists 6.11 USD per USD wire or Swift payment, 2.16 GBP per GBP Swift payment and 2.39 EUR per EUR Swift payment, with domestic (non-Swift, non-wire) payments free; Wise's India-specific receive pages do not repeat these Swift fees. 18% GST applies to Wise fees.¹⁴⁵	PingPong says creating an account and receiving payments is free of charge, and that most virtual accounts are free to use.⁶⁷
FX markup	Mid-market exchange rate plus a conversion fee that Wise says depends on the currency. No percentage is published for conversion to INR; the amount is shown in Wise's calculator.⁴⁸	Not published as a percentage. PingPong's terms say conversion happens at the rate PingPong determines at the time of the transaction, at its sole and absolute discretion.
Settlement	Wise says the INR payment reaches the Indian bank account within 1 to 2 days and that more than 50% of transfers settle within 2 hours of pay-in. The client's payment takes 0 to 3 working days to reach Wise by local methods and 2 to 6 working days by SWIFT.¹	PingPong says INR withdrawals submitted before 2:30 pm succeed the same day (T+0) and after 2:30 pm the next day (T+1); non-INR withdrawals succeed within 1 to 3 days. Its freelancer page says 1 to 2 working days to an Indian account.⁹³
FIRA	An e-FIRC for each transfer, emailed to the registered address within 3 working days and downloadable from the transfer page. The help article links it to the 2 USD equivalent fee; the pricing page calls it free.¹⁴	PingPong says it provides a digital FIRC free of cost. You apply in the dashboard against the relevant transactions and PingPong says the application takes 3 to 5 business days.²¹⁰¹¹
Currencies	24 currencies: local account details in 11 currencies and international account details in 13 more, from 140+ countries, according to Wise.¹	PingPong India lists virtual accounts in 12 currencies. Its freelancer page lists a shorter set of six receiving currencies.²³
KYC: who can sign up	Wise Business only: sole traders or freelancers (personal PAN and an INR bank account in their own name), sole proprietorships, private limited companies, LLPs and general partnerships. Other business types are not currently onboarded. Wise personal accounts in India cannot receive money.¹²¹³	Individuals (personal account) and businesses registered as partnerships, corporations or sole proprietorships. LLPs are not named.¹⁴
RBI PA-CB status	RBI's list of authorised payment aggregators dated 16 October 2026 includes Wise Payments India Private Limited as a Payment Aggregator, Cross Border, facilitating inward transactions (PA-CB-I), authorised on 12 March 2026. Wise's India receiving pages do not name the Wise entity that handles inward payments.¹⁵¹	PingPong says its India Liaison Office is approved by the RBI (unique identification number BGLO19008226) and that PingPong acts in India as an Online Payment Gateway Service Provider (OPGSP). Its terms for Indian customers cite the RBI Payment Aggregator Cross Border (PA-CB) rules and say funds are held in an Export Collection Account with an Authorised Dealer bank in India. PingPong does not appear among the PA-CB entities in the RBI list of Certificates of Authorisation dated 16 October 2026. Under the RBI Master Direction of 15 September 2025, the older OPGSP circulars continue only for an existing PA-CB that applied for authorisation on or before 30 April 2024 and whose application is still pending. Whether PingPong has such a pending application is not published on the pages checked.¹⁶¹⁷¹⁸¹⁹²⁰
Support	Not published on the India receiving pages checked.	Email cs-india@pingpongx.com, LiveChat, a Bengaluru office for licensing queries, and a dedicated account manager.¹⁶¹⁰²
Limits	Minimum 5 USD or equivalent and maximum 2.5 million INR (₹25 lakh) or equivalent per transaction; payments outside these limits are returned to the sender. RBI caps each PA-CB inward or outward transaction at ₹25 lakh.¹²⁰	PingPong's India terms limit eligible receipts to ₹25,00,000 per transaction. The number of virtual accounts you can open depends on account usage level and turnover.¹⁸²¹
How clients pay	The client pays to the business's Wise account details from their own bank (local transfer, wire or SWIFT) or from a Wise account.¹⁸	Payment into a virtual receiving account from marketplaces, payment processors such as PayPal and Stripe, or a client's wire transfer (PingPong may ask for the invoice or contract); or through a PingPong payment request (e-invoice) paid by bank transfer or PingPong balance.²³²²²³
Card payments	Not available for India-based businesses: Wise lists card acceptance only for Wise Business accounts in the EEA, UK, Australia, Hong Kong, New Zealand, Singapore, Canada and the US.²⁴	PingPong's India home page says payment requests accept bank transfers and US debit card payments; its help centre lists only bank transfer and PingPong balance for paying an e-invoice. Card fee: Not published.²²³

How much INR do you receive on $2,000, $5,000 and $10,000 with Wise vs PingPong?

The INR you receive with Wise and PingPong is the invoice at the reference rate, less each provider's fee, conversion markup, GST on fees and FIRA charge. The table works this out from published pricing at today's rate.

None of these providers publishes both a fee and a conversion markup for USD.

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

What is Wise and who is it for?

Wise is a money transfer company whose Wise Business account gives Indian businesses and freelancers account details in other currencies, converts what they receive to INR and sends it to their Indian bank account.¹⁸

Regulated by: RBI's list of authorised payment aggregators dated 16 October 2026 includes Wise Payments India Private Limited as a Payment Aggregator, Cross Border, facilitating inward transactions (PA-CB-I), authorised on 12 March 2026. Wise's India receiving pages do not name the Wise entity that handles inward payments.¹⁵¹
Used by: Wise Business only: sole traders or freelancers (personal PAN and an INR bank account in their own name), sole proprietorships, private limited companies, LLPs and general partnerships. Other business types are not currently onboarded. Wise personal accounts in India cannot receive money.¹²¹³
Best for: Bank transfers to local account details.¹

What is PingPong and who is it for?

PingPong is a cross-border payments company founded in New York in 2015 that gives Indian sellers, freelancers and service providers virtual receiving accounts in foreign currencies and withdraws the money to an Indian bank account.¹⁷²

Regulated by: PingPong says its India Liaison Office is approved by the RBI (unique identification number BGLO19008226) and that PingPong acts in India as an Online Payment Gateway Service Provider (OPGSP). Its terms for Indian customers cite the RBI Payment Aggregator Cross Border (PA-CB) rules and say funds are held in an Export Collection Account with an Authorised Dealer bank in India. PingPong does not appear among the PA-CB entities in the RBI list of Certificates of Authorisation dated 16 October 2026. Under the RBI Master Direction of 15 September 2025, the older OPGSP circulars continue only for an existing PA-CB that applied for authorisation on or before 30 April 2024 and whose application is still pending. Whether PingPong has such a pending application is not published on the pages checked.¹⁶¹⁷¹⁸¹⁹²⁰
Used by: Individuals (personal account) and businesses registered as partnerships, corporations or sole proprietorships. LLPs are not named.¹⁴
Best for: Collecting marketplace and processor payouts.²³

How do Wise and PingPong fees and FX markup compare?

Wise and PingPong charge in different ways, so compare the fee and the conversion markup together, not the headline fee alone.

What does Wise charge?

Transaction type	Fee	FX markup	GST on fees	Best for
Local (domestic, non-Swift, non-wire) transfer to Wise local account details	USD 2⁴¹⁵	Not published	18%	Clients paying by local bank transfer
Wire or Swift payment to Wise account details	USD 2 + plus a fixed fee by currency⁴¹⁵	Not published	18%	Clients paying by international wire

What does PingPong charge?

Transaction type	Fee	FX markup	GST on fees	Best for
Payment into a PingPong virtual receiving account, then withdrawal to an Indian bank	1%⁶⁷²¹⁸	Not published	Not stated	Clients paying by local bank transfer

How do Wise and PingPong compare on settlement speed?

Wise and PingPong publish these settlement times for money reaching an Indian bank account.

Platform	Settlement time	Payout to India	Best for
Wise	Wise says the INR payment reaches the Indian bank account within 1 to 2 days and that more than 50% of transfers settle within 2 hours of pay-in. The client's payment takes 0 to 3 working days to reach Wise by local methods and 2 to 6 working days by SWIFT.¹	Automatic: Wise converts each payment to INR and sends it to the verified Indian bank account given during verification. Indian users cannot hold the foreign currency, and the account details cannot be used to send money. No separate withdrawal fee is published beyond the e-FIRC transfer fee.¹	Bank transfers to local account details¹
PingPong	PingPong says INR withdrawals submitted before 2:30 pm succeed the same day (T+0) and after 2:30 pm the next day (T+1); non-INR withdrawals succeed within 1 to 3 days. Its freelancer page says 1 to 2 working days to an Indian account.⁹³	Withdrawal to your own Indian bank account, manually or by auto withdraw, in INR or in foreign currency to an EEFC account. PingPong's help centre says withdrawals are charged 1% per transaction and that the fee standard may vary by region.²⁹⁶	Collecting marketplace and processor payouts²³

Do Wise and PingPong provide FIRA and e-BRC, and are they RBI PA-CB authorised?

Wise and PingPong publish the FIRA position and RBI status below, checked on 28 October 2026. An e-BRC is generated by the exporter on the DGFT portal from bank remittance data, so it does not depend on the provider issuing one.⁴⁴

Platform	FIRA	RBI PA-CB status	Best for
Wise	An e-FIRC for each transfer, emailed to the registered address within 3 working days and downloadable from the transfer page. The help article links it to the 2 USD equivalent fee; the pricing page calls it free.¹⁴	RBI's list of authorised payment aggregators dated 16 October 2026 includes Wise Payments India Private Limited as a Payment Aggregator, Cross Border, facilitating inward transactions (PA-CB-I), authorised on 12 March 2026. Wise's India receiving pages do not name the Wise entity that handles inward payments.¹⁵¹	Bank transfers to local account details¹
PingPong	PingPong says it provides a digital FIRC free of cost. You apply in the dashboard against the relevant transactions and PingPong says the application takes 3 to 5 business days.²¹⁰¹¹	PingPong says its India Liaison Office is approved by the RBI (unique identification number BGLO19008226) and that PingPong acts in India as an Online Payment Gateway Service Provider (OPGSP). Its terms for Indian customers cite the RBI Payment Aggregator Cross Border (PA-CB) rules and say funds are held in an Export Collection Account with an Authorised Dealer bank in India. PingPong does not appear among the PA-CB entities in the RBI list of Certificates of Authorisation dated 16 October 2026. Under the RBI Master Direction of 15 September 2025, the older OPGSP circulars continue only for an existing PA-CB that applied for authorisation on or before 30 April 2024 and whose application is still pending. Whether PingPong has such a pending application is not published on the pages checked.¹⁶¹⁷¹⁸¹⁹²⁰	Collecting marketplace and processor payouts²³

Which currencies, countries and payment methods do Wise and PingPong support?

Wise and PingPong accept the currencies and payment methods below, as each publishes them.

Platform	Currencies	How clients pay	Card payments	Best for
Wise	24 currencies: local account details in 11 currencies and international account details in 13 more, from 140+ countries, according to Wise.¹	The client pays to the business's Wise account details from their own bank (local transfer, wire or SWIFT) or from a Wise account.¹⁸	Not available for India-based businesses: Wise lists card acceptance only for Wise Business accounts in the EEA, UK, Australia, Hong Kong, New Zealand, Singapore, Canada and the US.²⁴	Bank transfers to local account details¹
PingPong	PingPong India lists virtual accounts in 12 currencies. Its freelancer page lists a shorter set of six receiving currencies.²³	Payment into a virtual receiving account from marketplaces, payment processors such as PayPal and Stripe, or a client's wire transfer (PingPong may ask for the invoice or contract); or through a PingPong payment request (e-invoice) paid by bank transfer or PingPong balance.²³²²²³	PingPong's India home page says payment requests accept bank transfers and US debit card payments; its help centre lists only bank transfer and PingPong balance for paying an e-invoice. Card fee: Not published.²²³	Collecting marketplace and processor payouts²³

What are the strengths and limitations of Wise and PingPong?

Wise and PingPong each suit some exporters better than others. These points come from each provider's own pages.

What are the strengths and limitations of Wise?

Strengths:

Your clients are willing to pay by bank transfer to local account details in USD, GBP, EUR or another supported currency.¹
You want an e-FIRC issued for each payment received.¹
You are a freelancer without a registered business, since Wise Business accepts sole traders verified with a personal PAN.¹²
Individual payments are between 5 USD and ₹25 lakh equivalent.¹

Limitations:

Indian businesses cannot accept card payments through Wise.²⁴
Money cannot be held in foreign currency; every receipt is converted to INR.¹
No conversion fee percentage is published for INR, so the cost of a receipt can only be seen in Wise's calculator.⁴
Single payments above ₹25 lakh equivalent are returned to the sender.¹
Wise's own pages differ on whether the e-FIRC is free or covered by a 2 USD equivalent fee.¹⁴
Business types other than sole traders, sole proprietorships, private limited companies, LLPs and general partnerships are not currently onboarded.¹²

What are the strengths and limitations of PingPong?

Strengths:

You are paid through marketplaces, app stores or processors such as PayPal and Stripe and want a receiving account that collects those payouts.²³
You want to keep receipts in foreign currency through an EEFC account rather than convert every payment to INR.²
You want a free digital FIRC from the dashboard for each receipt.²¹¹

Limitations:

PingPong does not appear among PA-CB entities in the RBI list of Certificates of Authorisation dated 16 October 2026, and its India authorisation status under the PA-CB rules is not published on the pages checked.¹⁹¹⁶
The FX rate is set by PingPong at its discretion and no markup percentage is published.¹⁸
The 1% withdrawal fee is published in a help article that says the fee may vary by region and to check with customer service or an account manager.⁶
Eligible receipts are capped at ₹25,00,000 per transaction.¹⁸
The contracting entity for India is PingPong Global Solutions Inc., a New York corporation, with California law and courts.¹⁸

Should you choose Wise or PingPong?

Choose between Wise and PingPong by how your clients pay and your usual invoice size.

Choose Wise if:

Your clients are willing to pay by bank transfer to local account details in USD, GBP, EUR or another supported currency.¹
You want an e-FIRC issued for each payment received.¹
You are a freelancer without a registered business, since Wise Business accepts sole traders verified with a personal PAN.¹²
Individual payments are between 5 USD and ₹25 lakh equivalent.¹

Choose PingPong if:

You are paid through marketplaces, app stores or processors such as PayPal and Stripe and want a receiving account that collects those payouts.²³
You want to keep receipts in foreign currency through an EEFC account rather than convert every payment to INR.²
You want a free digital FIRC from the dashboard for each receipt.²¹¹

For example, say a designer invoices a US client USD 2,000. Because neither provider does not publish full pricing for that case, ask for a quote in writing and compare it with the FIRA rate after the first payment.⁴⁸¹⁸

Which other platforms should you consider besides Wise and PingPong?

Other platforms to consider besides Wise and PingPong are the ones with the lowest estimated cost on a USD 5,000 receipt, listed in that order.²⁶²⁷²⁸²⁹³⁰³¹³³³⁴³⁶³⁷³⁹⁴¹⁴²⁴³

Platform	Best for	Estimated cost on USD 5,000	FIRA	Review
Skydo	Local bank transfers from major markets²⁵	0.68%²⁶²⁷²⁸²⁹³⁰³¹	Skydo says it issues a free FIRA on every payment received, and that its FIRA and FIRC are accepted for GST filing and by banks.³⁰³²	Skydo review
Karbon Business	US bank transfers and marketplace payouts³³	1.00 to 1.18%³³³⁴	Karbon says it provides a FIRA for every transaction, issued by its licensed banking partner, which it does not name. Cost not published.³³	Karbon Business review
Razorpay	Local transfers from the US, UK and eurozone³⁵	1.00 to 1.18%³⁶³⁷	Razorpay provides a Foreign Inward Remittance Statement (FIRS), sent to the contact email within 24 hours after settlement for bank transfers, and downloadable from the dashboard, which shows bank-provided certificates and Razorpay-generated statements. The pricing page lists FIRC or eFIRC as included and auto-generated for international cards. No separate charge is published.³⁵³⁸³⁷	Razorpay review
Winvesta	Local transfers with a published per-payment fee³⁹⁴⁰	1.24%³⁹⁴¹⁴²⁴³	Free e-FIRA, emailed within 24 hours of funds reaching the Indian bank account and downloadable from the dashboard; it shows the purpose code and exchange rate.⁴²⁴¹	Winvesta review

Compare every provider on your own invoice in the platform cost comparison.

How did we verify this?

We checked this page against the sources below on 28 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

Which is cheaper for Indian exporters, Wise or PingPong?+

There is no cost verdict for a USD 5,000 bank transfer: neither publishes full pricing for this case.⁴⁸¹⁸ The answer can change with the currency, payment method and invoice size, so check your own numbers in the platform cost comparison.

Do Wise and PingPong give a FIRA to Indian exporters?+

Wise: An e-FIRC for each transfer, emailed to the registered address within 3 working days and downloadable from the transfer page. The help article links it to the 2 USD equivalent fee; the pricing page calls it free.¹⁴ PingPong: PingPong says it provides a digital FIRC free of cost. You apply in the dashboard against the relevant transactions and PingPong says the application takes 3 to 5 business days.²¹⁰¹¹

Can individual freelancers use Wise and PingPong?+

Wise: Wise Business only: sole traders or freelancers (personal PAN and an INR bank account in their own name), sole proprietorships, private limited companies, LLPs and general partnerships. Other business types are not currently onboarded. Wise personal accounts in India cannot receive money.¹²¹³ PingPong: Individuals (personal account) and businesses registered as partnerships, corporations or sole proprietorships. LLPs are not named.¹⁴

Are Wise and PingPong authorised by the RBI?+

Wise: RBI's list of authorised payment aggregators dated 16 October 2026 includes Wise Payments India Private Limited as a Payment Aggregator, Cross Border, facilitating inward transactions (PA-CB-I), authorised on 12 March 2026. Wise's India receiving pages do not name the Wise entity that handles inward payments.¹⁵¹ PingPong: PingPong says its India Liaison Office is approved by the RBI (unique identification number BGLO19008226) and that PingPong acts in India as an Online Payment Gateway Service Provider (OPGSP). Its terms for Indian customers cite the RBI Payment Aggregator Cross Border (PA-CB) rules and say funds are held in an Export Collection Account with an Authorised Dealer bank in India. PingPong does not appear among the PA-CB entities in the RBI list of Certificates of Authorisation dated 16 October 2026. Under the RBI Master Direction of 15 September 2025, the older OPGSP circulars continue only for an existing PA-CB that applied for authorisation on or before 30 April 2024 and whose application is still pending. Whether PingPong has such a pending application is not published on the pages checked.¹⁶¹⁷¹⁸¹⁹²⁰

How fast do Wise and PingPong pay out to an Indian bank?+

Wise: Wise says the INR payment reaches the Indian bank account within 1 to 2 days and that more than 50% of transfers settle within 2 hours of pay-in. The client's payment takes 0 to 3 working days to reach Wise by local methods and 2 to 6 working days by SWIFT.¹ PingPong: PingPong says INR withdrawals submitted before 2:30 pm succeed the same day (T+0) and after 2:30 pm the next day (T+1); non-INR withdrawals succeed within 1 to 3 days. Its freelancer page says 1 to 2 working days to an Indian account.⁹³

Do I still need an LUT if I am paid through Wise or PingPong?+

Yes, if you are registered under GST and want to invoice the export without IGST. The Letter of Undertaking is a GST filing for the financial year, and it does not depend on how the money reaches you, whether through Wise, PingPong or a bank wire.⁴⁵

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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