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Wise or Western Union: What RBI's Inward Remittance Rules Mean for Money from Singapore

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Editorial team, serviceexportguide.com
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Short answer

In 2026 RBI treats money from Singapore by purpose: payment for exported services falls under the 2026 FEMA Regulations, with realisation within nine months.12 Western Union pays out under RBI's Money Transfer Service Scheme, limited to personal remittances of up to USD 2,500.34 Wise lets Indian businesses receive SGD.5 On SGD 6,400, Skydo costs about 0.69%.67

Applies toRules involvedPlatforms comparedLast verified
Indian exporters paid by Singapore clients, and individuals receiving personal money from Singapore842026 FEMA Regulations; RBI Money Transfer Service Scheme; Payment Aggregator Master Direction149Skydo, Winvesta, Payoneer, Western Union, Wise6101112531 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.

Wise and Western Union both move money from Singapore to India, but RBI applies different rules to each, depending on why the money is sent.14 Payment for services you export follows the export rules; personal money from family follows the Money Transfer Service Scheme or normal banking channels. For the full corridor guide, see receiving money from Singapore to India.

How do Wise and Western Union compare for money from Singapore?

Wise offers Indian businesses SGD receiving details, while Western Union's India service is a personal remittance service.5124 The table lists the three lowest-cost SGD providers on published fees for SGD 6,400, cheapest first, then the rest A to Z.

PlatformBest forFeeFX markupSettlementFIRARBI PA-CB statusSource
SkydoLocal bank transfers from major markets13USD 29 plus GST from USD 2,001 to USD 10,000. Estimated cost on SGD 6,400: 0.69%670% markup on the mid-market rate (product page); retail rate set by Skydo or its partner banks (terms)2040Within 24 hours (product page); T+1 to T+3 business days (terms)2040Free FIRA on every payment20PA-CB-I & O3Skydo fee FAQ6
WinvestaLocal transfers with a published per-payment fee10210.99% plus SGD 10 per transaction up to 2,000 a month per currency; 18% GST. Estimated cost: 1.35%100% markup advertised22Not published for SGD23Free e-FIRA within 24 hours24Says it is an OPGSP; not on the RBI PA list253Winvesta charges FAQ10
PayoneerMarketplace payouts such as Amazon or Upwork26Free to receive (multi-currency account page); fixed fee or 1% for non-local currencies (pricing page). Estimated cost: 1.00 to 4.00%14111% to 4% to INR11Within 24 hours (multi-currency account page); within 48 hours (pricing page)1114Free digital FIRA per transaction27In-principle PA-CB authorisation; under process on 16 October 20262829Payoneer fees page11
Western UnionPersonal transfers between individuals124Transfer fee shown before the sender authorises12Margin added to interbank rates12Not published on the India receive page30Not mentioned on the India receive page30Authorised under MTSS, inbound only3Western Union terms12
WiseBank transfers to local account details52 USD equivalent per transfer to INR (help article); free e-FIRC (receive pricing page); 18% GST. Cost not estimated53132Currency-dependent fee; no INR percentage published32INR within 1 to 2 days5e-FIRC per transfer within 3 working days5PA-CB-I3Wise India help article5
  • Wise for individuals: Wise personal accounts in India cannot receive money; only Wise Business accounts can.3334
  • Western Union for businesses: Western Union's terms say it sends money only to accounts used for personal, not business, purposes.12

Which RBI rule governs money from Singapore?

The purpose of the money decides which RBI rule governs it: export receipts fall under the 2026 FEMA Regulations, and personal transfers through Western Union fall under the Money Transfer Service Scheme (MTSS).14

RuleBest forPlain meaningSource
2026 Regulations, regulations 3 and 4Exporters paid by Singapore clientsEDF to your bank within 30 days from the end of the month of invoicing1
2026 Regulations, regulation 5SGD invoicesRealise payment within nine months from the invoice date2
Payment Aggregator Master Direction, paragraphs 11(d) and 11(h)Receipts through a PA-CB₹25 lakh per transaction; PA-CB gives your bank documents to close the EDPMS entry9
MTSS Master Direction, paragraph 1.1Personal money between individualsOnly inward personal remittances, such as family maintenance; no outward remittances4
MTSS Master Direction, paragraph 3.4Anyone considering MTSS for tradeTrade-related remittances, property purchases, investments and NRE credits are not allowed4
UPI-PayNow linkageIndividuals using mobile banking appsAn Indian user can remit up to ₹60,000 a day16

MAS says the linkage lets customers send and receive funds between bank accounts or e-wallets in the two countries in real time.17

What does each option charge for SGD?

Each SGD option charges differently, and Western Union does not publish a schedule for Singapore to India on the pages checked.61012

OptionBest forPublished chargeSource
SkydoLocal bank transfers from major markets13USD 19 plus GST up to USD 2,000; USD 29 plus GST to USD 10,000; 0.3% plus GST above6
WinvestaLocal transfers with a published per-payment fee10210.99% plus SGD 10 per transaction, plus 18% GST10
PayoneerMarketplace payouts such as Amazon or Upwork26Free to receive (multi-currency account page); fixed fee or 1% for non-local currencies (pricing page); 1% to 4% on conversion to INR1411
Western UnionPersonal transfers between individuals124Transfer fee plus a margin on the exchange rate12
WiseBank transfers to local account details52 USD equivalent per transfer to INR (help article) plus a conversion fee; free e-FIRC (receive pricing page)532

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

The cheapest SGD option changes with invoice size: Winvesta leads on SGD 2,600, and Skydo leads on SGD 6,400 and SGD 12,800.106 The table works out the rupees from 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 SGD 2,600 the estimated cost is 1.62% with Winvesta and 1.69% with Skydo; on SGD 12,800 it is 0.34% with Skydo and 1.26% with Winvesta.106

What documents and GST apply to money from Singapore?

Export receipts from Singapore need a remittance record, an EDF and, for GST-registered exporters, an LUT.135

DocumentBest forWho issues itSource
FIRA or e-FIRCEach SGD receiptPlatform partner bank or your bank20527
Export Declaration FormEvery service export from 1 October 2026You, to your AD bank1
LUT (FORM GST RFD-11)Invoicing without IGSTYou, on the GST portal35
e-BRCGST refund recordsYou, on the DGFT portal36
Certificate of ResidenceSingapore clients applying a reduced treaty rateYou, for the client, each year relief is claimed37
  • Export status: a Singapore client's payment counts as an export of services only when all five conditions in section 2(6) of the IGST Act are met.8
  • GST: an export of services is zero-rated under section 16 of the IGST Act.38
  • Treaty: the India-Singapore DTAA sets 10% on fees for technical services under Article 12.39
  • Singapore withholding: IRAS says services provided from overseas without sending staff to Singapore are not subject to Singapore withholding tax.18

What changes in 2026 for money from Singapore to India?

The 2026 changes affect export receipts from Singapore more than personal transfers.14

  • EDF for all services: from 1 October 2026 under the 2026 Regulations.1
  • Nine-month realisation: from the invoice date, from 1 October 2026.2
  • MTSS update: RBI updated the MTSS Master Direction on 29 September 2026; the USD 2,500 cap and personal-only scope apply.4
  • New PA-CB authorisations: RBI lists Skydo as PA-CB-I & O and Wise as PA-CB-I.3

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: Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, amended up to 22 September 2026 (regulations 3, 4 and 5)
  2. [2]RBI: Notification No. FEMA 23(R)/(1)/2026-RB dated 22 September 2026, amending regulation 5 (realisation period)
  3. [3]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)
  4. [4]RBI: Master Direction, Money Transfer Service Scheme (FED Master Direction No. 1/2016-17), updated 29 September 2026, paragraphs 1.1 and 3.4 (checked 2026-10-31)
  5. [5]Wise Help Centre, Receiving payments for Indian businesses (checked 2026-10-28)
  6. [6]Skydo FAQs, How much does Skydo charge? (checked 2026-10-28)
  7. [7]Skydo, home page fee table (checked 2026-10-28)
  8. [8]IGST Act, 2017, section 2(6): definition of export of services (CBIC)
  9. [9]RBI: Master Direction on Regulation of Payment Aggregator, 15 September 2025, paragraphs 11(d), 11(h), 16 and 19 (checked 2026-10-31)
  10. [10]Winvesta FAQs, What are the charges for the global collections account? (checked 2026-10-28)
  11. [11]Payoneer India, Payoneer Fees (checked 2026-10-28)
  12. [12]Western Union, Money Transfer Service Terms and Conditions, Part B sections II.1, II.2 and II.4 (checked 2026-10-31)
  13. [13]Skydo FAQs, What countries can I get paid locally through Skydo? (checked 2026-10-28)
  14. [14]Payoneer India, Multi-currency account page and FAQs (checked 2026-10-28)
  15. [15]Remitly User Agreement, Singapore, effective 20 April 2026, section 3.4 (checked 2026-10-31)
  16. [16]RBI press release: Honorable Prime Ministers of India and Singapore launch real-time payment systems linkage between the two countries, 21 February 2023 (checked 2026-10-31)
  17. [17]Monetary Authority of Singapore: Launch of Real-time Payments between Singapore and India, media release, 21 February 2023 (checked 2026-10-31)
  18. [18]IRAS: Payments that are Subject to Withholding Tax, payments to non-resident companies (checked 2026-10-28)
  19. [19]Monetary Authority of Singapore: E-Payments (FAST and PayNow) (checked 2026-10-28)
  20. [20]Skydo, Receive international payments as a freelancer in India (product page) (checked 2026-10-28)
  21. [21]Winvesta FAQs, What currencies are available with local accounts? (checked 2026-10-28)
  22. [22]Winvesta, Multi-Currency Business Account (checked 2026-10-28)
  23. [23]Winvesta FAQs, How long does it take for funds to reach my Indian bank account? (checked 2026-10-28)
  24. [24]Winvesta FAQs, When will I receive my e-FIRA certificate? (checked 2026-10-28)
  25. [25]Winvesta FAQs, How is Winvesta regulated? (checked 2026-10-28)
  26. [26]Payoneer, How to use Payoneer in India (last modified 18 September 2026, checked 2026-10-28)
  27. [27]Payoneer Help Center, Digital FIRA FAQ (checked 2026-10-28)
  28. [28]Payoneer press release, Payoneer receives in-principle authorization as Cross-Border Payment Aggregator in India, 22 January 2026
  29. [29]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)
  30. [30]Western Union India, Receive money in India from abroad (checked 2026-10-31)
  31. [31]Wise India site, Wise Business pricing, fees at a glance (checked 2026-10-28)
  32. [32]Wise India, Fees for getting paid (Wise Business receive pricing) (checked 2026-10-28)
  33. [33]Wise Help Centre, How to verify your Indian business to receive payments (checked 2026-10-28)
  34. [34]Wise India, Receive pricing (personal accounts) (checked 2026-10-28)
  35. [35]GST Portal user guide: Furnishing of Letter of Undertaking (FORM GST RFD-11)
  36. [36]DGFT: eBRC services page (Trade Notice 33/2023-24 dated 10 November 2023)
  37. [37]IRAS: Claim of Relief under the Avoidance of Double Taxation Agreement (DTA) (checked 2026-10-28)
  38. [38]IGST Act, 2017, section 16: zero-rated supply (CBIC)
  39. [39]Income Tax Department: India-Singapore DTAA text
  40. [40]Skydo, Terms of Use, last updated 9 April 2026 (checked 2026-10-28)

Frequently asked questions

How do I receive money from Singapore to India for freelance work?+

Ask the Singapore client to pay local SGD account details from a platform such as Skydo, Payoneer or Wise, or to send a SWIFT wire to your Indian bank.13145 On published fees for SGD 6,400, Skydo costs about 0.69% and Winvesta about 1.35%.610

Can a Singapore company pay my invoice through Western Union?+

Western Union's India payout runs under RBI's Money Transfer Service Scheme, which allows only inward personal remittances between individuals and excludes trade-related remittances.34 A company paying for services should use a bank transfer or an authorised payment aggregator instead, so that you receive a FIRA with the right purpose code.

Can I use Remitly to get paid by a Singapore client?+

Remitly's Singapore user agreement makes the service available only to individuals for personal, family or household purposes, and says using it for business purposes is a breach.15 Payment for services from a Singapore business therefore falls outside Remitly's Singapore terms.

Can a Singapore client pay me through UPI and PayNow?+

RBI says the UPI-PayNow linkage, launched on 21 February 2023, lets users send money across borders through their mobile apps, with an Indian user able to remit up to ₹60,000 a day.16 Neither RBI's nor MAS's release describes the linkage as a route for business payments.1617

Does Singapore withhold tax when a client pays an Indian freelancer?+

IRAS says withholding tax on service fees paid to a non-resident company applies only to work done in Singapore, so services provided from overseas without sending staff to Singapore are not subject to it.18 Confirm your own facts with a chartered accountant.

Is there a limit on money received from Singapore through Western Union?+

Under RBI's Money Transfer Service Scheme, each remittance is capped at USD 2,500 and a single beneficiary can receive 30 remittances a calendar year.4 Amounts up to ₹50,000 can be paid in cash, and larger amounts go by account payee instrument or bank credit.4

How do Singapore clients pay SGD locally?+

Singapore payers use FAST, which moves Singapore dollars between banks nearly in real time, and PayNow, which lets payers send using a mobile number, ID number or UEN.19 With local SGD details from a platform, the client pays you like a Singapore supplier.

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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