PayPal, Wise or Payoneer: What GST and the RBI's Advertising Purpose Code Mean for Content Marketing Agencies

Platforms named in the question are shown alongside the 2 highest payouts among the platforms this site covers, ranked by the INR received on a $5,000 invoice. Fees were checked on 30 Sept 2026.

A content marketing agency billing a foreign client is an exporter of services under the FEMA Export and Import Regulations, 2026, in force from 1 October 2026. GST treats the work as a zero-rated export when all five conditions in IGST Act section 2(6) are met. Under section 16(3) the agency can supply under a bond or LUT without paying IGST. These rules apply whichever payment route the client uses.

The RBI advertising purpose code is P1007, described in the FETERS purpose codes as "Advertising, trade fair service". P0801 is often quoted for advertising, but RBI describes it as "Hardware consultancy/implementation". Content strategy, research, publishing and video work can fit other codes, so match the code to the invoice and confirm it with your AD bank. See the P1007 purpose code and purpose code for digital marketing services.

Each row applies the platform's published fee, FX markup and 18% GST on the fee to the XE mid-market rate for 3 Nov 2026. Platforms without full published pricing are not included.

For example, on a $2,000 invoice Skydo pays about ₹1,87,300 and PayPal about ₹1,74,123 at today's reference rate, a difference of ₹13,177.

Each foreign payment to a content marketing agency needs records that prove the export for FEMA and GST. The LUT comes before the first invoice, each invoice carries the endorsement in CGST Rule 46, and the EDF follows within 30 days of the invoice month end. A bank certificate and an e-BRC then confirm the money arrived, and CGST Rule 89(2)(c) asks for BRCs or FIRCs in a refund claim.

In 2026 content marketing agencies move to a new FEMA export framework and a new income tax law. The FEMA Export and Import Regulations, 2026 apply from 1 October 2026, and RBI Circular No. 20 supersedes the old Master Direction on exports from that date. The Income-tax Act, 2025 replaced the 1961 Act from 1 April 2026.

• New framework: From 1 October 2026, Circular No. 20 paragraph 4 supersedes the Master Directions on export and import of goods and services and the circulars in its Annex. See what changed in the FEMA export rules.
• EDF: Service exporters file an EDF within 30 days from the end of the invoice month under Regulation 3(2), with one EDF allowed for a whole month. See the EDF form.
• Realisation: Regulation 5(1)(a), as amended on 22 September 2026, sets nine months from the invoice date, or twelve months for rupee invoicing or settlement. See export realisation period.
• Small invoices: EDPMS entries for invoices up to ₹10 lakh can close on the exporter's own declaration under Regulation 4(2).
• Income tax: The Income-tax Act, 1961 was repealed on 1 April 2026. Earlier tax years are not disturbed by the repeal, and pending matters continue under transitional provisions.

Every rule is linked to its official source below with the date it was checked. Platform figures come from each platform's own pages; the full method is on the methodology page.

1. RBI Notification No. FEMA 23(R)/2026-RB: Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 (amended up to September 22, 2026), Regulations 2(1)(f)(ii), 3(2), 4(2) proviso, 5(1)(a) and provisos, 18(2) (checked 6 Oct 2026)
2. RBI A.P. (DIR Series) Circular No. 20 dated January 16, 2026: Export and Import of Goods and Services, Paragraph 4: Master Directions and Annex circulars superseded (checked 6 Oct 2026)
3. RBI: FETERS guidelines and purpose code list (Annex to A.P. (DIR Series) Circular No. 84), Receipt purpose codes P0801, P1006, P1007, P1016, P1017, P1099, P1101 (checked 6 Oct 2026)
4. RBI A.P. (DIR Series) Circular No. 84 dated February 29, 2012: Compilation of R-Returns, Reporting under FETERS, Paragraph 3: reporting of all foreign exchange transactions with purpose codes (checked 6 Oct 2026)
5. IGST Act, 2017, Section 2: Definitions, Section 2(6): export of services (checked 6 Oct 2026)
6. IGST Act, 2017, Section 13: Place of supply where supplier or recipient is outside India, Section 13(2) (checked 6 Oct 2026)
7. IGST Act, 2017, Section 16: Zero rated supply, Section 16(3) (checked 6 Oct 2026)
8. CGST Rules, 2017, Rule 96A: Export of goods or services under bond or Letter of Undertaking, Rule 96A(1) and 96A(1)(b) (checked 6 Oct 2026)
9. CGST Rules, 2017, Rule 89: Application for refund, Rule 89(2)(c): BRCs or FIRCs for refund on export of services (checked 6 Oct 2026)
10. CGST Rules, 2017, Rule 46: Tax invoice, Proviso on export invoice endorsement (checked 6 Oct 2026)
11. GST Portal user manual: Furnishing of Letter of Undertaking (FORM GST RFD-11), Steps 3 and 4 (checked 6 Oct 2026)
12. DGFT FAQs on Self-Generation of eBRC, Q1 (what is eBRC), Q10 (how to generate) (checked 6 Oct 2026)
13. Income Tax Department: Objective and scope of the New Act (Income Tax Act 2025 FAQs), FAQ 2 (repeal on 01.04.2026) and FAQ on earlier tax years (checked 6 Oct 2026)
14. Skydo homepage (pricing and fee calculator), Know what you pay; calculator showing GST 18% of transaction fee (checked 6 Oct 2026)
15. Razorpay MoneySaver Export Account (International Bank Transfers) pricing, Standard Plan: 0% FX markup, 1% fee, FlashLinks 2%, GST applicable, flat fee of INR 1,000 on transactions below INR 1,00,000, setup and AMC INR 0 (checked 6 Oct 2026)
16. Wise India: Fees for receiving money (Business), Conversion fee depends on the currency; eFIRC for every transfer; GST 18% of (conversion fee + eFIRC fee); calculator (checked 6 Oct 2026)
17. PayPal India Merchant Fees, Receiving international transactions; Currency Conversions (3.0% converting balance and payments received; 4.00% all other cases); Withdrawals Out of PayPal; Dispute Fees; Other Fees (Last Updated 28 March 2024) (checked 6 Oct 2026)
18. Payoneer India home (checked 6 Oct 2026)