Razorpay, Cashfree or Wise: The Best PayPal Alternatives for Indian Businesses

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.

Razorpay, Cashfree and Wise are the PayPal alternatives this page covers, and each accepts some Indian businesses for receiving foreign payments. Eligibility for individuals differs: Cashfree asks for a registered business, Wise onboards freelancers through Wise Business and Razorpay lists Individual as a business type. The table uses each platform's own pages as checked on 6 October 2026. See also Wise vs PayPal, PayPal vs Razorpay and PayPal vs Cashfree.

Each row applies the platform's published fee, FX markup and 18% GST on the fee to the XE mid-market rate for 4 Nov 2026. Platforms without full published pricing are not included.

For example, on a $2,000 invoice Skydo pays about ₹1,87,138 and PayPal about ₹1,73,972 at today's reference rate, a difference of ₹13,165.

The same export documents and GST rules apply whichever platform collects the money, because they attach to the export itself. A service counts as an export of services under IGST Act s.2(6) when the supplier is in India, the recipient and place of supply are outside India, payment is received in convertible foreign exchange or permitted INR, and the two are not merely establishments of the same person. Under RBI PA directions para 11(h), a PA-CB must give your AD bank the documents needed to close EDPMS entries.

The FEMA (Export and Import of Goods and Services) Regulations, 2026 came into force on 1 October 2026 and changed export realisation and reporting for every exporter, whichever platform collects. A.P. (DIR Series) Circular No. 20 superseded the Master Direction on Export of Goods and Services from the same date. The EDF guide explains the filing steps.

• New regulations: FEMA 23(R)/2026-RB governs export receipts from 1 October 2026 (FEMA Regulations 2026).
• Realisation: Service export proceeds must be realised within nine months of the invoice date, or twelve months if invoiced or settled in INR. A 22 September 2026 amendment set these periods (Reg 5).
• EDF: Service exporters file an EDF within 30 days from the end of the invoice month (Reg 3(2)).
• SOFTEX: Circular No. 20 superseded the SOFTEX circulars from 1 October 2026, so software exports are declared on the EDF (Circular No. 20).
• EDPMS: Entries for invoices up to Rs 10 lakh can be closed on the exporter's declaration, including quarterly bulk declarations (Reg 4(2)).

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. Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 (FEMA 23(R)/2026-RB, as amended by FEMA 23(R)/(1)/2026-RB), Reg 3(2) EDF for services; Reg 4(2) EDPMS closure up to Rs 10 lakh; Reg 5 realisation nine or twelve months; Reg 18(2) FETERS reporting (checked 6 Oct 2026)
2. RBI A.P. (DIR Series) Circular No. 20, Export and Import of Goods and Services (RBI/2025-26/194, 16 January 2026), Para 4 supersession of the Master Directions and Annex circulars, including SOFTEX circulars; para 7 in force from 1 October 2026 (checked 6 Oct 2026)
3. RBI Master Direction on Regulation of Payment Aggregator (PA) (RBI/DPSS/2025-26/141, 15 September 2025), Para 11(d) Rs 25 lakh per transaction for PA-CB; para 11(h) documents for EDPMS closure (checked 6 Oct 2026)
4. RBI: Certificates of Authorisation issued under the Payment and Settlement Systems Act, 2007, Payment Aggregators (PA-O, PA-P and PA-CB) section (checked 6 Oct 2026)
5. RBI A.P. (DIR Series) Circular No. 84 (29 February 2012): Compilation of R-Returns, Reporting under FETERS, Para 3 revised purpose code classification in FETERS (checked 6 Oct 2026)
6. IGST Act, 2017, Section 2: Definitions (CBIC tax information portal), Section 2(6) export of services (checked 6 Oct 2026)
7. IGST Act, 2017, Section 16: Zero rated supply (CBIC tax information portal) (checked 6 Oct 2026)
8. CGST Rules, 2017, Rule 96A: Export under bond or Letter of Undertaking (CBIC tax information portal), Rule 96A(1) FORM GST RFD-11 (checked 6 Oct 2026)
9. PayPal India User Agreement, About Your Account (residency and age); Export Payment Services (checked 6 Oct 2026)
10. Razorpay docs: International Bank Transfer (MoneySaver Export Account), Prerequisites: Indian business under listed export purpose codes; onboarding business types including Individual (checked 6 Oct 2026)
11. Razorpay docs: International payments FAQs, FAQ 2: NGOs cannot use the international payment feature (checked 6 Oct 2026)
12. Cashfree Docs: Global Collections overview (checked 6 Oct 2026)
13. Cashfree: Payment gateway charges, FAQ: cross border payments enabled only for businesses (checked 6 Oct 2026)
14. Wise Help: How to verify your Indian business to receive payments, Business types onboarded in India; sole trader or freelancer criteria (checked 6 Oct 2026)
15. Wise India: Fees for receiving money, Receiving money feature is currently available only for business customers (checked 6 Oct 2026)
16. Skydo homepage (pricing and fee calculator), Know what you pay; calculator showing GST 18% of transaction fee (checked 6 Oct 2026)
17. 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)
18. Kotak Everyday Savings Account fees and charges, Foreign Inward Remittance certificate (Branch Request) INR 100/Request; GST on Foreign Currency Conversion; fees exclusive of GST (checked 6 Oct 2026)
19. 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)
20. 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)