SEPA or SWIFT: Getting Paid by a Client in Belgium Without the Guesswork
- Author:
- Manoj Sharma
- Verified by:
- Editorial team
- Published:
- Last modified:
Short answer
In 2026 a Belgian client can pay you by SEPA into a euro account in a SEPA country, or by SWIFT to an Indian bank. The RBI's FEMA Regulations 2026 apply to both. You file an EDF and realise payment within nine months. Your AD bank reports a purpose code. Keep the FIRC or FIRA, and use a GST LUT.
| Applies to | Rules involved | Platforms compared | Last verified |
|---|---|---|---|
| Indian freelancers, agencies and companies that export services to clients in Belgium and are paid in EUR or another currency by SEPA or SWIFT transfer. | FEMA Export and Import Regulations 2026, FEMA Manner of Receipt and Payment Regulations 2023, IGST Act s.2(6) and s.16, CGST Rule 96A and Rule 89(2)(c), FETERS purpose codes | Skydo, Razorpay | 6 Oct 2026 |
How do SEPA and SWIFT routes compare for Indian exporters paid by Belgian clients?
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.
| Platform | Best for | Fee | FX markup | Settlement | FIRA | RBI PA-CB status | INR on $5,000 | Source |
|---|---|---|---|---|---|---|---|---|
| Skydo | Indian freelancers and exporters receiving mid to large B2B invoices | $19 up to $2,000, $29 to $10,000, 0.3% above + GST | States zero FX margin at live rate | States under 24 hours; FAQ timelines vary by rail | States instant, free FIRA per payment | RBI authorised PA-CB Inward and Outward; on RBI list | ₹4,70,098 | Skydo pricing (checked 6 Oct 2026) |
| Razorpay | Indian businesses and freelancers on Razorpay invoicing foreign clients | 1% per bank transfer (Rs 1,000 flat below Rs 1,00,000) + GST | States 0% markup on MoneySaver at live rate | States 1 day (T+1 after invoice shared) | FIRS within 24 hours of settlement; no charge listed | RBI authorised PA-CB inward and outward, plus PA-O | ₹4,67,752 | Razorpay pricing (checked 6 Oct 2026) |
- A SEPA credit transfer: SEPA lets customers make cashless euro payments across 41 European countries, and Belgium is one of them. India is outside SEPA, so a SEPA transfer reaches you only through a euro account held in a SEPA country, and the money brought to India still follows FEMA export rules.
- A SWIFT transfer to an Indian bank account: An international bank transfer from the Belgian client's bank can be credited directly by your AD bank in India. Receipts from countries outside the Asian Clearing Union may be in INR or any foreign currency under Reg 3(2)(I)(a)(iii).
Which RBI rule governs money from Belgium?
Money from a Belgian client for services is governed by the FEMA (Export and Import of Goods and Services) Regulations, 2026, in force from 1 October 2026, and by the FEMA (Manner of Receipt and Payment) Regulations, 2023. Belgium is outside the Asian Clearing Union, so payment may be received in Indian Rupees or any foreign currency, including EUR. The same rules apply whether the client pays by SEPA or SWIFT.
| Rule | Source | Clause | Plain meaning | Best for |
|---|---|---|---|---|
| Currency and channel | FEMA Manner of Receipt and Payment Regulations 2023 | Reg 3(2)(I)(a)(iii) | From countries outside the ACU, such as Belgium, receipts can be in INR or any foreign currency. | Exporters invoicing a Belgian client in EUR |
| Export Declaration Form | FEMA Regulations 2026 | Reg 3(2) | File an EDF for the full export value within 30 days from the end of the invoice month. One EDF can cover a month's exports. Exporters of services other than software may file on or before the payment date. | Every service exporter, including software exporters |
| Realisation period | FEMA Regulations 2026 | Reg 5(1) | Realise and repatriate the full value within nine months from the invoice date, or twelve months if invoiced or settled in INR. The AD bank may extend the period. | Belgian clients on long payment terms |
| EDPMS closure | FEMA Regulations 2026 | Reg 4(2) | For invoices up to ₹10 lakh, the EDPMS entry can be closed on the exporter's declaration, also in bulk each quarter. | Freelancers with smaller invoices |
| Purpose code reporting | FEMA Regulations 2026; A.P. (DIR Series) Circular No. 84 | Reg 18(2); FETERS purpose code list | The AD bank reports each foreign exchange transaction in FETERS, using a purpose code that describes the receipt. | Choosing the code with your bank |
| FIRC for GST refunds | CGST Rule 89 | Rule 89(2)(c) | A refund claim on export of services needs a statement of invoices with the relevant Bank Realisation Certificates or Foreign Inward Remittance Certificates. | Exporters claiming unused input tax credit |
Which option leaves the most rupees when a Belgian client pays $500, $2,000 or $5,000?
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.
| Platform and invoice | Fee | FX markup | GST | INR received | Cost | Best for |
|---|---|---|---|---|---|---|
| Skydo, $500 | ₹1,799 | ₹0 | ₹324 | ₹45,211 | 4.48% | Indian freelancers and exporters receiving mid to large B2B invoices |
| Skydo, $2,000 | ₹1,799 | ₹0 | ₹324 | ₹1,87,213 | 1.12% | Indian freelancers and exporters receiving mid to large B2B invoices |
| Skydo, $5,000 | ₹2,745 | ₹0 | ₹494 | ₹4,70,098 | 0.68% | Indian freelancers and exporters receiving mid to large B2B invoices |
| Razorpay, $500 | ₹1,000 | ₹0 | ₹180 | ₹46,154 | 2.49% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Razorpay, $2,000 | ₹1,893 | ₹0 | ₹341 | ₹1,87,101 | 1.18% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Razorpay, $5,000 | ₹4,733 | ₹0 | ₹852 | ₹4,67,752 | 1.18% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
For example, on a $2,000 invoice Skydo pays about ₹1,87,213 and Razorpay about ₹1,87,101 at today's reference rate, a difference of ₹112.
What documents and GST apply to Belgium payments?
A payment from Belgium needs an export invoice, an EDF, a bank inward remittance record such as a FIRC or FIRA and, for GST, an LUT or IGST payment. Services to a client in Belgium count as an export of services when all the s.2(6) conditions are met, including a place of supply outside India and payment in convertible foreign exchange, or in INR where the RBI permits. Export of services is a zero-rated supply, and an LUT in FORM GST RFD-11 lets you supply without paying IGST.
| Document | Who issues it | When needed | Best for |
|---|---|---|---|
| Export invoice | You, the exporter | For every supply; its date starts the EDF and realisation clocks | All exporters |
| EDF | You file it with the specified authority, usually your AD bank (Reg 3(2)) | Within 30 days from the end of the invoice month | Service and software exporters |
| FIRC or FIRA | The bank that credits the rupees in India | After each credit; Rule 89(2)(c) names BRCs or FIRCs for export of services refund claims | GST records and refund claims |
| e-BRC | DGFT, generated by the exporter with an IEC from the bank's inward remittance message | After payment is received | Exporters who need DGFT confirmation that payment was received |
| LUT (FORM GST RFD-11) | You file it under CGST Rule 96A | Before export, to supply without paying IGST | GST-registered exporters |
What changed in the rules this year?
The main change in 2026 is that the FEMA Export and Import Regulations 2026 replaced the 2015 regulations from 1 October 2026. A.P. (DIR Series) Circular No. 20 supersedes the Master Direction on Export of Goods and Services and the listed circulars, including the SOFTEX circulars, from the same date.
- New regulations: The 2026 Regulations came into force on 1 October 2026 and were amended on 22 September 2026.
- SOFTEX: The SOFTEX circulars are listed as superseded in Circular No. 20, and software exports now use the EDF.
- Realisation: The 22 September 2026 amendment set nine months, replacing fifteen, and twelve months for INR, replacing eighteen (Reg 5).
- Small invoices: Invoices up to ₹10 lakh can close in EDPMS on the exporter's declaration (Reg 4(2)).
- Unrealised exports: Exports unrealised one year past the due date limit further exports to full advance or an irrevocable letter of credit (Reg 13).
How did we verify this?
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.
- Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 (Notification FEMA 23(R)/2026-RB, amended up to 22 September 2026), Reg 3(2), 4(2), 5(1), 13, 18(2) (checked 6 Oct 2026)
- RBI A.P. (DIR Series) Circular No. 20 dated 16 January 2026: Export and Import of Goods and Services, Paras 4 and 7; Annex A (checked 6 Oct 2026)
- Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023, Reg 3(2)(I)(a)(iii) (checked 6 Oct 2026)
- RBI A.P. (DIR Series) Circular No. 84 dated 29 February 2012: Compilation of R-Returns, Reporting under FETERS, Purpose codes for reporting (checked 6 Oct 2026)
- IGST Act, 2017, Section 2 (Definitions), s.2(6) export of services (checked 6 Oct 2026)
- IGST Act, 2017, Section 16 (Zero rated supply), s.16(1) and 16(3) (checked 6 Oct 2026)
- CGST Rules, 2017, Rule 96A (Export under bond or Letter of Undertaking), Rule 96A(1)(b) (checked 6 Oct 2026)
- CGST Rules, 2017, Rule 89 (Application for refund), Rule 89(2)(c) (checked 6 Oct 2026)
- European Central Bank: Single Euro Payments Area (SEPA), SEPA countries (Belgium listed); Cross-border Payments Regulation (checked 6 Oct 2026)
- DGFT FAQs on Self-Generation of eBRC (Version 1.0, March 2024), FAQ 1, 2 and 10 (checked 6 Oct 2026)
- Skydo homepage (pricing and fee calculator), Know what you pay; calculator showing GST 18% of transaction fee (checked 6 Oct 2026)
- 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)
Frequently asked questions
Can a Belgian client send a SEPA transfer straight to my Indian bank account?
No. SEPA covers 41 European countries, and India is not one of them. A SEPA transfer works only into a euro account held in a SEPA country. A payment sent directly to an Indian bank account travels as an international transfer. Read what a SEPA transfer is for the basics.
What bank details does a Belgian client need for a SWIFT transfer to India?
The details depend on your bank, so ask your AD bank for its written inward remittance instructions for EUR. These usually cover the beneficiary name and account, the bank SWIFT code and any correspondent bank. Share them with the client exactly. See what a SWIFT code is and what an IBAN is.
Why did less money arrive than the Belgian client sent by SWIFT?
Intermediary banks on a SWIFT route may deduct charges before the money reaches your account. The EU rule that keeps cross-border euro payments no dearer than domestic ones applies within the EU/EEA, so it does not cover a transfer to India. Check the charge option on the client's payment. See SWIFT transfer charges in India.
Which RBI purpose code goes with a EUR inward remittance from a Belgian client?
The purpose code comes from the RBI's FETERS purpose code list and must match the service you invoiced, such as software, consultancy or design. Your AD bank reports it with the inward remittance. Check our purpose codes list and confirm the code with your bank before the payment is credited.
Does an export of services invoice to Belgium attract IGST if an LUT is filed?
No IGST is paid when you supply under an LUT in FORM GST RFD-11. If payment is not received within one year or the FEMA period, whichever is later, you must pay the tax with interest within fifteen days after that period ends. See our LUT filing guide for the portal steps.
How long can a Belgian client invoice stay unpaid under the RBI export realisation rule?
Under Reg 5 of the FEMA Regulations 2026, you must realise the full export value within nine months from the invoice date, or twelve months if invoiced or settled in INR. Your AD bank may extend the period if you give reasons. Use the export realisation period guide for details.
Do SEPA and SWIFT receipts from Belgium need an EDF now that SOFTEX has ended?
Yes. From 1 October 2026, Reg 3(2) requires every service exporter, including software exporters, to file an EDF within 30 days from the end of the invoice month. Exporters of services other than software may file it on or before the payment date. The payment route does not change this. See the EDF guide.