SWIFT, Payoneer or Wise: How to Actually Get Paid by a Client in China
- Author:
- Manoj Sharma
- Verified by:
- Editorial team
- Published:
- Last modified:
Short answer
In 2026 a client in China can pay an Indian exporter by SWIFT bank transfer, Payoneer or Wise. The export follows the RBI's FEMA Regulations 2026. You file an EDF and realise payment within nine months. Your AD bank reports a purpose code. Keep the FIRC or FIRA. GST is zero-rated under an LUT.
| Applies to | Rules involved | Platforms compared | Last verified |
|---|---|---|---|
| Indian freelancers, agencies and companies that export services to clients in China and invoice in USD, CNY or another currency. | 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, FETERS purpose codes | Skydo, Razorpay, Wise Business, Payoneer | 6 Oct 2026 |
How do Wise and Payoneer compare for Indian exporters paid by clients in China?
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 | ₹4,70,030 | 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 | ₹4,67,685 | Razorpay pricing (checked 6 Oct 2026) |
| Wise Business | Freelancers and small exporters wanting multi-currency local accounts and eFIRC | Calculator: 1.6% + $2 per payment + 18% GST | Mid-market rate; cost is the 1.6% conversion fee | States under 90 minutes in business hours | eFIRC per transfer, 2 USD + 18% GST | States in-principle PA-CB approval; not found on RBI page | ₹4,64,283 | Wise Business pricing (checked 6 Oct 2026) |
| Payoneer | Freelancers and sellers paid via marketplaces or Payoneer clients | Conflicting receiving fee: free, fixed or 1%; 3% INR withdrawal | Conflicting: 3% (fee notice) or 1-4% (pricing page) | Conflicting: auto-withdrawn within 24 or 48 hours | Free digital FIRA downloads; within 72 hours per guide | States in-principle PA-CB; not on RBI list (30 Sep 2026) | ₹4,48,943 to ₹4,68,537 (estimate) | Payoneer pricing (checked 6 Oct 2026) |
- A SWIFT bank transfer: A SWIFT transfer is a wire sent by the client's bank in China to your bank in India, which credits the rupees as an inward remittance. The receipt must come through an authorised bank or authorised person under the Manner of Receipt and Payment Regulations, and your AD bank sets its own charges, so check them before you invoice.
Which RBI rule governs money from China?
Money from a client in China 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. China was not among the Asian Clearing Union members named in the RBI's 2016 receipt regulations, so the rule for countries outside the ACU applies: payment in Indian Rupees or any foreign currency.
| 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, receipts can be in INR or any foreign currency, such as USD or CNY, routed through an authorised bank or authorised person. | Exporters invoicing a client in China in USD or CNY |
| 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. | Clients in China 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 trade transaction in FETERS, using a purpose code that describes the receipt. | Choosing the code with your bank |
Which option leaves the most rupees when a client in China 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 4 Nov 2026. Platforms without full published pricing are not included.
| Platform and invoice | Fee | FX markup | GST | INR received | Cost | Best for |
|---|---|---|---|---|---|---|
| Skydo, $500 | ₹1,798 | ₹0 | ₹324 | ₹45,205 | 4.48% | Indian freelancers and exporters receiving mid to large B2B invoices |
| Skydo, $2,000 | ₹1,798 | ₹0 | ₹324 | ₹1,87,186 | 1.12% | Indian freelancers and exporters receiving mid to large B2B invoices |
| Skydo, $5,000 | ₹2,745 | ₹0 | ₹494 | ₹4,70,030 | 0.68% | Indian freelancers and exporters receiving mid to large B2B invoices |
| Razorpay, $500 | ₹1,000 | ₹0 | ₹180 | ₹46,147 | 2.49% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Razorpay, $2,000 | ₹1,893 | ₹0 | ₹341 | ₹1,87,074 | 1.18% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Razorpay, $5,000 | ₹4,733 | ₹0 | ₹852 | ₹4,67,685 | 1.18% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Wise Business, $500 | ₹929 | ₹0 | ₹167 | ₹46,231 | 2.32% | Freelancers and small exporters wanting multi-currency local accounts and eFIRC |
| Wise Business, $2,000 | ₹3,158 | ₹0 | ₹568 | ₹1,85,582 | 1.97% | Freelancers and small exporters wanting multi-currency local accounts and eFIRC |
| Wise Business, $5,000 | ₹7,616 | ₹0 | ₹1,371 | ₹4,64,283 | 1.90% | Freelancers and small exporters wanting multi-currency local accounts and eFIRC |
For example, on a $2,000 invoice Skydo pays about ₹1,87,186 and Wise Business about ₹1,85,582 at today's reference rate, a difference of ₹1,604.
What documents and GST apply to payments from China?
A payment from China needs an export invoice, an EDF, a bank remittance record and, for GST, an LUT or IGST payment. Services to a client in China are an export of services when the place of supply is outside India and payment comes 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. On the China side, outward payments for trade in services fall under a tax record filing rule of China's State Taxation Administration and SAFE, so your client's bank may ask the client for paperwork first.
| 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 AD bank, or STPI for software (Reg 2(1)(f)) | Within 30 days from the end of the invoice month (Reg 3(2)) | Service and software exporters |
| FIRC or FIRA | The bank that credits the rupees | After each credit, as a record of the inward remittance; check the format with your AD bank | 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 with the jurisdictional Commissioner (CGST Rule 96A) | Before export, to supply without paying IGST | GST-registered exporters |
| Payer's tax record filing in China | Your client, under STA and SAFE Announcement No. 40 of 2013 and No. 19 of 2021 | Before some outward payments for services; the client's bank confirms whether it applies | Clients in China paying larger service invoices by bank transfer |
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: Services must be realised within nine months from the invoice date, or twelve months for INR, under 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 1(2), 2(1)(f), 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, Para 4; Annex (checked 6 Oct 2026)
- Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023, Reg 3(2)(I)(a)(iii) (checked 6 Oct 2026)
- Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016 (Notification FEMA 14(R)/2016-RB), Reg 3(1)(A), ACU members (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) (checked 6 Oct 2026)
- CGST Rules, 2017, Rule 96A (Export under bond or Letter of Undertaking), Rule 96A(1)(b) (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)
- State Administration of Foreign Exchange (China): Catalog of Current Major Laws and Regulations in Effect on Foreign Exchange Administration (As of June 30, 2025), Part (III) Trade in Services, items 35 and 36: STA and SAFE Announcement No. 40 of 2013 and No. 19 of 2021 (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)
- 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)
- Payoneer India home (checked 6 Oct 2026)
Frequently asked questions
Can an Indian exporter receive CNY from a Chinese client under RBI rules?
Yes. For countries outside the Asian Clearing Union, Reg 3(2)(I)(a)(iii) allows receipts in Indian Rupees or any foreign currency, so CNY is allowed in principle. Whether your bank or provider accepts CNY is its own decision. See our guide to receiving CNY payments in India.
Which RBI purpose code goes with a SWIFT payment from a client in China?
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 credit.
Is a payment from China settled through the Asian Clearing Union?
No. China was not among the ACU members named in the RBI's 2016 receipt regulations, which listed Bangladesh, Myanmar, Pakistan, Sri Lanka, Maldives, Nepal, Bhutan and Iran. Payments from China follow the rule for other countries. Read more on ACU payments and receiving money from China.
Why does a Chinese client's bank ask for a tax record before a SWIFT payment to India?
China's State Taxation Administration and SAFE have a tax record filing rule for outward payments under trade in services, Announcement No. 40 of 2013 as amended by No. 19 of 2021. The client's bank applies it. Send a clear invoice and contract so the client can file, and ask the client how long the bank takes.
How long can a China 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.
Does an export of services invoice to China 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 from the invoice date, or the longer FEMA period, you must pay the tax with interest within fifteen days after that period ends. See our LUT filing guide for the portal steps.
Do Wise and Payoneer receipts from China follow the same RBI export rules as a SWIFT transfer?
Yes. The FEMA Regulations 2026 apply to the export itself, whichever channel the client in China uses. The money must reach you through an authorised bank or authorised person under the Manner of Receipt and Payment Regulations. The comparison table on this page shows each provider's verified data.
What should an exporter do if a Chinese client deducts withholding tax from the payment?
Ask the client for official proof of the tax withheld in China and keep it with the invoice and FIRA. Whether you can claim credit for that tax in India depends on the India and China tax treaty and Indian income tax rules, so check with a tax adviser. See our guides on foreign withholding tax and DTAA for exporters.