Wise, Payoneer or Airwallex: What GST Rules Mean for Freelancers Getting Paid from Singapore
- Author:
- Manoj Sharma
- Verified by:
- Editorial team
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Short answer
Singapore payments via Wise, Payoneer or Airwallex follow the same 2026 RBI and GST rules. Singapore client work can be an export of services under IGST s.2(6) when paid in convertible foreign exchange. An LUT in Form GST RFD-11 allows export without IGST. The FEMA Export and Import Regulations 2026 require payment within nine months. A FIRC supports refunds.
| Applies to | Rules involved | Platforms compared | Last verified |
|---|---|---|---|
| Indian residents (freelancers, sole proprietors, firms and companies) who invoice clients in Singapore for services and are paid in SGD, USD, another foreign currency or INR through Wise, Payoneer, Airwallex or a bank transfer. | FEMA (Export and Import of Goods and Services) Regulations 2026, FEMA (Manner of Receipt and Payment) Regulations 2023, RBI Master Direction on Payment Aggregators, IGST Act s.2(6), s.13(2) and s.16, CGST Rule 89 and Rule 96A. | Skydo, Razorpay, Wise Business, Airwallex, Payoneer | 7 Oct 2026 |
How do Wise, Payoneer and Airwallex compare for Indian freelancers receiving SGD from Singapore 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 | ₹4,70,884 | 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 | ₹4,68,534 | 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 | ₹4,65,126 | Wise Business pricing (checked 6 Oct 2026) |
| Airwallex | Registered Indian companies collecting multi-currency and paying suppliers globally | No USD receive fee; free local payouts; Explore plan no monthly fee | 0.60% for INR (0.40% majors), Singapore schedule; India rate not confirmed | States ~90% processed within hours to one business day | No auto FIRA; FIRC on request; partner fee may apply | Not confirmed; not on RBI list, no PA-CB claim | About ₹4,71,284 (estimate) | Airwallex pricing (checked 7 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) | ₹4,49,759 to ₹4,69,388 (estimate) | Payoneer pricing (checked 6 Oct 2026) |
Which RBI rule governs money received from Singapore clients in SGD?
The FEMA (Manner of Receipt and Payment) Regulations 2023 decide how a Singapore client may pay: for countries outside the Asian Clearing Union, export receipts may be in Indian rupees or any foreign currency, so SGD is allowed. Singapore is not among the ACU members named in RBI's earlier 2016 Manner of Receipt regulations. From 1 October 2026 the FEMA Export and Import Regulations 2026 set the EDF, realisation and EDPMS rules, and A.P. (DIR Series) Circular No. 20 supersedes the Master Direction on Export. Money routed through a cross-border payment aggregator also falls under the RBI Master Direction on Payment Aggregators.
| Rule | Source | Clause | Plain meaning | Best for |
|---|---|---|---|---|
| Currency of receipt | Manner of Receipt and Payment Regulations 2023 | Reg 3(2)(I)(a)(iii) | A client in a country outside the ACU, such as Singapore, may pay in Indian rupees or any foreign currency, including SGD. | Choosing the invoice currency for a Singapore client |
| Authorised channel | Manner of Receipt and Payment Regulations 2023 | Reg 3(2) | Payments between a person in India and a person outside India go through an Authorised Bank or Authorised Person. | Checking whether a payment route is permitted |
| Export declaration (EDF) | FEMA Export and Import Regulations 2026 | Reg 3(2) | Declare the full export value in an EDF within 30 days from the end of the month the invoice was raised. One EDF can cover all of a month's exports. | Freelancers billing Singapore clients every month |
| Bank credit and EDPMS | FEMA Export and Import Regulations 2026 | Reg 4(2) | The AD bank credits the money after checking the transaction is genuine and closes the EDPMS entry. Invoices up to ₹10 lakh can be closed on the exporter's declaration. | Freelancers with smaller Singapore invoices |
| Realisation period | FEMA Export and Import Regulations 2026 | Reg 5(1), as amended | Services must be paid within nine months of the invoice date, or twelve months if invoiced or settled in INR. The AD bank may extend this on request. | Anyone with slow-paying Singapore clients |
| Reporting and purpose codes | FEMA Export and Import Regulations 2026 | Reg 18(2) | The AD bank reports all foreign trade transactions in FETERS, which uses RBI purpose codes. | Understanding why a purpose code is asked for |
| Payment aggregator limits | RBI Master Direction on Payment Aggregators | Para 11(d) and 11(h) | A cross-border payment aggregator can process up to ₹25 lakh per transaction and must give the exporter's AD bank the documents needed to close EDPMS entries. | Freelancers paid through an aggregator |
Which of Wise, Payoneer and Airwallex costs least on a typical Singapore client payment?
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 | ₹1,802 | ₹0 | ₹324 | ₹45,287 | 4.48% | Indian freelancers and exporters receiving mid to large B2B invoices |
| Skydo, $2,000 | ₹1,802 | ₹0 | ₹324 | ₹1,87,526 | 1.12% | Indian freelancers and exporters receiving mid to large B2B invoices |
| Skydo, $5,000 | ₹2,750 | ₹0 | ₹495 | ₹4,70,884 | 0.68% | Indian freelancers and exporters receiving mid to large B2B invoices |
| Razorpay, $500 | ₹1,000 | ₹0 | ₹180 | ₹46,233 | 2.49% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Razorpay, $2,000 | ₹1,897 | ₹0 | ₹341 | ₹1,87,414 | 1.18% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Razorpay, $5,000 | ₹4,741 | ₹0 | ₹853 | ₹4,68,534 | 1.18% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Wise Business, $500 | ₹930 | ₹0 | ₹167 | ₹46,315 | 2.32% | Freelancers and small exporters wanting multi-currency local accounts and eFIRC |
| Wise Business, $2,000 | ₹3,163 | ₹0 | ₹569 | ₹1,85,919 | 1.97% | Freelancers and small exporters wanting multi-currency local accounts and eFIRC |
| Wise Business, $5,000 | ₹7,630 | ₹0 | ₹1,373 | ₹4,65,126 | 1.90% | Freelancers and small exporters wanting multi-currency local accounts and eFIRC |
For example, on a $2,000 invoice Skydo pays about ₹1,87,526 and Wise Business about ₹1,85,919 at today's reference rate, a difference of ₹1,607.
What documents and GST apply to Singapore client payments?
Each Singapore payment involves an export invoice and an EDF entry, and a FIRC or bank inward remittance record serves as proof of receipt. An LUT applies if you are GST-registered and export without paying IGST. Services to a Singapore client count as an export of services when the five conditions in IGST Act s.2(6) are met, including payment in convertible foreign exchange (or INR where RBI permits). For most services the place of supply is the recipient's location (IGST s.13(2)). An export of services is a zero-rated supply under IGST s.16. On the Singapore side, IRAS guidance for non-resident companies says withholding tax does not apply to services provided by electronic means from overseas without sending staff to Singapore.
| Document | Who issues it | When needed | Best for |
|---|---|---|---|
| Export invoice | You, the exporter | When you bill the Singapore client; the invoice date starts the nine-month realisation clock under Reg 5(1) | Every Singapore project or monthly retainer |
| Export Declaration Form (EDF) | You declare it to the specified authority: an AD bank for services, or an AD bank or STPI for software (Reg 2(1)(f)) | Within 30 days from the end of the invoice month (Reg 3(2)) | All service and software exporters |
| FIRC (foreign inward remittance certificate) | Your AD bank, where it issues one. The 2026 RBI regulations do not name the FIRC, so ask your bank what record it provides | After the money is credited. CGST Rule 89(2)(c) asks for BRC or FIRC details when claiming a refund on export of services | GST refund claims and proof of foreign receipt |
| eBRC | DGFT, generated on the DGFT portal from your bank's inward remittance message (IRM) (DGFT eBRC FAQs) | After payment is received | Exporters who need a DGFT record of realisation |
| Letter of Undertaking (Form GST RFD-11) | You file it on the GST portal | Before export; valid for the whole financial year it is filed in (Circular 8/8/2017-GST) | GST-registered freelancers supplying without paying IGST |
| Payment aggregator transaction records | The cross-border payment aggregator, sent to your AD bank | For EDPMS closure of aggregator-routed receipts (PA Master Direction para 11(h)) | Freelancers paid through an aggregator |
What changed in the rules this year?
The main change is that the FEMA Export and Import Regulations 2026 replaced the 2015 regulations on 1 October 2026. RBI also asked banks to credit inward cross-border payments faster from October 2026, and the Income-tax Act, 2025 took effect on 1 April 2026.
- New regulations: From 1 October 2026, Circular No. 20 supersedes the Master Direction on Export of Goods and Services and the circulars in its Annex, including the circular on certification of SOFTEX forms. Software exports are now declared in the EDF.
- Realisation: A 22 September 2026 amendment set the period at nine months, or twelve months for INR invoices, replacing the fifteen and eighteen months in the January text before it took effect.
- EDPMS closure: Invoices up to ₹10 lakh can be closed in EDPMS on the exporter's declaration, one by one or in a quarterly bulk declaration (Reg 4(2)).
- Faster credit: An RBI circular of 9 April 2026 asks banks to try to credit inward payments received in forex market hours on the same business day. It takes effect six months after the circular date, in October 2026.
- Income tax: The Income-tax Act, 2025 replaced the 1961 Act from 1 April 2026 and uses the term 'tax year'. Earlier years stay under the old Act.
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 No. FEMA 23(R)/2026-RB (amended up to 22 September 2026), Regulations 1(2), 2(1)(f), 3(2), 4(2), 5(1) and 18(2) (checked 7 Oct 2026)
- RBI A.P. (DIR Series) Circular No. 20, RBI/2025-26/194: Export and Import of Goods and Services (16 January 2026), Para 4; Annex item 9 (Certification of SOFTEX Forms) (checked 7 Oct 2026)
- Foreign Exchange Management (Export and Import of Goods and Services) (Amendment) Regulations, 2026, Notification No. FEMA 23(R)/(1)/2026-RB (22 September 2026), Para 2 (amendment to regulation 5) (checked 7 Oct 2026)
- Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023, Notification No. FEMA 14(R)/2023-RB, Regulation 3(2) and 3(2)(I)(a)(iii) (checked 7 Oct 2026)
- Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016, FEMA 14(R)/2016-RB (superseded; cited only for its list of ACU members), Regulation 3(1)(A), Members of the Asian Clearing Union (checked 7 Oct 2026)
- RBI Master Direction on Regulation of Payment Aggregator (PA), RBI/DPSS/2025-26/141, Paragraph 11(d) and 11(h) (checked 7 Oct 2026)
- RBI circular RBI/2026-27/08: Guidelines to facilitate faster cross-border inward payments (9 April 2026), Paras 3 and 4 (checked 7 Oct 2026)
- RBI press release: Prime Ministers of India and Singapore launch real-time payment systems linkage (21 February 2023), Paras 1 to 4 (checked 7 Oct 2026)
- RBI A.P. (DIR Series) Circular No. 84, RBI/2011-12/413: Compilation of R-Returns, reporting under FETERS (29 February 2012), Paragraph 3 (checked 7 Oct 2026)
- Integrated Goods and Services Tax Act, 2017, section 2 (CBIC tax information portal), Section 2(6) (checked 7 Oct 2026)
- Integrated Goods and Services Tax Act, 2017, section 13 (CBIC tax information portal), Section 13(2) (checked 7 Oct 2026)
- Integrated Goods and Services Tax Act, 2017, section 16: Zero rated supply (CBIC tax information portal), Section 16(1) (checked 7 Oct 2026)
- Central Goods and Services Tax Rules, 2017, Rule 96A (CBIC tax information portal), Rule 96A(1)(b) (checked 7 Oct 2026)
- Central Goods and Services Tax Rules, 2017, Rule 89: Application for refund (CBIC tax information portal), Rule 89(2)(c) (checked 7 Oct 2026)
- CBIC Circular No. 8/8/2017-GST: Clarification on issues related to furnishing of Bond/Letter of Undertaking (4 October 2017), Para 2(b), validity of LUT (checked 7 Oct 2026)
- GST Portal user guide: Furnishing of Letter of Undertaking (Form GST RFD-11), Filing steps (checked 7 Oct 2026)
- DGFT FAQs on Self-Generation of eBRC, Version 1.0, Q1, Q2 and Q10 (checked 7 Oct 2026)
- Income Tax Department: Objective and scope of the new Act (Income-tax Act, 2025), FAQs on replacement of the 1961 Act and the tax year concept (checked 7 Oct 2026)
- IRAS: Payments to non-resident company that are subject to withholding tax, Services; services provided via electronic means from overseas are rendered outside Singapore (checked 7 Oct 2026)
- IRAS: Treatment of income for non-resident professional, 15% withholding tax on services performed in Singapore (checked 7 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)
- Airwallex Help: Eligible Countries and Territories, INDIA IN - AWX Legal Entity SINGAPORE (checked 7 Oct 2026)
- Payoneer India home (checked 6 Oct 2026)
Frequently asked questions
Is GST charged on freelance fees from Singapore clients paid through Wise, Payoneer or Airwallex in 2026?
No IGST is paid on a qualifying export of services when you file an LUT in Form GST RFD-11 under Rule 96A. The supply must meet all five conditions of IGST s.2(6), including payment in convertible foreign exchange or INR where RBI permits. The platform used does not change this test. See LUT filing on the GST portal.
What happens under CGST Rule 96A if a Singapore client never pays the invoice?
Under Rule 96A(1)(b), if payment for exported services is not received in convertible foreign exchange or permitted INR, you must pay the IGST with interest within fifteen days after one year from the invoice date, or after the FEMA period including any RBI extension, whichever is later. See export realisation period.
Do I need a FIRC for each Singapore payment to claim a GST refund on export of services?
Yes, a FIRC or BRC is needed when you claim a refund. CGST Rule 89(2)(c) asks for a statement of invoice numbers and dates with the matching Bank Realisation Certificates or Foreign Inward Remittance Certificates for export of services. A FIRC or bank inward remittance record per payment also proves foreign receipt. Read FIRC vs FIRA vs e-BRC.
Can Indian freelancers use UPI-PayNow to receive client payments from Singapore?
RBI's February 2023 announcement describes UPI-PayNow as a linkage for instant cross-border funds transfers between users of the two fast payment systems, through participating banks. The announcement does not address payments for exported services, so ask your AD bank whether it reports such receipts as export proceeds before invoicing a client this way. See how to receive money from Singapore.
Does a Singapore client deduct withholding tax from payments to an Indian freelancer working remotely?
IRAS guidance for non-resident companies says withholding tax is not applicable when services are provided by electronic means from overseas without sending staff to Singapore. For non-resident professionals, IRAS applies a 15% withholding tax to fees for services performed in Singapore. That page covers companies, so ask your client to confirm its treatment. See foreign withholding tax.
How long can a Singapore client take to pay under the RBI export realisation rule in 2026?
Under Regulation 5(1) of the FEMA Export and Import Regulations 2026, services must be paid within nine months from the invoice date, or twelve months if invoiced or settled in INR. Your AD bank can extend the period on request with reasons. The same limit applies to SGD received through any platform. See export realisation period.
Which RBI purpose code applies to SGD payments from Singapore clients for freelance services?
Banks report every receipt under RBI's revised purpose code list (A.P. (DIR Series) Circular No. 84), and Regulation 18(2) keeps FETERS reporting in place from October 2026. The code depends on the service sold, such as software, design or consultancy, and not on the client's country. Confirm it with your AD bank. See purpose code for freelancers.
Is there an RBI limit on Singapore payments received through a cross-border payment aggregator (PA-CB)?
Yes. Paragraph 11(d) of the RBI Master Direction on Payment Aggregators caps each inward or outward transaction processed by a PA-CB at ₹25 lakh. The aggregator must also share documents with your AD bank for EDPMS closure. A larger Singapore invoice cannot pass through a PA-CB as one transaction. See RBI PA-CB guidelines.