Wise, PayPal or Payoneer: What RBI's Export Rules Mean for Getting Paid by a Malaysian Client

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 SWIFT bank wire: A SWIFT wire is sent by the client's bank in Malaysia to your bank in India, which credits it 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.

Money from a client in Malaysia 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. Malaysia 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.

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 ₹1,87,479 and PayPal about ₹1,74,289 at today's reference rate, a difference of ₹13,189.

A payment from Malaysia needs an export invoice, an EDF, a bank remittance record and, for GST, an LUT or IGST payment. Services to a Malaysian client are an export of services when, among other conditions, 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 Malaysia side, a resident is free to pay a non-resident in foreign currency for any purpose other than certain derivatives, under Bank Negara Malaysia's foreign exchange policy.

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• SOFTEX: The SOFTEX circulars are listed as superseded in Circular No. 20, and software exports now use the EDF.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 to Reg 5 set the realisation period for services at nine months from the invoice date, or twelve months for INR, replacing the fifteen and eighteen months in the January 2026 notification.
• 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).

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 (Notification FEMA 23(R)/2026-RB, amended up to 22 September 2026), Reg 2(1)(f), 3(2), 4(2), 5 and footnotes 2 to 4, 13, 18(2) (checked 6 Oct 2026)
2. RBI A.P. (DIR Series) Circular No. 20 dated 16 January 2026: Export and Import of Goods and Services, Para 4, Para 7; Annex (checked 6 Oct 2026)
3. Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023, Reg 3(2)(I)(a)(iii) (checked 6 Oct 2026)
4. Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016 (Notification FEMA 14(R)/2016-RB), ACU members named (checked 6 Oct 2026)
5. 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)
6. IGST Act, 2017, Section 2 (Definitions), s.2(6) export of services (checked 6 Oct 2026)
7. IGST Act, 2017, Section 16 (Zero rated supply), s.16(1) (checked 6 Oct 2026)
8. CGST Rules, 2017, Rule 96A (Export under bond or Letter of Undertaking), Rule 96A(1)(b) (checked 6 Oct 2026)
9. DGFT FAQs on Self-Generation of eBRC, Q1 eBRC issued by DGFT; Q10 generation with IEC; Q29 no eBRC without IRM (checked 6 Oct 2026)
10. Inland Revenue Board of Malaysia (HASiL): Withholding Tax, Section 109B special classes of income, 10%, form CP 37D; applies only to services performed in Malaysia; DTAA rates (checked 6 Oct 2026)
11. Bank Negara Malaysia Foreign Exchange Policy: Payment in Foreign Currency (Resident), Payment in foreign currency between resident and non-resident (checked 6 Oct 2026)
12. Skydo homepage (pricing and fee calculator), Know what you pay; calculator showing GST 18% of transaction fee (checked 6 Oct 2026)
13. 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)
14. 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)
15. 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)
16. Payoneer India home (checked 6 Oct 2026)