Airwallex vs Cashfree Payments (2026): Which Is Better for Receiving International Payments in India?
- Author:
- Manoj Sharma
- Verified by:
- Editorial team
- Published:
- Last modified:
Short answer
The better choice depends on how your clients pay and which documents you need. Neither platform publishes full pricing for Indian users. Airwallex is best for registered Indian companies that want multi-currency collection accounts and also pay suppliers globally. The table compares both by use case using published information.
| Use case | Better option | Why |
|---|---|---|
| Invoices around $2,000 | Not comparable | Neither platform publishes full pricing for Indian users. |
| Invoices around $5,000 | Not comparable | Neither platform publishes full pricing for Indian users. |
| Invoices around $10,000 | Not comparable | Neither platform publishes full pricing for Indian users. |
| Need: registered Indian companies that want multi-currency collection accounts and also pay suppliers globally | Airwallex | Airwallex is built for this. |
| Need: registered Indian businesses that want card checkout and foreign bank transfer collection in one gateway | Cashfree Payments | Cashfree Payments is built for this. |
How do Airwallex and Cashfree Payments compare at a glance?
| Attribute | Airwallex | Cashfree Payments |
|---|---|---|
| Best for | Registered Indian companies collecting multi-currency and paying suppliers globally | Registered Indian businesses wanting card checkout and bank transfer collection |
| Fees | No USD receive fee; free local payouts; Explore plan no monthly fee | Collections on request (2023: 1% to 1.5%); cards 2.99% + GST |
| FX markup | 0.60% for INR (0.40% majors), Singapore schedule; India rate not confirmed | Collections states no forex markup; card FX charge unpublished |
| Settlement | States ~90% processed within hours to one business day | Cards T+2; collections within 7 days, typical time not confirmed |
| FIRA | No auto FIRA; FIRC on request; partner fee may apply | e-FIRA in 1 day free; FAQ: e-FIRS T+1 on request |
| Currencies | Receive 20+ currencies from 70+ countries; INR payouts to India | Collections: 17 currencies (charges page says 30+); cards 140+ currencies |
| RBI status | Not confirmed; not on RBI list, no PA-CB claim | RBI authorised PA and PA-CB inward and outward |
| Indian individuals | No, registered businesses only | Registered businesses only; unregistered individuals not confirmed |
| Indian businesses | Yes, via Airwallex Singapore, subject to checks | Yes, registered businesses; review 24 to 48 hours |
| Limits | Airwallex states most accounts have no deposit limit; transfer limits vary by method and are shown when creating a transfer. India-specific limits Not confirmed. | Global Collections is for sales of goods or services with an invoice value of up to USD 10,000 per transaction, with no daily or monthly limit on the number of transactions (product page, FAQs). |
How much INR do you receive on $2,000, $5,000 and $10,000 with Airwallex vs Cashfree Payments?
Each row applies the platform's published fee, FX markup and GST on the fee to the XE mid-market rate for 3 Nov 2026.
| Platform and invoice | Fee | FX markup | GST | INR received | Cost | Best for |
|---|---|---|---|---|---|---|
| Airwallex, $2,000 | – | – | – | Not published | – | Registered Indian companies collecting multi-currency and paying suppliers globally |
| Airwallex, $5,000 | – | – | – | Not published | – | Registered Indian companies collecting multi-currency and paying suppliers globally |
| Airwallex, $10,000 | – | – | – | Not published | – | Registered Indian companies collecting multi-currency and paying suppliers globally |
| Cashfree Payments, $2,000 | – | – | – | Not published | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| Cashfree Payments, $5,000 | – | – | – | Not published | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| Cashfree Payments, $10,000 | – | – | – | Not published | – | Registered Indian businesses wanting card checkout and bank transfer collection |
What is Airwallex and who is it for?
Airwallex is a global business account provider that issues local collection account details (Global Accounts) in 20+ currencies. Its help centre lists India as an eligible business registration country, with Indian businesses onboarded to the Airwallex Singapore entity. An Indian company can collect foreign client payments into a Global Account, convert to INR and send the money to its Indian bank account by local transfer.
- Regulated by: Not confirmed. Airwallex is not on the RBI list of payment system authorisations dated 30 Sep 2026, and its pages make no PA-CB claim
- Used by: Yes. India is listed as an eligible registration country, with Indian businesses onboarded to Airwallex Singapore, subject to industry and risk checks
- Best for: Registered Indian companies that want multi-currency collection accounts and also pay suppliers globally
What is Cashfree Payments and who is it for?
Cashfree Payments is an Indian payment gateway run by Cashfree Payments India Private Limited. For money from abroad it offers an International Payment Gateway for foreign cards and PayPal, and Global Collections, which gives local and SWIFT account details abroad and settles the funds in INR to an Indian bank account. Both are aimed at registered Indian businesses rather than unregistered individuals.
- Regulated by: RBI authorised Payment Aggregator, including PA-CB for inward and outward transactions (RBI certificates of authorisation list dated 30 Sep 2026)
- Used by: Yes. Registered Indian businesses can apply; Cashfree reviews documents, which it says typically takes 24 to 48 hours for Global Collections.
- Best for: Registered Indian businesses that want card checkout and foreign bank transfer collection in one gateway
How do Airwallex and Cashfree Payments fees and FX markup compare?
What does Airwallex charge?
| Fee type | Amount | When it applies | Best for |
|---|---|---|---|
| Receiving: USD local account details in the US (ACH, Fedwire) | 0% Global Account receiving fee | FedNow and RTP only for eligible customers | Registered Indian companies collecting multi-currency and paying suppliers globally |
| Receiving: SWIFT into a Global Account (USD, EUR, GBP and others) | 0% Global Account receiving fee | Intermediary bank charges are Not confirmed | Registered Indian companies collecting multi-currency and paying suppliers globally |
| Receiving: Local GBP, EUR, SGD, AUD, CAD and other local account details | 0% for most currencies (0.60% for KRW, VND, BRL and MYR collections) | – | Registered Indian companies collecting multi-currency and paying suppliers globally |
| Receiving: Online card payments | 3.60% + SGD 0.50 for international cards (Singapore schedule) | – | Registered Indian companies collecting multi-currency and paying suppliers globally |
| Currency conversion to INR | 0.60% customer mark-up for INR (0.40% for major currencies such as USD, EUR, GBP), included in the exchange rate, per the Singapore fee schedule; optional API quote-lock premiums of 0.02% to 0.30% are extra; India-specific rate Not confirmed | When foreign currency is converted | Registered Indian companies collecting multi-currency and paying suppliers globally |
| Payout to an Indian bank | Convert the balance to INR with the 0.60% customer mark-up included in the rate and send by local transfer to the Indian bank account; the local payout fee is $0. SWIFT payouts cost SGD 20 (SHA) or SGD 35 (OUR). | When INR is sent to your account | Registered Indian companies collecting multi-currency and paying suppliers globally |
| Explore plan | Free | – | Registered Indian companies collecting multi-currency and paying suppliers globally |
| Grow plan | SGD 79/month | – | Registered Indian companies collecting multi-currency and paying suppliers globally |
| Accelerate plan | From SGD 399/month | – | Registered Indian companies collecting multi-currency and paying suppliers globally |
| SWIFT payout | SGD 20 (SHA) or SGD 35 (OUR) per payout | – | Registered Indian companies collecting multi-currency and paying suppliers globally |
| FIRC | May be charged by the banking partner; quoted by support on request | – | Registered Indian companies collecting multi-currency and paying suppliers globally |
| Extra spend users | SGD 5 per additional active spend user per month (5 free) | – | Registered Indian companies collecting multi-currency and paying suppliers globally |
| API FX quote validity premium (optional, API version 2024-06-30 or later) | 0.02% (1 minute) to 0.30% (24 hours), added to the FX mark-up | – | Registered Indian companies collecting multi-currency and paying suppliers globally |
| GST on fees | The Singapore fee schedule states fees are exclusive of GST where applicable. Whether Indian GST applies to Indian customers is Not confirmed. | Applies to the platform's fee | Registered Indian companies collecting multi-currency and paying suppliers globally |
What does Cashfree Payments charge?
| Fee type | Amount | When it applies | Best for |
|---|---|---|---|
| Receiving: US ACH to local account details (Global Collections) | Not confirmed (request price; a 1 August 2023 Cashfree blog gave 1% to 1.5% by volume for USD, CAD, EUR, AUD and GBP local rails) | Pricing via Contact Sales | Registered Indian businesses wanting card checkout and bank transfer collection |
| Receiving: SEPA (EUR), FPS (GBP) and EFT (CAD) to local account details (Global Collections) | Not confirmed (request price; a 1 August 2023 Cashfree blog gave 1% to 1.5% by volume for USD, CAD, EUR, AUD and GBP local rails) | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| Receiving: SWIFT wire to Global Collections account | Not confirmed | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| Receiving: International card payment through the International Payment Gateway | 2.99% for Visa and Mastercard, 2.95% for American Express, plus applicable GST | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| Receiving: PayPal through Cashfree | Not confirmed. The pricing FAQ says PayPal transactions are charged at standard payment gateway rates, while the charges page says only standard PayPal pricing applies and Cashfree adds no gateway charge | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| Currency conversion to INR | Global Collections product page states 'No forex markup' (reference rate not named); for international cards Cashfree applies a foreign exchange conversion charge it does not publish | When foreign currency is converted | Registered Indian businesses wanting card checkout and bank transfer collection |
| Payout to an Indian bank | Cashfree converts foreign currency receipts to INR and settles them to the merchant's verified Indian bank account. The Global Collections product page says payments must be settled in INR to the exporter's bank account and states 'No forex markup' and no subscription fees. International card payments settle within T+2 days according to the IPG overview; the Global Collections settlement timeline and fee are not published. | When INR is sent to your account | Registered Indian businesses wanting card checkout and bank transfer collection |
| Setup fee | None, as stated in the IPG docs and the pricing FAQ | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| Foreign exchange conversion charge | Applied on transactions settled in a currency other than INR, per the pricing FAQ; rate not published | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| On-demand settlement | A small fee, amount not published | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| e-FIRS | Free (Global Collections product page: 'at no additional cost') | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| Subscription fee (Global Collections) | None, per the product page | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| GST on fees | Cashfree's pricing FAQ says international card rates are charged in addition to any applicable GST, and monthly invoices show TDR plus GST as applicable; its festive offer terms state GST is charged at 18% (or the prevailing rate). A Cashfree blog on GST says payment gateways and forex providers may charge 18% GST on their service fees, not on the payment received. No page states GST treatment of a Global Collections fee specifically. | Applies to the platform's fee | Registered Indian businesses wanting card checkout and bank transfer collection |
How do Airwallex and Cashfree Payments compare on settlement speed?
- Airwallex: Airwallex states about 90% of transfers to India are processed within a few hours to one business day
- Cashfree Payments: International card payments: T+2 days to the Indian bank account, as stated in the IPG docs. Global Collections: the product page says receipts are swept into a NOSTRO collection account, no funds may be retained in the collection accounts, and funds are credited to the exporter's Indian bank account immediately on confirmation from the importer and no later than seven days from the date of credit to the NOSTRO account; a typical settlement time is Not confirmed
| Platform | Settlement to India | Payout route | Best for |
|---|---|---|---|
| Airwallex | States ~90% processed within hours to one business day | Convert to INR (0.60% markup in rate), $0 local transfer | Registered Indian companies collecting multi-currency and paying suppliers globally |
| Cashfree Payments | Cards T+2; collections within 7 days, typical time not confirmed | Settled in INR to Indian bank; cards T+2; collections fee unpublished | Registered Indian businesses wanting card checkout and bank transfer collection |
Do Airwallex and Cashfree Payments provide FIRA and e-BRC, and are they RBI PA-CB authorised?
| Platform | FIRA and e-BRC | RBI status | Checked | Best for |
|---|---|---|---|---|
| Airwallex | No auto FIRA; FIRC on request; partner fee may apply | Not confirmed; not on RBI list, no PA-CB claim | 30 Sept 2026 | Registered Indian companies collecting multi-currency and paying suppliers globally |
| Cashfree Payments | e-FIRA in 1 day free; FAQ: e-FIRS T+1 on request | RBI authorised PA and PA-CB inward and outward | 30 Sept 2026 | Registered Indian businesses wanting card checkout and bank transfer collection |
Which currencies, countries and payment methods do Airwallex and Cashfree Payments support?
| Platform | Currencies | Payment methods | Indian individuals | Indian businesses | Best for |
|---|---|---|---|---|---|
| Airwallex | Receive 20+ currencies from 70+ countries; INR payouts to India | USD local account details in the US (ACH, Fedwire); SWIFT into a Global Account (USD, EUR, GBP and others); Local GBP, EUR, SGD, AUD, CAD and other local account details; Online card payments | No, registered businesses only | Yes, via Airwallex Singapore, subject to checks | Registered Indian companies collecting multi-currency and paying suppliers globally |
| Cashfree Payments | Collections: 17 currencies (charges page says 30+); cards 140+ currencies | US ACH to local account details (Global Collections); SEPA (EUR), FPS (GBP) and EFT (CAD) to local account details (Global Collections); SWIFT wire to Global Collections account; International card payment through the International Payment Gateway; PayPal through Cashfree | Registered businesses only; unregistered individuals not confirmed | Yes, registered businesses; review 24 to 48 hours | Registered Indian businesses wanting card checkout and bank transfer collection |
What are the strengths and limitations of Airwallex and Cashfree Payments?
Airwallex
- No receiving fee: 0% Global Account receiving fee for USD and most currencies
- Published FX margin: 0.60% for INR on the Singapore fee schedule, included in the quoted rate
- Multi-currency holding: funds can be held in major currencies before converting
- Wider toolkit: cards, bill pay and payment acceptance in one account
- Businesses only: no personal accounts for individuals or unregistered freelancers
- Offshore entity: Indian customers are onboarded to the Singapore entity, not an Indian one
- FIRC on request: not issued automatically, and the banking partner may charge for it
- No confirmed RBI status: Airwallex is not on the RBI authorisation list and makes no PA-CB claim
Cashfree Payments
- Regulatory status: listed by the RBI as an authorised PA-CB for inward and outward transactions
- Published card rate: international card pricing of 2.99% (Visa, Mastercard) is stated in the help centre
- Collection rails: local account details in the US, Europe, UK and Canada plus SWIFT
- One account: domestic and international collections are managed from the same Cashfree dashboard
- Pricing: current Global Collections fees are not published (request price), and the card FX conversion charge is not published
- Eligibility: docs say you must be a registered business in India to accept international payments
- Invoice cap: Global Collections is described for invoices of up to USD 10,000
- Paperwork: the FAQs say e-FIRS is requested through a support form or the account manager, while the product page describes it as auto-generated
Should you choose Airwallex or Cashfree Payments?
- Choose Airwallex if: you need registered Indian companies that want multi-currency collection accounts and also pay suppliers globally.
- Choose Cashfree Payments if: you need registered Indian businesses that want card checkout and foreign bank transfer collection in one gateway.
For example, an exporter billing $5,000 a month: Neither platform publishes full pricing for Indian users.
Which other platforms should you consider besides Airwallex and Cashfree Payments?
Other covered platforms ranked by the INR received on a $5,000 invoice.
| Platform | Fees | FX markup | FIRA | INR on $5,000 | Best for |
|---|---|---|---|---|---|
| Skydo | $19 up to $2,000, $29 to $10,000, 0.3% above + GST | States zero FX margin at live rate | States instant, free FIRA per payment | ₹4,69,991 | Indian freelancers and exporters receiving mid to large B2B invoices |
| Razorpay | 1% per bank transfer (Rs 1,000 flat below Rs 1,00,000) + GST | States 0% markup on MoneySaver at live rate | FIRS within 24 hours of settlement; no charge listed | ₹4,67,646 | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Kotak Mahindra Bank | No inward, FIRC, SWIFT fee on current accounts; GST on conversion | Card rate, markup not published; 1.71% below mid-market on 7 Oct 2026 | Nil FIRC on current accounts; savings Rs 100 or nil | ₹4,64,631 | Service exporters wanting a current account without inward remittance fees |
| HDFC Bank | No inward charge; physical FIRC INR 200 + taxes; GST on conversion | Card rate ~1.79% below mid-market on 6 Oct 2026; markup unpublished | Physical FIRC INR 200; emailed advice free for trade | ₹4,64,253 | Existing HDFC customers wanting free SWIFT receipts or EEFC accounts |
How did we verify this?
Fees, FIRA terms and RBI status were checked on each platform's own pages and RBI sources on 30 Sept 2026. INR figures use the XE mid-market rate for 3 Nov 2026. The formula is on the methodology page.
- Airwallex Help: Eligible Countries and Territories, INDIA IN - AWX Legal Entity SINGAPORE (checked 7 Oct 2026)
- Airwallex Help: Eligibility to open an account, unable to offer personal accounts to individuals (checked 6 Oct 2026)
- Airwallex Singapore Fee Schedule, Customer Mark-Up / Margin (... INR ...) 0.60%; "The customer mark-up / margin will be included as the FX Exchange Rate"; Global Account Receiving Funds Fee 0% for other currencies; Local Payout Fee $0; 24-Hour Quote Validity 0.30%; "exclusive of GST (where applicable)" (checked 7 Oct 2026)
- Airwallex Singapore Pricing, Grow $79/month; Accelerate from $399/month; 3.60% + $0.50 international cards (checked 6 Oct 2026)
- Airwallex: Send money to India (Singapore), Approximately 90% of transactions are processed within a few hours to one business day (checked 6 Oct 2026)
- Airwallex Help: What is an FIRC and how do I get one?, "there may be a fee associated with issuing an FIRC. This fee is not set by Airwallex; it is determined by our banking partner" (checked 7 Oct 2026)
- Airwallex Help: Which currencies can I get a Global Account in (checked 6 Oct 2026)
- Airwallex Help: Documents required for companies in other countries, Ultimate Beneficial owner ... more than 25% of the issued share capital (checked 6 Oct 2026)
- Airwallex Help: Limits for transfers and deposits (checked 6 Oct 2026)
- RBI: Certificates of Authorisation under the PSS Act, 2007, Payment Aggregators, entry 10: Cashfree Payments India Private Limited, PA-CB- I & O (checked 6 Oct 2026)
- Cashfree Docs: Global Collections overview (checked 6 Oct 2026)
- Cashfree Docs: Collection Accounts (checked 6 Oct 2026)
- Cashfree Docs: Global Collections FAQs, invoice value up to USD 10,000; AD-1 partner issues eFIRS on T+1 (checked 7 Oct 2026)
- Cashfree Docs: International Payment Gateway overview, T+2 settlement; no setup fees (checked 6 Oct 2026)
- Cashfree Docs: Pay in Native Currency (checked 6 Oct 2026)
- Cashfree Docs: Supported currencies (checked 6 Oct 2026)
- Cashfree Docs: PayPal for International Payments (checked 6 Oct 2026)
- Cashfree Help: Pricing FAQs, Accurate as of 10 August 2026: international cards Visa and Mastercard 2.99%, American Express 2.95%, in addition to any applicable GST; foreign exchange conversion charge on non-INR settlement (checked 7 Oct 2026)
- Cashfree Help: Account Activation (checked 6 Oct 2026)
- Cashfree Help: Settlements (checked 6 Oct 2026)
- Cashfree: Payment gateway charges, International Cards platform fee; Global Collections 'Request Price'; cross border payments only for businesses; GST at 18% (festive offer terms) (checked 6 Oct 2026)
- Cashfree Global Collections (international wire transfer), No subscription fees; No forex markup; e-FIRA within 1 day, auto-generated at no additional cost; invoice value up to USD 10,000; "no funds are allowed to be retained in such accounts"; credited "immediately on receipt of the confirmation from the importer and, in no case, later than seven days from the date of credit to the NOSTRO collection account" (checked 7 Oct 2026)
- Cashfree blog: How to receive international business payments in India (1 August 2023), keeps the transaction costs within the range of 1% to 1.5% based on the volume of transactions (USD, CAD, EUR, AUD, GBP local rails) (checked 7 Oct 2026)
- Cashfree blog: GST on international transactions (5 August 2026), payment gateways, and forex providers may charge 18% GST on their service fees (checked 7 Oct 2026)
FAQs about Airwallex vs Cashfree Payments
Is Airwallex or Cashfree Payments cheaper for receiving USD in India?
Neither platform publishes full pricing for Indian users. At $2,000: Neither platform publishes full pricing for Indian users. At $10,000: Neither platform publishes full pricing for Indian users. Figures use each platform's published pricing and today's reference rate, so check both pricing pages before you decide.
Which is faster, Airwallex or Cashfree Payments?
Airwallex states: Airwallex states about 90% of transfers to India are processed within a few hours to one business day. Cashfree Payments states: International card payments: T+2 days to the Indian bank account, as stated in the IPG docs. Check the platform's own pricing page before relying on these figures.
Do Airwallex and Cashfree Payments both provide a FIRA?
Airwallex: No automatic FIRA; FIRC can be requested from support and is issued by Airwallex's banking partner, which may charge a fee that support will quote. A FIRA or FIRC is used as proof of export for GST refunds and income tax records, so confirm how each platform issues it before you invoice.
Are Airwallex and Cashfree Payments authorised by RBI?
Airwallex: Not confirmed. Airwallex is not on the RBI list of payment system authorisations dated 30 Sep 2026, and its pages make no PA-CB claim. Cashfree Payments: RBI authorised Payment Aggregator, including PA-CB for inward and outward transactions (RBI certificates of authorisation list dated 30 Sep 2026).
Can Indian freelancers use both Airwallex and Cashfree Payments?
Airwallex, individuals: No. Airwallex states it is unable to offer personal accounts to individuals; applicants must be officially registered, active businesses Cashfree Payments, individuals: Not confirmed for unregistered individuals. Whether a freelancer registered as a sole proprietorship qualifies is not stated. Eligibility can change, so confirm on each platform's sign-up pages.
Should I switch from Airwallex to Cashfree Payments?
Switch only if Cashfree Payments pays more on your usual invoice size or fits how your clients pay. Keep the Airwallex account open until every invoice sent with its details is paid, and download your FIRA or FIRC records first.