Airwallex vs PingPong (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. PingPong is best for Indian marketplace sellers (Amazon and similar) collecting in multiple currencies.
| 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: Indian marketplace sellers (Amazon and similar) collecting in multiple currencies | PingPong | PingPong is built for this. |
How do Airwallex and PingPong compare at a glance?
| Attribute | Airwallex | PingPong |
|---|---|---|
| Best for | Registered Indian companies collecting multi-currency and paying suppliers globally | Indian marketplace sellers collecting in multiple currencies |
| Fees | No USD receive fee; free local payouts; Explore plan no monthly fee | Free receiving; 1% withdrawal, may vary by region |
| FX markup | 0.60% for INR (0.40% majors), Singapore schedule; India rate not confirmed | Not confirmed; Amazon page states all-inclusive up to 1% |
| Settlement | States ~90% processed within hours to one business day | Conflicting: T+0 before 2:30 pm cut-off, or 1-2 days |
| FIRA | No auto FIRA; FIRC on request; partner fee may apply | Free digital FIRC per transaction, 3-5 business days |
| Currencies | Receive 20+ currencies from 70+ countries; INR payouts to India | Receives USD, EUR, GBP, AUD, CAD, JPY and more; INR or EEFC |
| RBI status | Not confirmed; not on RBI list, no PA-CB claim | States OPGSP via RBI-approved liaison office; PA-CB not confirmed |
| Indian individuals | No, registered businesses only | Not confirmed without business registration |
| Indian businesses | Yes, via Airwallex Singapore, subject to checks | Yes, sellers, exporters and service businesses |
| 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. | PingPong's Terms and Conditions (India section) allow receipts for exports of goods or services of value not exceeding the equivalent of INR 25,00,000 (about USD 30,000) per transaction. Receiving accounts also have a virtual account limit that can be raised by applying in the dashboard; specific amounts Not confirmed. |
How much INR do you receive on $2,000, $5,000 and $10,000 with Airwallex vs PingPong?
Each row applies the platform's published fee, FX markup and GST on the fee to the XE mid-market rate for 4 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 |
| PingPong, $2,000 | – | – | – | Not published | – | Indian marketplace sellers collecting in multiple currencies |
| PingPong, $5,000 | – | – | – | Not published | – | Indian marketplace sellers collecting in multiple currencies |
| PingPong, $10,000 | – | – | – | Not published | – | Indian marketplace sellers collecting in multiple currencies |
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 PingPong and who is it for?
PingPong is a cross-border payments company founded in New York in 2015 and headquartered in Hangzhou, China, which has operated in India since July 2019 from a Bengaluru office. Indian e-commerce sellers, exporters and freelancers open virtual receiving accounts in foreign currencies, link them to marketplaces or share them with clients, and withdraw to an Indian bank account in INR or, through an EEFC account, in foreign currency.
- Regulated by: States its India Liaison Office is RBI-approved (UIN BGLO19008226) and that it acts as an OPGSP; RBI PA-CB authorisation Not confirmed
- Used by: Yes. India pages target e-commerce sellers, exporters and service businesses; KYC includes business information.
- Best for: Indian marketplace sellers (Amazon and similar) collecting in multiple currencies
How do Airwallex and PingPong 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 PingPong charge?
| Fee type | Amount | When it applies | Best for |
|---|---|---|---|
| Receiving: Local virtual receiving accounts (e.g. USD routing and account number) linked to marketplaces | Free to receive per help centre; 1% on withdrawal | Help centre lists Amazon, AliExpress, eBay, TikTok, Shopee and others, developer platforms such as Google and App Store, and platforms paying via PayPal or Stripe | Indian marketplace sellers collecting in multiple currencies |
| Receiving: Direct bank or wire transfer from overseas buyers | Free to receive per help centre; 1% on withdrawal | Requires invoice or contract for inbound approval; some accounts reject funds from individual payers | Indian marketplace sellers collecting in multiple currencies |
| Receiving: Payment request or invoice | Not confirmed | India pages say bank transfers and US debit card payments are accepted | Indian marketplace sellers collecting in multiple currencies |
| Currency conversion to INR | Not confirmed: the terms say conversion is at the rate PingPong determines at transaction time; the Amazon seller page describes pricing as 'all-inclusive up to 1%'; no separate FX markup is published | When foreign currency is converted | Indian marketplace sellers collecting in multiple currencies |
| Payout to an Indian bank | Funds are withdrawn automatically to a linked Indian bank account in INR (T+0 before the 2:30 pm cut-off, else T+1) or to an EEFC account in foreign currency (1-3 days); the help centre states a 1% withdrawal fee that may vary by region. | When INR is sent to your account | Indian marketplace sellers collecting in multiple currencies |
| Account opening | Free | – | Indian marketplace sellers collecting in multiple currencies |
| Receiving account | 'Most accounts are free to use' | – | Indian marketplace sellers collecting in multiple currencies |
| Withdrawal to own bank account or supplier payment | 1% per transaction (may vary by region) | – | Indian marketplace sellers collecting in multiple currencies |
| Digital FIRC | Free | – | Indian marketplace sellers collecting in multiple currencies |
| VAT and global tax payments | No additional fee, per India pages | – | Indian marketplace sellers collecting in multiple currencies |
| Transfers within the PingPong network | No charge, per the India B2B page (listed under supplier payments for businesses with US/UK/EU entities) | – | Indian marketplace sellers collecting in multiple currencies |
| GST on fees | Not confirmed: PingPong's India pages and terms do not state whether GST is charged on its fees. The India home page's 'Pay VAT/GST and other taxes with no additional costs' refers to paying taxes from the balance, not to GST on PingPong's fees. | Applies to the platform's fee | Indian marketplace sellers collecting in multiple currencies |
How do Airwallex and PingPong compare on settlement speed?
- Airwallex: Airwallex states about 90% of transfers to India are processed within a few hours to one business day
- PingPong: Help centre: INR withdrawals succeed the same day (T+0) if submitted before the 2:30 pm cut-off, otherwise the next day (T+1); non-INR withdrawals within 1-3 days. The freelancer page separately says INR withdrawals take 1-2 working days
| 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 |
| PingPong | Conflicting: T+0 before 2:30 pm cut-off, or 1-2 days | Auto INR, T+0 before 2:30 pm else T+1; 1% fee, may vary | Indian marketplace sellers collecting in multiple currencies |
Do Airwallex and PingPong 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 |
| PingPong | Free digital FIRC per transaction, 3-5 business days | States OPGSP via RBI-approved liaison office; PA-CB not confirmed | 30 Sept 2026 | Indian marketplace sellers collecting in multiple currencies |
Which currencies, countries and payment methods do Airwallex and PingPong 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 |
| PingPong | Receives USD, EUR, GBP, AUD, CAD, JPY and more; INR or EEFC | Local virtual receiving accounts (e.g. USD routing and account number) linked to marketplaces; Direct bank or wire transfer from overseas buyers; Payment request or invoice | Not confirmed without business registration | Yes, sellers, exporters and service businesses | Indian marketplace sellers collecting in multiple currencies |
What are the strengths and limitations of Airwallex and PingPong?
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
PingPong
- Marketplace focus: India pages list Amazon US, UK, EU, Japan, Canada and Australia, plus other marketplaces and PayPal or Stripe payouts
- Fast INR payout: help centre says same day for INR withdrawals submitted before 2:30 pm (the freelancer page says 1-2 working days)
- Free FIRC: digital FIRC per transaction at no charge
- Free receiving: help centre says opening an account and receiving payments is free
- Pricing opacity: the 1% figure 'may vary from region to region' and no FX markup or GST treatment is published
- Regulatory status in India: platform describes itself as an OPGSP with an RBI-approved liaison office; PA-CB authorisation not confirmed on an RBI page
- Inbound checks: wire transfers need order information (invoice or contract) for approval, and rejected payments take around 15-20 working days to return
- Personal payers: some receiving accounts do not accept funds from individual accounts
Should you choose Airwallex or PingPong?
- Choose Airwallex if: you need registered Indian companies that want multi-currency collection accounts and also pay suppliers globally.
- Choose PingPong if: you need Indian marketplace sellers (Amazon and similar) collecting in multiple currencies.
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 PingPong?
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 | ₹4,70,818 | 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 | ₹4,68,468 | 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 | ₹4,65,448 | 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 | ₹4,65,069 | 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 4 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 (30 Sep 2026), Airwallex not listed (checked 6 Oct 2026)
- PingPong India home, Digital FIRCs in your PingPong dashboard. Free of cost; All fee charges are shown on the account dashboard (checked 7 Oct 2026)
- PingPong India: For Amazon Sellers, All-inclusive transaction fee up to 1%; FIRC for each transaction (checked 6 Oct 2026)
- PingPong India: Freelancers and service providers (checked 6 Oct 2026)
- PingPong India: E-commerce sellers (checked 6 Oct 2026)
- PingPong India: B2B payments, OPGSP with partner Citibank; no charge for transfers within network (checked 6 Oct 2026)
- PingPong India: Value added services (checked 6 Oct 2026)
- PingPong India: Licensing and regulation, RBI-approved liaison office BGLO19008226; OPGSP (checked 6 Oct 2026)
- PingPong India: About us (checked 6 Oct 2026)
- Help centre: What is the charging standard?, Creating a PingPong account and receiving payment is free of charge. Withdraw balance ... will be charged 1% per transaction. However, fee standard may vary from region to region (checked 7 Oct 2026)
- Help centre: What does KYC mean? (checked 6 Oct 2026)
- Help centre: What does sole proprietorship mean? (checked 6 Oct 2026)
- Help centre: How long does the verification process take? (checked 6 Oct 2026)
- Help centre: How does your virtual account charge? (checked 6 Oct 2026)
- Help centre: Which currencies are supported? (checked 6 Oct 2026)
- Help centre: Which platforms can I receive payments from? (checked 6 Oct 2026)
- Help centre: Can I receive funds through wire transfer? (checked 6 Oct 2026)
- Help centre: Transfer conditions (checked 6 Oct 2026)
- Help centre: Increase virtual account limit (checked 6 Oct 2026)
- Help centre: How can I withdraw funds?, INR T+0 before 2:30 pm cut-off; non-INR 1-3 days (checked 6 Oct 2026)
- Help centre: How can I get a FIRC?, 3-5 business days (checked 6 Oct 2026)
- PingPong Terms and Conditions (incl. Exhibit A, Customer Location in India), value not exceeding the equivalent of ₹25,00,000 (approximately US$30,000) per transaction; conversion at the foreign exchange rate at the applicable transaction time as determined by PingPong; Export Collection Account with an AD Bank in India (checked 7 Oct 2026)
FAQs about Airwallex vs PingPong
Is Airwallex or PingPong 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 PingPong?
Airwallex states: Airwallex states about 90% of transfers to India are processed within a few hours to one business day. PingPong states: Help centre: INR withdrawals succeed the same day (T+0) if submitted before the 2:30 pm cut-off, otherwise the next day (T+1); non-INR withdrawals within 1-3 days.
Do Airwallex and PingPong 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. PingPong: Free digital FIRC per transaction, applied for from the dashboard; the help centre says applications complete in 3-5 business days.
Are Airwallex and PingPong 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. PingPong: States its India Liaison Office is RBI-approved (UIN BGLO19008226) and that it acts as an OPGSP; RBI PA-CB authorisation Not confirmed.
Can Indian freelancers use both Airwallex and PingPong?
Airwallex, individuals: No. Airwallex states it is unable to offer personal accounts to individuals; applicants must be officially registered, active businesses PingPong, individuals: Not confirmed. Eligibility can change, so confirm on each platform's sign-up pages. Check the platform's own pricing page before relying on these figures.
Should I switch from Airwallex to PingPong?
Switch only if PingPong 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. Check the platform's own pricing page before relying on these figures.