Payoneer vs Razorpay (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. Payoneer does not publish full pricing; Razorpay does. Payoneer is best for freelancers and sellers paid by marketplaces or clients who already use Payoneer. Razorpay is best for Indian businesses and freelancers already using Razorpay who invoice foreign clients.
| Use case | Better option | Why |
|---|---|---|
| Invoices around $2,000 | Not comparable | Payoneer does not publish full pricing; Razorpay does. |
| Invoices around $5,000 | Not comparable | Payoneer does not publish full pricing; Razorpay does. |
| Invoices around $10,000 | Not comparable | Payoneer does not publish full pricing; Razorpay does. |
| Need: freelancers and sellers paid by marketplaces or clients who already use Payoneer | Payoneer | Payoneer is built for this. |
| Need: Indian businesses and freelancers already using Razorpay who invoice foreign clients | Razorpay | Razorpay is built for this. |
CurrencyUSD
At the mid-market rate
₹4,73,432
Highest payout: Razorpay
₹4,67,846
- 1.Razorpay₹4,67,846cost 1.18%
1 USD = 94.69 INR, ECB reference rate for 4 Nov 2026. Payout = amount minus fees, converted at the reference rate minus each platform's markup, minus 18% GST on fees where charged. Platforms without published pricing are left out.
How do Payoneer and Razorpay compare at a glance?
| Attribute | Payoneer | Razorpay |
|---|---|---|
| Best for | Freelancers and sellers paid via marketplaces or Payoneer clients | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Fees | Conflicting receiving fee: free, fixed or 1%; 3% INR withdrawal | 1% per bank transfer (Rs 1,000 flat below Rs 1,00,000) + GST |
| FX markup | Conflicting: 3% (fee notice) or 1-4% (pricing page) | States 0% markup on MoneySaver at live rate |
| Settlement | Conflicting: auto-withdrawn within 24 or 48 hours | States 1 day (T+1 after invoice shared) |
| FIRA | Free digital FIRA downloads; within 72 hours per guide | FIRS within 24 hours of settlement; no charge listed |
| Currencies | Local accounts in USD, GBP, EUR, AUD, CAD and more; 70 stated | Local USD, GBP, EUR accounts plus SWIFT; 30+ currencies stated |
| RBI status | States in-principle PA-CB; not on RBI list (30 Sep 2026) | RBI authorised PA-CB inward and outward, plus PA-O |
| Indian individuals | Freelancers described as users; conditions not confirmed | Listed as business type; savings account not confirmed |
| Indian businesses | Yes, exporters and businesses | Yes, under listed export purpose codes |
| Limits | Per-transaction minimum and maximum withdrawal amounts and an overall monthly withdrawal limit apply and are shown in the account; amounts are not published. Customers based in India can have only one active bank account at a time | Not confirmed |
How much INR do you receive on $2,000, $5,000 and $10,000 with Payoneer vs Razorpay?
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 |
|---|---|---|---|---|---|---|
| Payoneer, $2,000 | – | – | – | Not published | – | Freelancers and sellers paid via marketplaces or Payoneer clients |
| Payoneer, $5,000 | – | – | – | Not published | – | Freelancers and sellers paid via marketplaces or Payoneer clients |
| Payoneer, $10,000 | – | – | – | Not published | – | Freelancers and sellers paid via marketplaces or Payoneer clients |
| Razorpay, $2,000 | ₹1,894 | ₹0 | ₹341 | ₹1,87,138 | 1.18% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Razorpay, $5,000 | ₹4,734 | ₹0 | ₹852 | ₹4,67,846 | 1.18% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Razorpay, $10,000 | ₹9,469 | ₹0 | ₹1,704 | ₹9,35,691 | 1.18% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
What is Payoneer and who is it for?
Payoneer is a cross-border payments company that gives users foreign receiving account details, card and ACH payment requests, and marketplace payouts. For customers based in India, it states that incoming payments are automatically withdrawn to a linked Indian bank account within 48 hours. Payoneer states that its Indian subsidiary, Payoneer India Pvt Ltd, holds RBI in-principle approval as a cross-border payment aggregator.
- Regulated by: States it received RBI in-principle PA-CB authorisation (press release, 22 Jan 2026); not listed on RBI's authorisation list dated 30 Sep 2026
- Used by: Yes, Indian exporters and businesses are described as users on the India site
- Best for: Freelancers and sellers paid by marketplaces or clients who already use Payoneer
What is Razorpay and who is it for?
Razorpay is an Indian payment gateway that also offers the MoneySaver Export Account (International Bank Transfer). Indian exporters and freelancers get virtual local bank details in the US, UK, Europe and other regions plus a SWIFT account, share them with foreign clients, and receive INR in their Indian bank account. Settlement needs an invoice and buyer address details for each transaction, except for some marketplace and freelancing platform payouts.
- Regulated by: RBI authorised Payment Aggregator, PA-O (19.12.2023) and PA-CB Inward & Outward (Razorpay Payments Private Limited, RBI list of authorised payment system operators)
- Used by: Yes, Indian sole proprietorships, partnerships, private and public limited companies and LLPs that fall under the listed export purpose codes
- Best for: Indian businesses and freelancers already using Razorpay who invoice foreign clients
How do Payoneer and Razorpay fees and FX markup compare?
What does Payoneer charge?
| Fee type | Amount | When it applies | Best for |
|---|---|---|---|
| Receiving: Receiving account (local bank details, e.g. USD) | Not confirmed: free for India customers per the India multi-currency account page; 'fixed fee OR 1%' per the India pricing page; 1%, minimum 1.00 USD, for a non-local currency per the global pricing page | Intermediary banks may take fees on USD wire transfers, outside Payoneer's control | Freelancers and sellers paid via marketplaces or Payoneer clients |
| Receiving: Client pays by credit card via payment request | 2.90% + $0.49 per the India pricing page; the global pricing page lists up to 3.99% + 0.49 USD | – | Freelancers and sellers paid via marketplaces or Payoneer clients |
| Receiving: Client pays by ACH bank debit (US only) | 1% | – | Freelancers and sellers paid via marketplaces or Payoneer clients |
| Receiving: Client pays via PayPal (US only) | 3.99% + $0.49 | – | Freelancers and sellers paid via marketplaces or Payoneer clients |
| Receiving: Payment from another Payoneer customer | Free | – | Freelancers and sellers paid via marketplaces or Payoneer clients |
| Receiving: Marketplace and platform payouts | Set by each marketplace, platform or network | – | Freelancers and sellers paid via marketplaces or Payoneer clients |
| Currency conversion to INR | India fee notice: 3.00% for withdrawals in a currency different from the bank account currency (effective 20 Oct 2025), included in the conversion rate; the India pricing page still shows 1-4% | When foreign currency is converted | Freelancers and sellers paid via marketplaces or Payoneer clients |
| Payout to an Indian bank | Funds are automatically withdrawn to the user's Indian bank account, within 48 hours per the India pricing page or 24 hours per the India multi-currency account page. Payoneer's India fee-update notice lists 3.00% for withdrawals in a currency different from the bank account currency, effective 20 October 2025, and 3% with a minimum of 15 USD for withdrawals in a currency that is not your local currency (for example USD to a USD account). Its withdrawal FAQ says the fee is included in the conversion rate where conversion is involved. | When INR is sent to your account | Freelancers and sellers paid via marketplaces or Payoneer clients |
| Annual account fee | 29.95 USD if less than 6,000 USD (or equivalent) is received in any 12 consecutive months | – | Freelancers and sellers paid via marketplaces or Payoneer clients |
| Withdrawal to a bank account in a different currency (e.g. USD balance to INR account) | 3.00% of the transaction amount (India fee notice, effective 20 Oct 2025), included in the conversion rate | – | Freelancers and sellers paid via marketplaces or Payoneer clients |
| Withdrawal in a currency that is not your local currency (e.g. USD to a USD bank account) | 3% with a minimum of 15 USD or equivalent (India fee notice) | – | Freelancers and sellers paid via marketplaces or Payoneer clients |
| Registration fee | May apply in certain countries; India Not confirmed | – | Freelancers and sellers paid via marketplaces or Payoneer clients |
| FIRA/FIRS/NOC | Free | – | Freelancers and sellers paid via marketplaces or Payoneer clients |
| Custom pricing for higher volumes | The global pricing page offers tailored pricing for businesses processing over 50,000 USD a month; amounts not published | – | Freelancers and sellers paid via marketplaces or Payoneer clients |
| GST on fees | Not confirmed. Payoneer's India pricing page, global pricing page, India fee notice and withdrawal FAQ do not mention GST on Payoneer fees. | Applies to the platform's fee | Freelancers and sellers paid via marketplaces or Payoneer clients |
What does Razorpay charge?
| Fee type | Amount | When it applies | Best for |
|---|---|---|---|
| Receiving: US ACH to virtual USD account | 1% (flat INR 1,000 below INR 1,00,000) plus GST | – | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Receiving: UK FPS to virtual GBP account | 1% (flat INR 1,000 below INR 1,00,000) plus GST | – | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Receiving: SEPA to virtual EUR account | 1% (flat INR 1,000 below INR 1,00,000) plus GST | – | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Receiving: SWIFT to virtual SWIFT account | 1% (flat INR 1,000 below INR 1,00,000) plus GST | Razorpay's pricing page groups SWIFT with ACH, SEPA and FPS bank transfers at 1%; intermediary or correspondent bank charges: Not confirmed | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Receiving: FlashLinks (US) ACH debit payment link | 2% plus GST | Settlement in 5 days | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Receiving: International cards and wallets | Up to 3% plus taxes | – | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Currency conversion to INR | 0% FX markup on MoneySaver bank transfers; Razorpay states it converts at the live exchange rate | When foreign currency is converted | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Payout to an Indian bank | Razorpay converts at the live exchange rate with 0% markup and settles INR to the user's Indian current account (non-INR settlement to an EEFC account is also supported), T+1 after the invoice and buyer details are shared; Razorpay deducts its charges (1%, or INR 1,000 flat below INR 1,00,000, plus GST) before settlement. | When INR is sent to your account | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| One-time setup fee | INR 0 | – | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Annual maintenance fee | INR 0 | – | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Enterprise Plan | Custom pricing on request | – | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Refunds on bank transfers | Not supported | – | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| GST on fees | The MoneySaver pricing page states 'GST applicable' on the Razorpay fee without giving a rate; Razorpay's pricing page lists 18% GST for its domestic payment gateway service and 'taxes' on international card payments. | Applies to the platform's fee | Indian businesses and freelancers on Razorpay invoicing foreign clients |
How do Payoneer and Razorpay compare on settlement speed?
- Payoneer: Payoneer says payments for India-based customers are automatically withdrawn to the Indian bank account within 48 hours (India pricing page) or within 24 hours (India multi-currency account page and India onboarding guide)
- Razorpay: Bank transfers: 'Settlement in 1 day' per the pricing page; docs state T+1 from the time the invoice or invoice details are shared against a payment. FlashLinks (US): settlement in 5 days
| Platform | Settlement to India | Payout route | Best for |
|---|---|---|---|
| Payoneer | Conflicting: auto-withdrawn within 24 or 48 hours | Auto to Indian bank in 24 or 48 hours; 3% withdrawal fee | Freelancers and sellers paid via marketplaces or Payoneer clients |
| Razorpay | States 1 day (T+1 after invoice shared) | INR to Indian current account T+1, 0% markup, fee deducted | Indian businesses and freelancers on Razorpay invoicing foreign clients |
Do Payoneer and Razorpay provide FIRA and e-BRC, and are they RBI PA-CB authorised?
| Platform | FIRA and e-BRC | RBI status | Checked | Best for |
|---|---|---|---|---|
| Payoneer | Free digital FIRA downloads; within 72 hours per guide | States in-principle PA-CB; not on RBI list (30 Sep 2026) | 30 Sept 2026 | Freelancers and sellers paid via marketplaces or Payoneer clients |
| Razorpay | FIRS within 24 hours of settlement; no charge listed | RBI authorised PA-CB inward and outward, plus PA-O | 30 Sept 2026 | Indian businesses and freelancers on Razorpay invoicing foreign clients |
Which currencies, countries and payment methods do Payoneer and Razorpay support?
| Platform | Currencies | Payment methods | Indian individuals | Indian businesses | Best for |
|---|---|---|---|---|---|
| Payoneer | Local accounts in USD, GBP, EUR, AUD, CAD and more; 70 stated | Receiving account (local bank details, e.g. USD); Client pays by credit card via payment request; Client pays by ACH bank debit (US only); Client pays via PayPal (US only); Payment from another Payoneer customer; Marketplace and platform payouts | Freelancers described as users; conditions not confirmed | Yes, exporters and businesses | Freelancers and sellers paid via marketplaces or Payoneer clients |
| Razorpay | Local USD, GBP, EUR accounts plus SWIFT; 30+ currencies stated | US ACH to virtual USD account; UK FPS to virtual GBP account; SEPA to virtual EUR account; SWIFT to virtual SWIFT account; FlashLinks (US) ACH debit payment link; International cards and wallets | Listed as business type; savings account not confirmed | Yes, under listed export purpose codes | Indian businesses and freelancers on Razorpay invoicing foreign clients |
What are the strengths and limitations of Payoneer and Razorpay?
Payoneer
- Marketplace reach: widely used for marketplace and platform payouts, with fees set by each marketplace
- Payoneer to Payoneer: receiving from another Payoneer customer's balance is free
- Documentation: FIRA/FIRS/NOCs available in the account at no additional cost
- Local-currency receiving: receiving in the account's local currency is listed as free, and the India account page says USD receiving is free for India customers
- Conflicting receiving fees: Payoneer's India and global pages give different USD receiving fees (free, 'fixed fee OR 1%', or 1% minimum 1 USD)
- Conversion cost: the India fee notice lists 3% for withdrawals into a bank account in a different currency, built into the rate
- Annual fee: 29.95 USD if less than 6,000 USD is received in 12 consecutive months
- Regulatory stage: in-principle PA-CB approval only, not yet on RBI's final authorisation list
Razorpay
- FX: 0% markup on bank transfers, as stated on the pricing page
- Speed: T+1 settlement for local bank transfers once invoice details are shared
- Compliance: FIRS sent within 24 hours of settlement
- Regulation: listed by RBI as an authorised PA-CB for inward and outward transactions
- Small payments: flat INR 1,000 fee on transactions below INR 1,00,000, which is more than 1% on smaller invoices
- Paperwork: an invoice and buyer address are required for every transaction before settlement (except some marketplace payouts)
- No holding: funds cannot be kept in the foreign currency accounts
- Eligibility: limited to listed export purpose codes and excludes certain merchant categories and NGOs
Should you choose Payoneer or Razorpay?
- Choose Payoneer if: you need freelancers and sellers paid by marketplaces or clients who already use Payoneer.
- Choose Razorpay if: you need Indian businesses and freelancers already using Razorpay who invoice foreign clients.
For example, an exporter billing $5,000 a month: Payoneer does not publish full pricing; Razorpay does.
Which other platforms should you consider besides Payoneer and Razorpay?
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 | ₹4,70,192 | Indian freelancers and exporters receiving mid to large B2B invoices |
| 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 | ₹4,64,829 | 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 | ₹4,64,451 | Existing HDFC customers wanting free SWIFT receipts or EEFC accounts |
| Wise Business | Calculator: 1.6% + $2 per payment + 18% GST | Mid-market rate; cost is the 1.6% conversion fee | eFIRC per transfer, 2 USD + 18% GST | ₹4,64,442 | Freelancers and small exporters wanting multi-currency local accounts and eFIRC |
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.
- Payoneer India home (checked 6 Oct 2026)
- Payoneer India pricing, Receiving account in non-local currency: 'Fixed fee OR 1% fee'; credit card 2.90% + $0.49; withdrawn within 48 hours; currency conversion 1-4% (checked 7 Oct 2026)
- Payoneer Digital FIRC / e-FIRA (checked 6 Oct 2026)
- Payoneer press release: in-principle PA-CB authorisation in India (checked 6 Oct 2026)
- RBI: Authorised payment system operators, Entry 54: Razorpay Payments Private Limited (formerly Razorpay Software Private Limited), PA-O 'Razorpay' 19.12.2023, PA-P, PA-CB I & O (checked 6 Oct 2026)
- Payoneer Pricing (global), Via a receiving account in a currency that is not your local currency: 1% (minimum fee of 1.00 USD or equivalent); last updated 1 January 2026; conversion rates based on wholesale market rates and include the conversion fee; Get a custom package: processing over 50K USD monthly (checked 7 Oct 2026)
- Payoneer: We're updating the fees for some of our services (India selected), Withdrawals in a currency that's different from your bank account currency: 3.00% of the transaction amount; not your local currency: 3% with a minimum fee of 15 USD; effective October 20th, 2025 (checked 7 Oct 2026)
- Payoneer Withdraw to bank FAQ, if there is currency conversion involved, the fee is included in the conversion rate; India-based users can have one active bank account (checked 7 Oct 2026)
- Payoneer India multi-currency account, Receiving payments in USD is free for customers from the following countries: Japan, India...; automatically withdrawn within 24 hours; local receiving accounts in US dollar, British pound, Euro, Australian dollar, Canadian dollar, Singapore dollar, Hong Kong dollar, UAE dirham, Chinese yuan and Japanese yen (checked 7 Oct 2026)
- Payoneer: Onboarding guide for businesses in India, eligible payments are automatically withdrawn within 24 hours of receipt; Receive Digital FIRCs within 72 hours of an eligible Payoneer transaction (page modified 29 July 2026) (checked 7 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)
- Razorpay pricing, International cards and wallets up to 3% plus taxes; MoneySaver bank transfers (SWIFT, ACH, SEPA, FPS) 1% with zero forex markup; 'RBI PA-CB licensed'; 18% GST listed for the payment gateway service (checked 6 Oct 2026)
- Razorpay Docs: International Bank Transfer (MoneySaver Export Account), Supported methods and SWIFT currency list, purpose codes, onboarding KYC, invoices not required for Amazon, Upwork and Freelancer transactions, FAQs on T+1 settlement, EEFC settlement, FIRS within 24 hours, no holding of funds, no refunds, 'Free FIRC' in savings example (checked 6 Oct 2026)
- Razorpay Docs: FIRS Automated Process (checked 6 Oct 2026)
- Razorpay Docs: International Payments FAQs, NGOs not supported for international payments (checked 6 Oct 2026)
FAQs about Payoneer vs Razorpay
Is Payoneer or Razorpay cheaper for receiving USD in India?
Payoneer does not publish full pricing; Razorpay does. At $2,000: Payoneer does not publish full pricing; Razorpay does. At $10,000: Payoneer does not publish full pricing; Razorpay does. Figures use each platform's published pricing and today's reference rate, so check both pricing pages before you decide.
Which is faster, Payoneer or Razorpay?
Payoneer states: Payoneer says payments for India-based customers are automatically withdrawn to the Indian bank account within 48 hours (India pricing page) or within 24 hours (India multi-currency account page and India onboarding guide). FlashLinks (US): settlement in 5 days.
Do Payoneer and Razorpay both provide a FIRA?
Payoneer: Free FIRA/FIRS/NOC downloads in the account under Reports & Statements; the India onboarding guide says Digital FIRCs arrive within 72 hours of an eligible transaction. Razorpay: FIRS (foreign inward remittance statement / e-FIRC) sent within 24 hours of settlement and downloadable from the Dashboard; no separate charge listed.
Are Payoneer and Razorpay authorised by RBI?
Payoneer: States it received RBI in-principle PA-CB authorisation (press release, 22 Jan 2026); not listed on RBI's authorisation list dated 30 Sep 2026. Razorpay: RBI authorised Payment Aggregator, PA-O (19.12.2023) and PA-CB Inward & Outward (Razorpay Payments Private Limited, RBI list of authorised payment system operators).
Can Indian freelancers use both Payoneer and Razorpay?
Payoneer, individuals: The e-FIRA page describes freelancers and sole proprietors in India receiving foreign payments as users; specific onboarding conditions Not confirmed Razorpay, individuals: Onboarding lists 'Individual' as a business type with personal PAN and video KYC using Aadhaar and PAN, and an export purpose code is required; the docs FAQ refers to settlement into a current account.
Should I switch from Payoneer to Razorpay?
Switch only if Razorpay pays more on your usual invoice size or fits how your clients pay. Keep the Payoneer 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.