Razorpay Review (2026): Fees, FIRA and Payout Experience for Indian Exporters

Razorpay is best for Indian businesses and freelancers already using Razorpay who invoice foreign clients. It is a weaker fit for freelancers who receive frequent small invoices well under INR 1,00,000, or who want to hold foreign currency.

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

1. Check eligibility: Yes, Indian sole proprietorships, partnerships, private and public limited companies and LLPs that fall under the listed export purpose codes
2. Sign up on Razorpay's official website and choose the account type that matches your business.
3. Complete KYC with the documents listed below for your entity type.
4. Add your Indian bank account for INR payouts.
5. Share the receiving details or payment link with your client, and check the purpose code and FIRA settings before the first payment.

The RBI list of authorised payment system operators lists Razorpay Payments Private Limited (formerly Razorpay Software Private Limited) as a Payment Aggregator Online (19.12.2023), Physical (PA-P), and Cross Border for inward and outward transactions (PA-CB I & O). Razorpay's pricing page also describes its international payments as 'RBI PA-CB licensed'.

Pros

• 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
• Virtual local accounts for USD (ACH), GBP (FPS) and EUR (SEPA), plus a SWIFT account
• INR settlement to an Indian current account, with non-INR settlement to an EEFC account supported

Cons

• 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

Razorpay is worth considering for Indian businesses and freelancers already using Razorpay who invoice foreign clients. It is a weaker fit for freelancers who receive frequent small invoices well under INR 1,00,000, or who want to hold foreign currency.

For example, an exporter invoicing $5,000 a month would receive about ₹4,67,596 per invoice with Razorpay at today's reference rate, a cost of about ₹5,584 each time.

Other platforms ranked by the INR received on a $5,000 invoice. See the full Razorpay alternatives comparison.

Fees, FIRA terms and RBI status were checked on Razorpay's own pages and RBI sources on 30 Sept 2026. INR figures use the XE mid-market rate for 4 Nov 2026. User ratings are not included because they were not independently checked.

1. 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)
2. 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)
3. 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)
4. Razorpay Docs: FIRS Automated Process (checked 6 Oct 2026)
5. Razorpay Docs: International Payments FAQs, NGOs not supported for international payments (checked 6 Oct 2026)
6. 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)