Razorpay vs Dodo 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. Dodo Payments does not publish full pricing; Razorpay does. Razorpay is best for Indian businesses and freelancers already using Razorpay who invoice foreign clients. Dodo Payments is best for Indian founders selling SaaS, AI tools, templates and other digital products to buyers worldwide.
| Use case | Better option | Why |
|---|---|---|
| Invoices around $2,000 | Not comparable | Dodo Payments does not publish full pricing; Razorpay does. |
| Invoices around $5,000 | Not comparable | Dodo Payments does not publish full pricing; Razorpay does. |
| Invoices around $10,000 | Not comparable | Dodo Payments does not publish full pricing; Razorpay does. |
| Need: Indian businesses and freelancers already using Razorpay who invoice foreign clients | Razorpay | Razorpay is built for this. |
| Need: Indian founders selling SaaS, AI tools, templates and other digital products to buyers worldwide | Dodo Payments | Dodo Payments is built for this. |
CurrencyUSD
At the mid-market rate
₹4,73,783
Highest payout: Razorpay
₹4,68,192
- 1.Razorpay₹4,68,192cost 1.18%
1 USD = 94.76 INR, ECB reference rate for 3 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 Razorpay and Dodo Payments compare at a glance?
| Attribute | Razorpay | Dodo Payments |
|---|---|---|
| Best for | Indian businesses and freelancers on Razorpay invoicing foreign clients | Indian founders selling SaaS and digital products worldwide |
| Fees | 1% per bank transfer (Rs 1,000 flat below Rs 1,00,000) + GST | 4% + 40c + other fees; payout $5 below $1,000, $25 SWIFT |
| FX markup | States 0% markup on MoneySaver at live rate | No INR conversion; Indian bank converts USD at its rate |
| Settlement | States 1 day (T+1 after invoice shared) | Bi-monthly payouts by default; usually 1-2 business days to arrive |
| FIRA | FIRS within 24 hours of settlement; no charge listed | Not confirmed |
| Currencies | Local USD, GBP, EUR accounts plus SWIFT; 30+ currencies stated | Customers pay in 80+ currencies; payouts in USD, GBP, EUR only |
| RBI status | RBI authorised PA-CB inward and outward, plus PA-O | Not confirmed |
| Indian individuals | Listed as business type; savings account not confirmed | Yes, with PAN and ID, digital products |
| Indian businesses | Yes, under listed export purpose codes | Yes, registered entities after KYB |
| Limits | Not confirmed | Minimum payout threshold of $100 by default, adjustable to $50 or above, applied to the combined USD, GBP and EUR balance; up to three linked payout accounts; payouts start only after all verifications are approved. Transaction limits: Not confirmed. |
How much INR do you receive on $2,000, $5,000 and $10,000 with Razorpay vs Dodo 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 |
|---|---|---|---|---|---|---|
| Razorpay, $2,000 | ₹1,895 | ₹0 | ₹341 | ₹1,87,277 | 1.18% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Razorpay, $5,000 | ₹4,738 | ₹0 | ₹853 | ₹4,68,192 | 1.18% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Razorpay, $10,000 | ₹9,476 | ₹0 | ₹1,706 | ₹9,36,385 | 1.18% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Dodo Payments, $2,000 | – | – | – | Not published | – | Indian founders selling SaaS and digital products worldwide |
| Dodo Payments, $5,000 | – | – | – | Not published | – | Indian founders selling SaaS and digital products worldwide |
| Dodo Payments, $10,000 | – | – | – | Not published | – | Indian founders selling SaaS and digital products worldwide |
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
What is Dodo Payments and who is it for?
Dodo Payments is a merchant of record platform: it acts as the legal seller of a merchant's digital product, collects payment from the end customer, and handles sales tax, VAT and GST, billing and invoicing; merchants get dispute tools but chargeback liability stays with the merchant. Indian creators and businesses list their product, Dodo sells it to customers abroad, and the net revenue after tax and fees is paid out from a USD, GBP or EUR balance to the merchant's linked bank account. It does not provide local account details for receiving client bank transfers or invoice payments for services.
- Regulated by: Not confirmed
- Used by: Yes. Registered Indian entities complete KYB (incorporation document, business PAN or GSTIN, director and beneficial owner IDs) and link a bank account in the company's legal name.
- Best for: Indian founders selling SaaS, AI tools, templates and other digital products to buyers worldwide
How do Razorpay and Dodo Payments fees and FX markup compare?
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 |
What does Dodo Payments charge?
| Fee type | Amount | When it applies | Best for |
|---|---|---|---|
| Receiving: International card and wallet payments via Dodo checkout | 4% + 40c, plus 1.5% for cards and APMs outside the US | Calculated on the total amount including sales tax. Plus 0.5% for subscriptions or usage-based billing; plus 3% for BNPL or PayPal | Indian founders selling SaaS and digital products worldwide |
| Receiving: US ACH direct debit (one-time payments) | 1.5%, capped at $15 per transaction | Replaces the card fee; the international and subscription surcharges do not apply | Indian founders selling SaaS and digital products worldwide |
| Receiving: SEPA direct debit | 1.5%, capped at EUR 15 per transaction | Replaces the card fee; the international and subscription surcharges do not apply | Indian founders selling SaaS and digital products worldwide |
| Receiving: Indian UPI, RuPay and Indian cards (INR) | 4% + 15c (+international payment fees) | – | Indian founders selling SaaS and digital products worldwide |
| Receiving: Bank push transfer initiated by the customer | Priced as a standard transaction (4% + 40c plus applicable surcharges) | Dodo does not offer local receiving account details for client invoice payments | Indian founders selling SaaS and digital products worldwide |
| Currency conversion to INR | No INR conversion by Dodo: payouts are sent in USD, GBP or EUR and the receiving Indian bank converts at its own rate; the pricing page says standard FX applies on non-USD settlements, and the 2-4% Adaptive Currency FX fee is charged to the buyer at checkout, not on the payout | When foreign currency is converted | Indian founders selling SaaS and digital products worldwide |
| Payout to an Indian bank | Net revenue (after tax, Dodo fees, refunds and disputes) is paid from the USD, GBP or EUR wallets to a bank account in the merchant's own name. Per the payouts documentation, each payout account is registered for a currency and transfer method: an international SWIFT wire is typically credited in USD with the USD SWIFT payout fee ($25 on the pricing page) deducted, a local bank transfer is credited in local currency with no per-wire fee, and a Payoneer receiving account is treated as a regular bank account. Available methods vary by country and the documentation does not say whether a local INR route is offered for Indian accounts. A $5 fee applies to payouts below $1,000. When a USD transfer reaches an INR account, the Indian bank converts at its own rate and it and any intermediary banks may deduct charges that do not appear on Dodo's payout invoice. | When INR is sent to your account | Indian founders selling SaaS and digital products worldwide |
| Refund | $1 per refund | – | Indian founders selling SaaS and digital products worldwide |
| Dispute | $30 per dispute | – | Indian founders selling SaaS and digital products worldwide |
| Visa RDR | $18 per dispute | – | Indian founders selling SaaS and digital products worldwide |
| Ethoca alert | $27 per alert | – | Indian founders selling SaaS and digital products worldwide |
| Dispute deflection | $15 per deflection | – | Indian founders selling SaaS and digital products worldwide |
| Payout under $1,000 | $5 | – | Indian founders selling SaaS and digital products worldwide |
| USD SWIFT payout (non-US businesses) | $25 | – | Indian founders selling SaaS and digital products worldwide |
| Bring your own processor | 0.5% | – | Indian founders selling SaaS and digital products worldwide |
| Abandoned cart recovery, subscription dunning and payment retries | 5% of the recovered amount | – | Indian founders selling SaaS and digital products worldwide |
| GST on fees | Not confirmed. Dodo states it calculates and applies GST on customer sales for Indian merchants based on the customer's location; whether GST is added to Dodo's own fees is not stated on official pages. | Applies to the platform's fee | Indian founders selling SaaS and digital products worldwide |
How do Razorpay and Dodo Payments compare on settlement speed?
- 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
- Dodo Payments: Payout dates: bi-monthly by default (18th and 4th), weekly on request for higher volumes (11th, 18th, 25th and 4th) or monthly (11th of the following month), moved to the next business day after weekends and US Federal Reserve holidays; the FAQ says funds usually appear 1-2 business days after initiation, while the payouts documentation says arrival depends on the receiving bank and payout rail
| Platform | Settlement to India | Payout route | Best for |
|---|---|---|---|
| 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 |
| Dodo Payments | Bi-monthly payouts by default; usually 1-2 business days to arrive | USD, GBP or EUR to own bank; $25 SWIFT; bank converts | Indian founders selling SaaS and digital products worldwide |
Do Razorpay and Dodo Payments provide FIRA and e-BRC, and are they RBI PA-CB authorised?
| Platform | FIRA and e-BRC | RBI status | Checked | Best for |
|---|---|---|---|---|
| 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 |
| Dodo Payments | Not confirmed | Not confirmed | 30 Sept 2026 | Indian founders selling SaaS and digital products worldwide |
Which currencies, countries and payment methods do Razorpay and Dodo Payments support?
| Platform | Currencies | Payment methods | Indian individuals | Indian businesses | Best for |
|---|---|---|---|---|---|
| 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 |
| Dodo Payments | Customers pay in 80+ currencies; payouts in USD, GBP, EUR only | International card and wallet payments via Dodo checkout; US ACH direct debit (one-time payments); SEPA direct debit; Indian UPI, RuPay and Indian cards (INR); Bank push transfer initiated by the customer | Yes, with PAN and ID, digital products | Yes, registered entities after KYB | Indian founders selling SaaS and digital products worldwide |
What are the strengths and limitations of Razorpay and Dodo Payments?
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
Dodo Payments
- Tax handling: Dodo states it calculates, collects and files sales tax, VAT and GST for sales it processes
- Individual sign-up: creators and sole proprietors can register as individuals with PAN-based KYC
- No fixed costs: no monthly fee on the standard plan, per the pricing page
- Payout frequency: bi-monthly by default, weekly on request for higher volumes, with a threshold adjustable down to $50
- Digital products only: the merchant acceptance policy targets SaaS, AI products, digital goods, templates, plugins and apps, not client services or invoices
- Per-sale fee: 4% + 40c plus 1.5% for international cards is charged on each sale, calculated on the total including sales tax
- No INR payouts: the INR payout wallet was discontinued, so payouts are sent in USD, GBP or EUR and converted by the receiving bank
- Payout fees: $5 on payouts under $1,000 and $25 on USD SWIFT payouts to non-US businesses (whether both apply to a small SWIFT payout is not stated), plus any receiving and intermediary bank charges
Should you choose Razorpay or Dodo Payments?
- Choose Razorpay if: you need Indian businesses and freelancers already using Razorpay who invoice foreign clients.
- Choose Dodo Payments if: you need Indian founders selling SaaS, AI tools, templates and other digital products to buyers worldwide.
For example, an exporter billing $5,000 a month: Dodo Payments does not publish full pricing; Razorpay does.
Which other platforms should you consider besides Razorpay and Dodo 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 | ₹4,70,540 | 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 | ₹4,65,174 | 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 | ₹4,64,795 | 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 | ₹4,64,787 | 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 3 Nov 2026. The formula is on the methodology page.
- 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)
- 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)
- Dodo Payments Pricing, Domestic (USA) cards and wallets 4% + 40c; International +1.5%; BNPL +3%; PayPal +3%; Domestic (India - INR) 4% + 15c +international payment fees; ACH 1.5% capped at $15, SEPA 1.5% capped at EUR 15, replaces the card fee; bank push transfers priced as standard transactions; Payouts free, fee of $5 if payout <$1000, standard FX applicable on non-USD settlements; USD SWIFT payouts $25; Adaptive Currency 2-4% FX fee charged to customer (checked 7 Oct 2026)
- Dodo Payments Docs: Payouts Process, Bi-monthly payout dates 18th and 4th, weekly 11th/18th/25th/4th, monthly 11th; your bank converts the transfer on arrival at its own exchange rate; USD default threshold $100, lowest $50; INR native wallet discontinued; International SWIFT wire: USD SWIFT payout fee, deducted from the payout; Local bank transfer: none; payout fee is $5 for payouts below $1,000 (checked 7 Oct 2026)
- Dodo Payments Docs: Balances, Three native wallets: USD, GBP, EUR (checked 7 Oct 2026)
- Dodo Payments Docs: FAQ, Q31 GST for Indian merchants; Q35 PAN or GST; Q84 USD, GBP and EUR payout currencies, INR no longer a native payout wallet; Q99 bank and intermediary charges; Q100 payouts usually take 1-2 business days (checked 7 Oct 2026)
- Dodo Payments Docs: Account Verification (checked 6 Oct 2026)
- Dodo Payments Docs: Merchant of Record Introduction, Transaction fees are calculated on the total amount including tax, using standard pricing (example: 4% of $230, 1.5% international, $0.40 fixed) (checked 7 Oct 2026)
- Dodo Payments Docs: Merchant Acceptance Policy (checked 6 Oct 2026)
- Dodo Payments Docs: Accepted Countries and Territories (checked 6 Oct 2026)
- Dodo Payments Terms of Use, Preamble naming group companies (checked 6 Oct 2026)
FAQs about Razorpay vs Dodo Payments
Is Razorpay or Dodo Payments cheaper for receiving USD in India?
Dodo Payments does not publish full pricing; Razorpay does. At $2,000: Dodo Payments does not publish full pricing; Razorpay does. At $10,000: Dodo Payments 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, Razorpay or Dodo Payments?
Razorpay states: 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. Check the platform's own pricing page before relying on these figures.
Do Razorpay and Dodo Payments both provide a FIRA?
Razorpay: FIRS (foreign inward remittance statement / e-FIRC) sent within 24 hours of settlement and downloadable from the Dashboard; no separate charge listed. Dodo Payments: Not confirmed (no FIRA, FIRC or e-FIRC mention found on official pages). Check the platform's own pricing page before relying on these figures.
Are Razorpay and Dodo Payments authorised by RBI?
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). Dodo Payments: Not confirmed. RBI publishes the list of authorised cross-border payment aggregators, so check the current list before relying on any platform's own statement about its status.
Can Indian freelancers use both Razorpay and Dodo Payments?
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, so whether a savings account works is Not confirmed Dodo Payments, individuals: Yes.
Should I switch from Razorpay to Dodo Payments?
Switch only if Dodo Payments pays more on your usual invoice size or fits how your clients pay. Keep the Razorpay account open until every invoice sent with its details is paid, and download your FIRA or FIRC records first.