Razorpay vs Remitly (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. Remitly does not publish full pricing; Razorpay does. Razorpay is best for Indian businesses and freelancers already using Razorpay who invoice foreign clients. Remitly is best for family and personal remittances sent from the US to India.
| Use case | Better option | Why |
|---|---|---|
| Invoices around $2,000 | Not comparable | Remitly does not publish full pricing; Razorpay does. |
| Invoices around $5,000 | Not comparable | Remitly does not publish full pricing; Razorpay does. |
| Invoices around $10,000 | Not comparable | Remitly 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: family and personal remittances sent from the US to India | Remitly | Remitly is built for this. |
CurrencyUSD
At the mid-market rate
₹4,73,125
Highest payout: Razorpay
₹4,67,542
- 1.Razorpay₹4,67,542cost 1.18%
1 USD = 94.63 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 Razorpay and Remitly compare at a glance?
| Attribute | Razorpay | Remitly |
|---|---|---|
| Best for | Indian businesses and freelancers on Razorpay invoicing foreign clients | Family and personal remittances from the US to India |
| Fees | 1% per bank transfer (Rs 1,000 flat below Rs 1,00,000) + GST | Sender pays $3.99 below $1,000, $0 from $1,000; recipient charges not confirmed |
| FX markup | States 0% markup on MoneySaver at live rate | Not published; may earn from rate difference |
| Settlement | States 1 day (T+1 after invoice shared) | Promised time per transfer; specific timings not confirmed |
| FIRA | FIRS within 24 hours of settlement; no charge listed | Not confirmed; not stated on Remitly pages |
| Currencies | Local USD, GBP, EUR accounts plus SWIFT; 30+ currencies stated | USD to INR for US to India corridor |
| RBI status | RBI authorised PA-CB inward and outward, plus PA-O | Not confirmed; not shown as PA-CB authorised |
| Indian individuals | Listed as business type; savings account not confirmed | Personal transfers only; not freelance or export payments |
| Indian businesses | Yes, under listed export purpose codes | Not supported for receiving |
| Limits | Not confirmed | Not confirmed. Remitly's user agreement says it may limit amounts per transaction or in aggregate but publishes no figure on pages reviewed; the promotional first-transfer rate applies to the first $6,000 sent. |
How much INR do you receive on $2,000, $5,000 and $10,000 with Razorpay vs Remitly?
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 |
|---|---|---|---|---|---|---|
| Razorpay, $2,000 | ₹1,893 | ₹0 | ₹341 | ₹1,87,017 | 1.18% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Razorpay, $5,000 | ₹4,731 | ₹0 | ₹852 | ₹4,67,542 | 1.18% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Razorpay, $10,000 | ₹9,463 | ₹0 | ₹1,703 | ₹9,35,084 | 1.18% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Remitly, $2,000 | – | – | – | Not published | – | Family and personal remittances from the US to India |
| Remitly, $5,000 | – | – | – | Not published | – | Family and personal remittances from the US to India |
| Remitly, $10,000 | – | – | – | Not published | – | Family and personal remittances from the US to India |
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 Remitly and who is it for?
Remitly is a US-based money transfer service that lets senders in countries such as the US send money to recipients abroad, including India. Indian residents receive Remitly transfers as INR into their bank account, through UPI or via cash pickup, with the sender initiating and paying for the transfer. Its consumer service is restricted to personal, family or household purposes, so it is not designed for Indian freelancers or exporters invoicing foreign clients.
- Regulated by: Not confirmed. Remitly is not shown as an RBI PA-CB authorised entity on any page reviewed.
- Used by: Not supported for receiving. Remitly Business is for US-based companies sending payments abroad; no page reviewed offers Indian businesses a way to receive or collect payments.
- Best for: Family and personal remittances sent from the US to India
How do Razorpay and Remitly 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 Remitly charge?
| Fee type | Amount | When it applies | Best for |
|---|---|---|---|
| Receiving: Bank deposit to an Indian bank account (sent by a Remitly customer abroad) | Paid by sender: $3.99 below $1,000, $0 at $1,000 or more (US to India) | Consumer, personal-purpose transfers only | Family and personal remittances from the US to India |
| Receiving: UPI payout in India | Paid by sender; Not confirmed whether it differs from bank deposit | – | Family and personal remittances from the US to India |
| Receiving: Cash pickup in India | Paid by sender; Not confirmed whether it differs from bank deposit | Cash pickup transactions expire after 60 days per the user agreement | Family and personal remittances from the US to India |
| Currency conversion to INR | Markup not published; Remitly's user agreement states it may earn from the difference between the rate at which it buys currency and the rate given to the customer. | When foreign currency is converted | Family and personal remittances from the US to India |
| Payout to an Indian bank | Funds arrive in INR directly in the recipient's Indian bank account, UPI or cash pickup. The sender pays the transfer fee and the exchange rate includes a spread Remitly does not publish. Any recipient-side charges are Not confirmed. | When INR is sent to your account | Family and personal remittances from the US to India |
| Transfer fee (US to India, paid by sender) | $3.99 below $1,000; $0 at $1,000 or more | – | Family and personal remittances from the US to India |
| First transfer for new customers | No fee, limited-time offer | – | Family and personal remittances from the US to India |
| FX conversion | Spread included in rate; markup not published | – | Family and personal remittances from the US to India |
| GST on fees | Not confirmed. Remitly does not publish GST treatment for Indian recipients; fees are charged to the foreign sender. | Applies to the platform's fee | Family and personal remittances from the US to India |
How do Razorpay and Remitly 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
- Remitly: Delivered to Indian bank accounts, UPI or cash pickup; Remitly shows a promised delivery time per transfer and refunds its fee if late. Specific timings Not confirmed.
| 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 |
| Remitly | Promised time per transfer; specific timings not confirmed | INR to bank, UPI or cash pickup; spread not published | Family and personal remittances from the US to India |
Do Razorpay and Remitly 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 |
| Remitly | Not confirmed; not stated on Remitly pages | Not confirmed; not shown as PA-CB authorised | 30 Sept 2026 | Family and personal remittances from the US to India |
Which currencies, countries and payment methods do Razorpay and Remitly 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 |
| Remitly | USD to INR for US to India corridor | Bank deposit to an Indian bank account (sent by a Remitly customer abroad); UPI payout in India; Cash pickup in India | Personal transfers only; not freelance or export payments | Not supported for receiving | Family and personal remittances from the US to India |
What are the strengths and limitations of Razorpay and Remitly?
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
Remitly
- Recipient simplicity: The Indian recipient needs only a bank account or UPI ID; the sender handles the transfer
- Published sender fee: USD to INR fee of $3.99 below $1,000 and $0 at $1,000 or more is shown on Remitly's site
- Multiple payout options: Bank deposit, UPI and cash pickup in India
- Delivery promise: Fee refund if the transfer arrives after the promised date
- Personal use only: The consumer service is limited to personal, family or household purposes, not business or export receipts
- Sender-initiated: Indian users cannot get collection account details or invoice clients through Remitly
- FX markup not disclosed: Remitly states it may earn on the exchange rate spread but does not publish the markup
- No published FIRA: Remitly does not state that it issues FIRA or e-FIRC for export documentation
Should you choose Razorpay or Remitly?
- Choose Razorpay if: you need Indian businesses and freelancers already using Razorpay who invoice foreign clients.
- Choose Remitly if: you need family and personal remittances sent from the US to India.
For example, an exporter billing $5,000 a month: Remitly does not publish full pricing; Razorpay does.
Which other platforms should you consider besides Razorpay and Remitly?
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 | ₹4,69,887 | 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 | ₹4,64,528 | 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 | ₹4,64,149 | 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 | ₹4,64,141 | 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.
- 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)
- Remitly: Send Money to India from the US (checked 6 Oct 2026)
- Remitly USD to INR rates and fees, Fee $3.99 below $1,000, $0 at $1,000 or more; promotional rate on first $6,000 (checked 6 Oct 2026)
- Remitly User Agreement, Consumer use for personal, family or household purposes; FX spread disclosure; US residency and age 18; delivery promise; Remitly may limit transfer amounts per transaction or in aggregate; cash pickup cancelled if not collected within 60 days (checked 6 Oct 2026)
- Remitly Business, For US-based companies paying freelancers, contractors and vendors abroad (checked 6 Oct 2026)
FAQs about Razorpay vs Remitly
Is Razorpay or Remitly cheaper for receiving USD in India?
Remitly does not publish full pricing; Razorpay does. At $2,000: Remitly does not publish full pricing; Razorpay does. At $10,000: Remitly 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 Remitly?
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. Specific timings Not confirmed.. Check the platform's own pricing page before relying on these figures.
Do Razorpay and Remitly 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. Remitly: Not confirmed. Remitly does not state on its pages that it issues FIRA or e-FIRC to Indian recipients..
Are Razorpay and Remitly 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). Remitly: Not confirmed. Remitly is not shown as an RBI PA-CB authorised entity on any page reviewed..
Can Indian freelancers use both Razorpay and Remitly?
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 Remitly. Eligibility can change, so confirm on each platform's sign-up pages.
Should I switch from Razorpay to Remitly?
Switch only if Remitly 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. Check the platform's own pricing page before relying on these figures.