How Do You Receive ARS (Argentine Peso) Payments in India in 2026?

The table ranks platforms with full published pricing for ARS by the INR received on ARS 7,700,000, then lists other business platforms that accept ARS, unranked. Fees were checked on 30 Sept 2026 or later.

The real ARS to INR rate is the mid-market rate, the midpoint between buying and selling prices. Bank, card and platform rates sit below it, and pesos converted through US dollars can carry two margins. For example, at an example rate of ₹88.00 per dollar, receiving ₹87.20 on USD 2,000 pays ₹1,600 less. See what the mid-market rate means.

Today's rate, its history and every platform's payout are on the ARS to INR rate page.

Each row applies the platform's published fee, FX markup and 18% GST on the fee to the mid-market rate of ₹0.06146 per ARS for 3 Nov 2026.

Holding Argentine pesos in India depends on your AD bank. An EEFC account lets a person resident in India keep up to 100 percent of foreign exchange earnings, other than loans or investments, in foreign currency. Ask your bank whether it offers ARS. If it does not, you can invoice in US dollars and hold those. See EEFC account benefits.

• Eligibility: Any person resident in India with foreign exchange earnings can open an EEFC account under Schedule I to FEMA 10(R), as set out in para 3.1 of the Master Direction on Deposits and Accounts.
• Conversion rule: The Master Direction says monthly accruals should be converted into rupees by the last day of the next month, after adjusting for approved uses or forward commitments (para 3.1(6)). Ask your AD bank how it applies this.
• Uses: Balances can pay for current and capital account transactions abroad, and rupee withdrawals are allowed but cannot be credited back (para 3.1(2) and (3)).
• No credit: Banks cannot give fund-based or non-fund based credit facilities against EEFC balances, and the account is non-interest bearing (para 3.1(4) and (7)).

• Spot: Convert to INR on the day the money arrives at the rate your bank or provider quotes. This is the simplest option and leaves you open to rate moves between invoice and payment.
• Forward contract: Ask your AD bank whether it quotes a forward against your export exposure. The amount and tenor cannot exceed the exposure under para 2.4 of the Master Direction on Risk Management. ARS-INR is not among the currency pairs permitted on Indian stock exchanges under para 3.2. See RBI hedging rules for exporters.
• Limit order: Some banks and providers let you set a target rate and convert automatically when it is reached. RBI does not set a standard product for this, so check availability and charges with your bank.
• Natural hedge: If you pay costs abroad, you can keep foreign currency receipts in an EEFC account and pay those costs from it, as payments abroad are permitted debits under para 3.1(2).

ARS receipts follow the same Indian export rules as any foreign currency. Argentina is not an ACU member, so payment may come in rupees or any foreign currency through an authorised bank. Since 1 October 2026, the FEMA (Export and Import of Goods and Services) Regulations, 2026 set realisation at nine months and require an EDF.

• Purpose code: Choose the code that matches the service, such as P0802 "Software consultancy/implementation (other than those covered in SOFTEX form)" or P1006 "Business and management consultancy and public relations services" from the RBI purpose code list. See P0802 purpose code.
• EDF: Service exporters file an EDF within 30 days from the end of the invoice month under Regulation 3(2). The EDF replaced SOFTEX for software from 1 October 2026 under A.P. (DIR Series) Circular No. 20. See EDF form for exports.
• Realisation: The full export value must be realised within nine months of the invoice date, or 12 months if invoiced or settled in INR, under Regulation 5. If an Argentine client's access to foreign currency is delayed, ask your AD bank about an extension, which Regulation 5 allows it to grant. See export realisation period.
• EDPMS: For invoices up to ₹10 lakh, your AD bank may close the EDPMS entry on your declaration under Regulation 4(2).
• FIRA: FIRA is not a term defined in RBI rules. GST refund rules for exported services refer to a Bank Realisation Certificate or Foreign Inward Remittance Certificate under Rule 89(2)(c). See what FIRA means.

Rules and rails are linked to official sources below with the dates they were checked. Platform figures come from each platform's own pages, checked on 30 Sept 2026 or later, and RBI authorisation was checked against RBI's published list. Rates are ExchangeRate-API open access feed, dated 3 Nov 2026. The method is on the methodology page.

1. RBI: Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 (FEMA 23(R)/2026-RB, as amended), Reg 3(2) services EDF within 30 days from end of invoice month; Reg 4(2) EDPMS closure on declaration up to Rs 10 lakh; Reg 5 realisation nine months, twelve months if invoiced/settled in INR. (checked 8 Oct 2026)
2. RBI: A.P. (DIR Series) Circular No. 20 dated 16 January 2026, Supersedes Master Directions on Export/Import and SOFTEX circulars from 1 October 2026. (checked 8 Oct 2026)
3. RBI: FEMA (Manner of Receipt and Payment) Regulations, 2023, as amended, Reg 3(2)(I)(a)(iii): countries other than member countries of ACU - in Indian Rupees or in any foreign currency. (checked 8 Oct 2026)
4. RBI: A.P. (DIR Series) Circular No. 84 (29 Feb 2012), purpose codes for reporting forex transactions, P0802 Software consultancy/implementation (other than those covered in SOFTEX form); P1006 Business and management consultancy and public relations services. (checked 8 Oct 2026)
5. RBI Master Direction - Reserve Bank of India (Deposits and Accounts) Directions, Para 3.1: EEFC for persons resident in India; 100% of forex earnings may be credited; permitted debits; no credit facilities; non-interest bearing; accruals converted by the last day of the following month after approved uses. (checked 8 Oct 2026)
6. RBI Master Direction - Risk Management and Inter-Bank Dealings, Para 2.4 hedging contracted exposures; para 3.2(ii) permitted exchange-traded currency pairs: USD-INR, EUR-INR, GBP-INR, JPY-INR, EUR-USD, GBP-USD and USD-JPY. (checked 8 Oct 2026)
7. RBI Master Direction on Regulation of Payment Aggregators, Para 11(d): max value per PA-CB transaction Rs 25 lakh; para 11(h): PA-CB to provide documents for EDPMS closure. (checked 8 Oct 2026)
8. IGST Act, 2017, section 2 (definition of export of services), Section 2(6): payment received in convertible foreign exchange or in INR where permitted by RBI, among other conditions. (checked 8 Oct 2026)
9. IGST Act, 2017, section 16 (zero rated supply), 16(1) export of services is zero rated; 16(3) supply under bond or LUT. (checked 8 Oct 2026)
10. CGST Rules, 2017, Rule 96A, Bond or Letter of Undertaking in FORM GST RFD-11 furnished prior to export for supply without payment of integrated tax. (checked 8 Oct 2026)
11. CGST Rules, 2017, Rule 89, Rule 89(2)(c): for export of services, a statement of invoices with the relevant Bank Realisation Certificates or Foreign Inward Remittance Certificates. (checked 8 Oct 2026)
12. Income Tax Department: Double Taxation Avoidance Agreements list, Argentine: Tax Information Exchange Agreement (TIEA), Argentina listed only under Tax Information Exchange Agreement (no comprehensive DTAA). (checked 8 Oct 2026)
13. Income-tax Act, 2025 (as amended by Finance Act, 2026), Section 160(1): unilateral relief for a resident who paid tax in a country with no agreement under section 159, on income that accrued or arose outside India and is not deemed to accrue or arise in India. (checked 8 Oct 2026)
14. BCRA: Texto ordenado Exterior y Cambios (as at 14/09/2026, last communication A 8481), 13.1.1 client holds documentation supporting the existence of the service; 13.1.5 operation validated in BCRA's online system, other cases need BCRA prior approval; 13.2.5 unrelated counterparty from date of provision or accrual; 13.2.6 related counterparty after 90 calendar days; 13.3 earlier access in listed cases. (checked 8 Oct 2026)
15. BCRA: Transferencias 3.0, Immediate transfers credited within a maximum of 15 seconds, 24 hours a day, every day of the year, between CBU bank accounts and CVU payment accounts. (checked 8 Oct 2026)
16. BCRA: Clave Bancaria Uniforme (CBU), CBU is a 22-digit code identifying each bank account. (checked 8 Oct 2026)
17. BCRA: Clave Virtual Uniforme (CVU), CVU is a 22-digit code identifying users of payment service providers. (checked 8 Oct 2026)
18. BCRA: Débito inmediato (DEBIN), Transfer started by the payee and accepted by the payer; admits payments in pesos or dollars between accounts of the same currency; needs CBU, CVU or alias. (checked 8 Oct 2026)
19. BCRA: Medio Electrónico de Pagos (MEP), Real-time gross settlement system run by BCRA for transfers between participants with accounts at BCRA. (checked 8 Oct 2026)
20. BCRA: Sistema de Pagos en Moneda Local (SML), BCRA has SML agreements with the central banks of Brazil, Uruguay and Paraguay. (checked 8 Oct 2026)
21. Stripe India pricing, International cards with USD/other currency presentment 4.3% + 2% if currency conversion is required; Mastercard and Visa cards issued outside India 3% + 2%; American Express outside India 3.5% + 2%; dispute received INR 1,000.00 (checked 7 Oct 2026)
22. Cashfree Docs: Global Collections overview (checked 6 Oct 2026)
23. Tazapay Pricing, Global Collection Accounts: *Contact sales; Global Cards 3.8% + USD 0.5; APMs 0.8%-2.5%; FIRC (India) USD 4; Custom tier: Volume-Based Discounts, Payment Method-Specific Rates, Customized FX (checked 7 Oct 2026)