How Do You Receive KRW (South Korean Won) Payments in India in 2026?

The table ranks platforms with full published pricing for KRW by the INR received on KRW 6,700,000, then lists other business platforms that accept KRW, unranked. Fees were checked on 30 Sept 2026 or later.

The real KRW rate is the rupee amount you receive after all margins. The RBI exchange rates panel shows no FBIL rate for KRW, and the Bank of Korea derives non-dollar won rates through US dollar rates. For example, if the mid-market rate were Rs 0.0620 per won and you got Rs 0.0608, that example markup is about 2%.

Today's rate, its history and every platform's payout are on the KRW 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 ₹0.07047 per KRW for 3 Nov 2026.

Indian residents can hold export earnings in an Exchange Earner's Foreign Currency (EEFC) account with an AD bank. Up to 100% of foreign exchange earnings can be credited under the RBI Master Direction on Deposits and Accounts, paragraph 3.1. The account pays no interest. Check whether your AD bank offers an EEFC account in won.

• Who qualifies: A person resident in India receiving foreign exchange earnings through normal banking channels, including exporters and professionals earning fees in an individual capacity, under paragraph 3.1.
• Conversion rule: Each calendar month's accruals should be converted into rupees by the last day of the next month, after adjusting for approved uses or forward commitments. Ask your AD bank how it applies paragraph 3.1.
• Uses: Balances can pay for permitted current and capital account transactions abroad, such as Korean suppliers, software or travel. Credit facilities against EEFC balances are not allowed under paragraph 3.1.
• Alternatives: If your bank does not hold won, it may convert KRW to INR on arrival, or you can invoice in US dollars and keep a USD EEFC account. Ask your bank which option applies before you send the first KRW invoice.

• Spot: Convert each KRW receipt at the rate on the day it arrives. This is simple and suits small, regular invoices.
• Forward contract: Fix a rate today for a future KRW receipt with your AD bank. The hedge cannot exceed the value or tenor of the export exposure under RBI Master Direction on Risk Management and Inter-Bank Dealings, paragraph 2.4. Ask whether your bank quotes KRW/INR forwards, or hedge a USD invoice instead. See forward contracts for exporters.
• Limit order: Ask your bank or provider whether it can convert automatically when KRW reaches a rate you set, and what happens if the rate is never reached.
• Natural hedge: Keep KRW in an EEFC account where your bank offers one, and use it for won costs such as Korean suppliers, software subscriptions or travel, so less needs converting.

A KRW export receipt follows the same rules as any foreign currency receipt. South Korea is outside the Asian Clearing Union, so payment may be in rupees or any foreign currency under the FEMA Manner of Receipt and Payment Regulations, 2023. You need a purpose code, proof of receipt and, for services, an EDF.

• Purpose code: Each inward remittance carries an RBI purpose code from the FETERS purpose code list. For example, P0802 is "Software consultancy/implementation (other than those covered in SOFTEX form)" and P1006 is "Business and management consultancy and public relations services".
• EDF: From 1 October 2026, service exporters file an Export Declaration Form within 30 days from the end of the invoice month under Regulation 3(2) of the FEMA Export and Import Regulations, 2026. The EDF replaces SOFTEX, as A.P. (DIR Series) Circular No. 20 superseded the SOFTEX circulars.
• Realisation: Export value must be realised within nine months, or twelve months if invoiced or settled in rupees, under Regulation 5 as amended on 22 September 2026. Your AD bank may extend this.
• FIRA: FIRA is not a term defined in FEMA or the 2026 Regulations. It is a bank or provider advice confirming the credit, and you keep it as proof of export receipt. See what a FIRA is.
• PA-CB safety: Card and online checkout providers must be RBI-authorised PA-CBs. They hold export proceeds in a separate Inward Collection Account per currency, with a Rs 25 lakh cap per transaction, under the RBI Master Direction on Payment Aggregators, paragraphs 11 and 16.

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 European Central Bank reference rates (via frankfurter.dev), dated 3 Nov 2026. The method is on the methodology page.

1. Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, Notification No. FEMA 23(R)/2026-RB, Regulation 3(2): EDF for services within 30 days from the end of the month of invoice; Regulation 5(1): realisation period for exports, AD bank may extend (checked 8 Oct 2026)
2. RBI Notification No. FEMA 23(R)/(1)/2026-RB dated 22 September 2026: Amendment Regulations, In regulation 5(1), 'fifteen months' replaced by 'nine months' and 'eighteen months' by 'twelve months'; in force from 1 October 2026 (checked 8 Oct 2026)
3. RBI A.P. (DIR Series) Circular No. 20, RBI/2025-26/194: Export and Import of Goods and Services (16 January 2026), Supersedes the Master Direction on Export and listed circulars, including the SOFTEX circulars, from 1 October 2026 (checked 8 Oct 2026)
4. Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023, Notification No. FEMA 14(R)/2023-RB, Reg 3(2): receipts through an Authorised Bank or Authorised Person; for countries outside the ACU, receipt in INR or any foreign currency (checked 8 Oct 2026)
5. RBI Master Direction - Deposits and Accounts, Paragraph 3.1: EEFC account; 100 percent of foreign exchange earnings may be credited; non-interest bearing; accruals of a calendar month converted to INR by the last day of the succeeding month after approved uses; no credit facilities against EEFC balances (checked 8 Oct 2026)
6. RBI Master Direction on Regulation of Payment Aggregator (PA), RBI/DPSS/2025-26/141, Paragraph 11(d): maximum Rs 25 lakh per transaction for PA-CB; 11(h): documents for EDPMS closure; 16(a) and Table 1: Inward Collection Account, separate account for each non-INR currency (checked 8 Oct 2026)
7. RBI Master Direction - Money Transfer Service Scheme, Only cross-border personal remittances such as family maintenance are allowed; trade related remittances shall not be made through this arrangement (checked 8 Oct 2026)
8. RBI A.P. (DIR Series) Circular No. 84 (2012), FETERS purpose codes for receipts, P0802 Software consultancy/implementation (other than those covered in SOFTEX form); P0807 Off site software exports; P1006 Business and management consultancy and public relations services (checked 8 Oct 2026)
9. RBI Master Direction: Risk Management and Inter-Bank Dealings, Part A, Section I, paragraph 2.4(i): hedge not to exceed the value and tenor of the underlying exposure (checked 8 Oct 2026)
10. Reserve Bank of India home page: Exchange Rates panel, Exchange Rates (Source: FBIL): INR / 1 USD, INR / 1 GBP, INR / 1 EUR, INR / 100 JPY, INR / 1 AED, INR / 10000 IDR; no KRW rate listed (checked 8 Oct 2026)
11. RBI circular RBI/2026-27/08: Guidelines to facilitate faster cross-border inward payments (9 April 2026), Banks shall endeavour to credit inward payments received during forex market hours within the same business day and those received after market hours on the next business day; effective six months from the date of the circular (9 April 2026) (checked 8 Oct 2026)
12. Integrated Goods and Services Tax Act, 2017, section 2 (CBIC tax information portal), Section 2(6): five conditions for export of services, including payment in convertible foreign exchange or INR where permitted by RBI (checked 8 Oct 2026)
13. Integrated Goods and Services Tax Act, 2017, section 16: Zero rated supply (CBIC tax information portal), Section 16(1): export of services is a zero-rated supply; section 16(3): supply under bond or LUT without payment of IGST (checked 8 Oct 2026)
14. Central Goods and Services Tax Rules, 2017, Rule 96A (CBIC tax information portal), Export of services without payment of IGST under a Letter of Undertaking in Form GST RFD-11 (checked 8 Oct 2026)
15. Agreement between India and the Republic of Korea for the avoidance of double taxation (signed 18 May 2015, in force 12 September 2016), Income Tax Department, Article 12(2): tax in the source state not to exceed 10 per cent of the gross amount of royalties or fees for technical services; Article 12(3)(b): fees for technical services means payments, other than those mentioned in Articles 14 and 15, for managerial or technical or consultancy services; Article 14(1): an individual's professional services taxable only in the residence state unless a fixed base is regularly available or the stay is 183 days or more in any 12-month period; Article 23(a): elimination of double taxation in India by credit for tax paid in Korea (checked 8 Oct 2026)
16. Bank of Korea: Payment and Settlement Systems in Korea, The main large-value payment system is BOK-Wire+, owned and operated by the Bank of Korea; most major retail payment systems are run by KFTC, including the Giro System and the Interbank Shared Network Systems; electronic funds transfer systems such as the Interbank Funds Transfer System (checked 8 Oct 2026)
17. Bank of Korea: Foreign Exchange System, Payments and Transactions, Payments for current transactions are freely permitted as long as documents certifying the reason for and amount of payment are submitted; general current transactions do not need any permission (checked 8 Oct 2026)
18. Bank of Korea: Foreign Exchange Market, Structure of the Market, The customer market is where foreign exchange banks deal with customers such as importers, exporters, travelers and nonresidents; won-yuan direct trading market opened in 2014 (checked 8 Oct 2026)
19. Bank of Korea: Foreign Exchange Market, Instruments in the Market, Participants trade spots and FX derivatives such as forwards and swaps; NDF transactions allowed from April 1999 (checked 8 Oct 2026)
20. Bank of Korea: Foreign Exchange Market, Exchange Rate System, In December 1997 daily fluctuation limits were abolished and Korea shifted to a free-floating system; customer rates are decided independently by each foreign exchange bank with reference to the interbank spot rate; basic won rates against currencies other than the US dollar are arrived at by arbitrating between US dollar rates (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. HDFC Bank: Remittance Services Fees & Charges, Inward Remittance Charge: No Charge; FIRC Charge for Inward Remittance & FCY Cheque Collection INR 200 per FIRC; GST slabs on amount of currency exchanged (checked 6 Oct 2026)
23. Axis Bank: Inward Remittances (Business Banking) (checked 6 Oct 2026)
24. ICICI Bank - Inward trade remittances, Receive remittances in 24+ currencies; BIRC for export proceeds, FIRC for FDI/FII on request; funds credited within 1 hour of disposal instruction and documents (checked 7 Oct 2026)
25. PingPong India home, Digital FIRCs in your PingPong dashboard. Free of cost; All fee charges are shown on the account dashboard (checked 7 Oct 2026)
26. Cashfree Docs: Global Collections overview (checked 6 Oct 2026)
27. 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)