How Do You Receive Money from Finland to India in 2026?

A Finnish client usually pays by SEPA credit transfer or SEPA Instant when you share euro account details in the SEPA area. Finland uses the euro and is part of SEPA. India is outside SEPA, so a direct payment to an Indian bank goes by SWIFT through correspondent banks. Card networks are a third option with a payment link.

• Rails: Finnish banks process euro credit transfers through STEP2 and settle them in T2. Instant payments run through TIPS and RT1. SEPA covers 41 European countries. Payments to Indian bank accounts use SWIFT and correspondent banks.
• Client enters: For SEPA: account holder name, IBAN and, if asked, BIC. For SWIFT: your name, Indian account number, your bank's SWIFT code, bank address and the invoice reference.
• Client cost: Under EU rules, cross-border euro payments in the EU cost no more than domestic euro payments. A SWIFT transfer to India is an international payment, and the Finnish bank's own charges for it apply.
• Speed: SEPA Instant makes funds available within ten seconds, at any time of day. Ordinary Finnish credit transfers clear several times a day. SWIFT payments to India often take one to three business days.
• Limits: A Finnish client cannot pay an Indian bank account through SEPA because India is outside the SEPA region. The client needs euro account details in SEPA or must send a SWIFT transfer.

The table ranks platforms with full published pricing for EUR by the INR received on EUR 5,000, then lists other business platforms that accept EUR, unranked. Fees were checked on 30 Sept 2026 or later.

You receive less than the invoice because each step can deduct a fee or apply a rate below mid-market. Bank charges, correspondent deductions and conversion margins add up. For example, at an example mid-market rate of Rs 108 per euro, a 1% margin on EUR 2,000 from a Finnish client costs about Rs 2,160 before fixed fees.

Each row applies the platform's published fee, FX markup and 18% GST on the fee to the mid-market rate of ₹106.18 per EUR for 3 Nov 2026.

• Total cost: Add the fixed fee, any percentage fee and the conversion margin. Compare the rupees credited, not the headline fee.
• Local rail coverage: Check that the method accepts SEPA payments from your Finnish client's bank, including SEPA Instant if the client uses it.
• Settlement speed: Look at how long euros take to reach the collection account and how long rupees take to reach your Indian bank.
• FIRA: Confirm that you receive an inward remittance advice or FIRA for every payment, with the purpose code shown.
• Client experience: A Finnish business client usually pays supplier invoices by credit transfer to an IBAN. Card payments suit clients who pay by company card.
• Support: Check how the provider or bank handles returned payments, name mismatches and purpose code corrections.

Money from a Finnish client for services is an export receipt under the FEMA (Export and Import of Goods and Services) Regulations, 2026, in force from 1 October 2026. You file an EDF, quote an export purpose code and realise the payment within nine months of the invoice date, or twelve months if invoiced or settled in rupees.

• FIRA or e-FIRA: FIRA is a document name used by banks and payment providers. It is not a statutory term, and the FEMA regulations do not define it. It records the inward payment. DGFT issues an e-BRC as confirmation that the exporter received payment.
• Purpose code: Use the code that matches the service. Examples from the RBI purpose code list are P0802 Software consultancy/implementation (other than those covered in SOFTEX form) and P1006 Business and management consultancy and public relations services. See P0802.
• EDF for services: Under Regulation 3(2), a services exporter files an EDF within 30 days from the end of the invoice month. One EDF can cover all exports in a month. The EDF replaces SOFTEX for software from 1 October 2026 under A.P. (DIR Series) Circular No. 20. See EDF form.
• EDF for goods: A goods exporter files the EDF at the time of export. For EDI ports it is deemed submitted with the shipping bill under Regulation 3(1).
• EDPMS: Your AD bank closes the EDPMS entry when payment arrives. For invoices up to Rs 10 lakh, the entry may close on your declaration under Regulation 4(2). See EDPMS closure.
• PA-CB fund safety: A non-bank payment aggregator must hold merchant funds in an escrow account with a scheduled commercial bank in India, called an Inward Collection Account for inward payments, under paragraph 16 of the RBI Master Direction.

Services you supply to a Finnish business client are usually an export of services under section 2(6) of the IGST Act and zero-rated under section 16. You can supply without paying IGST by filing an LUT. The income is taxable in India, and the India-Finland tax treaty sets when Finland may also tax it.

• GST and LUT: File a Letter of Undertaking in FORM GST RFD-11 before you export under CGST Rule 96A. Payment must arrive in convertible foreign exchange, or in rupees where RBI permits, for the supply to count as an export. See LUT filing.
• GST on fees: Currency conversion by an Indian bank or provider is a taxable supply. Its value can be determined under CGST Rule 32(2). The GST appears on the provider's charges to you.
• Income tax: The Income-tax Act, 2025 replaced the 1961 Act from 1 April 2026. Presumptive taxation formerly in sections 44AD and 44ADA now sits in section 58. Tax Year 2026-27 is the first year under the new Act. See section 44ADA.
• India-Finland DTAA: Under Article 7 of the India-Finland tax treaty signed on 15 January 2010, business profits are taxed only in India unless you have a permanent establishment in Finland. Article 12 caps Finnish tax on fees for technical services arising in Finland at 10% of the gross amount. Under Article 12(5), fees for services performed in India are treated as arising in India. Article 14 covers independent personal services.
• Client side: A Finnish business buying your services usually pays Finnish VAT itself under the reverse charge in section 9 of the Finnish VAT Act. The general rate is 25.5%. The Finnish Tax Administration describes tax-at-source on trade income paid to foreign companies for work done in Finland, so ask how your client treats your invoice.

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 XE live mid-market rates, dated 3 Nov 2026. The method is on the methodology page.

1. Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 (FEMA 23(R)/2026-RB), Reg 1(2) in force from 1 Oct 2026; Reg 3(1) EDF for goods, deemed with EDI shipping bill; Reg 3(2) services EDF within 30 days from end of invoice month, single EDF per month, non-software may file on or before payment; Reg 4(2) EDPMS closure on declaration up to Rs 10 lakh; Reg 5 realisation nine months from invoice date for services, twelve if invoiced or settled in INR. (checked 8 Oct 2026)
2. RBI notification amending the FEMA Export and Import Regulations, 2026 (FEMA 23(R)/(1)/2026-RB), Realisation period substituted to nine months; first proviso 'eighteen months' substituted by 'twelve months'. (checked 8 Oct 2026)
3. RBI A.P. (DIR Series) Circular No. 20 dated 16 January 2026 (RBI/2025-26/194), Master Directions on Export and Import and listed SOFTEX circulars superseded from the date the directions come into force (1 October 2026). (checked 8 Oct 2026)
4. Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023, Reg 3(2)(I)(a)(iii): trade receipts from countries other than ACU members in Indian rupees or any foreign currency, through an authorised bank. (checked 8 Oct 2026)
5. RBI purpose codes for reporting FETERS transactions (A.P. DIR Circular No. 84, 2012), P0802 Software consultancy/implementation (other than those covered in SOFTEX form); P1006 Business and management consultancy and public relations services. (checked 8 Oct 2026)
6. RBI Master Direction on Regulation of Payment Aggregator (PA), 15 September 2025, Para 11(d): PA-CB maximum Rs 25 lakh per transaction; para 16(a): funds held in escrow with a scheduled commercial bank, called Inward Collection Account for PA-CB inward transactions. (checked 8 Oct 2026)
7. RBI circular: Guidelines to facilitate faster cross-border inward payments, 9 April 2026, Banks shall endeavour to credit inward payments received during forex market hours on the same business day and after hours on the next business day; effective six months from the circular date. (checked 8 Oct 2026)
8. Foreign Exchange Management (Foreign currency accounts by a person resident in India) Regulations, 2015, Schedule I EEFC Scheme: 100 percent of foreign exchange earnings may be credited; amount withdrawn in rupees cannot be re-credited. (checked 8 Oct 2026)
9. IGST Act, 2017, section 2(6) (CBIC), Export of services conditions including payment in convertible foreign exchange or INR where permitted by RBI. (checked 8 Oct 2026)
10. IGST Act, 2017, section 16 (CBIC), Export of goods or services is a zero rated supply. (checked 8 Oct 2026)
11. CGST Rules, 2017, Rule 96A (CBIC), Export without payment of integrated tax on furnishing a bond or Letter of Undertaking in FORM GST RFD-11 prior to export. (checked 8 Oct 2026)
12. CGST Rules, 2017, Rule 32 (CBIC), Rule 32(2): value of supply of services in relation to purchase or sale of foreign currency, including money changing. (checked 8 Oct 2026)
13. Income Tax Department FAQ: Objective and scope of the new Income-tax Act, 2025, 1961 Act replaced from 1 April 2026; Tax Year concept; presumptive schemes in sections 44AD, 44ADA and 44AE consolidated into section 58. (checked 8 Oct 2026)
14. DGFT Public eBRC FAQs (Self-certification of eBRC), FAQ 1: eBRC issued by DGFT as confirmation that the exporter has received payment against export of goods or services; FAQ 2: IRM is the bank's reference for an inward remittance; under the self-certification workflow exporters generate eBRCs on the DGFT system. (checked 8 Oct 2026)
15. European Central Bank: Single Euro Payments Area (SEPA), The SEPA region consists of 41 European countries (status 22 May 2025), including Finland; instant credit transfers make funds available within ten seconds; cross-border euro payments in the EU cost no more than domestic ones. (checked 8 Oct 2026)
16. European Central Bank: Instant payments, SEPA Instant Credit Transfer available 24 hours a day, 365 days a year; funds available within ten seconds. (checked 8 Oct 2026)
17. European Central Bank: Euro foreign exchange reference rates, Reference rates published for information purposes; EUR/INR 108.1165 on 7 October 2026 (basis for the example rate of Rs 108). (checked 8 Oct 2026)
18. Bank of Finland: Payment and settlement systems, Banks operating in Finland use STEP2 (EBA Clearing) for credit transfers and direct debits, settled in T2; clearing and settlement of Finnish credit transfers several times a day; other systems TIPS, POPS, EURO1, RT1 and CLS. (checked 8 Oct 2026)
19. Bank of Finland: Electronic payment methods, Finland is part of SEPA; payments to payees outside the euro area are executed through the correspondent banking network. (checked 8 Oct 2026)
20. Agreement between Finland and India for the avoidance of double taxation (SopS 58/2010), English synthesised text with the MLI (Finlex), Signed at New Delhi on 15 January 2010; Art. 7(1) business profits taxable only in state of residence unless permanent establishment; Art. 12(2) royalties and fees for technical services may be taxed where they arise, capped at 10 per cent of gross; Art. 12(5) fees for technical services relating to services performed within a Contracting State are deemed to arise in that State; Art. 12 definition of fees for technical services excludes services in Articles 14 and 15; Art. 14(1) independent services taxable in other state only with fixed base or stay of 183 days or more in any 12-month period. (checked 8 Oct 2026)
21. Arvonlisäverolaki (1501/1993), Finnish VAT Act (Finlex), Section 9: where a foreign trader has no fixed establishment in Finland and has not registered, the buyer is liable for VAT on goods and services the foreigner sells in Finland; section 65: a service supplied to a trader acting as such is sold in Finland if supplied to a fixed establishment in Finland or the buyer's place of business is in Finland. (checked 8 Oct 2026)
22. Finnish Tax Administration: VAT on international supply of services, Place of supply under the general rule is the buyer's country for business buyers; under the reverse charge mechanism the VAT is paid by the buyer instead of the seller. (checked 8 Oct 2026)
23. Finnish Tax Administration: Rates of VAT, General VAT rate 25.5%. (checked 8 Oct 2026)
24. Finnish Tax Administration: Tax-at-source on trade income, Page for foreign corporate entities: payer must withhold tax-at-source on trade income if the foreign company is not in the prepayment register and has not presented a zero-rate tax-at-source card; withholding relates to work done in Finland; refund available where no permanent establishment. (checked 8 Oct 2026)
25. Skydo homepage (pricing and fee calculator), Know what you pay; calculator showing GST 18% of transaction fee (checked 6 Oct 2026)
26. 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)
27. 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)
28. 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)
29. Kotak Everyday Savings Account fees and charges, Foreign Inward Remittance certificate (Branch Request) INR 100/Request; GST on Foreign Currency Conversion; fees exclusive of GST (checked 6 Oct 2026)
30. PayPal India Merchant Fees, Receiving international transactions; Currency Conversions (3.0% converting balance and payments received; 4.00% all other cases); Withdrawals Out of PayPal; Dispute Fees; Other Fees (Last Updated 28 March 2024) (checked 6 Oct 2026)
31. Wise India: Fees for receiving money (Business), Conversion fee depends on the currency; eFIRC for every transfer; GST 18% of (conversion fee + eFIRC fee); calculator (checked 6 Oct 2026)
32. Airwallex Help: Eligible Countries and Territories, INDIA IN - AWX Legal Entity SINGAPORE (checked 7 Oct 2026)