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

A Singapore client paying an Indian freelancer uses either a Singapore domestic rail or an international wire. FAST moves Singapore dollars between Singapore accounts almost instantly, and the Inter-bank GIRO system handles direct credits and debits. These reach Singapore account details only. Paying an Indian bank account directly needs a SWIFT transfer from the client's bank.

• Rails: FAST and Inter-bank GIRO move SGD between accounts at participating Singapore banks, as described by MAS. PayNow runs on FAST and lets a Singapore-registered business receive SGD by linking its Singapore UEN. A transfer to an Indian bank uses SWIFT.
• Client enters: For local SGD details, the client enters your account name, the bank and the account number. For a SWIFT wire, the client enters your name, Indian account number, your bank's SWIFT code and bank address.
• Client cost: Any charge for a domestic FAST or GIRO transfer is set by the client's Singapore bank. International transfers can carry a sending fee, and the client may choose who pays intermediary charges.
• Speed: FAST payments are near instant on the Singapore side. SWIFT payments usually take one to a few business days to reach an Indian bank.
• Limits: The UPI-PayNow linkage connects Singapore and India directly, but RBI allows only person to person remittances for maintenance of relatives and gifts on it. A business client cannot use it to pay an export invoice.

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

You often receive less than the SGD invoice value because of conversion margins, sending fees and intermediary deductions. A bank may also price SGD to INR through US dollars. For example, at an example mid-market rate of ₹65 per SGD, an S$1,000 invoice is worth ₹65,000, but a 2% margin leaves about ₹63,700 before any flat fees.

Each row applies the platform's published fee, FX markup and 18% GST on the fee to the mid-market rate of ₹73.94 per SGD for 4 Nov 2026.

• Total cost: Add the conversion margin, any percentage or flat fee and intermediary deductions, then compare the INR that lands in your account.
• Local rail coverage: Check whether the method gives Singapore account details that accept FAST or GIRO, so the client pays domestically.
• Settlement speed: Compare how long the money takes from the client's payment to the INR credit in your Indian bank.
• FIRA: Confirm that you get an inward remittance record for each payment. FIRA is a provider term, and GST refund rules refer to a FIRC or BRC.
• Client experience: A Singapore client finds a domestic FAST transfer or a card payment easier than an international wire with SWIFT details.
• Support: Check how quickly the provider or bank resolves a held, returned or wrongly coded payment.

Receiving money from Singapore as an export of services needs an inward remittance record, the correct purpose code and an EDF. The FEMA (Export and Import of Goods and Services) Regulations, 2026 apply from 1 October 2026. Payment must arrive within nine months of the invoice, or twelve months if invoiced or settled in INR.

• FIRA or e-FIRA: FIRA is not a term defined in RBI regulations. CGST Rule 89(2)(c) asks for BRC or FIRC details for each invoice in a refund claim, and the DGFT eBRC FAQs explain self-generated eBRCs from bank data. See what a FIRA is.
• Purpose code: Banks report receipts in FETERS using RBI's purpose codes under A.P. (DIR Series) Circular No. 84. 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 for services: Declare service exports in an EDF within 30 days from the end of the invoice month under Regulation 3(2). Circular No. 20 supersedes the SOFTEX circulars from 1 October 2026, so software exports now use the EDF too. Exporters of services other than software may instead submit the EDF on or before the date the payment is received. See the EDF form.
• EDF for goods: Goods exporters declare the full export value in an EDF at the time of export under Regulation 3(1). For goods shipped through an EDI port, the EDF is deemed submitted as part of the shipping bill.
• EDPMS: Your AD bank closes the EDPMS entry when it credits the payment. For an invoice up to ₹10 lakh, the entry can be closed on your declaration, singly or in a quarterly bulk declaration, under Regulation 4(2).
• PA-CB fund safety: A cross-border payment aggregator must hold inward collections in an Inward Collection Account with an AD Category-I bank under the RBI Master Direction on Payment Aggregators. It can process up to ₹25 lakh per transaction.

Money received from Singapore clients for services is usually a zero-rated export for GST and taxable income in India. Under IGST Act section 16, an export of services under an LUT carries no IGST. The India-Singapore DTAA decides whether Singapore may tax the fee. IRAS guidance for non-resident companies says services delivered electronically from overseas carry no withholding tax.

• GST and LUT: A supply meeting the five conditions in IGST Act section 2(6) is an export of services. File an LUT in Form GST RFD-11 before exporting to avoid paying IGST under CGST Rule 96A. See LUT filing on the GST portal.
• Platform fees: Fees that an India-based payment provider or bank charges you are a domestic supply and usually carry GST. Keep the tax invoices, because registered exporters may be able to claim input tax credit.
• Income tax: The Income-tax Act, 2025 replaced the 1961 Act from 1 April 2026. The presumptive schemes, including old section 44ADA for professionals, are now consolidated in section 58. Earlier tax years stay under the 1961 Act.
• India-Singapore DTAA: Under Article 7 of the India-Singapore agreement, business profits are taxable only in India unless you have a permanent establishment in Singapore. Article 14 covers an individual's professional services. Article 12 lets Singapore tax fees for technical services at up to 10 percent, but only for services that make technology available or meet its other tests.
• Singapore withholding: IRAS guidance for non-resident companies says services provided by electronic means from overseas, without staff sent to Singapore, are rendered outside Singapore and carry no withholding tax. Work done physically in Singapore can attract withholding. An individual freelancer should confirm the position with the client or IRAS.
• Singapore GST: Overseas businesses with global turnover above S$1 million and B2C supplies of remote services or low-value goods to Singapore above S$100,000 a year must register for Singapore GST under the overseas vendor registration regime.

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 4 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, Reg 2(1)(f) specified authority; Reg 3(1) EDF for goods at the time of export, deemed part of shipping bill at EDI ports; Reg 3(2) EDF for services within 30 days from the end of month of invoice, with proviso (b) letting non-software service exporters submit on or before the date of receipt of payment; Reg 4(2) EDPMS closure on declaration for invoices up to ₹10 lakh, quarterly bulk option; Reg 5(1) realisation; Reg 18(2) FETERS reporting (checked 8 Oct 2026)
2. FEMA (Export and Import of Goods and Services) (Amendment) Regulations, 2026, Notification No. FEMA 23(R)/(1)/2026-RB (22 September 2026), Regulation 5(1): 'fifteen months' replaced by 'nine months'; 'eighteen months' replaced 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 A.P. (DIR Series) Circular No. 9 of 25 October 2001 on Certification of SOFTEX Forms, 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 circular RBI/2026-27/08: Guidelines to facilitate faster cross-border inward payments (9 April 2026), Para 3: 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; para 4: effective six months from the date of the circular; operative from 9 October 2026 (checked 8 Oct 2026)
6. RBI Master Direction on Regulation of Payment Aggregator (PA), RBI/DPSS/2025-26/141, Para 11(d): maximum ₹25 lakh per transaction for PA-CB; para 11(h): PA-CB provides documents for EDPMS closure; para 16(a) and Table 1: funds held in an Inward Collection Account (InCA) with an AD Category-I scheduled commercial bank (checked 8 Oct 2026)
7. RBI A.P. (DIR Series) Circular No. 84: Compilation of R-Returns, reporting under FETERS, revised purpose codes (29 February 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)
8. RBI Master Direction - Deposits and Accounts, 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 (checked 8 Oct 2026)
9. 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; cap of USD 2,500 per remittance; 30 remittances per beneficiary per year (checked 8 Oct 2026)
10. RBI FAQs: UPI-PayNow Linkage (21 February 2023), Q8: presently only Person to Person (P2P) remittances for 'Maintenance of Relatives Abroad' and 'Gift' are allowed; Q7: daily limit of ₹60,000; transaction can be completed within a minute (checked 8 Oct 2026)
11. Monetary Authority of Singapore: Payment Systems, FAST enables customers of participating entities to transfer Singapore Dollar funds from one entity to another in Singapore almost instantly (launched 17 March 2014); Inter-bank GIRO (IBG) allows direct debits and credits between IBG participating banks; MEPS+ is a systemically important payment system (checked 8 Oct 2026)
12. The Association of Banks in Singapore: PayNow, PayNow lets customers send and receive SGD within Singapore through FAST using a mobile number, NRIC/FIN, UEN or VPA; PayNow Corporate lets entities receive SGD by linking their UEN (checked 8 Oct 2026)
13. Central Goods and Services Tax Rules, 2017, Rule 89 (CBIC tax information portal), Rule 89(2)(c): statement of invoices with relevant BRC or FIRC for refund on export of services (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. 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)
16. 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)
17. DGFT FAQs on Self-Generation of eBRC, Exporters self-generate eBRCs on the DGFT portal from inward remittance data shared by banks (checked 8 Oct 2026)
18. Income Tax Department: Objective and scope of the new Act (Income-tax Act, 2025) FAQs, FAQ 2: 1961 Act repealed on 01.04.2026; FAQ 25: presumptive schemes under sections 44AD, 44ADA and 44AE consolidated into section 58 of the Income Tax Act, 2025 (checked 8 Oct 2026)
19. Income Tax Department: Double Taxation Avoidance Agreements, Singapore: Comprehensive Agreement (India-Singapore DTAA, notified 1994, as amended), Article 7(1): profits taxable only in the state of residence unless carried on through a permanent establishment; Article 12(2): tax on royalties and fees for technical services in the source state not to exceed 10 percent of the gross amount for the beneficial owner; Article 12(4): definition of fees for technical services ('make available' test); Article 14: independent personal services, fixed base or stay of 90 days or more (checked 8 Oct 2026)
20. IRAS: Payments to non-resident company that are subject to withholding tax, If the non-resident company provides the services via electronic means from overseas without sending staff to Singapore, the services are rendered outside Singapore and withholding tax is not applicable (checked 8 Oct 2026)
21. IRAS: GST for overseas businesses supplying remote services and low-value goods to Singapore, Overseas vendor registration required for businesses with annual global turnover exceeding S$1 million and B2C supplies of remote services and/or low-value goods to customers in Singapore exceeding S$100,000 annually (checked 8 Oct 2026)
22. Skydo homepage (pricing and fee calculator), Know what you pay; calculator showing GST 18% of transaction fee (checked 6 Oct 2026)
23. 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)
24. 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)
25. 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)
26. 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)
27. 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)
28. 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)
29. Airwallex Help: Eligible Countries and Territories, INDIA IN - AWX Legal Entity SINGAPORE (checked 7 Oct 2026)