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

A Spanish client usually pays through SEPA credit transfer or SEPA Instant when you share euro account details in the SEPA area. Spain is a SEPA country and India is not, so a direct payment to an Indian bank goes by SWIFT international transfer. Card networks are a third option when you send a payment link.

• Rails: SEPA covers 41 European countries, including Spain. Payments to Indian bank accounts use SWIFT. Card payments use the card networks.
• 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 and EEA cost no more than domestic euro payments. A SWIFT transfer to India is an international payment, and the Spanish bank's own charges for it apply.
• Speed: SEPA Instant makes funds available within ten seconds. SWIFT payments to India often take one to three business days, depending on the banks involved.
• Limits: A Spanish 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 costs about Rs 2,160 before any fixed fees.

Each row applies the platform's published fee, FX markup and 18% GST on the fee to the mid-market rate of ₹106.58 per EUR for 4 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 Spanish client, including SEPA Instant if the client's bank offers 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 Spanish client usually prefers paying an IBAN by SEPA transfer. Card payments suit clients who pay by credit card.
• Support: Check how the provider or bank handles returned payments, name mismatches and purpose code corrections.

Money from a Spanish 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. 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 Spanish 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-Spain tax treaty limits the tax Spain can charge.

• 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 is calculated 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-Spain DTAA: Under Article 7 of the India-Spain tax treaty, signed on 8 February 1993, business profits are taxed only in India unless you have a permanent establishment in Spain. Article 13 lets Spain tax fees for technical services at up to 20% of the gross amount. Payments to individuals for independent personal services fall under Article 15 instead, which taxes them only in India unless there is a fixed base in Spain or a stay of 183 days.
• Client side: A Spanish business client usually accounts for Spanish VAT (IVA) itself under article 84.Uno.2 of Law 37/1992. A Spanish company paying a non-resident must withhold tax under article 31 of the non-resident income tax law, at the domestic rate or the treaty rate, unless the income is exempt under the treaty.

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 (FEMA 23(R)/2026-RB, amended up to 22 Sep 2026), 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, twelve if invoiced or settled in INR. (checked 8 Oct 2026)
2. 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 1 October 2026. (checked 8 Oct 2026)
3. 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)
4. 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)
5. RBI Master Direction on Regulation of Payment Aggregator (PA), 15 September 2025, Para 11(d): PA-CB maximum Rs 25 lakh per inward or outward 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)
6. RBI circular: Guidelines to facilitate faster cross-border inward payments, 9 April 2026 (RBI/2026-27/08), Banks to credit inward payments received during forex market hours the same business day and after hours the next business day; effective six months from the circular date. (checked 8 Oct 2026)
7. 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; no restriction on withdrawal in rupees, but rupees withdrawn cannot be re-credited. (checked 8 Oct 2026)
8. IGST Act, 2017, section 2(6) (CBIC), Export of services: supplier in India, recipient outside India, place of supply outside India, payment in convertible foreign exchange or INR where RBI permits, not establishments of a distinct person. (checked 8 Oct 2026)
9. IGST Act, 2017, section 16 (CBIC), Export of goods or services is a zero rated supply. (checked 8 Oct 2026)
10. 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)
11. 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)
12. Income Tax Department FAQ: Objective and scope of the new Income-tax Act, 2025, 1961 Act repealed on 01.04.2026; Tax Year 2026-27; presumptive schemes in sections 44AD, 44ADA and 44AE consolidated into section 58. (checked 8 Oct 2026)
13. DGFT Public eBRC FAQs (Self-certification of eBRC), eBRC is issued by DGFT as confirmation that the exporter has received payment against export of goods or services. (checked 8 Oct 2026)
14. European Central Bank: Single Euro Payments Area (SEPA), SEPA region of 41 European countries including Spain; instant credit transfers make funds available within ten seconds; Cross-Border Payments Regulation keeps cross-border euro payments in the EU/EEA no more expensive than domestic ones. (checked 8 Oct 2026)
15. Convenio entre España y la República de la India para evitar la doble imposición, firmado en Nueva Delhi el 8 de febrero de 1993, y Protocolo (BOE-A-1995-3165, consolidated text), Article 7(1) business profits taxable only in the state of residence unless carried on through a permanent establishment; Article 13(2)(ii) fees for technical services and other royalties, tax not to exceed 20% of the gross amount (10% for equipment royalties); Article 13(4) fees for technical services exclude payments to individuals for independent personal services under Article 15; Article 15(1) taxable only in residence state unless fixed base or stay of at least 183 days in the tax period; Protocol para 7 most-favoured-nation clause on Article 13 rates. (checked 8 Oct 2026)
16. Ley 37/1992, del Impuesto sobre el Valor Añadido (BOE-A-1992-28740), Article 69.Uno.1º: services to a business are supplied in Spain where the recipient has its seat of economic activity there; article 84.Uno.2º.a): the business recipient is the taxable person for operations by persons not established in Spain. (checked 8 Oct 2026)
17. Real Decreto Legislativo 5/2004, texto refundido de la Ley del Impuesto sobre la Renta de no Residentes (BOE-A-2004-4527), Article 13.1.b).2º: services used in Spain, such as studies, projects, technical assistance or management support, are Spanish-source income; article 25.1.a) general rate 24%; article 31: Spanish resident entities must withhold, applying the domestic rate or the applicable treaty, with no withholding on income exempt under a treaty. (checked 8 Oct 2026)
18. Real Decreto 1619/2012, Reglamento por el que se regulan las obligaciones de facturación (BOE-A-2012-14696), Article 2.3.b).a'): Spanish invoicing rules do not apply where the supplier is not established in Spain, the recipient is the taxable person and the recipient does not self-bill; article 6.1.m): where the recipient is the taxable person, an invoice under these rules carries the mention «inversión del sujeto pasivo». (checked 8 Oct 2026)
19. Skydo homepage (pricing and fee calculator), Know what you pay; calculator showing GST 18% of transaction fee (checked 6 Oct 2026)
20. 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)
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. 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)
24. 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)
25. 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)
26. Airwallex Help: Eligible Countries and Territories, INDIA IN - AWX Legal Entity SINGAPORE (checked 7 Oct 2026)