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

A Swedish client pays krona amounts at home by bankgiro payment or account transfer, cleared by Bankgirot and settled in the Riksbank's RIX system. Swedish clients can send euros through SEPA. India is outside both, so a direct payment to an Indian bank goes by SWIFT international transfer.

• Rails: Bankgirot clears bankgiro payments, transfers between banks and direct debits. The Riksbank settles them in RIX. RIX-RTGS handles large payments on weekdays from 7am to 6pm, and RIX-INST handles instant payments every day. Payments to Indian bank accounts use SWIFT.
• Client enters: For a Swedish transfer: a bankgiro number, or a clearing number and account number, or an IBAN. A Swedish IBAN has 24 characters and starts with SE. For SWIFT: your name, Indian account number, your bank's SWIFT code, bank address and the invoice reference.
• Client cost: Each Swedish bank sets its own charges for domestic and international payments. A SWIFT transfer to India is an international payment, so the Swedish bank's charges for that service apply, and the client may choose who bears correspondent fees.
• Speed: RIX-INST is open 24 hours a day, every day of the year. SWIFT payments to India often take one to three business days, depending on the banks involved.
• Limits: Swish is the main instant payment service in Sweden, and the Riksbank notes that companies cannot use Swish to pay another company. Swish and domestic transfers only reach Swedish accounts, so a client needs Swedish account details from you or must send a SWIFT transfer.

The table ranks platforms with full published pricing for SEK by the INR received on SEK 49,000, then lists other business platforms that accept SEK, 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 9 per Swedish krona, a 1% margin on SEK 20,000 costs about Rs 1,800 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 ₹9.692 per SEK 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 whether the method accepts domestic SEK transfers from your Swedish client, or only euro SEPA payments.
• Settlement speed: Look at how long kronor 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: Swedish business clients often pay supplier invoices by domestic bank transfer, which only reaches Swedish accounts. 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 Swedish 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 Swedish 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-Sweden tax treaty limits Swedish tax on fees for technical services.

• GST and LUT: File a Letter of Undertaking in FORM GST RFD-11 before you export under CGST Rule 96A. Under section 2(6) of the IGST Act, payment must arrive in convertible foreign exchange, or in rupees where RBI permits. 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-Sweden DTAA: Under Article 7 of the India-Sweden tax treaty signed on 24 June 1997, business profits are taxed only in India unless you have a permanent establishment in Sweden. Article 12 lets Sweden tax fees for technical services paid by a Swedish resident at up to 10% of the gross amount. Article 14 covers independent personal services.
• Client side: A Swedish business buying your services usually accounts for Swedish VAT itself under the reverse charge in chapter 16, section 9 of the Swedish VAT Act. The standard rate is 25%. Under chapter 10, section 6 of the Tax Procedure Act, Swedish withholding on pay for work to a foreign recipient generally covers only work treated as done in Sweden. Ask your client how it 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, 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 from invoice date for services, 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), Para 3: banks shall endeavour to credit inward payments received during forex market hours within the same business day and after hours on the next business day; para 4: 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. Sveriges Riksbank: The payment system, RIX, RIX has two settlement services: RIX-RTGS for large payments, open weekdays 7am to 6pm, and RIX-INST for small and instant payments, open 24 hours a day, every day of the year. (checked 8 Oct 2026)
15. Sveriges Riksbank, Payments Report 2026: Instant payments are efficient but the supply is limited, Since November 2024 RIX-INST allows instant payments other than Swish; only two smaller banks send such payments daily; companies cannot use Swish to pay another company. (checked 8 Oct 2026)
16. Sveriges Riksbank, Payments Report 2026: Modernising the payments market (fact box on Bankgirot), Bankgirot clears payments between its participants and sends clearing documentation to the Riksbank for settlement; it handles bankgiro payments, transfers between banks and direct debits. (checked 8 Oct 2026)
17. Bankinfrastruktur i Sverige: IBAN och svenskt nationellt kontonummer, A Swedish national account number is a four-digit clearing number plus an account number; a Swedish IBAN is 24 characters long and starts with country code SE. (checked 8 Oct 2026)
18. European Central Bank: Single Euro Payments Area (SEPA), SEPA region of 41 European countries, covering EU member states including Sweden; euro credit transfers and instant credit transfers within SEPA. (checked 8 Oct 2026)
19. Mervärdesskattelag (2023:200), Swedish VAT Act (Riksdagen), 6 kap. 33 §: service to a taxable person is supplied in Sweden if the buyer's seat or fixed establishment is in Sweden; 9 kap. 2 §: standard rate 25 percent; 16 kap. 9 §: buyer liable for VAT on such services from a taxable person not established in Sweden. (checked 8 Oct 2026)
20. Skatteförfarandelag (2011:1244), Swedish Tax Procedure Act (Riksdagen), 10 kap. 2 §: a payer of remuneration for work that is taxable under the Income Tax Act (1999:1229) must make a tax deduction; 10 kap. 6 §: where the payer is in Sweden and the recipient is a foreign legal person or a person with limited tax liability in Sweden, tax deduction is made only for work the recipient performs in Sweden (work abroad within the payer's Swedish business counts as done in Sweden); 10 kap. 24 §: 30 percent deduction from remuneration for work paid to a legal person. (checked 8 Oct 2026)
21. Lag (1997:918) om dubbelbeskattningsavtal mellan Sverige och Indien, with English treaty text in annex 1 (Riksdagen), Treaty signed 24 June 1997, in the wording of the amending protocol signed 7 February 2013; Art. 7(1) business profits taxable only in state of residence unless permanent establishment; Art. 12(2) royalties and fees for technical services taxable at source up to 10 per cent of gross; Art. 12(3)(b) definition covers managerial, technical or consultancy services, excludes Arts. 14 and 15; Art. 12(5) arise where the payer is resident; Art. 14(1) independent services taxable in other state only with fixed base or stay of 183 days or more in a twelve-month period; Protocol: most-favoured-nation clause for Articles 10, 11 and 12. (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. Airwallex Help: Eligible Countries and Territories, INDIA IN - AWX Legal Entity SINGAPORE (checked 7 Oct 2026)
29. Axis Bank: Inward Remittances (Business Banking) (checked 6 Oct 2026)