How Do You Receive MYR (Malaysian Ringgit) Payments in India in 2026?

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

The real MYR to INR rate is the mid-market rate, the midpoint between buying and selling prices. Bank TT buying rates, card rates and platform rates sit below it, and the gap is a cost to you. For example, at an example mid-market rate of ₹23.66 per ringgit, receiving ₹23.20 per ringgit on RM10,000 costs ₹4,600.

Today's rate, its history and every platform's payout are on the MYR 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 ₹23.24 per MYR for 3 Nov 2026.

Yes, you can hold MYR in India in an EEFC account only if your AD bank keeps ringgit balances. Any person resident in India can open one under FEMA 10(R), and professionals can credit consultancy fees. The account pays no interest. Many banks offer only major currencies, so ask first or convert on receipt.

• Credits: Up to 100 percent of foreign exchange earnings received through the banking channel can go in, and card receipts reimbursed in foreign exchange count as banking channel receipts under Schedule I of FEMA 10(R).
• Conversion: The Master Direction on Deposits and Accounts says a calendar month's accruals should be converted to rupees by the end of the next month, after adjusting for approved uses or forward commitments. Check how your AD bank applies this.
• Interest: The EEFC account is non-interest bearing, and banks may not lend against the balance, as set out in the Master Direction.
• Currency: Bank Negara Malaysia allows non-residents to receive ringgit in Malaysia, and each Indian bank decides which currencies its EEFC accounts hold, so ask whether yours offers MYR. If your client wires USD, you can hold USD in the EEFC account instead. See EEFC account benefits.

• Spot: Convert ringgit at the rate on the day it arrives. It is simple, and you accept whatever rate the market gives that day.
• Forward contract: Fix an MYR to INR rate today for a future date. Under RBI's hedging directions, AD banks can offer forwards to retail users and allow hedging of contracted exposure up to USD 100 million equivalent without first proving it, though a real exposure must exist. Ringgit forwards may not be quoted by every bank. See forward contracts for exporters.
• Limit order: Ask your bank or provider to convert automatically when MYR to INR reaches a rate you set. Availability and minimum amounts vary for less traded currencies, so confirm before relying on it.
• Natural hedge: Pay ringgit costs, such as Malaysian subcontractors or travel booked in MYR, from foreign currency balances so that part of your income is never converted. Payments outside India for permitted current account transactions are allowed debits under FEMA 10(R).

Receiving MYR for exports in India follows the same FEMA rules as any other currency. From 1 October 2026, service exporters file an EDF within 30 days of the end of the invoice month and realise proceeds within nine months under the FEMA 2026 Regulations. Your AD bank reports each receipt with a purpose code.

• EDF: Regulation 3(2) of the FEMA (Export and Import of Goods and Services) Regulations, 2026 requires an EDF for services, and one EDF can cover a month's invoices. A.P. (DIR Series) Circular No. 20 supersedes the SOFTEX circulars from 1 October 2026. See the EDF guide.
• Realisation: Export proceeds must be realised within nine months of the invoice date for services, or twelve months if invoiced or settled in INR, as amended on 22 September 2026. Your AD bank can extend this on request.
• EDPMS: Invoices up to ₹10 lakh can be closed in EDPMS on your declaration of realisation, under Regulation 4(2) of the 2026 Regulations.
• Purpose code: Banks report receipts under FETERS using RBI's purpose code list. The code depends on the service provided, and the currency does not change it. FIRA is not a term defined in FEMA; banks issue an inward remittance advice or certificate. See what FIRA means.
• GST: Payment in convertible foreign exchange, or in INR where RBI permits, is one condition of export of services under IGST Act section 2(6). A Letter of Undertaking under Rule 96A lets you export without paying IGST.

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, Reg 3(2): services EDF within 30 days from end of month in which invoice raised, single EDF for a month; Reg 4(2): EDPMS entry up to Rs 10 lakh closed on exporter's declaration; Reg 5: realisation period, twelve months where invoiced or settled in INR (checked 8 Oct 2026)
2. FEMA 23(R)/(1)/2026-RB: amendment to the Export and Import of Goods and Services Regulations, 2026, In force 1 October 2026; regulation 5(1): 'fifteen months' substituted by 'nine months'; 'eighteen months' by 'twelve months' (checked 8 Oct 2026)
3. RBI A.P. (DIR Series) Circular No. 20, RBI/2025-26/194 (16 January 2026), Master Directions on Export and Import of Goods and Services and the SOFTEX circulars superseded from 1 October 2026 (checked 8 Oct 2026)
4. Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2015, FEMA 10(R), Regulation 4(A); Schedule I: EEFC credits of 100 percent of foreign exchange earnings, card receipts as banking channel, permitted debits (checked 8 Oct 2026)
5. RBI Master Direction - Deposits and Accounts, Para 3.1: EEFC non-interest bearing; monthly accruals converted by end of succeeding month after approved uses or forward commitments; no credit facilities against balances (checked 8 Oct 2026)
6. Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023, FEMA 14(R)/2023-RB, Regulation 3: receipts from countries other than ACU members in Indian Rupees or in any foreign currency (checked 8 Oct 2026)
7. RBI Master Direction on Regulation of Payment Aggregator (PA), Para 11(d): maximum Rs 25 lakh per PA-CB transaction; para 11(h): documents for EDPMS closure (checked 8 Oct 2026)
8. RBI circular: Guidelines to facilitate faster cross-border inward payments, RBI/2026-27/08 (9 April 2026), Banks shall endeavour to credit inward payments received during forex market hours within the same business day and after market hours on the next business day; effective six months from the circular date (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 (checked 8 Oct 2026)
10. RBI A.P. (DIR Series) Circular No. 84: Compilation of R-Returns, reporting under FETERS (29 February 2012), Purpose code list; P0802 Software consultancy/implementation (other than those covered in SOFTEX form); P0807 Off site software exports (checked 8 Oct 2026)
11. RBI A.P. (DIR Series) Circular No. 13, RBI/2023-24/108: Hedging of foreign exchange risk (5 January 2024), Retail users may be offered foreign exchange forwards; contracted exposure up to USD 100 million equivalent without establishing underlying exposure (checked 8 Oct 2026)
12. Integrated Goods and Services Tax Act, 2017, section 2 (CBIC), Section 2(6): export of services conditions, including payment received in convertible foreign exchange or in Indian rupees wherever permitted by RBI (checked 8 Oct 2026)
13. Central Goods and Services Tax Rules, 2017, Rule 96A (CBIC), Rule 96A(1): bond or Letter of Undertaking in FORM GST RFD-11 for export without payment of integrated tax (checked 8 Oct 2026)
14. Bank Negara Malaysia: FEP Rules for Resident, Payment in Foreign Currency, A resident is free to make or receive FC payment to or from non-resident for any purpose, except listed FC-denominated, ringgit and exchange rate derivatives (checked 8 Oct 2026)
15. Bank Negara Malaysia: FEP Rules for Non-Resident, Payment in Ringgit, A non-resident is allowed to make or receive payment in ringgit in Malaysia, to or from a resident or a non-resident, including settlement of services; payments from or into an External Account need documentary evidence (checked 8 Oct 2026)
16. Bank Negara Malaysia: Foreign Exchange Policy Notice 4, Payment and Receipt, Part B para 2: a Non-Resident may make or receive payment in Ringgit, in Malaysia, for settlement of a trade in goods or services, excluding payment between Non-Residents for settlement of a trade in goods or services outside Malaysia; Part F para 9: a Non-Resident may open an External Account with a Financial Institution in Malaysia (checked 8 Oct 2026)
17. PayNet: DuitNow Transfer for Your Business, Real-time online transfers; DuitNow Transfer available on internet and mobile banking platforms of 42 banks across Malaysia and participating eWallets (checked 8 Oct 2026)
18. PayNet: Interbank GIRO for You, 43 participating banks; RM0.10 per transaction via internet or mobile banking, fees may vary by bank; up to RM1,000,000 per transaction subject to bank limits; funds available same business day or next business day by cut-off (checked 8 Oct 2026)
19. PayNet: DuitNow Cross Border Fund Transfer, Send money to Singapore's supported mobile banking or eWallet accounts; up to RM3,000 a day (checked 8 Oct 2026)
20. European Central Bank: Euro foreign exchange reference rates, Reference rates for information only; on 7 October 2026 EUR/MYR 4.5692 and EUR/INR 108.1165, implying about INR 23.66 per MYR (basis for the example rate) (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. 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)
23. 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)
24. 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)
25. Cashfree Docs: Global Collections overview (checked 6 Oct 2026)
26. 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)