How Do You Receive PHP (Philippine Peso) Payments in India in 2026?

The table ranks platforms with full published pricing for PHP by the INR received on PHP 320,000, then lists other business platforms that accept PHP, unranked. Fees were checked on 30 Sept 2026 or later.

The real PHP rate is the rupee amount you receive after all margins. The mid-market rate has no margin. Banks, cards and platforms pay less, often after two conversions through US dollars. For example, if the mid-market rate were Rs 1.50 and you got Rs 1.47, that example markup is 2%. See what an FX markup is.

Today's rate, its history and every platform's payout are on the PHP 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 ₹1.494 per PHP for 2 Nov 2026.

You usually cannot hold pesos in India unless your AD bank offers a PHP balance. A person resident in India can keep export earnings in an EEFC account, but the currencies available depend on the bank, so ask yours. Otherwise the bank converts the receipt to rupees, or you can invoice in US dollars.

• Who qualifies: A person resident in India can open an EEFC account with an AD bank and credit 100 percent of foreign exchange earnings received through normal banking channels, under paragraph 3.1 of the Master Direction on Deposits and Accounts.
• Conversion rule: Monthly accruals should be converted into rupees by the last day of the next month, after adjusting for approved uses or forward commitments, under paragraph 3.1(6). The account pays no interest.
• Peso outflow limit: Section 4 of Part Two, Chapter I of the BSP foreign exchange manual lets anyone electronically transfer up to PHP 50,000 in pesos out of the Philippines without prior BSP authorization. Larger peso transfers need it, so peso amounts usually stay in the Philippines.
• Alternative: Invoicing in US dollars, or in rupees, avoids the peso question. Rupee invoicing also gives 12 months for realisation under Regulation 5. See invoicing exports in INR.

• Spot: Convert each PHP receipt at the rate on the day it arrives. This is simple and suits small, regular invoices.
• Forward contract: Fix a rate today for a future receipt with your AD bank. The hedge cannot exceed the value or tenor of the export exposure under RBI Master Direction on Risk Management and Inter-Bank Dealings, paragraph 2.4. Ask whether your bank quotes PHP forwards or only US dollar forwards.
• Limit order: Ask your bank or provider whether it can convert automatically when PHP reaches a rate you set, and what happens if the rate is never reached.
• Natural hedge: Use peso income to pay peso costs, such as Philippine contractors or event fees, through a provider that holds a PHP balance, so less needs converting.

A PHP export receipt follows the same Indian rules as any foreign currency receipt. The Philippines is outside the Asian Clearing Union, so payment may be in any foreign currency under the FEMA Manner of Receipt and Payment Regulations, 2023. You need a purpose code, proof of receipt and, for services, an EDF.

• Purpose code: Each inward remittance carries an RBI purpose code from the FETERS purpose code list. For example, P0802 is "Software consultancy/implementation (other than those covered in SOFTEX form)". The currency does not change the code.
• EDF: From 1 October 2026, service exporters file an Export Declaration Form within 30 days from the end of the invoice month under Regulation 3(2) of the FEMA Export and Import Regulations, 2026. Exporters of services other than software may instead file on or before the date payment is received. The EDF replaces SOFTEX, as A.P. (DIR Series) Circular No. 20 superseded the SOFTEX circulars.
• Realisation: Export value must be realised within nine months of the invoice date, or twelve months if invoiced or settled in rupees, under Regulation 5 as amended on 22 September 2026. Your AD bank may extend this.
• FIRA: FIRA is not a term defined in FEMA or the 2026 Regulations. It is a bank or provider advice confirming the credit, and you keep it as proof of export receipt.
• PA-CB safety: Card and collection providers must be RBI-authorised PA-CBs. Export proceeds are kept in an Inward Collection Account with a bank, and each transaction is capped at Rs 25 lakh, under RBI Master Direction on Payment Aggregators, paragraphs 11 and 16.

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 2 Nov 2026. The method is on the methodology page.

1. RBI Notification No. FEMA 23(R)/2026-RB: Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, Regulation 3(2): EDF for services within 30 days from end of month of invoice; 3(2)(b): exporters of services other than software may submit EDF on or before date of receipt of payment; Regulation 5(1): realisation within nine months from date of invoice for services (twelve months if invoiced or settled in INR); AD may allow extension (checked 8 Oct 2026)
2. RBI Notification No. FEMA 23(R)/(1)/2026-RB dated 22 September 2026: Amendment Regulations, In regulation 5(1), 'fifteen months' replaced by 'nine months' and 'eighteen months' by 'twelve months'; in force from 1 October 2026 (checked 8 Oct 2026)
3. RBI A.P. (DIR Series) Circular No. 20 dated 16 January 2026: Export and Import of Goods and Services, Master Directions on export and import and the SOFTEX circulars superseded from 1 October 2026 (checked 8 Oct 2026)
4. RBI: Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023, Regulation 3(2)(I)(a)(iii): countries other than ACU members, in Indian Rupees or in any foreign currency (checked 8 Oct 2026)
5. RBI Master Direction: Deposits and Accounts, Paragraph 3.1: a person resident in India may open an EEFC account with an AD; credits of 100 percent of foreign exchange earnings through normal banking channel; (4) non-interest bearing; (6) monthly accruals converted by last day of succeeding calendar month (checked 8 Oct 2026)
6. RBI Master Direction: Risk Management and Inter-Bank Dealings, Part A, Section I, paragraph 2.4(i): hedge not to exceed value and tenor of exposure (checked 8 Oct 2026)
7. RBI Master Direction on Regulation of Payment Aggregator (PA), 15 September 2025, Paragraph 11(d): maximum value per transaction Rs 25 lakh; 11(h): documents for EDPMS closure; 16(a): Inward Collection Account (checked 8 Oct 2026)
8. RBI Master Direction: Money Transfer Service Scheme, Only inward personal remittances permitted; trade related remittances shall not be made through this arrangement (checked 8 Oct 2026)
9. RBI A.P. (DIR Series) Circular No. 84 (2012), FETERS purpose codes for receipts, P0802 Software consultancy/implementation (other than those covered in SOFTEX form); P1006 Business and management consultancy and public relations services (checked 8 Oct 2026)
10. IGST Act, 2017, Section 2 (CBIC tax information portal), Section 2(6)(iv): payment received in convertible foreign exchange or in Indian rupees wherever permitted by RBI (checked 8 Oct 2026)
11. IGST Act, 2017, Section 16: Zero rated supply (CBIC tax information portal), Section 16(1)(a) and 16(3): export of services zero rated; supply under bond or LUT without payment of IGST (checked 8 Oct 2026)
12. CGST Rules, 2017, Rule 96A: Export under bond or Letter of Undertaking (CBIC tax information portal), Rule 96A(1): LUT in FORM GST RFD-11 furnished prior to export (checked 8 Oct 2026)
13. Income Tax Department: India-Philippines Comprehensive Agreement (DTAA), Art 7(1) business profits taxable only in residence state unless PE; Art 15(1) independent personal services taxable in the other state with fixed base or presence exceeding 183 days in the calendar year (Philippines) (checked 8 Oct 2026)
14. Bangko Sentral ng Pilipinas: Manual of Regulations on Foreign Exchange Transactions, Part Two, Chapter I, Section 2: AABs may sell FX without prior BSP approval for non-trade current account transactions, Application to Purchase FX only up to USD500,000 (individuals) and USD1,000,000 (corporates) per client per day; Section 3.1(c): non-resident peso deposit accounts may be funded by onshore peso receipts from residents for services; Section 4.1: electronic transfer of pesos out of the Philippines not exceeding PHP50,000 without prior BSP authorization (checked 8 Oct 2026)
15. Bangko Sentral ng Pilipinas: Payments and Settlements, National Retail Payment System covers PESONet and InstaPay; BSP operates PhilPaSSplus (checked 8 Oct 2026)
16. Bangko Sentral ng Pilipinas: InstaPay FAQs, Transfer of PHP funds almost instantly between accounts of participating BSP-supervised banks and e-money issuers, 24x7; maximum PHP 50,000; sender may bear charges, receiver is not charged (checked 8 Oct 2026)
17. Bangko Sentral ng Pilipinas: PESONet FAQs, Batch electronic fund transfer credit between accounts in BSP-supervised institutions; payee receives funds within the same banking day if sent within cut-off (checked 8 Oct 2026)
18. 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)
19. 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)
20. 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)
21. Cashfree Docs: Global Collections overview (checked 6 Oct 2026)
22. 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)