How Do You Receive SGD (Singapore Dollar) Payments in India in 2026?

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.

The real SGD rate is the rupee amount you receive after all margins. The mid-market rate has no margin. Banks pay a lower TT buying rate, and cards and platforms add a markup. For example, if the mid-market rate were Rs 68.00 and you got Rs 67.20, that example markup is about 1.2%. See what an FX markup is.

Today's rate, its history and every platform's payout are on the SGD 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 ₹73.92 per SGD for 3 Nov 2026.

Indian residents can hold SGD export earnings in an Exchange Earner's Foreign Currency (EEFC) account with an AD bank. Up to 100% of export and professional earnings can be credited under RBI Master Direction on Deposits and Accounts, paragraph 3.1. The account pays no interest. Check whether your bank offers EEFC accounts in SGD.

• Who qualifies: A person resident in India receiving foreign exchange earnings through normal banking channels, including exporters and professionals earning fees in an individual capacity, under paragraph 3.1.
• Conversion rule: The Master Direction says the month's accruals should be converted into rupees by the last day of the next month, after adjusting for approved uses or forward commitments. Ask your AD bank how it applies paragraph 3.1(6).
• Uses: Balances can pay for permitted current and capital account transactions abroad, so SGD can settle SGD costs. Credit facilities against EEFC balances are not allowed under paragraph 3.1(7).
• Alternatives: Some providers of local SGD details may let you keep an SGD balance before payout. Ask how the balance is held, and remember the rupee credit in India still needs export documents.

• Spot: Convert each SGD receipt at the rate on the day it arrives. This is simple and suits small, regular invoices.
• Forward contract: Fix an SGD to INR 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 your bank whether it quotes SGD/INR forwards.
• Limit order: Ask your bank or provider whether it can convert automatically when SGD reaches a rate you set, and what happens if the rate is never reached.
• Natural hedge: Keep SGD in an EEFC account and use it for SGD expenses such as Singapore software subscriptions, event fees or travel, so less needs converting.

An SGD export receipt follows the same rules as any foreign currency receipt. Payments from Singapore, outside the Asian Clearing Union, may be in any foreign currency under FEMA Manner of Receipt and Payment Regulations, 2023. You need a purpose code, proof of receipt and an EDF for each export.

• 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)".
• 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 file it on or before the payment date. 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 online checkout providers must be RBI-authorised PA-CBs. They hold export proceeds in a separate Inward Collection Account per currency, with a Rs 25 lakh cap per transaction, 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 XE live mid-market rates, dated 3 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, services other than software may submit on or before receipt of payment; Regulation 5(1): nine months from invoice date for services, AD may extend (checked 8 Oct 2026)
2. RBI Notification No. FEMA 23(R)/(1)/2026-RB dated 22 September 2026: Amendment Regulations, Para 2: in regulation 5(1), 'fifteen months' replaced by 'nine months' and 'eighteen months' by 'twelve months'; in force from October 01, 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 (updated as on September 02, 2026), Paragraph 3.1: EEFC account, credits of 100 percent of foreign exchange earnings and professional earnings; debits; (4) non-interest bearing; (6) accruals converted by last day of succeeding month; (7) no credit facilities against balances (checked 8 Oct 2026)
6. 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) and Table 1: Inward Collection Account, separate account for each non-INR currency (checked 8 Oct 2026)
7. RBI Master Direction: Money Transfer Service Scheme, Only inward personal remittances permitted; trade related remittances not allowed; cap of USD 2500 per remittance (checked 8 Oct 2026)
8. 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)
9. 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)
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 is 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. 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)
14. 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)
15. 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)
16. 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)
17. Monetary Authority of Singapore: Brunei-Singapore Currency Interchangeability Agreement, Established in 1967; BDCB and MAS exchange each other's notes and coins at par and without charge; banks in both countries accept the other country's currency for deposit at par and without charge (checked 8 Oct 2026)
18. Skydo homepage (pricing and fee calculator), Know what you pay; calculator showing GST 18% of transaction fee (checked 6 Oct 2026)
19. 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)
20. 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)
21. 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)
22. 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)
23. 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)
24. 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)
25. Airwallex Help: Eligible Countries and Territories, INDIA IN - AWX Legal Entity SINGAPORE (checked 7 Oct 2026)