Revolut Review (2026): Fees, FIRA and Payout Experience for Indian Exporters
- Author:
- Manoj Sharma
- Verified by:
- Editorial team
- Published:
- Last modified:
Short answer
Revolut is best for Indian residents spending in INR and abroad with a prepaid wallet and forex card. Cost: not for business: Revolut India terms bar business use of the account. Settlement: not confirmed. No inward international settlement to an Indian bank account is described on the India site. FIRA: not confirmed.
| Criterion | Verdict | Basis | Best for |
|---|---|---|---|
| Cost | Not for business: Revolut India terms bar business use of the account | Landed INR on a $5,000 invoice at today's reference rate | Comparing total cost |
| Speed | Not confirmed | As stated by Revolut | Cash-flow planning |
| Compliance documents | Not confirmed; not mentioned on India pages | FIRA or FIRC availability | GST refunds and tax records |
| RBI status | States RBI PPI and AD Category-II licences; not PA-CB | Authorisation for cross-border payments | Regulatory comfort |
| Availability | Not confirmed; terms bar business use | Who can open an account in India | Checking eligibility |
Is Revolut good for Indian exporters and freelancers?
Revolut is best for Indian residents spending in INR and abroad with a prepaid wallet and forex card. It is a weaker fit for freelancers, agencies and exporters who need to receive payments from foreign clients.
| Criterion | Verdict | Basis | Best for |
|---|---|---|---|
| Cost | Not for business: Revolut India terms bar business use of the account | Landed INR on a $5,000 invoice at today's reference rate | Comparing total cost |
| Speed | Not confirmed | As stated by Revolut | Cash-flow planning |
| Compliance documents | Not confirmed; not mentioned on India pages | FIRA or FIRC availability | GST refunds and tax records |
| RBI status | States RBI PPI and AD Category-II licences; not PA-CB | Authorisation for cross-border payments | Regulatory comfort |
| Availability | Not confirmed; terms bar business use | Who can open an account in India | Checking eligibility |
What is Revolut and who is it for?
Revolut operates in India through Revolut Payments India Private Limited, which issues a prepaid INR wallet, a domestic card and UPI, and Revolut Forex India Private Limited, which issues multi-currency forex cards. The India product is presented as a spending account for Indian residents aged 18 and over. The India site and terms do not describe a way for freelancers or exporters to receive payments from foreign clients.
- Regulated by: States it is RBI-authorised to issue PPIs (COA No. 224/2025) via Revolut Payments India, and that Revolut Forex India holds an AD Category-II licence (MUM-ADII-0963-2024); not a PA-CB
- Used by: Not confirmed. The India site lists no business account, and the personal terms bar business use.
- Best for: Indian residents spending in INR and abroad with a prepaid wallet and forex card
How do you open a Revolut account in India?
- Check eligibility: Not confirmed. The India site lists no business account, and the personal terms bar business use.
- Sign up on Revolut's official website and choose the account type that matches your business.
- Complete KYC with the documents listed below for your entity type.
- Add your Indian bank account for INR payouts.
- Share the receiving details or payment link with your client, and check the purpose code and FIRA settings before the first payment.
| Document | Best for |
|---|---|
| Personal account: the terms say users must complete KYC under RBI guidelines but do not list documents | Indian account holders |
| Multi-currency forex card: the card terms require the applicant to be an Indian citizen and resident with an Indian passport, PAN and Aadhaar | Indian account holders |
What are Revolut fees and FX markup?
| Fee type | Amount | When it applies | Best for |
|---|---|---|---|
| Receiving: Top up INR wallet from own Indian bank or card via UPI, net banking or external card | UPI 0%; Netbanking 1.28% + GST; Debit Card 0.30% + GST; Credit Card 1.63% + GST (Standard plan fee schedule) | Domestic top-up only. Funds to a currency account must come from the same bank account given during verification. | Indian residents using an INR wallet and forex card |
| Receiving: Receive money from other Revolut or non-Revolut wallets and bank accounts in India | Not confirmed | Described in the personal terms for the INR PPI wallet; not an international receiving method. | Indian residents using an INR wallet and forex card |
| Receiving: International bank transfer (SWIFT or local foreign account details) from a foreign client | Not confirmed | Not offered on the Revolut India site or terms as of 2026-10-06. | Indian residents using an INR wallet and forex card |
| Currency conversion to INR | Not confirmed for inward payments; the India site does not publish an inward conversion rate | When foreign currency is converted | Indian residents using an INR wallet and forex card |
| Payout to an Indian bank | Not confirmed. Revolut India does not describe converting foreign client payments to INR or paying them out to an Indian bank account. | When INR is sent to your account | Indian residents using an INR wallet and forex card |
| Plus plan | ₹499/year plus taxes | – | Indian residents using an INR wallet and forex card |
| Premium plan | ₹2,499/year plus taxes | – | Indian residents using an INR wallet and forex card |
| Metal plan | ₹9,999/year plus taxes | – | Indian residents using an INR wallet and forex card |
| Standard plan | Free | – | Indian residents using an INR wallet and forex card |
| First Revolut Card (Standard plan) | ₹199, plus applicable GST | – | Indian residents using an INR wallet and forex card |
| ATM withdrawal (Standard plan) | 2% of the withdrawal amount or ₹150, whichever is lower, plus GST as applicable | – | Indian residents using an INR wallet and forex card |
| GST on fees | Paid plan prices are shown plus taxes, and the Standard fee schedule lists wallet top-up and card fees plus GST. GST on any receiving fee is not confirmed because no receiving fee is published. | Applies to the platform's fee | Indian residents using an INR wallet and forex card |
How much INR do you receive on $2,000, $5,000 and $10,000 with Revolut?
| Platform and invoice | Fee | FX markup | GST | INR received | Cost | Best for |
|---|---|---|---|---|---|---|
| Revolut, $2,000 | – | – | – | Not published | – | Indian residents using an INR wallet and forex card |
| Revolut, $5,000 | – | – | – | Not published | – | Indian residents using an INR wallet and forex card |
| Revolut, $10,000 | – | – | – | Not published | – | Indian residents using an INR wallet and forex card |
How fast does Revolut settle payments to India?
| Platform | Settlement to India | Payout route | Best for |
|---|---|---|---|
| Revolut | Not confirmed | Not confirmed | Indian residents using an INR wallet and forex card |
Does Revolut provide FIRA and e-BRC, and is it RBI PA-CB authorised?
The Revolut India website states that Revolut Payments India Private Limited is authorised by the RBI to issue Prepaid Payment Instruments (COA No. 224/2025) under the Payment and Settlement Systems Act, 2007. It also states that Revolut Forex India Private Limited is authorised as an Authorised Dealer Category-II under FEMA (License No. MUM-ADII-0963-2024) to deal in foreign exchange and issue multi-currency forex cards. These are the platform's own statements; no RBI PA-CB authorisation was found.
| Platform | FIRA and e-BRC | RBI status | Checked | Best for |
|---|---|---|---|---|
| Revolut | Not confirmed; not mentioned on India pages | States RBI PPI and AD Category-II licences; not PA-CB | 30 Sept 2026 | Indian residents using an INR wallet and forex card |
Which currencies, countries and payment methods does Revolut support?
| Platform | Currencies | Payment methods | Indian individuals | Indian businesses | Best for |
|---|---|---|---|---|---|
| Revolut | INR wallet; forex card in 30+ currencies, 130+ countries | Top up INR wallet from own Indian bank or card via UPI, net banking or external card; Receive money from other Revolut or non-Revolut wallets and bank accounts in India; International bank transfer (SWIFT or local foreign account details) from a foreign client | Personal account only; receiving payments not confirmed | Not confirmed; terms bar business use | Indian residents using an INR wallet and forex card |
What are the pros and cons of Revolut?
Pros
- Regulated Indian entities: the site states a PPI authorisation and an AD Category-II forex licence from the RBI
- Travel spending: a multi-currency card for spending abroad across 30+ currencies, as stated on the India site
- Domestic payments: UPI and a domestic card in one app
- Free entry plan: a Standard plan with no annual fee
- Prepaid INR wallet with UPI payments and a domestic card
- Multi-currency forex card for spending abroad, issued by an AD Category-II affiliate
Cons
- No inward remittance product: the India site and terms describe no way to receive a foreign client's payment and convert it to INR
- No business use: the personal terms state a Revolut Account cannot be used for business purposes
- INR only wallet: the terms state PPIs can only be used for payments in Indian Rupees
- No FIRA: no inward remittance documentation is mentioned
Is Revolut worth it for Indian exporters and freelancers?
Revolut is worth considering for Indian residents spending in INR and abroad with a prepaid wallet and forex card. It is a weaker fit for freelancers, agencies and exporters who need to receive payments from foreign clients.
What are the best alternatives to Revolut?
Other platforms ranked by the INR received on a $5,000 invoice. See the full Revolut alternatives comparison.
| Platform | Fees | FX markup | FIRA | INR on $5,000 | Best for |
|---|---|---|---|---|---|
| Skydo | $19 up to $2,000, $29 to $10,000, 0.3% above + GST | States zero FX margin at live rate | States instant, free FIRA per payment | ₹4,71,037 | Indian freelancers and exporters receiving mid to large B2B invoices |
| Razorpay | 1% per bank transfer (Rs 1,000 flat below Rs 1,00,000) + GST | States 0% markup on MoneySaver at live rate | FIRS within 24 hours of settlement; no charge listed | ₹4,68,686 | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Kotak Mahindra Bank | No inward, FIRC, SWIFT fee on current accounts; GST on conversion | Card rate, markup not published; 1.71% below mid-market on 7 Oct 2026 | Nil FIRC on current accounts; savings Rs 100 or nil | ₹4,65,665 | Service exporters wanting a current account without inward remittance fees |
| HDFC Bank | No inward charge; physical FIRC INR 200 + taxes; GST on conversion | Card rate ~1.79% below mid-market on 6 Oct 2026; markup unpublished | Physical FIRC INR 200; emailed advice free for trade | ₹4,65,286 | Existing HDFC customers wanting free SWIFT receipts or EEFC accounts |
How did we verify this?
Fees, FIRA terms and RBI status were checked on Revolut's own pages and RBI sources on 30 Sept 2026. INR figures use the XE mid-market rate for 3 Nov 2026. User ratings are not included because they were not independently checked.
- Revolut India home page, Eligibility (Indian residents aged 18+); plan prices; footer legal entity and RBI PPI and AD-II statements (checked 6 Oct 2026)
- Revolut India spending account (checked 6 Oct 2026)
- Revolut India personal terms, PPIs only for payments in Indian Rupees; foreign currency services via affiliates; no business use; KYC under RBI guidelines; UPI receipt and payment limits shown in the app; top-up methods (checked 6 Oct 2026)
- Revolut India products legal index (checked 6 Oct 2026)
- Revolut India Multi-Currency Cards Terms and Conditions, Eligibility: Indian citizen, resident in India, Indian passport, PAN and Aadhaar; loading funds by bank transfer (NEFT, IMPS, RTGS) (checked 6 Oct 2026)
- Revolut India Help Centre: Add money with a bank transfer (checked 6 Oct 2026)
- Revolut India Personal Fees (Standard), Add money fees, card fee, ATM fee; no inward international payment fee listed (checked 6 Oct 2026)
- Revolut India fees index (checked 6 Oct 2026)
FAQs about Revolut
Is Revolut safe to use for receiving international payments in India?
Revolut's regulatory position for Indian users: States it is RBI-authorised to issue PPIs (COA No. 224/2025) via Revolut Payments India, and that Revolut Forex India holds an AD Category-II licence (MUM-ADII-0963-2024); not a PA-CB. The Revolut India website states that Revolut Payments India Private Limited is authorised by the RBI to issue Prepaid Payment Instruments (COA No.
Can Indian freelancers open a Revolut account?
Individuals: Indian residents aged 18 and over can open a personal spending account. The personal terms bar business use, and no inward international payment service is described, so receiving client payments is not confirmed. Businesses: Not confirmed. The India site lists no business account, and the personal terms bar business use.
How much does Revolut cost on a $5,000 invoice?
Revolut does not publish enough pricing for Indian users to calculate the INR received on a $5,000 invoice. The fee table on this page lists every charge Revolut does publish, so you can estimate the cost for your own invoices.
How long does Revolut take to settle payments to India?
Revolut states: Not confirmed. No inward international settlement to an Indian bank account is described on the India site. Timing depends on the payment method, cut-off times and holidays in India and the sending country, so allow extra time for the first payment while KYC and account checks complete.
Does Revolut give a FIRA or FIRC?
No FIRA, FIRC or e-FIRA is mentioned on the Revolut India site, terms or help centre pages reviewed. Since no inward remittance product is described, export proceeds documentation for GST refunds or tax filings is not confirmed. Check the platform's own pricing page before relying on these figures.
What are the main drawbacks of Revolut?
The main limitations found on Revolut's own pages are: No inward remittance product: the India site and terms describe no way to receive a foreign client's payment and convert it to INR; No business use: the personal terms state a Revolut Account cannot be used for business purposes.