Wise Business vs Cashfree Payments (2026): Which Is Better for Receiving International Payments in India?
- Author:
- Manoj Sharma
- Verified by:
- Editorial team
- Published:
- Last modified:
Short answer
The better choice depends on how your clients pay and which documents you need. Cashfree Payments does not publish full pricing; Wise Business does. Wise Business is best for freelancers and small exporters wanting local account details in several currencies with an eFIRC per payment. The table compares both by use case using published information.
| Use case | Better option | Why |
|---|---|---|
| Invoices around $2,000 | Not comparable | Cashfree Payments does not publish full pricing; Wise Business does. |
| Invoices around $5,000 | Not comparable | Cashfree Payments does not publish full pricing; Wise Business does. |
| Invoices around $10,000 | Not comparable | Cashfree Payments does not publish full pricing; Wise Business does. |
| Need: freelancers and small exporters wanting local account details in several currencies with an eFIRC per payment | Wise Business | Wise Business is built for this. |
| Need: registered Indian businesses that want card checkout and foreign bank transfer collection in one gateway | Cashfree Payments | Cashfree Payments is built for this. |
CurrencyUSD
At the mid-market rate
₹4,73,439
Highest payout: Wise Business
₹4,64,449
- 1.Wise Business₹4,64,449cost 1.90%
1 USD = 94.69 INR, ECB reference rate for 4 Nov 2026. Payout = amount minus fees, converted at the reference rate minus each platform's markup, minus 18% GST on fees where charged. Platforms without published pricing are left out.
How do Wise Business and Cashfree Payments compare at a glance?
| Attribute | Wise Business | Cashfree Payments |
|---|---|---|
| Best for | Freelancers and small exporters wanting multi-currency local accounts and eFIRC | Registered Indian businesses wanting card checkout and bank transfer collection |
| Fees | Calculator: 1.6% + $2 per payment + 18% GST | Collections on request (2023: 1% to 1.5%); cards 2.99% + GST |
| FX markup | Mid-market rate; cost is the 1.6% conversion fee | Collections states no forex markup; card FX charge unpublished |
| Settlement | States under 90 minutes in business hours | Cards T+2; collections within 7 days, typical time not confirmed |
| FIRA | eFIRC per transfer, 2 USD + 18% GST | e-FIRA in 1 day free; FAQ: e-FIRS T+1 on request |
| Currencies | Receive USD, GBP, EUR, AUD, CAD, NZD, SGD, HUF; to INR | Collections: 17 currencies (charges page says 30+); cards 140+ currencies |
| RBI status | States in-principle PA-CB approval; not found on RBI page | RBI authorised PA and PA-CB inward and outward |
| Indian individuals | Only via Wise Business as sole trader/freelancer | Registered businesses only; unregistered individuals not confirmed |
| Indian businesses | Yes; other business types can join waitlist | Yes, registered businesses; review 24 to 48 hours |
| Limits | Not confirmed | Global Collections is for sales of goods or services with an invoice value of up to USD 10,000 per transaction, with no daily or monthly limit on the number of transactions (product page, FAQs). |
How much INR do you receive on $2,000, $5,000 and $10,000 with Wise Business vs Cashfree Payments?
Each row applies the platform's published fee, FX markup and GST on the fee to the XE mid-market rate for 4 Nov 2026.
| Platform and invoice | Fee | FX markup | GST | INR received | Cost | Best for |
|---|---|---|---|---|---|---|
| Wise Business, $2,000 | ₹3,159 | ₹0 | ₹569 | ₹1,85,648 | 1.97% | Freelancers and small exporters wanting multi-currency local accounts and eFIRC |
| Wise Business, $5,000 | ₹7,619 | ₹0 | ₹1,371 | ₹4,64,449 | 1.90% | Freelancers and small exporters wanting multi-currency local accounts and eFIRC |
| Wise Business, $10,000 | ₹15,052 | ₹0 | ₹2,709 | ₹9,29,117 | 1.88% | Freelancers and small exporters wanting multi-currency local accounts and eFIRC |
| Cashfree Payments, $2,000 | – | – | – | Not published | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| Cashfree Payments, $5,000 | – | – | – | Not published | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| Cashfree Payments, $10,000 | – | – | – | Not published | – | Registered Indian businesses wanting card checkout and bank transfer collection |
What is Wise Business and who is it for?
Wise is a UK-headquartered money transfer company. In India, receiving money from abroad is offered only through Wise Business, which gives local account details in eight currencies, converts incoming payments to INR at the mid-market rate and pays them to the user's Indian bank account. Freelancers can sign up under the sole trader / freelancer business type.
- Regulated by: States that Wise Payments India Private Limited is an in-principle approved Payment Aggregator - Cross Border and that inward remittance runs through a local bank partner with RBI approval (platform's claim; not found on an RBI page)
- Used by: Yes. Wise onboards sole trader / freelancer, sole proprietorship, private limited company, limited liability partnership and general partnership; other business types can join a waitlist.
- Best for: Freelancers and small exporters wanting local account details in several currencies with an eFIRC per payment
What is Cashfree Payments and who is it for?
Cashfree Payments is an Indian payment gateway run by Cashfree Payments India Private Limited. For money from abroad it offers an International Payment Gateway for foreign cards and PayPal, and Global Collections, which gives local and SWIFT account details abroad and settles the funds in INR to an Indian bank account. Both are aimed at registered Indian businesses rather than unregistered individuals.
- Regulated by: RBI authorised Payment Aggregator, including PA-CB for inward and outward transactions (RBI certificates of authorisation list dated 30 Sep 2026)
- Used by: Yes. Registered Indian businesses can apply; Cashfree reviews documents, which it says typically takes 24 to 48 hours for Global Collections.
- Best for: Registered Indian businesses that want card checkout and foreign bank transfer collection in one gateway
How do Wise Business and Cashfree Payments fees and FX markup compare?
What does Wise Business charge?
| Fee type | Amount | When it applies | Best for |
|---|---|---|---|
| Receiving: US ACH to USD account details (routing and account number) | 1.6% conversion fee, 2 USD eFIRC fee and 18% GST on both in Wise's calculator (20.86 USD total on 1,000 USD on 2026-10-06) | – | Freelancers and small exporters wanting multi-currency local accounts and eFIRC |
| Receiving: International Swift or wire to USD account details | 27.93 USD total on 1,000 USD in Wise's calculator on 2026-10-06 | Wise's price data adds a 6.11 USD pay-in fee to the conversion fee for wire receipts; the page does not explain this in words | Freelancers and small exporters wanting multi-currency local accounts and eFIRC |
| Receiving: Payment from a client's Wise account | Not confirmed | Wise says the client can skip bank transfer or wire transfer fees and that the user saves 4.14 USD on USD wire fees if the client pays with Wise | Freelancers and small exporters wanting multi-currency local accounts and eFIRC |
| Receiving: GBP, EUR, AUD, CAD, NZD, SGD, HUF local details | Not confirmed | Wise states the conversion fee depends on the currency | Freelancers and small exporters wanting multi-currency local accounts and eFIRC |
| Currency conversion to INR | Converts at the mid-market rate; the cost is the 1.6% conversion fee | When foreign currency is converted | Freelancers and small exporters wanting multi-currency local accounts and eFIRC |
| Payout to an Indian bank | Funds are converted to INR at the mid-market rate and sent to the Indian bank account linked at signup; Wise's charges are the conversion fee, the eFIRC fee and GST on both. | When INR is sent to your account | Freelancers and small exporters wanting multi-currency local accounts and eFIRC |
| eFIRC | 2 USD per transfer plus GST, per Wise's calculator | – | Freelancers and small exporters wanting multi-currency local accounts and eFIRC |
| Receiving account details | Free per Wise's India business page ('Get international account details in India for free') | – | Freelancers and small exporters wanting multi-currency local accounts and eFIRC |
| GST on fees | Wise states it charges GST only on the Wise fees, at 18% of (conversion fee + eFIRC fee). | Applies to the platform's fee | Freelancers and small exporters wanting multi-currency local accounts and eFIRC |
What does Cashfree Payments charge?
| Fee type | Amount | When it applies | Best for |
|---|---|---|---|
| Receiving: US ACH to local account details (Global Collections) | Not confirmed (request price; a 1 August 2023 Cashfree blog gave 1% to 1.5% by volume for USD, CAD, EUR, AUD and GBP local rails) | Pricing via Contact Sales | Registered Indian businesses wanting card checkout and bank transfer collection |
| Receiving: SEPA (EUR), FPS (GBP) and EFT (CAD) to local account details (Global Collections) | Not confirmed (request price; a 1 August 2023 Cashfree blog gave 1% to 1.5% by volume for USD, CAD, EUR, AUD and GBP local rails) | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| Receiving: SWIFT wire to Global Collections account | Not confirmed | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| Receiving: International card payment through the International Payment Gateway | 2.99% for Visa and Mastercard, 2.95% for American Express, plus applicable GST | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| Receiving: PayPal through Cashfree | Not confirmed. The pricing FAQ says PayPal transactions are charged at standard payment gateway rates, while the charges page says only standard PayPal pricing applies and Cashfree adds no gateway charge | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| Currency conversion to INR | Global Collections product page states 'No forex markup' (reference rate not named); for international cards Cashfree applies a foreign exchange conversion charge it does not publish | When foreign currency is converted | Registered Indian businesses wanting card checkout and bank transfer collection |
| Payout to an Indian bank | Cashfree converts foreign currency receipts to INR and settles them to the merchant's verified Indian bank account. The Global Collections product page says payments must be settled in INR to the exporter's bank account and states 'No forex markup' and no subscription fees. International card payments settle within T+2 days according to the IPG overview; the Global Collections settlement timeline and fee are not published. | When INR is sent to your account | Registered Indian businesses wanting card checkout and bank transfer collection |
| Setup fee | None, as stated in the IPG docs and the pricing FAQ | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| Foreign exchange conversion charge | Applied on transactions settled in a currency other than INR, per the pricing FAQ; rate not published | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| On-demand settlement | A small fee, amount not published | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| e-FIRS | Free (Global Collections product page: 'at no additional cost') | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| Subscription fee (Global Collections) | None, per the product page | – | Registered Indian businesses wanting card checkout and bank transfer collection |
| GST on fees | Cashfree's pricing FAQ says international card rates are charged in addition to any applicable GST, and monthly invoices show TDR plus GST as applicable; its festive offer terms state GST is charged at 18% (or the prevailing rate). A Cashfree blog on GST says payment gateways and forex providers may charge 18% GST on their service fees, not on the payment received. No page states GST treatment of a Global Collections fee specifically. | Applies to the platform's fee | Registered Indian businesses wanting card checkout and bank transfer collection |
How do Wise Business and Cashfree Payments compare on settlement speed?
- Wise Business: Wise states payments can arrive in under 90 minutes within business hours
- Cashfree Payments: International card payments: T+2 days to the Indian bank account, as stated in the IPG docs. Global Collections: the product page says receipts are swept into a NOSTRO collection account, no funds may be retained in the collection accounts, and funds are credited to the exporter's Indian bank account immediately on confirmation from the importer and no later than seven days from the date of credit to the NOSTRO account; a typical settlement time is Not confirmed
| Platform | Settlement to India | Payout route | Best for |
|---|---|---|---|
| Wise Business | States under 90 minutes in business hours | INR at mid-market rate to linked Indian bank account | Freelancers and small exporters wanting multi-currency local accounts and eFIRC |
| Cashfree Payments | Cards T+2; collections within 7 days, typical time not confirmed | Settled in INR to Indian bank; cards T+2; collections fee unpublished | Registered Indian businesses wanting card checkout and bank transfer collection |
Do Wise Business and Cashfree Payments provide FIRA and e-BRC, and are they RBI PA-CB authorised?
| Platform | FIRA and e-BRC | RBI status | Checked | Best for |
|---|---|---|---|---|
| Wise Business | eFIRC per transfer, 2 USD + 18% GST | States in-principle PA-CB approval; not found on RBI page | 30 Sept 2026 | Freelancers and small exporters wanting multi-currency local accounts and eFIRC |
| Cashfree Payments | e-FIRA in 1 day free; FAQ: e-FIRS T+1 on request | RBI authorised PA and PA-CB inward and outward | 30 Sept 2026 | Registered Indian businesses wanting card checkout and bank transfer collection |
Which currencies, countries and payment methods do Wise Business and Cashfree Payments support?
| Platform | Currencies | Payment methods | Indian individuals | Indian businesses | Best for |
|---|---|---|---|---|---|
| Wise Business | Receive USD, GBP, EUR, AUD, CAD, NZD, SGD, HUF; to INR | US ACH to USD account details (routing and account number); International Swift or wire to USD account details; Payment from a client's Wise account; GBP, EUR, AUD, CAD, NZD, SGD, HUF local details | Only via Wise Business as sole trader/freelancer | Yes; other business types can join waitlist | Freelancers and small exporters wanting multi-currency local accounts and eFIRC |
| Cashfree Payments | Collections: 17 currencies (charges page says 30+); cards 140+ currencies | US ACH to local account details (Global Collections); SEPA (EUR), FPS (GBP) and EFT (CAD) to local account details (Global Collections); SWIFT wire to Global Collections account; International card payment through the International Payment Gateway; PayPal through Cashfree | Registered businesses only; unregistered individuals not confirmed | Yes, registered businesses; review 24 to 48 hours | Registered Indian businesses wanting card checkout and bank transfer collection |
What are the strengths and limitations of Wise Business and Cashfree Payments?
Wise Business
- Transparent calculator: Wise's India pricing page calculator shows the conversion fee, eFIRC fee and GST for a given amount
- Mid-market rate: no exchange rate markup; the cost sits in a stated conversion fee
- Speed: Wise states payouts can arrive in under 90 minutes within business hours
- Freelancer eligibility: sole traders and freelancers are an accepted business type
- Cost on USD: Wise's calculator showed a 1.6% conversion fee plus a 2 USD eFIRC fee, before 18% GST, on a 1,000 USD ACH receipt on 2026-10-06
- Per-payment paperwork: Wise says a payment request is needed for every payment, with payment information such as sender and invoice
- Business only: personal Wise accounts in India cannot receive money; users must register Wise Business
- Regulatory status: the PA-CB licence is in-principle per Wise's own statement
Cashfree Payments
- Regulatory status: listed by the RBI as an authorised PA-CB for inward and outward transactions
- Published card rate: international card pricing of 2.99% (Visa, Mastercard) is stated in the help centre
- Collection rails: local account details in the US, Europe, UK and Canada plus SWIFT
- One account: domestic and international collections are managed from the same Cashfree dashboard
- Pricing: current Global Collections fees are not published (request price), and the card FX conversion charge is not published
- Eligibility: docs say you must be a registered business in India to accept international payments
- Invoice cap: Global Collections is described for invoices of up to USD 10,000
- Paperwork: the FAQs say e-FIRS is requested through a support form or the account manager, while the product page describes it as auto-generated
Should you choose Wise Business or Cashfree Payments?
- Choose Wise Business if: you need freelancers and small exporters wanting local account details in several currencies with an eFIRC per payment.
- Choose Cashfree Payments if: you need registered Indian businesses that want card checkout and foreign bank transfer collection in one gateway.
For example, an exporter billing $5,000 a month: Cashfree Payments does not publish full pricing; Wise Business does.
Which other platforms should you consider besides Wise Business and Cashfree Payments?
Other covered platforms ranked by the INR received on a $5,000 invoice.
| 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 | ₹4,70,199 | 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 | ₹4,67,852 | 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 | ₹4,64,836 | 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 | ₹4,64,458 | Existing HDFC customers wanting free SWIFT receipts or EEFC accounts |
How did we verify this?
Fees, FIRA terms and RBI status were checked on each platform's own pages and RBI sources on 30 Sept 2026. INR figures use the XE mid-market rate for 4 Nov 2026. The formula is on the methodology page.
- 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)
- Wise India: Fees for receiving money (Personal), Receiving money feature is currently available only for business customers (checked 6 Oct 2026)
- Wise India: Receive money from abroad in India, Eight currencies, free account details, mid-market rate, eFIRC, under 90 minutes within business hours, eligible company types, 4.14 USD wire saving, regulatory footer (checked 6 Oct 2026)
- Wise Help: How to verify your Indian business to receive payments, Eligible business types and documents (checked 6 Oct 2026)
- Wise India: Pricing (checked 6 Oct 2026)
- Wise price data behind the India receive calculator (USD to INR, business, India), RECEIVE_BANK_TRANSFER 1,000 USD: variableFee 15.68 (1.6%), flatFee 2.0, vat 3.18 (18%), total 20.86; RECEIVE_SWIFT: total 27.93 incl. 6.11 pay-in fee; 100,000 USD: total 1,770.52 after HAT_VOLUME_DISCOUNT -73.23 (checked 6 Oct 2026)
- Wise calculator price data for an Indian business receiving USD (RECEIVE_BANK_TRANSFER to INR), $5,000: conversion fee 78.48 (1.6% of converted amount), flat fee 2.00, GST 14.49, total 94.97; also read at $500 to $100,000 (checked 6 Oct 2026)
- Cashfree Docs: Global Collections overview (checked 6 Oct 2026)
- Cashfree Docs: Collection Accounts (checked 6 Oct 2026)
- Cashfree Docs: Global Collections FAQs, invoice value up to USD 10,000; AD-1 partner issues eFIRS on T+1 (checked 7 Oct 2026)
- Cashfree Docs: International Payment Gateway overview, T+2 settlement; no setup fees (checked 6 Oct 2026)
- Cashfree Docs: Pay in Native Currency (checked 6 Oct 2026)
- Cashfree Docs: Supported currencies (checked 6 Oct 2026)
- Cashfree Docs: PayPal for International Payments (checked 6 Oct 2026)
- Cashfree Help: Pricing FAQs, Accurate as of 10 August 2026: international cards Visa and Mastercard 2.99%, American Express 2.95%, in addition to any applicable GST; foreign exchange conversion charge on non-INR settlement (checked 7 Oct 2026)
- Cashfree Help: Account Activation (checked 6 Oct 2026)
- Cashfree Help: Settlements (checked 6 Oct 2026)
- RBI: Certificates of Authorisation under the PSS Act, 2007, Payment Aggregators, entry 10: Cashfree Payments India Private Limited, PA-CB- I & O (checked 6 Oct 2026)
- Cashfree: Payment gateway charges, International Cards platform fee; Global Collections 'Request Price'; cross border payments only for businesses; GST at 18% (festive offer terms) (checked 6 Oct 2026)
- Cashfree Global Collections (international wire transfer), No subscription fees; No forex markup; e-FIRA within 1 day, auto-generated at no additional cost; invoice value up to USD 10,000; "no funds are allowed to be retained in such accounts"; credited "immediately on receipt of the confirmation from the importer and, in no case, later than seven days from the date of credit to the NOSTRO collection account" (checked 7 Oct 2026)
- Cashfree blog: How to receive international business payments in India (1 August 2023), keeps the transaction costs within the range of 1% to 1.5% based on the volume of transactions (USD, CAD, EUR, AUD, GBP local rails) (checked 7 Oct 2026)
- Cashfree blog: GST on international transactions (5 August 2026), payment gateways, and forex providers may charge 18% GST on their service fees (checked 7 Oct 2026)
FAQs about Wise Business vs Cashfree Payments
Is Wise Business or Cashfree Payments cheaper for receiving USD in India?
Cashfree Payments does not publish full pricing; Wise Business does. At $2,000: Cashfree Payments does not publish full pricing; Wise Business does. At $10,000: Cashfree Payments does not publish full pricing; Wise Business does. Figures use each platform's published pricing and today's reference rate, so check both pricing pages before you decide.
Which is faster, Wise Business or Cashfree Payments?
Wise Business states: Wise states payments can arrive in under 90 minutes within business hours. Cashfree Payments states: International card payments: T+2 days to the Indian bank account, as stated in the IPG docs. Check the platform's own pricing page before relying on these figures.
Do Wise Business and Cashfree Payments both provide a FIRA?
Wise Business: eFIRC sent by email for every transfer; 2 USD each in Wise's calculator, plus 18% GST. Cashfree Payments: Global Collections: product page says e-FIRA within 1 day, auto-generated at no additional cost; the FAQs say the AD-1 partner issues e-FIRS on T+1 on request through support or the account manager.
Are Wise Business and Cashfree Payments authorised by RBI?
Wise Business: States that Wise Payments India Private Limited is an in-principle approved Payment Aggregator - Cross Border and that inward remittance runs through a local bank partner with RBI approval (platform's claim; not found on an RBI page). Check the platform's own pricing page before relying on these figures.
Can Indian freelancers use both Wise Business and Cashfree Payments?
Wise Business, individuals: Not through Wise Personal: Wise's India receive pricing page says receiving is currently available only for business customers. Individual freelancers can register Wise Business as a 'sole trader / freelancer'. Cashfree Payments, individuals: Not confirmed for unregistered individuals. Whether a freelancer registered as a sole proprietorship qualifies is not stated.
Should I switch from Wise Business to Cashfree Payments?
Switch only if Cashfree Payments pays more on your usual invoice size or fits how your clients pay. Keep the Wise Business account open until every invoice sent with its details is paid, and download your FIRA or FIRC records first.