Wise Business vs Karbon Business (Karbon FX) (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. Karbon Business (Karbon FX) 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 | Karbon Business (Karbon FX) does not publish full pricing; Wise Business does. |
| Invoices around $5,000 | Not comparable | Karbon Business (Karbon FX) does not publish full pricing; Wise Business does. |
| Invoices around $10,000 | Not comparable | Karbon Business (Karbon FX) 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: Indian exporters and service businesses that want local USD account details and INR credits with FIRA | Karbon Business (Karbon FX) | Karbon Business (Karbon FX) is built for this. |
CurrencyUSD
At the mid-market rate
₹4,73,751
Highest payout: Wise Business
₹4,64,755
- 1.Wise Business₹4,64,755cost 1.90%
1 USD = 94.75 INR, ECB reference rate for 3 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 Karbon Business (Karbon FX) compare at a glance?
| Attribute | Wise Business | Karbon Business (Karbon FX) |
|---|---|---|
| Best for | Freelancers and small exporters wanting multi-currency local accounts and eFIRC | Exporters and service businesses wanting USD account details and FIRA |
| Fees | Calculator: 1.6% + $2 per payment + 18% GST | 1% + 18% GST on fee, indicative; varies by country, method |
| FX markup | Mid-market rate; cost is the 1.6% conversion fee | Conflicting: claims 0% markup or lists 0.5%-1.0% |
| Settlement | States under 90 minutes in business hours | Conflicting: same day before 3 PM IST, 4-8h or 24-48h |
| FIRA | eFIRC per transfer, 2 USD + 18% GST | States e-FIRA per transaction, 1-2 business days; cost unstated |
| Currencies | Receive USD, GBP, EUR, AUD, CAD, NZD, SGD, HUF; to INR | States all major currencies except RBI-restricted, including USD, EUR, GBP |
| RBI status | States in-principle PA-CB approval; not found on RBI page | Not confirmed; states it works only with PACB-licensed players |
| Indian individuals | Only via Wise Business as sole trader/freelancer | Freelancers per site; unregistered individuals not confirmed |
| Indian businesses | Yes; other business types can join waitlist | Yes, proprietors, partnerships, LLPs and companies |
| Limits | Not confirmed | Per-transaction and annual limits are set at account setup based on KYC, bank partner policy and RBI rules, and can be raised on request. No figures are published |
How much INR do you receive on $2,000, $5,000 and $10,000 with Wise Business vs Karbon Business (Karbon FX)?
Each row applies the platform's published fee, FX markup and GST on the fee to the XE mid-market rate for 3 Nov 2026.
| Platform and invoice | Fee | FX markup | GST | INR received | Cost | Best for |
|---|---|---|---|---|---|---|
| Wise Business, $2,000 | ₹3,161 | ₹0 | ₹569 | ₹1,85,770 | 1.97% | Freelancers and small exporters wanting multi-currency local accounts and eFIRC |
| Wise Business, $5,000 | ₹7,624 | ₹0 | ₹1,372 | ₹4,64,755 | 1.90% | Freelancers and small exporters wanting multi-currency local accounts and eFIRC |
| Wise Business, $10,000 | ₹15,061 | ₹0 | ₹2,711 | ₹9,29,728 | 1.88% | Freelancers and small exporters wanting multi-currency local accounts and eFIRC |
| Karbon Business (Karbon FX), $2,000 | – | – | – | Not published | – | Exporters and service businesses wanting USD account details and FIRA |
| Karbon Business (Karbon FX), $5,000 | – | – | – | Not published | – | Exporters and service businesses wanting USD account details and FIRA |
| Karbon Business (Karbon FX), $10,000 | – | – | – | Not published | – | Exporters and service businesses wanting USD account details and FIRA |
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 Karbon Business (Karbon FX) and who is it for?
Karbon Business is a Bengaluru fintech whose Karbon FX product lets Indian businesses and freelancers collect payments from overseas clients. The Karbon Forex terms name Interropac Private Limited as the operator of the platform at karbonfx.com. They also say inward collections are processed under a third-party partner's connected-user terms. Users get account details for receiving foreign payments, and the funds are converted and paid out in INR to their Indian bank account with an e-FIRA.
- Regulated by: Not confirmed. States it works 'only with PACB-licensed players and regulated banks'. No RBI listing for Karbon or its operating company was checked or found
- Used by: Yes. Sole proprietors, partnerships, LLPs and companies, with documents based on business type
- Best for: Indian exporters and service businesses that want local USD account details and INR credits with FIRA
How do Wise Business and Karbon Business (Karbon FX) 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 Karbon Business (Karbon FX) charge?
| Fee type | Amount | When it applies | Best for |
|---|---|---|---|
| Receiving: US account details (Fedwire) | Not confirmed (homepage calculator shows 1% + 18% GST on the fee, indicative; FAQ says fees vary by sending country, currency and method) | Typically credited within 0 to 1 business days | Exporters and service businesses wanting USD account details and FIRA |
| Receiving: US account details (ACH) | Not confirmed (homepage calculator shows 1% + 18% GST on the fee, indicative; FAQ says fees vary by sending country, currency and method) | Usually credited within 2 to 3 business days | Exporters and service businesses wanting USD account details and FIRA |
| Receiving: SWIFT international wire | Not confirmed (homepage calculator shows 1% + 18% GST on the fee, indicative; FAQ says fees vary by sending country, currency and method) | Generally 1 to 3 business days; intermediary bank charges may be deducted | Exporters and service businesses wanting USD account details and FIRA |
| Receiving: SEPA (EUR) | Not confirmed (homepage calculator shows 1% + 18% GST on the fee, indicative; FAQ says fees vary by sending country, currency and method) | Typically credited within 0 to 1 business days | Exporters and service businesses wanting USD account details and FIRA |
| Receiving: Payment link or invoice | Not confirmed | Created from the Karbon FX dashboard | Exporters and service businesses wanting USD account details and FIRA |
| Currency conversion to INR | Conflicting: freelancer and exporter pages and two Karbon blog posts claim 0% markup at mid-market rates; the Stripe, Payoneer, PayPal and Razorpay comparison pages list a 0.5%-1.0% forex markup; the calculator uses a third-party live rate with an 85.60 INR fallback | When foreign currency is converted | Exporters and service businesses wanting USD account details and FIRA |
| Payout to an Indian bank | Funds are converted and sent in INR to the user's registered Indian bank account, the same working day if requested before 3:00 PM IST. Karbon's homepage calculator shows an indicative 1% fee plus 18% GST on that fee; its FAQ says fees vary by sending country, currency and payment method, and intermediary bank charges may also be deducted | When INR is sent to your account | Exporters and service businesses wanting USD account details and FIRA |
| Intermediary bank charges | May be deducted by correspondent banks; outside Karbon's control | – | Exporters and service businesses wanting USD account details and FIRA |
| GST | 18% on Karbon's fee, per the homepage calculator | – | Exporters and service businesses wanting USD account details and FIRA |
| Account opening or annual fee | Conflicting. Karbon's PayPal vs Karbon case study says there are no setup, monthly or closure fees; the Karbon Forex terms mention fees collected during onboarding and refer to fees set on the platform or in a customer agreement, without amounts | – | Exporters and service businesses wanting USD account details and FIRA |
| GST on fees | The homepage calculator applies GST at 18% on Karbon's 1% fee, not on the full payment. The help centre says taxes apply as per government rules and that GST-compliant invoices for Karbon's charges are available on request. Karbon's blog posts also state that GST at 18% applies only to Karbon's 1% fee, not to the invoice amount (PayPal vs Karbon case study). | Applies to the platform's fee | Exporters and service businesses wanting USD account details and FIRA |
How do Wise Business and Karbon Business (Karbon FX) compare on settlement speed?
- Wise Business: Wise states payments can arrive in under 90 minutes within business hours
- Karbon Business (Karbon FX): Help centre: typically the same working day by end of day if the INR transfer is submitted before the 3:00 PM IST forex cut-off, otherwise by end of day on the next working day. The homepage says 4-8 hours and the freelancer and exporter pages say 24-48 hours
| 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 |
| Karbon Business (Karbon FX) | Conflicting: same day before 3 PM IST, 4-8h or 24-48h | INR to Indian bank, same day if before 3:00 PM IST | Exporters and service businesses wanting USD account details and FIRA |
Do Wise Business and Karbon Business (Karbon FX) 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 |
| Karbon Business (Karbon FX) | States e-FIRA per transaction, 1-2 business days; cost unstated | Not confirmed; states it works only with PACB-licensed players | 30 Sept 2026 | Exporters and service businesses wanting USD account details and FIRA |
Which currencies, countries and payment methods do Wise Business and Karbon Business (Karbon FX) 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 |
| Karbon Business (Karbon FX) | States all major currencies except RBI-restricted, including USD, EUR, GBP | US account details (Fedwire); US account details (ACH); SWIFT international wire; SEPA (EUR); Payment link or invoice | Freelancers per site; unregistered individuals not confirmed | Yes, proprietors, partnerships, LLPs and companies | Exporters and service businesses wanting USD account details and FIRA |
What are the strengths and limitations of Wise Business and Karbon Business (Karbon FX)?
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
Karbon Business (Karbon FX)
- Settlement timing: Publishes a 3:00 PM IST forex cut-off, with INR typically credited the same working day before it
- Documentation: States it issues e-FIRA automatically and can map shipping bills for exporters
- Receiving rails: Lists Fedwire, ACH, SWIFT and SEPA credit times in its help centre
- Fee visibility: a calculator on the homepage shows a 1% fee and 18% GST on the fee for an entered USD amount, labelled indicative
- Pricing: the only public figures are an indicative calculator (1% + 18% GST on the fee) and a FAQ saying fees vary by country, currency and method
- Conflicting claims: Its pages state both 0% markup and a 0.5% to 1% forex markup, and settlement times of 4-8 hours, 24-48 hours and same day
- Regulation: Karbon relies on PA-CB licensed partners; its own RBI authorisation is not confirmed
- Limits: Per-transaction and annual limits are set during onboarding and are not published
Should you choose Wise Business or Karbon Business (Karbon FX)?
- Choose Wise Business if: you need freelancers and small exporters wanting local account details in several currencies with an eFIRC per payment.
- Choose Karbon Business (Karbon FX) if: you need Indian exporters and service businesses that want local USD account details and INR credits with FIRA.
For example, an exporter billing $5,000 a month: Karbon Business (Karbon FX) does not publish full pricing; Wise Business does.
Which other platforms should you consider besides Wise Business and Karbon Business (Karbon FX)?
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 | ₹4,70,508 | 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 | ₹4,68,160 | 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 | ₹4,65,142 | 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 | ₹4,64,763 | 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 3 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)
- Karbon Business homepage, Embeds forex calculator (iframe src v0-calculator-taupe.vercel.app); 'For higher volume transactions, please reach out to your assigned AM for customized rates'; PACB-licensed players note (checked 7 Oct 2026)
- Karbon For Freelancers, Virtual USD account; FIRA issued by licensed banking partner; 0% markup claim; 24-48 hours (checked 6 Oct 2026)
- Karbon For Exporters, USD, EUR, GBP; FIRA and shipping bill mapping; 0% markup claim; 24-48 hours; dedicated account manager (checked 6 Oct 2026)
- Karbon Business vs Payoneer (Karbon page), Forex Markup 0.5%-1.0%; Transaction fee: 1%, 0% Forex markup (checked 6 Oct 2026)
- Karbon Help Centre: Pricing & Fees, Settlement cut-off 3:00 PM IST; receiving rail timelines; currencies; KYC; limits; GST invoices (checked 6 Oct 2026)
- What are the charges for receiving an inward remittance?, Charges may include currency conversion fees based on live FX rates, transfer fees that vary by the sending country, currency, and payment method, applicable taxes, and intermediary bank charges (checked 7 Oct 2026)
- Do you provide a FIRA for every transaction?, e-FIRA within 1-2 business days (checked 6 Oct 2026)
- Karbon Forex Terms & Conditions, Operator Interropac Private Limited; User duly incorporated in India; clause 3 onboarding fees; clause 6 Fees; clause 7 Foreign Inward Remittance Services (checked 6 Oct 2026)
- Karbon forex calculator (embedded on karboncard.com), Karbon's Fee(1%); GST(18%); Live Forex Rate 1 USD = 85.60 INR; The displayed amount is indicative and subject to change based on the rate booking date (checked 7 Oct 2026)
- Karbon forex calculator script, Fee = 0.01 x INR amount; GST = 0.18 x fee; rate from api.exchangerate-api.com, default 85.6 if the fetch fails (checked 7 Oct 2026)
- Karbon Business vs Stripe (Karbon page), Forex Markup 0.5%-1.0%; feature panel: Transaction fee: 1%, 0% Forex markup (checked 7 Oct 2026)
- Karbon blog: Payoneer vs Wise vs Karbon, Karbon charges a flat 1% inward remittance fee and uses mid-market Xe.com rates with 0% FX markup. GST at 18% applies only to the 1% fee; e-FIRA within 24 hours; hold for up to 60 days (checked 7 Oct 2026)
- Karbon blog: Case study, PayPal vs Karbon, 1% platform fee, GST of 18% only on that fee, effective 1.18% all in; zero FX markup; no setup, monthly, or closure fees; hold USD, EUR, GBP, or CAD for up to 60 days (checked 7 Oct 2026)
- Karbon Business vs PayPal (Karbon page), Forex Markup 0.5%-1.0% (transparent, upfront); feature panel: Transaction fee: 1%, 0% Forex markup (checked 7 Oct 2026)
- Karbon Business vs Razorpay (Karbon page), transparent forex markups as low as 0.5%; Forex Markup 0.5%-1.0%; feature panel: Transaction fee: 1%, 0% Forex markup (checked 7 Oct 2026)
FAQs about Wise Business vs Karbon Business (Karbon FX)
Is Wise Business or Karbon Business (Karbon FX) cheaper for receiving USD in India?
Karbon Business (Karbon FX) does not publish full pricing; Wise Business does. At $2,000: Karbon Business (Karbon FX) does not publish full pricing; Wise Business does. At $10,000: Karbon Business (Karbon FX) 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 Karbon Business (Karbon FX)?
Wise Business states: Wise states payments can arrive in under 90 minutes within business hours. Karbon Business (Karbon FX) states: Help centre: typically the same working day by end of day if the INR transfer is submitted before the 3:00 PM IST forex cut-off, otherwise by end of day on the next working day.
Do Wise Business and Karbon Business (Karbon FX) both provide a FIRA?
Wise Business: eFIRC sent by email for every transfer; 2 USD each in Wise's calculator, plus 18% GST. Karbon Business (Karbon FX): States an e-FIRA is issued for every eligible inward transaction, by email and on the dashboard, typically 1 to 2 business days after funds are credited. Cost not stated.
Are Wise Business and Karbon Business (Karbon FX) 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). Karbon Business (Karbon FX): Not confirmed. States it works 'only with PACB-licensed players and regulated banks'.
Can Indian freelancers use both Wise Business and Karbon Business (Karbon FX)?
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'. Check the platform's own pricing page before relying on these figures.
Should I switch from Wise Business to Karbon Business (Karbon FX)?
Switch only if Karbon Business (Karbon FX) 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.