Wise Business vs Razorpay (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 invoice size and how your clients pay. On a $5,000 invoice, Razorpay pays more at today's reference rate. Wise Business is best for freelancers and small exporters wanting local account details in several currencies with an eFIRC per payment. The table shows the better option by use case.
| Use case | Better option | Why |
|---|---|---|
| Invoices around $2,000 | Razorpay | Razorpay pays about ₹1,492 more (1.18% cost vs 1.97% for Wise Business). |
| Invoices around $5,000 | Razorpay | Razorpay pays about ₹3,401 more (1.18% cost vs 1.90% for Wise Business). |
| Invoices around $10,000 | Razorpay | Razorpay pays about ₹6,584 more (1.18% cost vs 1.88% for Wise Business). |
| 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 businesses and freelancers already using Razorpay who invoice foreign clients | Razorpay | Razorpay is built for this. |
CurrencyUSD
At the mid-market rate
₹4,73,160
Highest payout: Razorpay
₹4,67,577
- 1.Razorpay₹4,67,577cost 1.18%
- 2.Wise Business₹4,64,175cost 1.90%
1 USD = 94.63 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 Razorpay compare at a glance?
| Attribute | Wise Business | Razorpay |
|---|---|---|
| Best for | Freelancers and small exporters wanting multi-currency local accounts and eFIRC | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Fees | Calculator: 1.6% + $2 per payment + 18% GST | 1% per bank transfer (Rs 1,000 flat below Rs 1,00,000) + GST |
| FX markup | Mid-market rate; cost is the 1.6% conversion fee | States 0% markup on MoneySaver at live rate |
| Settlement | States under 90 minutes in business hours | States 1 day (T+1 after invoice shared) |
| FIRA | eFIRC per transfer, 2 USD + 18% GST | FIRS within 24 hours of settlement; no charge listed |
| Currencies | Receive USD, GBP, EUR, AUD, CAD, NZD, SGD, HUF; to INR | Local USD, GBP, EUR accounts plus SWIFT; 30+ currencies stated |
| RBI status | States in-principle PA-CB approval; not found on RBI page | RBI authorised PA-CB inward and outward, plus PA-O |
| Indian individuals | Only via Wise Business as sole trader/freelancer | Listed as business type; savings account not confirmed |
| Indian businesses | Yes; other business types can join waitlist | Yes, under listed export purpose codes |
| Limits | Not confirmed | Not confirmed |
How much INR do you receive on $2,000, $5,000 and $10,000 with Wise Business vs Razorpay?
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 | ₹3,157 | ₹0 | ₹568 | ₹1,85,539 | 1.97% | Freelancers and small exporters wanting multi-currency local accounts and eFIRC |
| Wise Business, $5,000 | ₹7,614 | ₹0 | ₹1,371 | ₹4,64,175 | 1.90% | Freelancers and small exporters wanting multi-currency local accounts and eFIRC |
| Wise Business, $10,000 | ₹15,043 | ₹0 | ₹2,708 | ₹9,28,570 | 1.88% | Freelancers and small exporters wanting multi-currency local accounts and eFIRC |
| Razorpay, $2,000 | ₹1,893 | ₹0 | ₹341 | ₹1,87,031 | 1.18% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Razorpay, $5,000 | ₹4,732 | ₹0 | ₹852 | ₹4,67,577 | 1.18% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Razorpay, $10,000 | ₹9,463 | ₹0 | ₹1,703 | ₹9,35,153 | 1.18% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
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 Razorpay and who is it for?
Razorpay is an Indian payment gateway that also offers the MoneySaver Export Account (International Bank Transfer). Indian exporters and freelancers get virtual local bank details in the US, UK, Europe and other regions plus a SWIFT account, share them with foreign clients, and receive INR in their Indian bank account. Settlement needs an invoice and buyer address details for each transaction, except for some marketplace and freelancing platform payouts.
- Regulated by: RBI authorised Payment Aggregator, PA-O (19.12.2023) and PA-CB Inward & Outward (Razorpay Payments Private Limited, RBI list of authorised payment system operators)
- Used by: Yes, Indian sole proprietorships, partnerships, private and public limited companies and LLPs that fall under the listed export purpose codes
- Best for: Indian businesses and freelancers already using Razorpay who invoice foreign clients
How do Wise Business and Razorpay 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 Razorpay charge?
| Fee type | Amount | When it applies | Best for |
|---|---|---|---|
| Receiving: US ACH to virtual USD account | 1% (flat INR 1,000 below INR 1,00,000) plus GST | – | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Receiving: UK FPS to virtual GBP account | 1% (flat INR 1,000 below INR 1,00,000) plus GST | – | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Receiving: SEPA to virtual EUR account | 1% (flat INR 1,000 below INR 1,00,000) plus GST | – | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Receiving: SWIFT to virtual SWIFT account | 1% (flat INR 1,000 below INR 1,00,000) plus GST | Razorpay's pricing page groups SWIFT with ACH, SEPA and FPS bank transfers at 1%; intermediary or correspondent bank charges: Not confirmed | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Receiving: FlashLinks (US) ACH debit payment link | 2% plus GST | Settlement in 5 days | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Receiving: International cards and wallets | Up to 3% plus taxes | – | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Currency conversion to INR | 0% FX markup on MoneySaver bank transfers; Razorpay states it converts at the live exchange rate | When foreign currency is converted | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Payout to an Indian bank | Razorpay converts at the live exchange rate with 0% markup and settles INR to the user's Indian current account (non-INR settlement to an EEFC account is also supported), T+1 after the invoice and buyer details are shared; Razorpay deducts its charges (1%, or INR 1,000 flat below INR 1,00,000, plus GST) before settlement. | When INR is sent to your account | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| One-time setup fee | INR 0 | – | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Annual maintenance fee | INR 0 | – | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Enterprise Plan | Custom pricing on request | – | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Refunds on bank transfers | Not supported | – | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| GST on fees | The MoneySaver pricing page states 'GST applicable' on the Razorpay fee without giving a rate; Razorpay's pricing page lists 18% GST for its domestic payment gateway service and 'taxes' on international card payments. | Applies to the platform's fee | Indian businesses and freelancers on Razorpay invoicing foreign clients |
How do Wise Business and Razorpay compare on settlement speed?
- Wise Business: Wise states payments can arrive in under 90 minutes within business hours
- Razorpay: Bank transfers: 'Settlement in 1 day' per the pricing page; docs state T+1 from the time the invoice or invoice details are shared against a payment. FlashLinks (US): settlement in 5 days
| 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 |
| Razorpay | States 1 day (T+1 after invoice shared) | INR to Indian current account T+1, 0% markup, fee deducted | Indian businesses and freelancers on Razorpay invoicing foreign clients |
Do Wise Business and Razorpay 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 |
| Razorpay | FIRS within 24 hours of settlement; no charge listed | RBI authorised PA-CB inward and outward, plus PA-O | 30 Sept 2026 | Indian businesses and freelancers on Razorpay invoicing foreign clients |
Which currencies, countries and payment methods do Wise Business and Razorpay 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 |
| Razorpay | Local USD, GBP, EUR accounts plus SWIFT; 30+ currencies stated | US ACH to virtual USD account; UK FPS to virtual GBP account; SEPA to virtual EUR account; SWIFT to virtual SWIFT account; FlashLinks (US) ACH debit payment link; International cards and wallets | Listed as business type; savings account not confirmed | Yes, under listed export purpose codes | Indian businesses and freelancers on Razorpay invoicing foreign clients |
What are the strengths and limitations of Wise Business and Razorpay?
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
Razorpay
- FX: 0% markup on bank transfers, as stated on the pricing page
- Speed: T+1 settlement for local bank transfers once invoice details are shared
- Compliance: FIRS sent within 24 hours of settlement
- Regulation: listed by RBI as an authorised PA-CB for inward and outward transactions
- Small payments: flat INR 1,000 fee on transactions below INR 1,00,000, which is more than 1% on smaller invoices
- Paperwork: an invoice and buyer address are required for every transaction before settlement (except some marketplace payouts)
- No holding: funds cannot be kept in the foreign currency accounts
- Eligibility: limited to listed export purpose codes and excludes certain merchant categories and NGOs
Should you choose Wise Business or Razorpay?
- Choose Wise Business if: you need freelancers and small exporters wanting local account details in several currencies with an eFIRC per payment.
- Choose Razorpay if: you need Indian businesses and freelancers already using Razorpay who invoice foreign clients, or your invoices are around $2,000 or $5,000 or $10,000.
For example, an exporter billing $5,000 a month: Razorpay pays about ₹3,401 more (1.18% cost vs 1.90% for Wise Business).
Which other platforms should you consider besides Wise Business and Razorpay?
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 | ₹4,69,922 | Indian freelancers and exporters receiving mid to large B2B invoices |
| 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 | ₹4,64,562 | 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 | ₹4,64,184 | Existing HDFC customers wanting free SWIFT receipts or EEFC accounts |
| Stripe | 4.3% intl cards; 3% Visa/Mastercard, 3.5% Amex; + 2% if converted | 2% if converted; Stripe says rate is generally mid-market | Standard Chartered payment advice; FIRC cost not confirmed | ₹4,37,985 | Registered Indian businesses selling online to card-paying foreign customers |
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)
- 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)
- Razorpay pricing, International cards and wallets up to 3% plus taxes; MoneySaver bank transfers (SWIFT, ACH, SEPA, FPS) 1% with zero forex markup; 'RBI PA-CB licensed'; 18% GST listed for the payment gateway service (checked 6 Oct 2026)
- Razorpay Docs: International Bank Transfer (MoneySaver Export Account), Supported methods and SWIFT currency list, purpose codes, onboarding KYC, invoices not required for Amazon, Upwork and Freelancer transactions, FAQs on T+1 settlement, EEFC settlement, FIRS within 24 hours, no holding of funds, no refunds, 'Free FIRC' in savings example (checked 6 Oct 2026)
- Razorpay Docs: FIRS Automated Process (checked 6 Oct 2026)
- Razorpay Docs: International Payments FAQs, NGOs not supported for international payments (checked 6 Oct 2026)
- RBI: Authorised payment system operators, Entry 54: Razorpay Payments Private Limited (formerly Razorpay Software Private Limited), PA-O 'Razorpay' 19.12.2023, PA-P, PA-CB I & O (checked 6 Oct 2026)
FAQs about Wise Business vs Razorpay
Is Wise Business or Razorpay cheaper for receiving USD in India?
Razorpay pays about ₹3,401 more (1.18% cost vs 1.90% for Wise Business). At $2,000: Razorpay pays about ₹1,492 more (1.18% cost vs 1.97% for Wise Business). At $10,000: Razorpay pays about ₹6,584 more (1.18% cost vs 1.88% for Wise Business). 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 Razorpay?
Wise Business states: Wise states payments can arrive in under 90 minutes within business hours. Razorpay states: Bank transfers: 'Settlement in 1 day' per the pricing page; docs state T+1 from the time the invoice or invoice details are shared against a payment. FlashLinks (US): settlement in 5 days.
Do Wise Business and Razorpay both provide a FIRA?
Wise Business: eFIRC sent by email for every transfer; 2 USD each in Wise's calculator, plus 18% GST. Razorpay: FIRS (foreign inward remittance statement / e-FIRC) sent within 24 hours of settlement and downloadable from the Dashboard; no separate charge listed.
Are Wise Business and Razorpay 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 Razorpay?
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 Razorpay?
Switch only if Razorpay 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.