Export Services India

How Do We Compare Rates and Fees for Export Payments?

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Editorial team
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Last modified:
Fees checked on:

Short answer

Export Services India ranks international payment platforms by the INR that reaches your Indian bank account. Each platform's published fee, FX markup and GST on the fee are applied to the European Central Bank reference rate, and platforms are ordered by payout. Speed, FIRA and support are reported, not scored.

What the comparison uses
InputSourceRefresh
Exchange rateXE live mid-market rate; European Central Bank reference rates if that feed failsRefreshed every 15 minutes; ECB publishes once per working day
Platform fees and FX markupEach platform's own pricing pagesChecked by hand, last on 30 Sept 2026
GST on feesPlatform pricing terms18% added where charged or not stated

Which data sources does the comparison use, and how often are they refreshed?

The comparison uses two kinds of data: a daily exchange rate from the European Central Bank and platform pricing checked by hand on each platform's website. Every page shows the date of both.

  • Exchange rate: European Central Bank euro reference rates, fetched through the Frankfurter API. Rates to INR for USD, GBP, AUD, CAD and SGD are calculated as cross rates through the euro.
  • Rate refresh: Pages re-fetch the rate at most once an hour. The ECB publishes new rates once per working day, so the rate date only changes on working days.
  • Platform pricing: Fees, FX markup, settlement time, FIRA terms and RBI status are taken from each platform's own website and entered by the editorial team.
  • Pricing refresh: Pricing is re-checked when a change is found or reported by a reader. The "Fees checked on" date shows when it was last confirmed.

Pricing is never taken from a competitor's description of another platform.

What is the mid-market benchmark, and why is it used?

The mid-market rate is the midpoint between the buying and selling price of a currency, before any provider adds a margin. Every payout on this site is measured against it, so the cost of each platform shows up as the gap between the mid-market value and the INR received.

  • Neutral: The benchmark belongs to no platform, so every platform is measured against the same number.
  • Checkable: Every figure shows the rate source and its date. Rate history charts and day-on-day changes use ECB reference rates, which are published with a date and can be checked against the source.
  • Complete: Measuring against mid-market captures costs hidden in the exchange rate as well as visible fees.

For example, the XE mid-market rate for 4 Nov 2026 gives 1 USD = 94.65 INR, so $5,000 is worth ₹4,73,269 at mid-market.

How is the total landed INR calculated?

Total landed INR is the amount that reaches your Indian bank account after the platform's fee, its FX markup and GST on the fee. The same formula is used for every platform on every page.

fee = invoice × fee % + fixed fee

platform rate = mid-market rate × (1 − FX markup %)

GST = fee × 18% (where charged)

landed INR = (invoice − fee) × platform rate − GST in INR

  • Fee bands: Where a platform prices by invoice size, such as a flat fee up to $2,000 and a percentage above, the band that matches the invoice is used.
  • Fixed fees: Fixed fees published in USD are converted at the mid-market rate. Fees published in INR are used as they are.
  • Total cost: Total cost is the mid-market value minus landed INR, shown in rupees and as a percentage of the invoice.

For example, take a hypothetical platform charging a 1% fee plus GST and a 0.5% FX markup, on a $5,000 invoice at the XE mid-market rate of 94.65 for 4 Nov 2026.

Worked example on a $5,000 invoice
StepAmount
Invoice at mid-market₹4,73,269
Platform fee (1% of $5,000)− ₹4,733
FX markup (0.5% on the amount converted)− ₹2,343
GST (18% of the fee)− ₹852
Landed INR₹4,65,342
Total cost₹7,927 (1.67%)

What is ranked, and what is only reported?

Platforms are ranked on one measure: landed INR for the invoice amount. There are no weighted scores. Speed, compliance documents and support are shown beside the ranking so you can weigh them yourself.

How each factor is used
FactorHow it is usedDetail
Cost (landed INR)RankedPlatforms are ordered by INR received, highest first. The order is calculated, with no manual override.
Settlement speedReportedShown as each platform states it. Not scored, because published times are not independently measured.
FIRA and e-BRCReportedShown as each platform states it, including whether FIRA is issued per payment.
RBI statusReportedShown as each platform states it. Confirm on RBI's published list before relying on it.
SupportNot coveredSupport quality is not assessed.

Every ordering of platforms on the site, including payout rankings, the calculator, INR tables and the platform profiles on alternatives articles, is calculated from landed INR.

Which platforms and payment types are included?

The editorial team chooses which platforms the site covers, so the comparison does not include every provider in the market. A covered platform is ranked when it publishes enough pricing to calculate landed INR. Platforms that publish only ranges, or that could not be verified, are listed with the details they do publish.

  • Ranked: HDFC Bank, Kotak Mahindra Bank, PayPal, Razorpay, Skydo, Stripe, Wise Business.
  • Listed, not ranked: Adyen, Airwallex, Axis Bank, Cashfree Payments, Currenxie, Deel, Dodo Payments, ICICI Bank, Instarem, Karbon Business (Karbon FX), Lemon Squeezy, Paddle, Payoneer, PayU, PingPong, Remitly, Revolut, State Bank of India, Tazapay, TransFi, Western Union, Winvesta.
  • Payment type: Bank transfers into local account details. Card and wallet payments cost more and are not modelled.
  • Currency: Payouts are calculated for USD invoices. Rates for EUR, GBP, AUD, CAD and SGD are shown for reference.

What happens when data is out of date or unavailable?

The site never shows an old exchange rate as the current one. If the rate feed cannot be reached, the calculator and rankings pause with a message until a fresh rate is available.

  • Rate date: Every rate is shown with its ECB reference date, so a weekend or holiday rate is visible as such.
  • Fee date: Every page shows when fees were last checked, so older pricing is visible to the reader.
  • Unverified pricing: A platform whose full pricing cannot be confirmed is never ranked. Where its own pages publish a fee range or conflicting figures, an estimated INR range is shown from its most and least favourable published figures. Where the fee is published but the FX margin is not, an upper bound is shown ("Up to"), because the real amount can only be lower. Otherwise a label explains why no figure is possible: price on request, set by your bank's conversion, or not usable for business receipts.

What are the limitations of this comparison?

The figures are estimates for comparing platforms. The amount you receive can differ from them for the reasons below.

  • Reference rate: Platforms convert at their own live rate during the day. The ECB rate is a daily benchmark, so intraday moves are not captured.
  • Pricing changes: A platform can change its fees between checks. The "Fees checked on" date shows how current the pricing is.
  • Account-specific pricing: Some platforms offer custom pricing for high volumes or charge by account type. Published standard pricing is used.
  • GST assumptions: Where a platform does not state its GST treatment, 18% GST on the fee is assumed.
  • Bank charges: Charges from your own Indian bank for crediting a remittance are not included.
  • Not advice: The comparison is information, not financial, tax or legal advice.

How can you report an error?

If a fee, rate or detail on this site does not match a platform's current pricing, report it through the contact page with a link to the source. Confirmed corrections are published and the page's "Last modified" date is updated.

How did we verify this?

The rate sources below were checked on 30 Sept 2026. Platform pricing was checked against each platform's own pages on 30 Sept 2026.

FAQs about our methodology

Why use the European Central Bank rate instead of the rate shown on Google?

The European Central Bank publishes official reference rates every working day, free to access and marked with a date. That makes every figure on this site checkable against a named, dated source. Rates shown by search engines come from third-party data providers and change through the day.

Why is Wise not included in the payout ranking?

Wise's pages checked for this site do not publish the USD to INR conversion fee that applies to Indian business accounts receiving money. Without that figure the INR received cannot be calculated. Wise is still listed with the fees it does publish, and will be ranked once the conversion fee can be confirmed.

Does the INR figure include charges from my own Indian bank?

No. The calculation covers the platform's fee, FX markup and GST on the fee. Some Indian banks charge their own fee for crediting an inward remittance, and those charges vary by bank and account type. Check your bank's schedule of charges for the final amount.

Why does the formula add GST only to the platform fee?

Platforms that publish GST terms apply it to their fee, so the formula adds 18% GST to the fee where a platform charges it or does not say otherwise. GST on the value of a currency conversion can also apply under Indian GST valuation rules, and is not modelled unless a platform publishes it.

How often are platform fees checked?

Platform fees are checked by hand against each platform's own pricing pages. Every page shows the date fees were last checked, currently 30 Sept 2026. Fees are re-checked when a pricing change is found or reported by a reader, and the date is updated.

Can I use these figures for GST or income tax filing?

No. The figures are estimates for comparing platforms before you choose one. For filings, use the amounts on your FIRA, bank credit advice and the platform's own statements, which show the rate and charges that were actually applied to your payment. Confirm your filing position with a chartered accountant.