logo

Cashfree vs Razorpay: which is better for international payments in 2026?

  • Cashfree holds the RBI PA-CB licence and settles within days, but its fee is a third-party estimate of 1 to 1.5% rather than a published price, and invoices above $10,000 fall outside the product
  • Razorpay is easy for existing domestic users, with 1% flat pricing and zero FX markup, but the fee grows large as your invoices get bigger
  • Which one is better comes down to your priorities - fees, FIRA handling, and how your clients prefer to pay
Accept payment from 150+ countries
USD
Client pays
USD 100USD 100,000
1 USD = 85.00 INR
Live fx rate
You'll receiveINR
₹4,22,091
Cashfree
₹4,18,731
You lose:1.5%
Razorpay
₹4,19,985
You lose:1.2%
100+ reviews
Trusted by 40,000+ businesses
Over $1B processed • Licensed by RBI
RBI PA-CB authorizedHDFC BankISO 27001 certifiedVisa

Cashfree vs Razorpay: understanding the key differences

Both Cashfree and Razorpay are well-known names for international payments, but they differ in who can use them from India, fees, export documentation like FIRA, GST compliance, settlement timelines, and support. Here is how they compare side by side.
FeaturesCashfreerazorpay
Transfer feesEst. 1-1.5%, quote-only1% on bank transfers (cards 3%, wallets 3.5%)
Forex markup0% claimed, unverifiedZero, live exchange rate
FIRAFree e-FIRA within 24 hoursAutomatic FIRA per transaction
eBRCNot supported, closed on DGFT after your bank issues the IRMNot supported, closed on DGFT after your bank issues the IRM
GST-compliant invoiceNot availableBuilt-in invoicing tool that is GST compliant
Settlement timeWithin 7 days of NOSTRO credit1 business day
Customer supportIndia-based; email, tickets, WhatsApp for enterpriseIndia-based support
Best suited forDomestic-plus-exporter businesses under the $10K capLower-value invoices where 1% takes a smaller cut

Cashfree vs Razorpay: pricing and forex breakdown

Beyond the published fees, the real cost is what lands in your bank after fees, forex and GST. Move the slider to see what each one works out to, and how Skydo compares.
With Skydo, you receive₹8,47,091
Money transferUSD 10,000
$500$10K$100K$1M
Cashfree0% markup (claimed)
₹8,37,463
Exchange rate85.00
Forex markup₹0
Transfer fee₹10,625
Fixed fee₹0
GST (18%)₹1,913
Total fees₹12,538
You receive₹8,37,463
razorpay0% markup
₹8,39,970
Exchange rate85.00
Forex markup₹0
Transfer fee₹8,500
Fixed fee₹0
GST (18%)₹1,530
Total fees₹10,030
You receive₹8,39,970

Cashfree vs Razorpay: compliance, payment rails, and platform comparison

Cashfree
  • Issues free e-FIRA within 24 hours, per transaction
  • No automated eBRC, generate manually through DGFT
  • Invoicing tool does not produce GST-compliant invoices for India
  • Purpose code assignment method not publicly documented
  • SOFTEX and EDPMS handled separately via your bank
razorpay
  • Generates a digital FIRA automatically for every transaction on the dashboard
  • No automated eBRC, you close it on the DGFT portal once your bank issues the IRM
  • Has a built-in invoicing tool that produces GST-compliant invoices
  • Leaves the purpose code to your AD bank at settlement, outside the payment flow
  • SOFTEX and EDPMS are handled separately, not by Razorpay

Cashfree vs Razorpay: which one is right for you

There is no single winner. The right pick depends on who pays you, how large your invoices are, and how much paperwork you can handle.
01Cashfree

Choose Cashfree if:

You want RBI PA-CB licensing from an established Bengaluru fintech and can work within the product's limits.
  • You're comfortable requesting a quote instead of seeing a published fee
  • Your invoices stay reliably under the $10,000 cap
  • You already run domestic payments through Cashfree and want one dashboard
  • You value a full PA-CB licence over published pricing
02razorpay

Choose Razorpay if:

You want bank transfer rails and 1% pricing with zero markup, and value an India-first stack.
  • You are an exporter or freelancer who wants to be paid by local bank transfer, like ACH, SEPA, or SWIFT, rather than card
  • You want 1% with zero forex markup instead of a percentage-plus-markup structure
  • You want automatic per transaction FIRA generated on the dashboard
  • You already run on Razorpay's India stack and want gateway, payouts, and collections in one dashboard

Skydo: a better alternative to Cashfree and Razorpay

FeaturesCashfreerazorpay
Settlement timeWithin 7 days of NOSTRO credit1 business day24 hours
Forex markup0% claimedZero, live rateZero, live rate
Transaction feeEst. 1-1.5%, quote-only1% on transfers$19 up to $2k, $29 up to $10k, 0.3% aboveBest
FIRAFree e-FIRA, 24 hrsAutomatic, per transactionFree, instant, per payment
eBRC and EDPMSNot supported, handled with your AD bankNot supported, handled with your AD bankOne-click eBRC, EDPMS closure assistance
GST invoicingNot availableBuilt in, GST compliantBuilt in, GST compliant
Customer supportIndia-based, ticketsIndia-based supportIndia-based, on WhatsApp, call and email
Payment trackingReal-time dashboardDashboard, payment statusAuto tracked, remittance to bank deposit
RBI authorisationFull PA-CB (2025)Full PA-CB (Dec 2025)Full PA-CB authorized
Losing money on each transfer but not sure how much?

See what our clients say about us

100+ reviews
Trusted by 40,000+ businesses
Shashank
“I'm looking for straightforward, transparent pricing. With most payment providers, it's hard to understand the actual fees and exchange rates, making it difficult to know what I'm really paying.”ShashankCEO, HCODE

Frequently asked questions

Which is better, Cashfree or Razorpay, for international payments in 2026?+
It comes down to how your clients pay you and how much compliance you want handled. Cashfree holds the RBI PA-CB licence and settles within days, but its fee is quote-only and every invoice above $10,000 falls outside the product. Razorpay handles international bank transfers at 1% with zero FX markup and automatic FIRA, though the percentage fee grows with invoice size. Cashfree suits domestic-plus-exporter businesses under the $10K cap, while Razorpay suits lower-value invoices and existing Razorpay users.
Is Cashfree cheaper than Razorpay?+
Usually not. Cashfree's Global Collections fee is not published — third-party estimates put it at 1 to 1.5% with 0% claimed FX markup, roughly 1.2 to 1.8% all in. Razorpay charges 1% plus GST on international bank transfers with zero forex markup, roughly 1.2% all in. Razorpay is generally cheaper, though what actually lands in your bank depends on invoice size.
Which provides better exchange rates, Cashfree or Razorpay?+
Neither builds a meaningful markup into the rate. Cashfree claims 0% forex markup, though the rate is unverified, and Razorpay converts at the live exchange rate with zero markup. The cost difference between them comes from fees rather than the exchange rate.
Do Cashfree and Razorpay provide FIRA for Indian exporters?+
Cashfree auto-generates a free e-FIRA within 24 hours, per transaction. Razorpay generates a digital FIRA automatically for every transaction. For GST refunds and export compliance an instant per-payment FIRA matters — Skydo issues one free with every payment.
Are Cashfree and Razorpay RBI-approved for receiving payments in India?+
Cashfree holds a full PA-CB licence (Certificate 266/2025). Razorpay holds full PA-CB authorisation (Dec 2025) alongside its PA licence.
Is Cashfree or Razorpay better for freelancers or businesses?+
Businesses already running domestic payments on Cashfree, with invoices under the $10,000 cap, lean towards Cashfree. Exporters who want bank-transfer rails at a low percentage fee, or who already run on Razorpay's India stack, lean towards Razorpay.
Is there a better alternative to Cashfree and Razorpay for receiving money in India?+
Skydo is built for Indian exporters and freelancers. It charges a flat fee ($19 up to $2k, $29 up to $10k, 0.3% above) that works out cheaper than a percentage fee as invoices grow, with zero forex markup, instant FIRA on every payment, one-click eBRC and EDPMS closure assistance, built-in GST-compliant invoicing, full RBI PA-CB authorisation, and India-based support.

Ready to save more on international payments?

Start receiving global payments with Skydo and keep more of what you earn.