Razorpay Overview: How It Works and All Reviews
A practical look at Razorpay for Indian exporters and freelancers. We cover how Razorpay's MoneySaver Export Account works, what a $10,000 invoice really costs, where it falls short on GST compliance, and how Skydo really stacks up.
RBI's PA-CB framework
AICPA SOC2 certified
ISO: 2022 CertifiedWhat Is Razorpay?
Razorpay is an India-founded fintech, incorporated in 2014 and now valued at $9.2 billion. It serves over 5 million businesses and holds full RBI authorisation across payments, banking and cross-border transfers.
For Indian exporters, Razorpay's MoneySaver Export Account gives virtual accounts in USD, GBP and EUR. International buyers pay locally using familiar bank methods, funds convert at zero FX markup, and settle into your Indian bank account in INR within one business day of capture.
In India, Razorpay is most commonly used by freelancers, SaaS companies and Amazon Global sellers running domestic payments already now.
How Does Razorpay Work?
Razorpay gives you a MoneySaver account in USD, GBP, EUR. Clients pay locally, Razorpay settles to INR.
MoneySaver Export Account
Get virtual accounts in USD, GBP, EUR; clients pay using local banking methods.
Zero FX markup
Conversions happen at the live exchange rate, plus a flat 1% fee applied always.
Razorpay dashboard
Track balances, invoices, conversions and settlements.
Funds typically settle to your Indian bank within 1 business day (T+1) of the payment being captured. You cannot hold foreign balances long-term here.
Razorpay auto-generates FIRC within 24 hours of settlement at no extra cost, though it doesn't publicly confirm automated eBRC for Indian exporters yet.
Razorpay Key Features
A quick look at the Razorpay features most relevant to Indian exporters and freelancers.
MoneySaver Export Account
Local-style virtual accounts in USD, GBP, EUR and more currencies.
Zero FX Markup & Transfers
Conversions at the live rate, plus a flat 1% transfer fee applied.
Razorpay dashboard
Track payments, invoices and FIRC downloads in one clean place.
RBI PA-CB licence
Full authorisation for cross-border payments both ways.
Marketplace integrations
Connect to Amazon, Etsy, eBay, Upwork and Deel directly.
Auto FIRC
Digital certificates generated within 24 hours, at no cost.
API and integrations
Connect to Shopify, WooCommerce and accounting tools.
EEFC settlement
Hold USD, EUR, GBP, AED or SGD without converting to INR immediately.
Bank grade security
PCI DSS Level 1, ISO certified, RBI licensed entity in India.
Razorpay Pricing and Fees
Razorpay is refreshingly transparent on price for its MoneySaver Export Account. The all-in cost lands at just 1% plus GST. Here's the full breakdown for Indian exporters, with a worked example and a side-by-side calculator versus Skydo.
On a $10,000 invoice, Razorpay costs roughly $115 to $120 with its 1% fee and zero FX markup. Skydo charges a flat $29 with zero markup too, a real difference of nearly $90 on that single payment.
Razorpay Pros and Cons
- Full RBI PA-CB, PA-O and PA-P licences held
- Zero FX markup with flat 1% fee on transfers
- Auto FIRC within 24 hours at no extra cost
- Trusted by over 5 million Indian businesses
- Deep marketplace integrations for exporters
- Fast T+1 settlement to Indian banks
- No setup or monthly maintenance fees
- India-based support and RBI-aligned compliance
- 1% fee compounds on larger invoices vs flat-fee rivals
- eBRC automation not explicitly confirmed
- International cards cost 3% + GST, a higher rate
- Reviews cite account holds in compliance review
- Support described as slow for disputes
- No INR holding in foreign accounts
- SOFTEX and EDPMS handling not detailed
- Onboarding needs full Indian KYC
Razorpay for Indian Freelancers and Exporters
Razorpay has clear strengths and a few real gaps for exporters.
When Razorpay makes sense.
You already use Razorpay for domestic payments and want one platform. You value full RBI cross-border licensing. You receive payments from marketplaces like Amazon or Upwork. You want auto FIRC without extra manual steps.
When Razorpay stops making sense.
Your invoices are large and infrequent, so a percentage fee compounds fast. You want flat-fee predictability regardless of invoice size. You need automated eBRC confirmed in writing. You want a platform built only around receiving, not a full gateway.
Razorpay User Reviews: What Customers Say
Quotes paraphrased from public G2, Trustpilot, and Reddit threads from Indian Razorpay users.
"They hold payment and ask for unnecessary documents for proof. They even send their agent to your home to confirm the address proof. The agent asks your family about your profession and takes photos without permission."
"Reliable payment processing and excellent API docs, integrates very cleanly with our stack overall."
"Razorpay is becoming a serious problem for my international customers"
"Clean checkout, multiple payment options for customers, but support tickets can take a while to close."
"Very bad customer support, holding the money"
"If there is a payment failure issue that repeatedly happens. If you directly contact Razorpay, they will not solve it, they pass the ball between each other"
Reviews paraphrased from publicly available sources. They reflect individual experiences, not Skydo's endorsement.
How Does Skydo Compare to Razorpay?
Here's a side-by-side look at Razorpay and Skydo across the things that actually matter for Indian exporters.
Transaction fee structure
1% on transfers
Flat $19 / $29 / 0.3%
FIRA
Automatic, per transaction
Free, instant, per transaction
eBRC for Amazon sellers
Not supported, handled with your AD bank
eBRC closure assistance
GST-compliant invoicing
Built in, GST compliant
Available on the dashboard
Settlement time
1 business day
Within 24 hours
Hold foreign currency (India)
Not for INR; EEFC covers 5 currencies
RBI prevents holding foreign currency
India-based support
India-based, HQ in Bengaluru
Chat, Call and WhatsApp
RBI authorisation
Full PA-CB (Dec 2025)
Full PA-CB licence
Best for
India-first compliance, marketplace payouts
Recurring B2B exports, $500-$100K invoices
Frequently Asked Questions About Razorpay
Is Razorpay available for businesses in India?
Yes. Razorpay is an Indian company headquartered in Bengaluru, and its MoneySaver Export Account is built specifically for Indian businesses to receive international payments. It holds full RBI licensing, including the PA-CB (Payment Aggregator: Cross Border) authorisation obtained in December 2025, covering both inward and outward cross-border transactions.
How much does Razorpay charge in India?
Razorpay's MoneySaver Export Account charges a flat 1% fee plus 18% GST, with zero FX markup, for receiving bank transfers into your Indian account. Its standard gateway charges more for international card payments, at 3% plus GST. There are no setup fees or monthly charges on either.
Can I hold USD in my Razorpay account in India?
Not for long-term holding. Razorpay's virtual USD, GBP and EUR accounts settle automatically into INR within one business day and cannot hold foreign currency indefinitely. The exception is its EEFC settlement option, which lets you receive card payments directly in USD, EUR, GBP, AED or SGD without converting to INR.
Does Razorpay provide FIRA?
Yes, automatically. Razorpay generates your FIRC (Foreign Inward Remittance Certificate) within 24 hours of settlement at no extra cost, downloadable directly from your dashboard. However, Razorpay doesn't explicitly confirm automated eBRC generation on its public pages, so exporters needing that should verify it during onboarding.
Is Razorpay safe to use in India?
Razorpay is generally considered safe and holds full RBI authorisation across payments (PA-O), offline payments (PA-P), and cross-border transactions (PA-CB). It's PCI DSS Level 1 and ISO certified. Some reviews mention account holds or rolling reserves during compliance checks, which is common industry practice but can be frustrating without clear communication.
What's the best Razorpay alternative for Indian freelancers?
For pure export receivables without domestic gateway needs, a platform built purely around receiving international payments with flat-fee pricing may suit better, since Razorpay's 1% fee scales with invoice size. Skydo is one such option, with a flat $19-29 fee and automatic FIRA regardless of invoice size.
Can I send money out of India with Razorpay?
Razorpay's MoneySaver Export Account is designed for receiving international payments into India, not sending money out. For outward remittances, Razorpay offers RazorpayX Forex/FDI Transfers and other business banking tools, though personal outward remittances under India's LRS typically go through your bank instead.
Should I use Razorpay or Skydo?
It depends on your needs. If you already use Razorpay for domestic payments and value full RBI cross-border licensing, its MoneySaver Export Account works well. If you want flat-fee pricing that doesn't scale with invoice size, or need eBRC confirmed automatically, Skydo's India-first model may suit larger or less frequent invoices better.
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