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

  • Wise is transparent on price with genuine mid-market FX, but the conversion fee, GST and eFIRC charge still stack up to roughly 2% all in
  • 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
Wise
₹4,16,555
You lose:2.0%
Razorpay
₹4,19,985
You lose:1.2%
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Trusted by 40,000+ businesses
Over $1B processed • Licensed by RBI
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Wise vs Razorpay: understanding the key differences

Both Wise 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.
Featureswiserazorpay
Transfer fees1.6% to 1.8% conversion fee1% on bank transfers (cards 3%, wallets 3.5%)
Forex markupZero, genuine mid-market rateZero, live exchange rate
FIRADigital eFIRC for every transfer, at $2.50 eachAutomatic 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 timeUnder 90 minutes in business hours (varies by route)1 business day
Customer supportChat and email on a global queueIndia-based support
Best suited forOccasional receivables and outward LRS remittancesLower-value invoices where 1% takes a smaller cut

Wise 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
wise0% markup
₹8,33,280
Exchange rate85.00
Forex markup₹0
Transfer fee₹14,025
Fixed fee₹0
FIRA fee₹170
GST (18%)₹2,525
Total fees₹16,720
You receive₹8,33,280
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

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

wise
  • Issues an eFIRC for every transfer at $2.50 each, not free
  • No automated eBRC, generate manually through your bank or DGFT
  • Invoicing tool does not produce GST-compliant invoices for India
  • Purpose code selection not prominent in the flow
  • SOFTEX and EDPMS handled separately
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

Wise 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.
01wise

Choose Wise if:

You want genuine mid-market FX and are comfortable with a per-transaction eFIRC fee.
  • Freelancer who values transparent, disclosed pricing over the absolute lowest fee
  • New exporter wanting to start today with open self-serve signup
  • Business that already uses Wise for outward LRS remittances
  • Seller who can work with a global support queue rather than India-based support
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 Wise and Razorpay

Featureswiserazorpay
Settlement timeUnder 90 minutes1 business day24 hours
Forex markupZero, mid-marketZero, live rateZero, live rate
Transaction fee1.6-1.8% conversion fee1% on transfers$19 up to $2k, $29 up to $10k, 0.3% aboveBest
FIRAeFIRC at $2.50 eachAutomatic, 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 supportChat and email, global queueIndia-based supportIndia-based, on WhatsApp, call and email
Payment trackingLimitedDashboard, payment statusAuto tracked, remittance to bank deposit
RBI authorisationIn-principle PA-CB (Jun 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, Wise or Razorpay, for international payments in 2026?+
It comes down to how your clients pay you and how much compliance you want handled. Wise is transparent on price with genuine mid-market FX, at roughly 2 to 2.3% all in once the conversion fee, GST and eFIRC charge stack up. Razorpay handles international bank transfers at 1% with zero FX markup and automatic FIRA, though the percentage fee grows with invoice size. Wise suits transparent-pricing receivables and outward LRS transfers, while Razorpay suits lower-value invoices and existing Razorpay users.
Is Wise cheaper than Razorpay?+
Usually not. Wise charges a 1.6 to 1.8% conversion fee at the true mid-market rate, plus 18% GST and a $2.50 eFIRC charge, roughly 2 to 2.3% 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, Wise or Razorpay?+
Neither builds a meaningful markup into the rate. Wise converts at the genuine mid-market rate with zero markup, 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 Wise and Razorpay provide FIRA for Indian exporters?+
Wise issues a digital eFIRC for every transfer at $2.50 per certificate. 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 Wise and Razorpay RBI-approved for receiving payments in India?+
Wise holds in-principle PA-CB authorisation (June 2025) via Wise Payments India, with a ₹25 lakh per-transaction cap. Razorpay holds full PA-CB authorisation (Dec 2025) alongside its PA licence.
Is Wise or Razorpay better for freelancers or businesses?+
Freelancers who value transparent, disclosed pricing lean towards Wise. 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 Wise 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.

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