How to receive USD in India
To receive US dollars in India, give the payer the details of an EEFC or current account at an Indian bank, or US account details from a regulated payment provider that settles to your Indian bank. From 1 October 2026 export proceeds must be realized in India within nine months, and unused EEFC balances must be converted by the end of the following month. This guide covers the routes, the FEMA rules, what to send the payer, arrival times, published costs and platform options.
- An Indian business can receive US dollars into an EEFC account at an AD bank, which can hold up to 100% of its foreign exchange earnings in dollars.
- From 1 October 2026 export proceeds must be realized within nine months, or twelve months if invoiced in rupees, under notification FEMA 23(R)/(1)/2026-RB.
- EEFC accruals not used for permitted purposes or forward commitments must be converted to rupees by the last day of the following calendar month.
- Wise states that USD received by Indian businesses is converted automatically to INR, up to INR 2.5 million per transaction, and cannot be held in balances.
- Skydo publishes a flat $19 fee per receipt up to $2,000 and $29 up to $10,000, while Payoneer lists 1% for receiving into a non-local-currency account.
- Nacha reports that about 80% of ACH volume settles in one banking day or less, so a US client paying US account details is usually faster than an international wire.
How to receive USD in India: the short answer
An Indian business paid from abroad has three main ways to receive US dollars. The first is an account at an Indian bank, usually an EEFC account, which the payer funds by an international wire. The second is a receiving account from a regulated payment provider, which gives the payer US account details and pays the business in rupees in India. The third is a foreign currency account outside India, which FEMA allows exporters to hold for a short window before the money is used for imports or brought home.
An EEFC account, or Exchange Earners' Foreign Currency account, is a foreign currency current account that a person resident in India opens with an authorized dealer (AD) bank to keep foreign exchange earnings in that currency. An AD bank is an Indian bank licensed by the Reserve Bank of India (RBI) to deal in foreign exchange. FEMA is the Foreign Exchange Management Act, 1999, which sets the rules on money received from abroad.
This guide is written for the businesses paid in dollars from outside India: IT, software and business process firms; design, marketing and content agencies; consultancies; exporters of goods such as textiles, engineering goods, chemicals and spices; and freelancers with clients abroad. It covers each route and who it suits, the rules that apply from 1 October 2026, the details to give a payer, arrival times, published costs, platform options and where a Helm account fits. For the account side of the same question, see our guide to a USD business account in India.
The ways to receive US dollars in India
The table compares the routes. It is not a ranking, and many Indian exporters use two: an EEFC account for dollar receipts and dollar payments, and a receiving account so US clients can pay by ACH.
| Route | How the payer pays | What arrives in India | Suits | Main rule to check |
|---|---|---|---|---|
| EEFC account at an Indian bank | International wire by SWIFT | US dollars, held until the end of the following month | Exporters that also pay suppliers in dollars | Unused balances converted to rupees by the end of the following month |
| Rupee account at an Indian bank | International wire by SWIFT | Rupees, converted by the bank on arrival | Firms whose costs are all in rupees | The bank's exchange rate on the day |
| Provider receiving account (PA-CB) | ACH or wire to US account details | Rupees in the Indian bank account | Agencies, IT firms and freelancers with US clients | INR 25,00,000 cap per unit of goods or services |
| Foreign currency account outside India | ACH, Fedwire or SWIFT, depending on the provider | US dollars, held abroad for a short window | Exporters with US buyers who pay by ACH | Use for imports or repatriate by the end of the next month |
Sources: RBI Master Direction on foreign currency accounts by a person resident in India; AZB & Partners summary of the RBI circular on payment aggregators for cross-border transactions (31 October 2023). As published on 29 October 2026.
SWIFT is the international network banks use to send cross-border payments, identified by an 8 or 11 character bank code. ACH is the low-cost US domestic bank transfer system. Fedwire is the Federal Reserve's real-time system for US dollar payments, used for large or urgent amounts. PA-CB stands for payment aggregator for cross-border transactions, the RBI category for providers that collect export payments online and settle them through an export collection account with an AD bank in India.
FEMA rules for money received from abroad
Four rules shape how an Indian business receives dollars. The biggest change is the first: from 1 October 2026 export proceeds must be realized within nine months, not fifteen.
1. Realize export proceeds within nine months
The Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 came into force on 1 October 2026. An amending notification of 22 September 2026, FEMA 23(R)/(1)/2026-RB, set the realization period at nine months for goods and for services and software, and twelve months for exports invoiced or settled in rupees. Realization means the full export value is received in India through the banking channel. An Export Declaration Form (EDF), which records an export and its value with the AD bank, is required for all exports, and for services within 30 days after the end of the month of invoicing.
2. EEFC balances are working balances
Under the RBI Master Direction, a resident can credit up to 100% of foreign exchange earnings to an EEFC account. The account pays no interest, and monthly accruals not used for permitted purposes or forward commitments must be converted to rupees by the last day of the following calendar month.
3. An account abroad is a short stop
An exporter may hold a foreign currency account with a bank outside India for export proceeds and advances. The money must be used for imports into India or repatriated by the end of the next month after receipt, or within three months for an account in an International Financial Services Centre (IFSC) such as GIFT City.
4. Every receipt carries a purpose code
Banks and providers ask for an RBI purpose code that describes each inward payment. Wise's published list, for example, includes P0102 for realization of export bills for goods, P0802 for software consultancy and implementation, P0807 for off-site software exports and P1006 for business and management consultancy and public relations services. A wrong code can delay or reject a payment.
| Who is paid | Rule that applies | Practical step |
|---|---|---|
| Exporter of goods | Realize within nine months of shipment from 1 October 2026 | Diary the shipment date plus nine months for every export |
| IT, software and service exporter | Realize within nine months of the invoice date; EDF within 30 days after the month of invoicing | File the EDF and match each receipt to an invoice |
| Exporter invoicing in rupees | Twelve months | State the currency clearly on the invoice |
| Any business holding an EEFC balance | Convert unused accruals by the end of the following month | Plan dollar payments before the month-end deadline |
| Exporter collecting into an account abroad | Use for imports or repatriate by the end of the next month | Sweep the balance to India each month |
| Freelancer paid by foreign clients | The same EEFC rules apply to resident individuals | Keep contracts and invoices for each receipt |
Sources: RBI notification FEMA 23(R)/(1)/2026-RB (22 September 2026); Lakshmikumaran & Sridharan via Mondaq on the 2026 regulations; RBI Master Direction, paragraphs 3.1 and 4.10; Wise, INR purpose codes. As published on 29 October 2026.
Many guides published before October 2026 still quote fifteen months for realization. Plan for nine.
What to give the payer
Most delays and short payments come from incomplete details on the invoice. Send the payer one set of details, in writing, and ask the payer's accounts team to save it as a vendor record.
| Field | For a wire to an Indian bank (SWIFT) | For US account details (ACH or Fedwire) |
|---|---|---|
| Beneficiary name | Business's registered name exactly as on the account | Business's registered name exactly as on the account |
| Account identifier | The EEFC account number if you want to keep dollars; otherwise the current account | US account number |
| Bank identifier | Bank's full name, address and SWIFT code; some banks also ask for the branch IFSC | Nine-digit routing number |
| Intermediary bank | The bank's US correspondent and its SWIFT code, as your bank instructs | Not needed |
| Charges | OUR, so the full amount arrives | Not applicable to ACH |
| Reference | Invoice number; the purpose of the payment | Invoice number |
Field list reflects standard SWIFT and US payment practice; confirm your bank's exact inbound instructions. As published on 29 October 2026.
The IFSC, or Indian Financial System Code, is the code that identifies a bank branch for domestic transfers in India. A correspondent bank is a bank that holds an account for another bank and settles payments in its currency; Indian banks receive dollars through correspondents in the United States, and a missing or wrong correspondent is a common reason a wire is returned. OUR, SHA and BEN are SWIFT charge codes: OUR means the sender pays all fees so the full amount arrives, SHA means fees are shared and intermediaries may deduct theirs in transit, and BEN means the receiver pays them all. A short payment is a problem in India beyond the lost fee, because the amount realized must match the export value declared on the EDF.
For a US client, US account details remove most of these fields. The client's accounts team pays a routing number and account number the way it pays a domestic supplier. Our guide on how to receive USD from overseas buyers shows how to put these details on an invoice.
How long a USD payment takes to arrive
Arrival time depends on the rail the payer uses and on how the money reaches India, not only on your bank.
| Route | Published timing | What affects it |
|---|---|---|
| ACH to US account details | About 80% of ACH volume settles in one banking day or less | Payer's bank cut-off and whether it uses Same Day ACH |
| Fedwire to US account details | Real-time gross settlement during Fedwire operating hours | Payer's bank hours and US public holidays |
| Provider settlement to an Indian bank | Skydo states settlement within 24 hours; Wise states an e-FIRC is emailed within 3 working days | Provider's own processing and the INR cap |
| SWIFT wire to an Indian bank | Depends on the number of correspondent banks in the chain | Correspondent checks, missing details, Indian and US holidays |
Sources: Nacha, Significant majority of ACH payments settle in one business day or less (28 August 2023); Skydo; Wise, receiving payments for Indian businesses. As published on 29 October 2026.
Real-time gross settlement means each payment is settled individually as it is processed, rather than in batches. An e-FIRC is the electronic Foreign Inward Remittance Certificate, the bank's record that foreign currency arrived from abroad, which exporters use to support the EDF, GST filings and export incentive claims. For a SWIFT wire, give complete details the first time, quote the invoice number, and ask the payer for the SWIFT confirmation, which lets your bank trace the payment if it does not arrive.
What it costs: published fees
Receiving dollars has three cost layers: the payer's bank fee, any correspondent deduction on the way, and your own bank's or provider's charges. Converting to rupees adds a fourth, the exchange margin. The table shows charges that one Indian bank and two platforms publish.
| Provider and item | Published charge |
|---|---|
| State Bank of India: export-related inward remittance, up to Rs 10 lakh | Rs 50 per IRM reporting; nil for export credit customers |
| State Bank of India: export-related inward remittance, above Rs 10 lakh | Rs 500 per remittance; nil for export credit customers |
| State Bank of India: incoming SWIFT message | No charge |
| State Bank of India: e-FIRC and e-BRC | No issuance charge for e-FIRC; e-BRC nil |
| Skydo: per receipt up to $2,000 | $19 flat |
| Skydo: per receipt $2,001 to $10,000 | $29 flat |
| Skydo: per receipt above $10,000 | 0.3% |
| Payoneer: receiving into a non-local-currency receiving account | 1%, minimum $1 |
| Payoneer: withdrawal to a bank account with currency conversion | 1.2% to 4% |
| Payoneer: annual account fee | $29.95, only if the account receives less than $6,000 in 12 consecutive months |
Sources: State Bank of India, Foreign exchange transaction related service charges, effective 1 October 2026 (GST applies); Skydo, receive international payments in India; Payoneer fees page (last updated 1 January 2026; Payoneer states fees may differ by territory). As published on 29 October 2026.
An IRM is an inward remittance message, the bank's record of a receipt from abroad, and an e-BRC is the electronic bank realization certificate that records an export as realized. The table shows why the route matters for larger amounts. On a $10,000 receipt, a percentage fee of 1% is $100, while a fixed fee is the same at any size. Conversion is usually the largest cost of all: Skydo states it applies no foreign exchange markup, while banks and other platforms build a margin into the rate, so compare the rate offered with the mid-market rate on the day before you convert.
Wise, Payoneer, Skydo and other platforms in India
Platforms and fintechs, financial technology companies that are not banks, are common for agencies, IT firms and freelancers. In India their export collections run under the RBI's PA-CB rules, and each sets its own terms. The table records what each provider's own page states.
| Provider | What its own page states for Indian businesses | Point to check |
|---|---|---|
| Wise | Local account details in USD and 10 other currencies; money converted automatically to INR and sent to the Indian bank account; cannot hold balances or send money from the details; INR 2.5 million maximum and USD 5 minimum per transaction | Collect in USD, receive INR |
| Skydo | Account details in the US, UK, EU, Canada and Australia; converts and settles to the Indian bank account; free FIRA on every transaction; states it is authorized by the RBI under the PA-CB framework | Fixed fee per receipt |
| Payoneer | Publishes global fees and states actual fees may differ by territory | Fees shown in the account |
| Airwallex | India is on its list of supported business registration locations; Indian businesses are onboarded by its Singapore entity | Which products that entity offers |
Sources: Wise; Skydo; Payoneer fees; Airwallex eligible countries. As published on 29 October 2026.
FIRA is the Foreign Inward Remittance Advice, a provider's record of a receipt that serves the same purpose as a bank's FIRC. Before choosing a platform, ask four questions. Are the details in your business's own name, or in the platform's name with a reference? Which rails do they accept: ACH, Fedwire, SWIFT or only platform payments? Do dollars stay dollars, or are they converted to rupees on arrival? And does each receipt come with a FIRC or FIRA that your AD bank will accept against the EDF?
Freelancers and sole proprietors
A freelancer resident in India can open an EEFC account, because the EEFC rules cover any person resident in India with foreign exchange earnings. Many also use a platform for clients in the United States. Choose the right purpose code for each receipt, keep each client contract and invoice, and keep the FIRC or FIRA, because your bank and the tax authorities may ask for them. A freelancer who forms a company or LLP should move client payments into an account in its name.
Stablecoins
Some foreign clients offer to pay in USDC or USDT, digital tokens designed to hold a steady value of one US dollar. The Ministry of Finance has told the Lok Sabha that virtual digital assets are currently not regulated in India, and income from transferring them is taxed at a flat 30%, with 1% tax deducted at source on transfers. A stablecoin receipt does not pass through an AD bank, so it does not produce the FIRC and EDF match that export realization relies on. Take advice before accepting one for an invoice.
Where a Helm account fits
Helm is a financial technology company, not a bank. Accounts are held with regulated partner institutions. Helm provides USD account details in your company's own name, with a US routing and account number that receives ACH, Fedwire and SWIFT payments, alongside EUR details (IBAN, SEPA and SWIFT) and GBP details (sort code, Faster Payments and SWIFT).
- Service and goods exporters can give US clients domestic payment details in the Indian company's own name, so the client pays by ACH or Fedwire as it pays a US vendor.
- Exporters that import can pay suppliers abroad by SWIFT or by local rails in the supplier's currency where available, with the rate, fee and expected arrival shown before sending. See our guide on paying Chinese suppliers from India.
- Collections from buyers abroad can be held in USD or converted, within the FEMA windows below.
FEMA sets the limits. Paragraph 4.10 of the RBI Master Direction refers to an account with a bank outside India, and Helm is not a bank, so ask your AD bank to confirm how it will treat proceeds collected in a Helm account before you use it for exports. In every case, export proceeds must be realized in India within nine months, and money collected abroad must be used for imports or brought to India by the end of the next month. Helm accounts can receive and convert USDC and USDT, but an Indian business should not use those features in its trade without advice. Each account has a named account manager, and review questions are answered in writing within one business day. Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment.
Checklist for receiving USD in India
- Open an EEFC account with your AD bank if you also pay costs in dollars.
- Put the full payment details on every invoice, with the account you want credited.
- Agree OUR charges with payers, so the amount realized matches the EDF.
- Use the right RBI purpose code for each receipt.
- Diary nine months from shipment or invoice for every export from 1 October 2026.
- Convert unused EEFC balances by the end of the following month.
- Sweep any account abroad to India or use it for imports by the end of the next month.
- Keep the FIRC or FIRA, the EDF and the invoice together for each receipt.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
How can a business in India receive US dollars?
An Indian business can receive dollars by SWIFT wire into an EEFC or current account at an AD bank, through a regulated payment provider that gives US account details and settles in rupees, or into a foreign currency account abroad within FEMA's short holding window. Export proceeds must be realized in India within nine months from 1 October 2026.
Can I keep US dollars in India or must I convert them?
You can keep them in an EEFC account, but monthly accruals not used for permitted purposes or forward commitments must be converted to rupees by the last day of the following calendar month. Dollars received through most provider receiving accounts arrive as rupees.
What is the export realization period in India from October 2026?
Under notification FEMA 23(R)/(1)/2026-RB, export proceeds must be realized within nine months from 1 October 2026, for goods and for services and software, or twelve months for exports invoiced or settled in rupees. The earlier fifteen month period no longer applies.
What details does a foreign client need to pay my Indian bank account in USD?
The client needs your registered business name, the EEFC or current account number, your bank's full name, address and SWIFT code, and the bank's US correspondent as your bank instructs. Ask the client to quote your invoice number and to use the OUR charge code so the full amount arrives.
What is a purpose code and why does my bank ask for one?
A purpose code is the RBI code that describes the reason for a payment from abroad, such as P0102 for export of goods or P0802 for software consultancy. Banks and providers report it with each receipt, and a wrong code can delay or reject the payment.
Can I use Wise to receive USD as an Indian business?
Yes, to collect. Wise states that Indian businesses get USD account details, but the money is converted automatically to INR and sent to their Indian bank account, and the details cannot be used to hold balances or send money. The limit is INR 2.5 million per transaction.
How much do Indian banks charge to receive a dollar transfer?
Each bank publishes its own schedule. State Bank of India charges non-export-credit customers Rs 50 per export-related inward remittance up to Rs 10 lakh and Rs 500 above that, with no charge for incoming SWIFT messages or e-FIRC issuance. The exchange rate on conversion is a separate cost.
How fast does a USD payment reach India?
A US client paying US account details by ACH usually settles in one banking day or less, as Nacha reports for about 80% of ACH volume, and the provider then settles to your Indian bank; Skydo states within 24 hours. A SWIFT wire to an Indian bank depends on the number of correspondent banks in the chain.
Can freelancers in India receive USD in an EEFC account?
Yes. The EEFC rules cover any person resident in India with foreign exchange earnings, so an individual freelancer can open one with an AD bank. The monthly conversion rule applies, and each receipt needs the right purpose code.
Can an Indian business accept USDT or USDC from a client?
The Ministry of Finance has told the Lok Sabha that virtual digital assets are not regulated in India, and income from transferring them is taxed at 30% with 1% tax deducted at source. A stablecoin receipt does not produce the bank records that export realization relies on, so take advice first.
References
- Reserve Bank of India: Notification FEMA 23(R)/(1)/2026-RB, Export and Import of Goods and Services (Amendment) Regulations, 2026 (22 September 2026)
- Reserve Bank of India: Master Direction, foreign currency accounts by a person resident in India
- Lakshmikumaran & Sridharan via Mondaq: RBI releases FEMA 2026 export import trade regulations, what businesses need to know
- AZB & Partners: Regulation for payment aggregator operations for cross-border transactions (RBI circular of 31 October 2023)
- State Bank of India: Foreign exchange transaction related service charges, effective 1 October 2026
- Wise: INR purpose codes
- Nacha: Significant majority of ACH payments settle in one business day or less (28 August 2023)
- Business Today: Crypto still unregulated, but under tax and enforcement radar, FinMin in Parliament (5 February 2026)
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.