Neobank Reviews: Fast, RBI-Compliant Revolut Alternatives for Indian Freelancers

Key takeaways

Revolut India alternative, what actually works today

Clients abroad expect simple ACH, SEPA, or FPS transfers, while you need e-FIRA, fast INR settlement, and clean RBI, FEMA compliance. This guide gives you a practical comparison of usable options plus a decision checklist to pick a Revolut competitor India that fits both regulations and your day to day workflow.

Quick verdict, who should choose what

• Need e-FIRA and INR in 24 to 48 hours with 0 percent FX markup? Choose Karbon Business, India first, own name USD, GBP, EUR, CAD accounts, auto e-FIRA, flat 1 percent platform fee.
• Outbound is your main need, paying vendors or tools abroad? Wise Business has great UX and clear fees for sending, inbound is pooled with no e-FIRA.
• Marketplace heavy flows? Payoneer and similar payout tools work well for platforms like Amazon, less optimised for service invoices and documentation.
• Okay with higher cost and no e-FIRA, want brand familiarity? PayPal is easy for small tickets, often expensive on FX and fees, holds are common.
• Another India focused exporter option? Skydo is relevant for exporters and Amazon global sellers with automated documentation.

You can run Karbon alongside PayPal or Wise. Keep legacy tools if a client insists, route new invoices through Karbon for lower cost and automatic e-FIRA.

Buyer’s checklist, how to evaluate a Revolut India alternative

Compliance for India and e-FIRA / FIRA

Does the platform auto generate e-FIRA/FIRA for every inward remittance? For Indian service exporters, Karbon automatically issues e-FIRA, Wise and PayPal do not. Your CA, GST, and income tax filings depend on this document, without it you chase your bank for weeks.

Settlement speed to your INR account

How long from client payment to INR credit? Karbon settles to your Indian bank in 24 to 48 hours after you claim funds. Many global wallets take 2 to 7 days, or longer with holds. Predictable timing beats theoretical instant transfers that get delayed.

Pricing clarity, fee versus FX markup

Is it a flat platform fee and 0 percent FX markup, or padded exchange rates? Karbon charges 1 percent flat, 0 percent FX markup based on live mid market rates. Always ask two questions, what is the fee and what is the FX spread?

FX source and markup policy

Is FX based on mid market rates with a stated markup, or opaque card rates? Karbon and Wise reference mid market, Karbon holds 0 percent markup while Wise has a variable fee. PayPal style services often embed the biggest cost in the rate.

Local receiving accounts and payment rails

Do you get own name virtual accounts in USD, GBP, EUR, CAD, and support for ACH, SEPA, FPS, and SWIFT? Own name details reduce vendor onboarding friction with corporate clients.

Ability to hold foreign currency

Can you hold USD, EUR, GBP, CAD for a short window to hedge FX, say up to 60 days? Karbon allows a 60 day hold, convert when you need INR.

Onboarding requirements and turnaround

What documents do you need, and how fast is KYC? Karbon typically completes KYC in 2 to 4 business days with PAN, masked Aadhaar, 3 months of bank statements, and an online profile.

Customer support and SLAs

Do you get WhatsApp and phone support with sub hour responses, or only email tickets? When a 5,000 dollar invoice is stuck, speed matters.

Limits, chargebacks, disputes

Understand transaction caps and how disputes are handled. Clear invoices, contracts, and scope documents reduce risk and unlock smoother flows.

Integrations, invoices, payment links

Can you generate invoices and payment links directly, and export reports for your CA? Less tool juggling means fewer errors.

Market scan, neobank India review for freelancers

Global wallets and neobanks for cross border collections

Examples include Wise Business, Payoneer, PayPal, OFX, WorldFirst, Airwallex. They are solid for multi currency flows, gaps for India often include pooled accounts, limited FIRA, FX padding, and slower INR settlement.

India first cross border platforms focused on freelancers and exporters

Examples include Karbon Business, Skydo, RazorpayX International. Best fit for e-FIRA, documentation, mid market FX, and local support built around RBI rules.

Local retail neobanks, domestic only

Examples include Fi, Jupiter, Niyo. Great for UPI and cards, not designed for cross border collections or FIRA.

What truly matters: auto e-FIRA, true mid market FX with clear fees, predictable 24 to 48 hour INR settlement, and human support during India hours.

Deep dive, why Karbon Business is a strong Revolut India alternative

India first compliance

Built around RBI and FEMA norms for service exporters. e-FIRA is auto generated within 24 hours for every inward payment, download from your dashboard and hand to your CA. No branch chasing.

Speed and cost

INR settles in 24 to 48 hours after you claim funds. Flat 1 percent platform fee, no setup or maintenance, 0 percent FX markup on the live mid market rate. What you see on Xe.com is what you get, minus the flat fee.

Accounts and currencies

Own name USD, GBP, EUR, CAD details, receive via ACH, SEPA, FPS, or SWIFT. Hold currency up to 60 days, convert when you prefer.

Practical workflows

Create invoices and payment links in the dashboard. Clients pay locally in their currency, you claim, then hold or convert. Notifications guide each step. WhatsApp support replies quickly for urgent queries.

Onboarding essentials

• PAN card
• Masked Aadhaar
• Last 3 months of bank statements
• Online work profile, Upwork, LinkedIn, portfolio, Instagram, or similar

KYC typically completes in 2 to 4 business days, foreign currency accounts go live immediately post approval.

Who it is ideal for

Freelance developers, designers, marketers, writers, consultants, educators, and small studios billing US, UK, EU, or Canada. Anyone tired of FX markups, paperwork for FIRA, and slow settlements.

Comparison by criteria, shortlisting guide

Fees

Karbon: Flat 1 percent. Wise: Variable fee plus FX component. PayPal and similar: Percentage fee plus FX margin.

Verdict: Flat fee plus 0 percent FX markup is usually cheapest for inbound service invoices.

Foreign exchange

Karbon: Mid market with 0 percent markup. Wise: Mid market with explicit fee. PayPal and similar: Opaque margins above mid market.

Verdict: Compare the effective INR you receive, not just headline fees.

Settlement speed

Karbon: 24 to 48 hours to INR after claim. Wise: Often 1 to 3 days. PayPal and similar: Holds are common, bank settlement is slower.

Predictability beats theoretical instant. Knowing INR arrives within 48 hours lets you plan expenses and sleep better.

Compliance and e-FIRA

Karbon: Auto e-FIRA within 24 hours. Wise and PayPal: No automatic FIRA, manual work with your bank and CA.

Local receiving accounts

Karbon: Own name USD, GBP, EUR, CAD with ACH, SEPA, FPS, plus SWIFT. Wise: Pooled in many corridors. PayPal: Wallet, not own name accounts.

Support

Karbon: WhatsApp and dashboard, human responses typically under 20 minutes. Others rely on email or tickets with slower turnarounds.

Real world India specific scenarios

US client pays via ACH, 3,000 dollars project

You issue a Karbon invoice with your US ACH details in your name. Client pays domestically, funds land in your USD balance. You claim, convert at the live mid market rate, INR reaches your bank in 24 to 48 hours. e-FIRA auto generates within 24 hours, share it with your CA.

European agency pays via SEPA in EUR, you hedge FX

You receive 2,500 euros, hold for two weeks within the 60 day window, convert when EUR, INR improves. Extra INR earned, still fully compliant with auto e-FIRA.

Chargeback or dispute handling

Issue detailed invoices with milestones, keep approvals in writing. If a dispute appears, WhatsApp support guides your documentation pack, invoice, scope, approvals, deliverables. Clean paper trail, stronger outcomes.

Step by step, start Karbon alongside your current tool

Create your Karbon Business account

Sign up, submit PAN, masked Aadhaar, 3 months bank statements, and an online work profile.

Complete KYC, 2 to 4 days

Compliance reviews your docs, clarifications via email or WhatsApp if needed. USD, GBP, EUR, CAD accounts go live on approval.

Generate an invoice with local details

Create the invoice in dashboard, auto populated ACH, SEPA, FPS, or SWIFT details. Share invoice and payment link with your client.

Client pays via local rails

US via ACH, EU via SEPA, UK via Faster Payments. Funds arrive in your foreign currency balance, notifications keep you updated.

Claim payment, hold or convert

Claim funds, hold up to 60 days for a simple hedge, or convert to INR immediately at mid market with 0 percent FX markup.

Receive INR in 24 to 48 hours and close compliance loop

INR settles to your bank, download e-FIRA from your dashboard, hand to your CA. Keep PayPal or Wise for legacy clients, route new invoices through Karbon to cut cost and paperwork.

Risks, constraints, and how to mitigate them

Disputes and chargebacks

• Write clear scope, milestones, acceptance criteria on your invoice.
• Break projects into phases and capture written sign offs.
• Keep key communication in email or project tools for an auditable trail.

Compliance holds

• Match payer name to invoice entity, ABC Corp invoice should not be paid by XYZ Ltd.
• Use clear purpose lines, software development services as per invoice number, not miscellaneous payment.
• Keep your online profile consistent with services you bill for.

Currency holding risk

Use the 60 day window as a light hedge, not speculation. If cash is tight, convert immediately. Set a target rate and a deadline, then act.

Common objections from Indian freelancers

Is Karbon a Revolut competitor for Indian freelancers?

Yes, Revolut Business is not practically live for India resident freelancers, and the current India rollout is consumer focused. Karbon delivers multi currency accounts, fast settlement, low transparent cost, and auto compliance for exporters.

Do I get e-FIRA automatically?

Yes, e-FIRA is auto generated within roughly 24 hours of each inward payment, downloadable from your dashboard, no branch visits or manual forms.

What are the exact fees and FX margins?

Flat 1 percent platform fee on collections, 0 percent FX markup on the live mid market rate. No setup, no annual, no monthly fees. Example, 1,000 dollars at 83.00 gives ₹83,000, fee ₹830, GST on the fee ₹149, net around ₹82,021 to your account.

How long does onboarding take, and what documents are needed?

KYC typically completes in 2 to 4 business days. Needed, PAN, masked Aadhaar, last 3 months bank statements, and proof of work via Upwork, LinkedIn, portfolio, or Instagram.

Are there payment limits?

Yes, reasonable per transaction and monthly caps aligned with regulation. Typical freelance invoices from 500 to 10,000 dollars fit easily. For larger invoices, support guides the documentation needed.

Can I receive via SWIFT and also ACH, SEPA, FPS?

Yes, you get local receiving details for ACH, SEPA, FPS, plus SWIFT for larger B2B payments, clients pay as if you are a domestic vendor.

How fast is support if a payment is stuck?

WhatsApp and dashboard support usually reply within 20 minutes during work hours for urgent issues, faster than typical global ticket queues.

Can I hold USD or EUR for a bit to get a better rate?

Yes, you can hold USD, EUR, GBP, CAD for up to 60 days, convert when rates improve, or convert instantly if you need cash flow today.

Will my CA get all compliance documents easily?

Yes, each inward payment has auto e-FIRA within about 24 hours, plus transaction reports you can export and share for GST and income tax filings.

Can I keep PayPal or Wise for some clients and use Karbon for others?

Absolutely, keep legacy methods where a client insists, route new invoices through Karbon for lower cost, faster INR, and automatic documentation.

I work via marketplaces, should I switch fully?

If most revenue comes from marketplace payouts, Payoneer type flows may be fine. For direct invoices to agencies or brands, Karbon’s own name accounts, ACH, SEPA, FPS, and auto e-FIRA simplify compliance and speed up INR settlement.

Is this RBI and FEMA compliant for freelancers?

Yes, Karbon is built for India first compliance, issuance of e-FIRA, proper purpose codes, and documentation that satisfies audits, so your CA can reconcile without manual chase.

List of tools for receiving international payments into India

• Karbon Business: Own name USD, GBP, EUR, CAD accounts, auto e-FIRA within 24 hours, 24 to 48 hour INR settlement, flat 1 percent fee, 0 percent FX markup, fast WhatsApp support.
• Wise Business: Transparent multi currency platform, strong for outbound, inbound is pooled, no automatic e-FIRA.
• Payoneer: Good for marketplace payouts, less optimised for direct service invoices and Indian documentation.
• PayPal: Easy and familiar, often expensive on FX and fees, holds are common, no auto FIRA.
• Skydo: Exporter focused, instant documentation, useful for Amazon global and service exporters.
• RazorpayX International: Gateway led option expanding into cross border collections for SMEs.

Why this matters for your freelance business

You did not go independent to chase banks for FIRA or lose 3 percent to hidden FX. The right platform should be invisible, handle compliance, settle predictably, price fairly, and respond quickly when something goes wrong.

When you search for a Revolut India alternative, you are really asking, how do I get paid by international clients quickly, cheaply, and compliantly? For most Indian freelancers, Karbon Business fits that brief, own name accounts, auto e-FIRA, 24 to 48 hour INR settlement, 0 percent FX markup, flat 1 percent fee, and WhatsApp support that actually replies.

There are no setup fees, onboarding takes 2 to 4 days, and you can try it on your next invoice while keeping your existing tools for legacy clients. Your time is valuable, your work deserves smooth payments and clean compliance.

FAQ

Revolut Business is not available for Indian freelancers right now, so what is the best practical alternative?

Use an India first platform that supports own name USD, GBP, EUR, CAD accounts, auto e-FIRA, and fast INR settlement. Karbon Business fits this setup with 24 to 48 hour settlement, 0 percent FX markup, and a flat 1 percent platform fee.

How can I receive ACH or SEPA payments from international clients directly in my name?

Open a multi currency account that issues local details in your name. With Karbon Business, you get ACH for USD, SEPA for EUR, and FPS for GBP, so clients pay like a domestic vendor, which reduces friction in their finance process.

Do I really need e-FIRA for freelance services, my CA only asks sometimes?

Yes, e-FIRA is important for export documentation, GST reconciliation, and audits. Platforms like Karbon generate e-FIRA automatically within about 24 hours, so you avoid branch visits and manual follow ups every quarter.

What is cheaper overall, low fees with hidden FX, or flat fee with 0 percent FX markup?

For inbound collections, a flat 1 percent fee with 0 percent FX markup on mid market usually beats low headline fees with a 2 to 4 percent hidden FX spread. Karbon Business follows the flat fee, 0 percent markup model.

How quickly can I get INR in my bank after the client pays abroad?

With Karbon Business, once you claim funds, INR typically arrives in 24 to 48 hours. This predictability helps you manage rent, salaries, and subscriptions without stress.

Can I hold USD or EUR for a few weeks to improve the rate, or must I convert immediately?

You can hold foreign currency up to 60 days on Karbon Business, then convert when rates are favorable. If you need cash now, convert immediately at the live mid market rate with 0 percent markup.

What documents do I need to open an account as a freelancer in India?

Typical KYC includes PAN, masked Aadhaar, last 3 months of bank statements, and an online proof of work, Upwork, LinkedIn, portfolio, or Instagram. Karbon usually completes KYC in 2 to 4 business days.

Will I get own name account details, or pooled accounts like many global wallets provide?

Karbon Business provides own name account details in USD, GBP, EUR, and CAD, which helps when enterprise clients require vendor accounts that display your legal name.

How do I reduce chargeback risk on international projects?

Use clear invoices with scope, milestones, and acceptance criteria, and keep approvals on email. Karbon’s support team can advise on the documentation pack to submit if a dispute arises.

Is PayPal okay for small payments, or should I shift everything?

PayPal is convenient for small tickets or where a client insists, but FX and fees can be high and holds are common. Many freelancers keep PayPal for legacy clients, and move new invoices to Karbon Business for lower cost and auto e-FIRA.

I mostly sell via marketplaces like Amazon or Upwork, should I still consider Karbon?

If the majority of revenue is marketplace payouts, Payoneer style flows work fine. For direct agency or brand invoices, Karbon’s own name accounts, ACH, SEPA, FPS, and e-FIRA make compliance and reconciliation much easier.

What if my client prefers SWIFT over local rails, will that work?

Yes, Karbon supports SWIFT for larger B2B payments in addition to ACH, SEPA, and FPS, so you can accommodate different corporate treasury preferences while keeping documentation clean.