Revolut vs Wise vs Karbon: What Indians Can Actually Use

Key takeaways

• Revolut Business is not available for India-resident freelancers or businesses as of early 2025, so it’s not a practical option right now.
• Wise works in India with transparent fees and mid-market rates, but payments land via pooled accounts and it does not issue FIRA certificates, creating tax-season headaches.
• Karbon Business provides local USD, GBP, EUR, and CAD account details in your name, 24–48 hour INR settlement, automatic e-FIRA, and zero FX markup, making it purpose-built for Indian freelancers.
• OFX suits larger, sender-initiated transfers, but it’s clunky for monthly invoices and doesn’t offer own-name receiving accounts.
• WorldFirst is focused on e-commerce payouts, its India support is limited, and it’s not optimized for service freelancers.
• If clients prefer ACH, SEPA, or Faster Payments, you need own-name foreign accounts. Karbon Business solves this, while Wise and OFX don’t.
• If compliance peace of mind matters, choose a platform that auto-generates e-FIRA. Only Karbon does this today for India-resident service providers.
• For outbound payments, Wise is excellent. For inbound client payments, compliance, and speed, Karbon usually wins on both cost and documentation.

The real challenges behind your search

When you google “revolut business for indians” at midnight, you’re likely grappling with slow SWIFT credits, confusing bank fees, last-mile compliance, and finance teams abroad that want to pay locally, not via international wires. It’s not just you, it’s the day-to-day reality for Indian freelancers working across time zones.

• SWIFT delays hurt cash flow. You invoice Tuesday, it’s Friday, still nothing. Rent’s due Monday.
• Bank fees bite 3–5 percent. That “processing” line item is money straight out of your pocket.
• Bad FX rates. Your bank’s USD-INR is worse than the rate you see online.
• Compliance fatigue. Your CA asks for FIRA certificates, you start the branch-email-form marathon.
• Client payment habits. London wants Faster Payments, Berlin wants SEPA, NYC prefers ACH. You only have an Indian account and SWIFT details.
• Payment holds. Card processors freeze funds for “verification,” your planning collapses.

You don’t need a mythical global bank, you need a practical, India-compliant workflow your clients can pay into easily.

What this guide covers

By the end, you’ll know which platforms are actually available to India-resident freelancers, how they compare on fees, speed, and compliance, and which fits your specific work—from ACH in the US to SEPA in Europe.

• Availability for Indian residents, and onboarding speed.
• Own-name foreign account details vs pooled accounts.
• Rails clients can use: ACH, SEPA, Faster Payments, SWIFT, card.
• INR settlement speed, total cost, and FX treatment.
• Compliance support, including auto e-FIRA vs DIY paperwork.
• Currency holding for basic hedging and margin protection.

How to evaluate platforms: the criteria that matter

• Availability for India-resident individuals or businesses.
• Account details in your name vs pooled accounts.
• Client rails supported: can US clients pay via ACH, can UK clients use Faster Payments, can EU clients use SEPA?
• INR settlement speed, because days matter for working capital.
• End-to-end cost: platform fee, FX markup, hidden charges.
• Compliance and documentation: auto e-FIRA, FEMA alignment, CA-ready proofs.
• Currency holding to time INR conversion.
• Support quality, preferably India-focused.
• Onboarding velocity.
• Fit for service freelancers issuing invoices monthly.

Revolut Business for Indians: what’s actually available

Short answer: as of early 2025, Revolut Business is not available for India-resident freelancers or businesses. Consumer services are rolling out, but business accounts aren’t live for Indian residents.

What Revolut Business offers globally

In supported regions, Revolut provides multi-currency accounts, business cards, international payments, and SaaS integrations. It’s solid—just not accessible for India-resident business use today.

The practical blockers in India

• No own-name foreign account details for India-resident entities.
• No INR settlement into Indian bank accounts.
• No FIRA/e-FIRA documentation for India compliance.
• Unclear RBI/FEMA pathways if you try workarounds.

Could you use a UK Ltd or US LLC? Yes, but that invites dual tax obligations, transfer pricing, and structural costs—overkill for most solo freelancers.

Bottom line: wait for future India business rollouts, or choose an India-available alternative right now.

Wise Business: available, but with caveats

Availability: Wise supports India-resident users, onboarding is quick. It’s transparent, reliable, and great for outbound payments.

Receiving money: the pooled-account nuance

Clients can pay via SWIFT and sometimes local rails like ACH/SEPA/FPS, but you don’t get own-name foreign account details. Funds route through Wise’s pooled accounts, which some clients’ finance teams avoid.

INR settlement, fees, and docs

• INR settlement takes about 1–3 business days.
• Mid-market FX with transparent platform fees, typically 0.5–1 percent.
• No auto FIRA certificates, so tax documentation is manual and time-consuming.

Works fine for occasional inbound payments and excellent for outbound transfers, but for monthly invoicing at scale, pooled accounts and DIY compliance become a pain.

OFX for freelancers in India: practical or not?

OFX shines on larger, bank-to-bank transfers with competitive FX margins. But it’s usually the sender who initiates on OFX, which adds friction for clients accustomed to ACH/SEPA/FPS.

• No own-name receiving accounts to share with clients.
• Good FX for large, infrequent transfers.
• Typical 1–3 day settlement.
• No FIRA/e-FIRA, so compliance proofs rely on receipts and bank statements.

Verdict: useful for rare, high-value transfers when both sides coordinate. For monthly invoices, not ideal.

WorldFirst India alternatives

WorldFirst trimmed operations, focuses on e-commerce payouts, and offers limited utility for service freelancers in India.

Alternatives that fit service workflows: Karbon Business for own-name accounts, fast INR settlement, and auto e-FIRA; Wise for occasional inbound and outbound transfers but with pooled accounts and manual compliance.

Karbon Business overview: built for Indian freelancers

Karbon Business is designed for India-resident service providers who invoice globally and need speed, compliance, and simplicity.

Own-name foreign accounts, client-friendly rails

• Dedicated USD, GBP, EUR, CAD account details in your business name.
• Clients pay via ACH, SEPA, Faster Payments, SWIFT, or payment links.

INR settlement and fees

• 24–48 hour INR settlement after you claim incoming funds.
• Flat 1 percent platform fee, GST only on the fee, and zero FX markup—you get the mid-market rate.

Compliance and e-FIRA

• Automatic e-FIRA within 24 hours of every inbound payment.
• RBI and FEMA compliant, ISO/IEC 27001:2022 for information security.

Currency holding and hedging

Hold USD/GBP/EUR/CAD balances for up to 60 days, convert when the INR rate aligns with your margin strategy. Simple, practical, and optional.

Onboarding and support

• KYC in 2–4 working days with PAN, masked Aadhaar, bank statements, and a professional profile.
• WhatsApp, email, and phone support, fast responses, and account managers for high-volume users.

Result: faster clears, better take-home, and compliance that’s automatic instead of a scramble.

Revolut vs Wise vs Karbon, plus OFX and WorldFirst

• Availability in India: Revolut Business unavailable; Wise available; Karbon fully available; OFX available but sender-first; WorldFirst limited.
• Receiving methods: Karbon supports ACH/SEPA/FPS/SWIFT with own-name details; Wise uses pooled accounts; OFX lacks own-name accounts; WorldFirst optimized for marketplaces.
• INR settlement: Karbon 24–48 hours; Wise and OFX 1–3 days.
• Costs: Karbon flat 1 percent, no FX markup; Wise 0.5–1 percent with mid-market; OFX 0.5–1 percent FX margin, good for large transfers.
• Compliance: Karbon auto e-FIRA, others do not.
• Holding: Karbon 60-day window; Wise multi-currency balances; OFX typically converts immediately.
• Support: Karbon India-focused; Wise global; OFX global; WorldFirst limited for services.

How to choose the right platform

If your clients want to pay like they do domestically—ACH in the US, SEPA in Europe, Faster Payments in the UK—you need own-name foreign account details. For India-resident freelancers, that’s Karbon Business. If you mainly send money abroad, Wise is excellent. If you occasionally move large sums via SWIFT, compare OFX’s FX margin vs Karbon’s flat fee and auto compliance.

Compliance should not be a once-a-year panic. If automatic e-FIRA matters, Karbon is the only platform on this list that delivers it for India-resident service providers.

Real stories from Indian freelancers

Priya, UI/UX, Bangalore: Agency in Austin pays via ACH. With Karbon, she shares USD routing details in her name, gets INR in 24–48 hours, and e-FIRA auto-generates—no SWIFT fees, no delays.

Arjun, developer, Pune: Germany via SEPA, UK via FPS, Canada via SWIFT. One dashboard on Karbon, automatic e-FIRA, clean records for his CA. Less chasing, more coding.

Neha, content strategist, Delhi: She now holds USD for a few weeks when INR looks weak, converting at better rates. The 60-day window boosted margins by a few percent last quarter.

Vikram, consultant, Hyderabad: Card chargebacks burned him. He switched to bank transfers using Karbon’s local details and payment links. No holds, no disputes.

Exploring the broader landscape

• Karbon Business: own-name foreign accounts, fast INR settlement, auto e-FIRA, flat 1 percent fee, zero FX markup.
• Wise: transparent fees, great for outbound, pooled accounts for inbound, no auto e-FIRA.
• Payoneer: marketplace payouts, useful for e-commerce, fees and FX vary.
• PayPal: easy but expensive, FX is weak, holds are common.
• RazorpayX International: evolving, worth watching.
• Tazapay: B2B with escrow, better for larger deals than routine invoices.

For regular international invoicing by India-resident service freelancers, Karbon aligns best with how you work. For outbound or small inbound, Wise is fine. For marketplaces, Payoneer stays relevant. For occasional big transfers, consider OFX or Tazapay.

Important caveats and compliance reminders

• Regulations change, verify availability, fees, and documentation before committing.
• Keep all e-FIRA/FIRC and transaction records, and consult your CA for GST and FEMA nuances.
• Using foreign entities to access platforms like Revolut can trigger tax complications—get professional advice.
• Hedging is not guaranteed profit, balance rate timing with cash flow needs.

Next steps

Map your needs: client payment rails, average ticket size, monthly volume, cash-flow sensitivity, compliance requirements, and appetite for currency holding. If you need own-name foreign accounts, fast INR settlement, and auto e-FIRA, Karbon Business usually fits best. If outbound payments dominate, use Wise. If Revolut Business launches for India-resident users with full compliance, reevaluate then.

Final thoughts

You don’t have to tolerate week-long delays, opaque FX spreads, or April paperwork panic. India-specific tools now exist, built for how you invoice, how your clients pay, and how your CA files. Pick the platform that matches your workflow, and focus on your craft—not banking admin.

FAQ

Is Revolut Business available for Indian freelancers right now?

No, as of early 2025 Revolut Business is not accessible to India-resident individuals or businesses. Even if consumer services expand, the business product for Indian residents hasn’t launched, so freelancers should consider India-available options like Karbon Business or Wise depending on their needs.

Which is better for regular international client payments in India, Wise or Karbon Business?

For recurring inbound payments, Karbon Business is better because it provides own-name USD/GBP/EUR/CAD account details that clients can pay via ACH, SEPA, or Faster Payments, settles to INR in 24–48 hours, and auto-generates e-FIRA. Wise is solid for outbound payments and small occasional inbound amounts, but pooled accounts and lack of automatic FIRA create friction with finance teams and CAs.

How do I get FIRA or e-FIRA for tax filing if I’m a freelancer working with US or UK clients?

Use a platform that issues e-FIRA automatically after every inbound payment. Karbon Business generates e-FIRA within 24 hours, so your CA has compliant documents ready. Wise, OFX, and similar services provide receipts but not formal FIRA/e-FIRA, meaning extra back-and-forth during tax season.

Client in the US wants to pay via ACH, can I share a US account in my name while sitting in India?

Yes, if you use Karbon Business. You’ll get a USD account and routing number showing your business name, which US clients can pay via ACH at low or zero sender cost. With Wise, ACH often routes to pooled accounts, which some client finance teams reject. Revolut Business is not available to India residents at present.

Wise vs Karbon fees, what’s cheaper for INR settlement after foreign receipts?

Wise charges a transparent fee and converts at mid-market, which is good, but final costs vary by corridor and method. Karbon Business charges a flat 1 percent platform fee, applies GST only on the fee, and converts at the exact mid-market rate with zero markup. For many freelancers, Karbon’s take-home is higher, especially on $2,000–$10,000 monthly receipts, and it adds automatic e-FIRA as a bonus.

OFX looks cheap on FX, should I ask my clients to pay me through OFX instead of ACH/SEPA?

Typically no. OFX is sender-initiated and adds friction, because clients must sign up and push funds, which they may resist. Most finance teams prefer paying vendors the standard way—ACH, SEPA, Faster Payments—using own-name account details. Karbon Business gives you those details, settles quickly, and keeps compliance in order without changing how clients pay.

Can I hold USD for a few weeks to time conversion when INR is volatile?

Yes. Karbon Business lets you hold foreign currency balances for up to 60 days, then convert when rates suit your margin goals. Wise also supports multi-currency balances, but Karbon’s workflow is tuned for India-resident freelancers who want to hedge conversion timing and still receive e-FIRA automatically once funds are settled.

What’s the fastest way to get rupees in my Indian bank after a client pays abroad?

Use own-name foreign account details and claim funds promptly. With Karbon Business, payments via ACH/SEPA/FPS typically land in your foreign account quickly, and INR settlement completes in 24–48 hours after claiming. Wise and OFX usually take 1–3 business days, and Revolut Business isn’t available for Indian residents.

I’m worried about compliance, is Karbon Business actually RBI and FEMA aligned for freelancers?

Karbon Business is RBI/FEMA compliant and issues e-FIRA for every inbound remittance, which your CA can use for filings. It also follows ISO/IEC 27001:2022 standards. Wise operates legally in India but does not issue e-FIRA, which means you shoulder the documentation burden. Always retain records and consult your CA for GST and reporting specifics.

WorldFirst used to be popular, is it still a good option for service freelancers in India?

Not really. WorldFirst’s India presence focuses on e-commerce payouts and is limited for service workflows. If you’re invoicing clients for development, design, marketing, or consulting, Karbon Business is a stronger fit thanks to own-name account details, fast INR settlement, and automatic e-FIRA. Wise is fine for occasional inbound and outbound transfers, but pooled accounts may not satisfy client finance policies.

What if my client insists on SWIFT only—will I still get documents needed for Indian tax filing?

Yes. Karbon Business accepts SWIFT transfers, settles to INR within 24–48 hours, and issues e-FIRA automatically. Wise and OFX also process SWIFT, but you’ll receive standard receipts rather than e-FIRA certificates, so be prepared for extra documentation effort at filing time.

I’m new to international clients, how hard is onboarding and KYC on these platforms?

Karbon Business typically completes KYC in 2–4 working days with PAN, masked Aadhaar, three months of bank statements, and a professional profile (LinkedIn, Upwork, portfolio). Wise onboarding is fast too, mainly for individuals. Revolut Business isn’t open to India residents; OFX requires signup but is geared toward sender-initiated transfers. If you want to start billing in USD/GBP/EUR/CAD next week, Karbon’s onboarding and support are practical for freelancers.