{"id":15849,"date":"2026-06-10T14:48:23","date_gmt":"2026-06-10T09:18:23","guid":{"rendered":"https:\/\/razorpay.com\/blog\/?p=15849"},"modified":"2026-06-18T17:23:53","modified_gmt":"2026-06-18T11:53:53","slug":"razorpay-eefc-for-international-card-payments","status":"publish","type":"post","link":"https:\/\/razorpay.com\/blog\/razorpay-eefc-for-international-card-payments\/","title":{"rendered":"How Razorpay&#8217;s Multi-Currency EEFC Settlement Eliminates Hidden Forex Costs for Indian Exporters"},"content":{"rendered":"<h2><strong>The Hidden Cost Indian Exporters Have Stopped Noticing<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Here&#8217;s a scenario that plays out thousands of times a day across Indian businesses.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A SaaS company accepts a payment in USD from a US customer. The money converts to INR on settlement. Then, when it&#8217;s time to pay a foreign vendor or overseas contractor, it converts back to USD. Two conversions. Each one costs 2\u20133%. On \u20b910 crore in monthly international volume, that&#8217;s \u20b920\u201330 lakh lost every single month, not to taxes, not to fraud, but to avoidable conversion fees baked into how settlements work.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There&#8217;s a second problem too. You receive EUR from a European customer. By the time it converts and settles, the rupee has moved. You had no control over the timing. The currency risk wasn&#8217;t yours to take, but you bore it anyway.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Razorpay has changed this. Indian merchants can now receive international card payment settlements directly into their EEFC account, in the original transaction currency, with zero INR conversion, across five currencies: <\/span><b>USD, EUR, GBP, AED, and SGD<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><strong>What Is an EEFC Account?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">An <\/span><b>EEFC (Exchange Earners&#8217; Foreign Currency) account<\/b><span style=\"font-weight: 400;\"> is a foreign currency account held with an RBI-authorised bank. It allows businesses that earn foreign exchange, exporters, SaaS platforms, travel companies, service exporters, and others, to credit 100% of their foreign currency receipts directly into the account, without converting to INR.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Eligible credits include inward remittances, export proceeds, professional service fees, and now, international card payment settlements.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">EEFC accounts are maintained as <\/span><b>current accounts<\/b><span style=\"font-weight: 400;\">, which means:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">No interest is payable on balances held<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">No interest cost to the account holder<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Funds can be deployed for outward remittances, trade payments, vendor payouts, and international settlements, in the original currency, without intermediate conversion<\/span><\/li>\n<\/ul>\n<h2><strong>Why EEFC Accounts Matter for Indian Exporters and Online Merchants<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">For any merchant with international revenue <\/span><i><span style=\"font-weight: 400;\">and<\/span><\/i><span style=\"font-weight: 400;\"> international expenses, the traditional settlement structure creates a silent drag on margins.<\/span><\/p>\n<p><b>The double conversion problem:<\/b><span style=\"font-weight: 400;\"> Foreign currency converts to INR on receipt \u2192 converts back to foreign currency for vendor payments or overseas payroll. Each leg costs 2\u20133%.<\/span><\/p>\n<p><b>The timing risk problem:<\/b><span style=\"font-weight: 400;\"> INR\/USD rates on the day your payment settles may be very different from rates when you actually need the foreign currency. You absorb that variance every time.<\/span><\/p>\n<p><b>The compliance overhead problem:<\/b><span style=\"font-weight: 400;\"> Managing foreign inward remittance documentation, FIRS certificates, and recon across multiple banks adds operational load.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">EEFC accounts solve all three, but only if your payment gateway supports direct settlement into them.<\/span><\/p>\n<h2><strong>Razorpay EEFC Settlement: What&#8217;s New<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Razorpay, in partnership with <\/span><b>RBL Bank<\/b><span style=\"font-weight: 400;\">, now supports direct multi-currency EEFC settlements for international card payments. This is a meaningful upgrade from the original EEFC offering, which was limited to USD settlements only.<\/span><\/p>\n<h3><strong>Supported currencies<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">USD, EUR, GBP, AED, and SGD settle directly into your EEFC account in their original currency. All other currencies continue to settle in INR.<\/span><\/p>\n<h3><strong>Key features<\/strong><\/h3>\n<p><b>Zero double conversion.<\/b><span style=\"font-weight: 400;\"> Settlement goes from your customer&#8217;s card \u2192 directly into your EEFC account in the original currency. No INR leg at any point. This alone saves 2\u20133% per transaction on eligible currencies.<\/span><\/p>\n<p><b>No new merchant account required.<\/b><span style=\"font-weight: 400;\"> This is native to Razorpay. Same dashboard, same success rate engine, same reconciliation flow. Merchants don&#8217;t need to set up a separate account or change their integration.<\/span><\/p>\n<p><b>Automatic FIRS delivery.<\/b><span style=\"font-weight: 400;\"> Foreign Inward Remittance Statements (FIRS) certificates are automatically delivered to your Razorpay dashboard by RBL Bank, no manual follow-up with your bank.<\/span><\/p>\n<p><b>FX-neutral refunds and chargebacks.<\/b><span style=\"font-weight: 400;\"> Refunds and chargebacks are managed in the original transaction currency. No FX impact on dispute resolution.<\/span><\/p>\n<p><b>Existing settlement cycle.<\/b><span style=\"font-weight: 400;\"> Settlements follow your existing international card cycle, no additional delay introduced.<\/span><\/p>\n<h2><strong>Benefits of EEFC Settlement: A Closer Look<\/strong><\/h2>\n<h3><strong>1. Hard cost savings<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">At scale, the savings are material. A merchant doing \u20b910 crore\/month in international card volume saves \u20b920\u201330 lakh monthly just by eliminating the INR conversion roundtrip. That&#8217;s margin recovery, not optimisation.<\/span><\/p>\n<h3><strong>2. Currency risk mitigation<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Holding balances in foreign currency removes exposure to INR rate movements between receipt and payout. EEFC balances can also be hedged via forward contracts with your bank for additional protection on large positions.<\/span><\/p>\n<h3><strong>3. Simpler international treasury<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">For businesses with foreign currency expenses, overseas vendors, SaaS tools, global payroll, platform fees, EEFC settlement means funds are available in the right currency when you need them. No conversion friction. No timing exposure.<\/span><\/p>\n<h3><strong>4. Compliance built in<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">FIRS certificates are auto-delivered to your Razorpay dashboard. This matters for businesses that need to demonstrate foreign exchange inflows for regulatory compliance, export benefit schemes (like SEIS under FTP), or audits.<\/span><\/p>\n<h2><strong>Who Should Use Razorpay&#8217;s EEFC Settlement?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">This feature is most valuable for:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>SaaS and software companies<\/b><span style=\"font-weight: 400;\"> with international subscriptions and overseas infrastructure costs<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Travel and hospitality businesses<\/b><span style=\"font-weight: 400;\"> receiving payments in foreign currency and paying international vendors<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Export-oriented e-commerce brands<\/b><span style=\"font-weight: 400;\"> selling to global customers<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Professional services firms<\/b><span style=\"font-weight: 400;\"> (consulting, design, engineering) billing international clients<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>EdTech and media platforms<\/b><span style=\"font-weight: 400;\"> with global subscriber bases<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If your business earns in foreign currency and spends in foreign currency, every conversion leg is a cost you shouldn&#8217;t be paying.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large\" src=\"https:\/\/media.giphy.com\/media\/v1.Y2lkPTc5MGI3NjExaGdmaXlyb3FleXZneXNpOG9qbHUzc2c2NTdmZDB5aXQycXRlZzllcSZlcD12MV9pbnRlcm5hbF9naWZfYnlfaWQmY3Q9Zw\/eKDHWddnUSxSkdiTVD\/giphy.gif\" width=\"480\" height=\"252\" \/><\/span><\/p>\n<h2><strong>How to Get Started<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">To activate EEFC settlement on your Razorpay account:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ensure you have an active EEFC account with an RBI-authorised bank<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Speak to your <\/span><b>Razorpay account manager<\/b><span style=\"font-weight: 400;\">, or reach out via <\/span><a href=\"https:\/\/razorpay.com\/support\/\"><span style=\"font-weight: 400;\">Razorpay Support<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Once activated, settlements in USD, EUR, GBP, AED, and SGD will flow directly into your EEFC account<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">\u2192 <\/span><a href=\"https:\/\/razorpay.com\/docs\/payments\/international-payments\/\"><span style=\"font-weight: 400;\">Explore International Payments on Razorpay<\/span><\/a><\/p>\n<h2><strong>Final Thought<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">For Indian businesses operating globally, the question was never whether to accept international payments, it was how much of every dollar, pound, or euro actually makes it to your bottom line. Razorpay&#8217;s multi-currency EEFC settlement removes one of the most persistent, least visible costs from that equation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you&#8217;re settling internationally and spending internationally, there&#8217;s no good reason to go through INR in the middle.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u2192 <\/span><a href=\"https:\/\/sales.razorpay.com\/international-payments\/\"><span style=\"font-weight: 400;\">Talk to a Razorpay expert about EEFC settlement<\/span><\/a><\/p>\n<h2><strong>Frequently Asked Questions<\/strong><\/h2>\n<h3><b>What is an EEFC account and who can open one?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">An EEFC (Exchange Earners&#8217; Foreign Currency) account is a current account held in foreign currency with an RBI-authorised bank. Any resident in India who earns foreign exchange, including exporters, freelancers, and companies with international revenue, is eligible to open one. Up to 100% of foreign exchange earnings can be credited directly into the account.<\/span><\/p>\n<h3><b>Which currencies does Razorpay support for EEFC settlement?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Razorpay currently supports direct EEFC settlement in five currencies: USD, EUR, GBP, AED, and SGD. Transactions in other currencies continue to settle in INR as before.<\/span><\/p>\n<h3><b>Do I need to open a new merchant account with Razorpay to use EEFC settlement?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">No. EEFC settlement is native to Razorpay&#8217;s existing platform. You don&#8217;t need a separate merchant account, new integration, or new dashboard. Everything works through your existing Razorpay setup.<\/span><\/p>\n<h3><b>How much can I save by settling in my EEFC account instead of INR?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The typical saving is 2\u20133% per transaction, the cost of the double conversion (foreign currency \u2192 INR \u2192 foreign currency). For a merchant processing \u20b910 crore\/month in international card volume, this translates to \u20b920\u201330 lakh in monthly savings.<\/span><\/p>\n<h3><b>Are FIRS certificates provided automatically?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Yes. RBL Bank automatically delivers Foreign Inward Remittance Statements (FIRS) to your Razorpay dashboard. You don&#8217;t need to request them separately.<\/span><\/p>\n<h3><b>How are refunds and chargebacks handled?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Refunds and chargebacks are managed in the original transaction currency, the same currency the customer paid in. This means there&#8217;s no FX impact on dispute resolution.<\/span><\/p>\n<h3><b>Does EEFC settlement change my settlement timeline?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">No. Settlements follow your existing international card settlement cycle. There is no additional delay introduced by routing to an EEFC account.<\/span><\/p>\n<h3><b>Can EEFC balances earn interest?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">No. EEFC accounts are maintained as current accounts under RBI guidelines, so no interest is payable on balances. However, this also means you incur no interest cost on funds held in the account.<\/span><\/p>\n<h3><b>Can I hedge my EEFC balance against currency movements?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Yes. EEFC account holders can use forward contracts through their bank to hedge against exchange rate fluctuations. This is particularly useful for large, predictable foreign currency inflows.<\/span><\/p>\n<h3><b>Is Razorpay&#8217;s EEFC settlement RBI-compliant?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Yes. Razorpay&#8217;s EEFC settlement offering is structured in line with RBI guidelines for foreign exchange earnings and EEFC account usage, in partnership with RBL Bank, an RBI-authorised bank.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Hidden Cost Indian Exporters Have Stopped Noticing Here&#8217;s a scenario that plays out thousands of times a day across Indian businesses. A SaaS company accepts a payment in USD from a US customer. The money converts to INR on settlement. Then, when it&#8217;s time to pay a foreign vendor or overseas contractor, it converts<\/p>\n","protected":false},"author":131,"featured_media":16041,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[369],"tags":[622,214,623],"class_list":{"0":"post-15849","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-international-payments","8":"tag-eefc-account","9":"tag-international-payments","10":"tag-razorpay-eefc-account"},"_links":{"self":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/15849","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/users\/131"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/comments?post=15849"}],"version-history":[{"count":5,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/15849\/revisions"}],"predecessor-version":[{"id":27011,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/15849\/revisions\/27011"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media\/16041"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media?parent=15849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/categories?post=15849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/tags?post=15849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}