Paasa vs INDmoney for US stocks from India: IBKR access vs all-in-one wealth app
Paasa (IBKR-backed, global markets, USD withdrawal, options) vs INDmoney (Alpaca custodian, unified India+US dashboard, ITR-format tax reports, ACATS support). Full comparison for Indian investors.
Arnav GroverCo-Founder & Chief Product Officer, RoviaShort answer: Paasa if you need IBKR's global market access — LSE UCITS, options, or large-portfolio LRS efficiency. INDmoney if you want unified India+US wealth management in one app with the best tax reporting and no annual fee.
How the platforms are structured
INDmoney uses Alpaca (a US FINRA-registered broker-dealer) as its US custodian. It provides an all-in-one wealth view: mutual funds, Indian stocks, US stocks, credit, and insurance in a single app. For US stocks:
- Brokerage: 0.25% per trade (capped at $25 — kicks in at $10,000 per trade)
- No annual fee for basic US stock access
- Lot-level tax reports in ITR format (Schedule FA export, gain/loss breakdowns)
- Inbound ACATS support for RSU transfers from US employer brokers
- LRS route (SWIFT, A2 form, TCS above ₹7L)
Paasa wraps Interactive Brokers for Indian investors. Plans:
- Access: 0.1% brokerage per trade. INR or USD withdrawal.
- Apex: 0% above threshold (verify current terms at paasa.com).
Both plans give access to 150+ global exchanges, options, futures, and IBKR's full instrument universe. Paasa pricing (Oct 2026 — verify before investing)
Head-to-head comparison
| Dimension | INDmoney | Paasa Access | Paasa Apex |
|---|---|---|---|
| Brokerage | 0.25%, cap $25 | 0.1% | 0% above threshold |
| Annual fee | Free | Plan fee (see paasa.com) | Higher plan fee |
| Exchange access | NYSE, NASDAQ | 150+ global markets | 150+ global markets |
| Withdrawal currency | INR only | INR or USD | INR or USD |
| Options/futures | No | Yes | Yes |
| ACATS inbound | Yes | Yes (IBKR standard) | Yes |
| ITR-format tax reports | Yes (lot-level) | Via IBKR statements | Via IBKR statements |
| Schedule FA export | Yes | Manual from IBKR | Manual from IBKR |
| Unified India+US dashboard | Yes | No | No |
| LRS route | Yes | Yes | Yes |
| Indian-time support | Yes | Paasa support | Paasa support |
Full financial year worked example: ₹20 lakh invested
Profile: Sanjana, ₹20L/yr in S&P 500 ETF and 3 US tech stocks, CA handles ITR, no RSUs
| Cost item | INDmoney | Paasa Access |
|---|---|---|
| Brokerage (~4 trades) | ~₹5,000 (0.25% × ₹20L) | ~₹3,000 (0.1% × ₹20L) |
| FX spread (~0.9% SWIFT) | ~₹18,000 | ~₹18,000 |
| Annual fee | ₹0 | Paasa plan fee (verify) |
| SWIFT fee (~2 transfers) | ~₹3,000 | ~₹3,000 |
| Tax reporting for CA | ITR-format export included | IBKR US-format statements (CA converts) |
| TCS above ₹7L (reclaimable) | ₹26,000 | ₹26,000 |
| Non-reclaimable outflow | ~₹26,000 | ~₹24,000 + plan fee |
Paasa saves ~₹2,000/yr on brokerage at ₹20L. If the Paasa plan fee is below ₹2,000/yr, Paasa is cheaper. If above, INDmoney is cheaper. Verify Paasa's current plan fee at paasa.com before deciding.
If your CA charges extra to convert IBKR US-format statements to Indian ITR format (common — add ₹3,000–₹5,000/yr CA premium), INDmoney's included ITR-format export may offset the brokerage saving.
Onboarding walkthrough
INDmoney:
- Download INDmoney → PAN, Aadhaar, bank details, W-8BEN
- KYC + Alpaca account opening: 1–3 business days
- Fund via LRS SWIFT: A2 form, purpose code S0001; funds arrive in 3–5 business days
- For ACATS: US Stocks → Transfer → Incoming; enter delivering broker account number; settles 5–7 US business days
- Total time to first buy: 4–8 business days
Paasa:
- Create account at paasa.com → PAN, Aadhaar, bank details
- Paasa opens an IBKR account — IBKR's own KYC (income proof, investment experience questionnaire): 5–10 business days
- Fund via LRS SWIFT: IBKR receives the wire; same A2 form, S0001
- Total time to first buy: 7–14 business days
- Options/futures: additional IBKR approval needed (experience questionnaire)
What happens when things go wrong
IBKR account complexity (Paasa): IBKR's compliance may request income proof, source-of-funds declaration, or investment experience details beyond standard KYC. This is standard for a derivatives-capable US broker. Resolution: 5–10 additional business days with Paasa's help.
Tax reporting differences: INDmoney provides ITR-format exports with lot-level cost basis, Schedule FA summary, and gain/loss breakdowns. IBKR provides US-format 1099s — your CA needs to convert these to Indian ITR format (Schedule CG for capital gains, Schedule FA for the account). This is doable but adds CA time (and potentially cost). If your CA doesn't handle IBKR accounts regularly, ask them before opening a Paasa account.
ACATS out (switching platforms): INDmoney supports outbound ACATS (verify current status in-app). IBKR supports outbound ACATS (standard US broker-dealer feature). Both allow future platform switching without forced selling.
USD withdrawal timing (Paasa advantage): Paasa's USD withdrawal lets you repatriate at a time and rate of your choosing rather than the platform's conversion rate. For investors with a view on INR/USD movement, this is a meaningful flexibility.
Investor personas: who belongs on which platform
Sanjana — ₹20L/yr S&P 500 + 3 stocks, CA handles ITR, no RSUs At ₹20L/yr, the brokerage difference is ~₹2,000. If Paasa's plan fee is below ₹2,000, Paasa saves money — but the CA premium for converting IBKR statements likely offsets it. Unless Sanjana's CA already handles IBKR accounts, INDmoney's included ITR-format export is the simpler choice.
Arvind — ₹60L/yr, wants UCITS ETFs for estate tax planning, sophisticated CA Arvind's CA has modeled the $60,000 US estate tax exposure and recommended LSE UCITS. INDmoney cannot provide LSE access. Paasa (via IBKR) can. For Arvind, Paasa is the required platform regardless of cost comparison.
Kavita — has mutual funds, Indian stocks, and US stocks, wants one app Kavita wants to see her complete net worth — mutual funds (including INDmoney's MF tracking), Indian stocks, and US stocks — in one dashboard. INDmoney is the only platform that provides this integrated view. Paasa does not have an Indian wealth dashboard. Kavita belongs on INDmoney.
Related reading
- Best US stock platform for Indian investors 2026
- IBKR vs Paasa for India
- INDmoney vs Vested for US stocks
- US estate tax for Indian investors: the $60,000 trap
Sources
Fee figures last checked October 2026. Verify before investing — fees change without notice.
- INDmoney brokerage (0.25%, cap $25) — chittorgarh.com INDmoney brokerage (verify at INDmoney official app)
- Paasa pricing — paasa.com (Oct 2026 — verify in-app)
- Interactive Brokers — interactivebrokers.co.in (reference)
- RBI LRS guidelines — rbi.org.in (Oct 2026)
- SIPC coverage ($500,000 per account) — sipc.org (Oct 2026)
Run your own numbers
Try the calculator that matches this post
Frequently asked questions
- What is the main difference between Paasa and INDmoney for US stocks? ▾
- Paasa is an India-facing access layer to Interactive Brokers — you get global market access (150+ exchanges including LSE for UCITS ETFs), options, futures, and USD withdrawal, at 0.1% brokerage (Access plan). INDmoney is an all-in-one Indian wealth app with US stocks powered by Alpaca — unified India+US dashboard, lot-level ITR-format tax reports, inbound ACATS support, and 0.25% brokerage (capped at $25). Paasa is for investors who need IBKR's market breadth; INDmoney is for investors who want one app to manage all their financial assets.
- Which is cheaper — Paasa or INDmoney? ▾
- Paasa Access at 0.1% is cheaper than INDmoney's 0.25% on brokerage. But INDmoney charges no annual fee while Paasa has a plan fee (verify at paasa.com). At small trade sizes INDmoney's $25 cap kicks in; Paasa's 0.1% without a stated cap can be cheaper at very large trades. For the ₹10–25L/yr investor, the net cost difference depends primarily on the Paasa plan fee vs INDmoney's fee-free structure.
- Does INDmoney support ACATS transfers from Fidelity or E*TRADE? ▾
- Yes. INDmoney supports inbound ACATS transfers — you can move vested RSU shares from Fidelity, E*TRADE, Schwab, or Morgan Stanley to INDmoney without selling. Paasa (via IBKR) also supports ACATS, which is standard for US broker-dealers. Both platforms support this; the difference is the Indian-specific tax tooling (Schedule FA export, ITR-format reports) that INDmoney provides around transferred assets.
- Can I buy UCITS ETFs via INDmoney? ▾
- No. INDmoney (via Alpaca) is limited to NYSE and NASDAQ listed securities. Paasa (via IBKR) supports LSE-listed UCITS ETFs. For estate tax planning via UCITS, Paasa is required.
Found this useful? Share it.
Help another Indian working with US RSUs or LRS not get blindsided by this stuff.
About the author
Co-Founder & Chief Product Officer, Rovia
IIT Bombay + IIM Calcutta. Founding PM at Aspora (largest NRI fintech). 6+ years covering Indian-resident US investing, LRS compliance, Schedule FA, and ITR-2 filing for AY 2026-27.
More about Arnav →Get more like this in your inbox
One practical post a week on US investing & RSU strategy.
Comments
No comments yet. Be the first.
Keep reading
IBKR direct vs Paasa: which one is right for serious Indian investors?
Paasa vs IBKR direct for Indian investors: same underlying broker, different compliance experience. Paasa adds Indian ITR docs, LRS support, and SBI...
Paasa vs Vested for US stocks from India: IBKR access vs simplicity
Paasa (IBKR-backed, 0.1% brokerage, global markets, USD withdrawal) vs Vested (DriveWealth, 0.25%/0.15% Basic/Premium, India-friendly UX). Full comparison for Indian investors.
NSE IX Global Access vs Interactive Brokers (IBKR): which is better for Indian investors?
NSE IX Global Access (GIFT City, IFSCA) and Interactive Brokers (SEC/FINRA, global) are structurally the most different of all platform comparisons....