Landing freelance gigs on Upwork requires more than just a stellar profile. While your skills and experience take centre stage, a well-crafted cover letter can be the secret weapon that sets you apart from the competition.&nbsp;

This guide equips you with expert tips and winning templates for cover letters for Upwork to craft proposals that grab clients' attention and secure those dream projects.

Understanding the Importance of a Cover Letter on Upwork

Defining a Cover Letter in the Freelance Landscape

Cover letters on Upwork serve as introductions, expand your profile, and showcase your suitability for the job, much like in the traditional job market. It's your chance to personalise your proposal, demonstrate your understanding of the project, and showcase what makes you the ideal freelancer for the job.

Why Your Upwork Cover Letter Makes a Difference

Crafting a Winning Cover Letter: Essential Tips

Now that you understand the importance of a cover letter let's delve into the key elements that make it effective:

Add Your Personality (While Remaining Professional)

While professionalism is key, there's no need to be boring. Write in a conversational tone that's respectful but engaging. Avoid starting with dull phrases like "My name is Job Applicant Jean" and instead, let your personality shine through with phrases like “Having helped clients achieve [Specific results] in the past, I believe my skills can be a valuable asset to your [Project Name] project.”&nbsp;

Pay attention to the keywords used in the project description. Subtly integrate these keywords throughout your cover letter for Upwork to improve your proposal's searchability within Upwork's search engine.

Example: Look for keywords in the project description (e.g., "social media marketing"). Subtly weave them into your cover letter to improve searchability within Upwork's search engine. Instead of generic statements like "I have experience in marketing,” go for keyword integration: "I noticed you mentioned a focus on social media marketing and audience engagement. In my previous role, I managed social media campaigns that grew follower bases by 30% through targeted content strategies."

Anticipate potential concerns clients might have and address them directly in your cover letter. This demonstrates your attentiveness and ability to think ahead.

For example, instead of leaving clients wondering with generic statements like "I'm a great writer, trust me,” try addressing concerns like"I understand clear communication is crucial. I provide regular progress updates and keep you informed throughout the project. Feel free to reach out with any questions or concerns."

Instead of a standard sign-off, conclude with a call to action that reinforces your value proposition.

Example: "I'm confident my skills can significantly benefit your project. Let's discuss how I can help you achieve your goals. I'm available for a call at your earliest convenience."

Refine Your Approach: As you gain experience, track what resonates with clients and adapt your cover letters for continued success.

Showcase Your Passion and Understanding of the Client's Industry

Go beyond just listing your skills. Briefly mention what excites you about the client's industry or project type. This demonstrates genuine interest and sets you apart from freelancers focused solely on the job itself.

Example: "I've been following the impressive work your company has done in the sustainability sector, and I'm particularly passionate about [specific aspect of the industry]. My experience in [relevant skill] combined with my enthusiasm for this field allows me to bring a unique perspective to your project."

Highlight Your Skills and Quantify Your Achievements (When Possible)

Don't simply repeat your resume. Briefly showcase your most relevant skills and experiences that directly address the project's requirements. Back up your claims with data. Numbers add credibility and give clients a clearer picture of your impact.

Example: Instead of saying "increased website traffic," quantify it. "I crafted SEO-optimised blog posts that resulted in a 25% increase in organic website traffic for my previous client."

By incorporating these essential tips, you'll craft compelling cover letters that land you the freelance projects you deserve. Remember, a cover letter is an ongoing conversation. Keep personalising and refining your approach to stand out on Upwork!

Sample Cover Letter Templates for Success

These Upwork cover letter samples provide a foundation to build upon, tailored to different freelance specialities.

I am writing to express my interest in your project for [Project Title]. Having reviewed the details, I am confident that my skills and experience in [Your Skills] make me a strong fit for this role.

In my previous work with [Previous Client/Company], | successfully [Describe a Relevant Achievement]. My portfolio showcases a range of projects that demonstrate my ability to [Highlight Relevant Skills]

I am eager to learn more about your vision for this project and discuss how | can contribute to its success. Please find my portfolio attached for your review.

Thank you for your time and consideration.

I came across your project for [Project Title] and was immediately drawn to the opportunity to leverage my expertise in web design. With [Number] years of experience crafting user-friendly and visually appealing websites, I am confident I can deliver exceptional results.

In my previous project for [Previous Client], I designed a website that resulted in a [Quantifiable Achievement] increase in [Metric, e.g., traffic, conversions]. My portfolio showcases my ability to design websites that are not only aesthetically pleasing but also optimised for [Areas of Expertise, e.g. SEO, mobile responsiveness].

I'm eager to discuss your vision for the website and collaborate on a design that exceeds your expectations. Please find my portfolio linked below for your reference: [Portfolio Link]

I came across your project for [Project Title] and was immediately drawn to the opportunity to leverage my content writing skills. With [Number] years of experience crafting engaging and informative content, I am confident I can create pieces that resonate with your target audience and achieve your desired goals.

In my previous role at [Previous Client/Company], I successfully increased website traffic by [Quantifiable Achievement] through the creation of [Type of Content, e.g., blog posts, SEO-optimised articles]. My portfolio showcases my ability to write in various styles and tones, ensuring your content aligns perfectly with your brand voice.

I'm eager to discuss your content strategy and brainstorm ideas that will captivate your audience and drive results. Please find writing samples relevant to your project in my portfolio linked below: [Portfolio Link]

I'm excited to submit my proposal for your [Project Title] project. Having reviewed the details, I am confident my expertise in graphic design can deliver visually stunning and impactful creative assets that align with your vision.

For [Number] years, I've been helping businesses like yours create captivating visuals that elevate their brand identity. In my previous project for [Previous Client], | designed [Type of Design, e.g. logos, social media graphics, website banners] that resulted in a [Quantifiable Achievement] increase in [Metric, e.g. brand awareness, engagement].

My portfolio showcases my design versatility and ability to translate your ideas into effective visuals. I'm particularly skilled in [Areas of Expertise, e.g., brand identity design, illustration, UI/UX design. I'm eager to collaborate with you and bring your design vision to life. Please find a link to my portfolio showcasing relevant design work: [Portfolio Link].

Having reviewed your project for [Project Title], I'm confident my video editing skills and creative vision can transform your raw footage into a compelling and engaging video.

With a passion for storytelling and [Number] years of experience editing videos for [Previous Clients/Companies/Industries], | possess a strong understanding of pacing, transitions, and the power of visuals to capture and hold the audience attention.

In my previous project for [Previous Client], I edited a video that achieved [Quantifiable Achievement] by utilising [Specific Editing Techniques]. My portfolio showcases my ability to edit videos across various styles, from promotional content to explainer videos.

I'm eager to discuss your vision for this project and collaborate on crafting a video that exceeds your expectations. Please find a link to my portfolio showcasing my editing skills: [Portfolio Link].

Note: Adapt the bracketed sections to your specific skill set. Also, while you can use these templates for reference, it's important to make your cover letter very personalised.

By incorporating these tips and templates, you'll be well on your way to crafting compelling cover letters for upwork proposals that land you the freelance projects you deserve. Remember, a cover letter is an ongoing conversation. As you gain experience on Upwork, track what resonates with clients and refine your approach for continued success.

Check out this blog for expert tips and tricks on cover letter templates that will help you craft standout proposals and land freelance gigs on Upwork.

Land Your Dream Freelance Gig: Upwork Cover Letter Guide

Land Your Dream Freelance Gig: Upwork Cover Letter Guide th

Anoosh Kotak

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As a freelancer or an exporter, getting paid on time is the most crucial aspect of your business. Wise (earlier known as TransferWise) is one of the most reliable and popular platforms for receiving international transfers from cross-border clients. But what about affordability? Are Wise transfer charges affordable for your business?

In this blog post, we have broken down the Wise transfer charges using different examples. We have also highlighted the good and not-so-good side of Wise based on real-life reviews so that you can make the right choice for receiving international money transfers. 

Wise Transfer Charges: What do you need to know about them?

Wise takes pride in its transparency, ensuring no hidden fees are included in its pricing. But what are the different components of its transparent fees? Let's find out:&nbsp;&nbsp;

Mid-market exchange rate + Currency conversion fee

Wise considers the<a href="https://wise.com/in/mid-market-rate?no_follow=true"> mid-market exchange rate</a> to convert the value of currency. It is derived as the mid-point of the rate at which bankers are ready to buy and sell a currency. The mid-market exchange rate is real, and fair, and helps you get paid without getting stuck in the quagmire of exchange rate movements.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

In addition to that, Wise charges a conversion fee which differs from one currency to another.&nbsp;

e-FIRC charges (varies across currencies).

e-FIRC is an abbreviation for Electronic Foreign Inward Remittance Certificate. With every transfer, Wise sends you a digital FIRA, which they call an e-FIRC. The charges for e-FIRC are not a fixed fee, it varies according to the currency. For example, if you receive $1,000 from the US, the e-FIRC charges will be $2.50. For receiving €1000, the e-FIRC charges are €2.24.

Along with the above charges, additional fees could be applied to the total cost. These miscellaneous charges are due to the nature of the transaction or bank fees. For example, if you receive $1,000 from a client in the US through a Wire transfer, the Wise fees will be $28.94 – $6 more compared to a Wise account transfer. In the wire transfer payment method, the money is credited to your bank account. Because there are more participating financial institutions, the transfer fee increases marginally.

You can open an account in Wise free of charge, but all the above charges are applicable while making a transfer.

The duration of a Wise payment transfer depends on several factors. These factors include currency conversion (which usually takes up to two business days), the country you're sending money to and from, payment method, security checks, and public holidays and banking hours. Overall, Wise Transfer can take anywhere between&nbsp;<a href="https://wise.com/help/articles/2978029/how-long-does-it-take-to-receive-money-into-a-balance?no_follow=true">&nbsp;1-5 business days</a>.&nbsp;

Wise Transfer Charges: How much do I need to pay to receive global payments in India

With Wise, you can accept payment in international currencies. However, Wise money transfer charges are variable fees, that is they are not fixed and depend on the currency.&nbsp;

Don’t worry we won’t leave you hanging there. We have come up with two examples, using different foreign currencies. This example explains how the charges will differ and the net amount you can expect to receive from the currency transfers.&nbsp; 

Wise Fees for Receiving USD 5000 In India

We used <a href="https://wise.com/in/business/receive-money">Wise’s Transfer Fees calculator </a>to determine the total Wise transfer fee for receiving $5000 in India and the total amount you can expect.&nbsp;

Total fees: $82.7+ $2.5+ $15.34 = $100.54

Total amount to be converted: $5000-$100.54 = $4899.46

Current mid-market exchange rate: 83.5106

You get: 4899.46 X 83.5106= INR 409,156.84

Wise Fees for Receiving Euro 5000 In India

How does the calculation change when a client transfers the same amount albeit in a different currency from Europe? Let’s find out by switching the US Dollar to Euro.

Wise offers two payment methods for receiving payment from European clients: low-cost transfer and Wise account transfer. However, the fees are the same for both methods.

Total fees: €89.9+ €2.24 + €16.59 = €108.73

Total amount to be converted: €5000-€108.73 = €4891.27

Current mid-market exchange rate: 93.2861

You get: 4891.27 X 93.2861 = INR 456,287.50

Wise Transfer Charges Reviews: What people are saying on popular platforms?

Over the years, Wise has built a solid reputation among businesses and freelancers for receiving international payments. But what do the Wise reviews say? We have done the research and summarised it here:

In terms of usability, many users have reviewed it to be easy to use and handle. One user pointed out that is also<a href="https://www.g2.com/products/wise-business/reviews/wise-business-review-3335662?no_follow=true"> fast and cheap</a>. Another user praised the<a href="https://www.g2.com/products/wise-business/reviews/wise-business-review-9007501?no_follow=true"> highest conversion rate</a> Wise offered for the Chilean Peso against the US Dollar and how they can receive the amount in their bank of choice easily.

Based on the negative reviews, Wise has to do much work to improve its customer support response. One customer highlighted the<a href="https://www.g2.com/products/wise-business/reviews/wise-business-review-9219580?no_follow=true"> incompetent nature of customer support and privacy issues</a>. The customer had to keep explaining the issue repeatedly and the support team accidentally revealed someone else’s information. Another user experienced<a href="https://www.g2.com/products/wise-business/reviews/wise-business-review-8730853"> a slow money transfer?no_follow=true</a> due to a sudden change in Wise’s account requisites. The customer was not informed in advance and all the payments got hung up in between with no solution.

In summary, most positive reviews about Wise are around its user-friendly appearance and the overall experience of using the app. On the negative side, many customers have complained about the non-existent customer support and slow money transfers due to the sudden change in account requisites.

Receiving global payments with Wise vs Skydo: Comparing Wise transfer fees with Skydo

Skydo is a great alternative for receiving payment in international currencies in India. You can create an account for free and all the transfer charges are shared with you upfront – no hidden costs.

Skydo charges a flat fee of $19 for transferring up to $2,000 and $29 for payments between $2,001 and $10,001. Moreover, it offers international virtual accounts meaning your clients can transfer money to your account directly like they’re making a local transfer.

Let’s quickly compare Wise and Skydo to find out how much fees each platform charges for receiving the same amount of money in US Dollars.

From the above calculation, it’s clear that Skydo offers better value than Wise and is the least expensive option to receive international transfers. You save $168 in total fees which means an extra income of INR. 14,000.&nbsp;

If you want to get the best value for currency exchange and switch from traditional bank transfer to a more modern, transparent platform, create a free account with Skydo or book a demo with us. 

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Wise Transfer Charges in India

Wise (formerly TransferWise) is a global platform for sending and receiving money, empowering individuals and businesses worldwide to handle international payments with ease.

However, after reviewing platforms like <a href="https://www.g2.com/products/wise-business/reviews#reviews">G2</a>, <a href="https://www.capterra.in/reviews/1016836/wise">Capterra,</a> and <a href="https://www.trustpilot.com/review/wise.com">Trustpilot</a>, we found that existing Wise users often complain about issues like privacy challenges, limited customer support, and high currency conversion rates.&nbsp;

Before you opt for Wise, it is a ‘wise’ decision to read this honest TransferWise India review. We compiled this review based on our analysis of Wise’s features and the feedback shared by existing Wise users on various review portals.&nbsp;

What is Wise (Formerly TransferWise India)? Brief overview&nbsp;

Wise enables peer-to-peer and business-to-business money transfers worldwide. Initially, the Wise platform was a peer-to-peer (P2P) solution only that allowed individuals to send or receive money directly without intermediaries (like banks or credit card companies).&nbsp;

Later, Wise expanded into a business-to-business (B2B) payments solution, processing multi-currency transactions between enterprises.

Wise applies a mid-market foreign exchange rate without levying any forex markup. It charges a conversion fee that differs from country to country. For significant currencies like USD, EUR, GBP, and AUD, the conversion fee is approximately <a href="https://exiap.com.in/guides/wise-fees">1.78%</a> of the transfer value.&nbsp;

If a client sends you $1000 from the US to India through Wise, you will receive around ₹81,749.09. In this transaction, Wise will consider the mid market exchange rate without any markup which would be INR 83.66 (as of 23rd September 2024). However, it will levy a conversion fee of USD 16.95 along with a GST of USD 3.5 and an eFIRC fee of USD 2.50, bringing the total to USD 22.95. In a nutshell, to receive a payment of USD 1000 via Wise, you would need to pay a fee worth USD 22.95.&nbsp;

What are the Key Features of Wise (Formerly TransferWise India)?

Let us now assess the key features of Wise transfer:&nbsp;

Wise’s P2P transfer feature enables individuals to transfer and receive money from friends, family, and clients residing abroad. Recipients don’t need to maintain a Wise account to receive P2P payments. They can directly receive the payment in their bank accounts.&nbsp;&nbsp;&nbsp;

The key benefits of the P2P transfer include:&nbsp;

Wise P2P transfers are fast. <a href="https://exiap.com.in/guides/how-does-wise-work">50%</a> of these transfers are instant, and 80% of transfers are completed within 24 hours

Wise offers a comprehensive B2B payment solution with multi-currency accounts for businesses to hold and manage over 50 currencies. This feature is particularly useful for companies with global clientele, assisting them in receiving payments like a local entity.&nbsp;

By providing local bank details in various currencies (such as GBP, EUR, and AUD), Wise eliminates the need for multiple bank accounts across different countries. Wise B2B platform also provides a batch payment feature, helping businesses simultaneously send bulk payments to other recipients.&nbsp;

Wise offers API integration capabilities for companies looking to streamline their financial operations. This feature allows for automating payment processes, significantly reducing the administrative burden of managing international transactions.

Wise multi-currency virtual accounts feature allows individuals and businesses to convert amounts between multiple currencies when engaging in international transactions. Since you can hold and manage multiple currencies, you don’t need to maintain multiple bank accounts in different locations.&nbsp; A single user can manage over <a href="https://wise.com/gb/blog/manage-currencies-in-one-account#:~:text=Holding%20multiple%20currencies,more%20ways%20to%20pay%20you.">40 different</a> currencies in their Wise account.&nbsp;

The Wise debit card is a convenient solution for businesses, travellers, or shoppers who often purchase products online from international brands. However, note that Wise debit card facility is currently not available in India

To ease compliance, Wise also offers digital FIRA to Indian businesses and freelancers for every international payment. However, it charges an eFIRC fee for the same, which varies across currencies. For example, for USD payments, Wise (formerly TransferWise India) charges USD 2.50 for digital FIRA.&nbsp;

Yes, Wise transfers are allowed in India. It is a trusted financial service provider approved by the Reserve Bank of India (RBI). However, there are some specific regulations and conditions regarding sending and receiving INR that you should know. You can find the regulations <a href="https://wise.com/help/articles/2932151/guide-to-inr-transfers">right here</a>.&nbsp;

Additionally, the following Wise services are unavailable in India:&nbsp;

Wise (Formerly TransferWise India) Fees: All You Need to Know&nbsp;

Here’s a quick breakdown of Wise fees for receiving money from abroad as an Indian business:&nbsp;

TransferWise India Review: The Good, Bad and The Ugly&nbsp;

Here’s how Wise customers rated the solution on different platforms like <a href="https://www.g2.com/products/wise-business/reviews#reviews">G2</a>, <a href="https://www.capterra.in/reviews/1016836/wise">Capterra</a> and <a href="https://www.trustpilot.com/review/wise.com">Trustpilot</a>:

Let us now learn more about the pros and cons of Wise from its users’ perspectives:&nbsp;

<a href="https://www.trustpilot.com/review/wise.com">Source</a>

<a href="https://www.g2.com/products/wise-business/reviews/wise-business-review-7417435">Source</a>

<a href="https://www.g2.com/products/wise-business/reviews/wise-business-review-8362373">Source</a>&nbsp;

<a href="https://www.capterra.in/reviews/1016836/wise">Source</a>

Our Final Verdict of TransferWise India&nbsp;

For individuals and businesses in India receiving money from abroad, Wise offers several advantages:

However, there are notable limitations and concerns:

Wise (Formerly TransferWise India) Alternatives to Note&nbsp;

If you want <a href="https://www.skydo.com/blog/top_5_wise_alternatives_for_international_payment#skydo">Wise alternatives</a> to receive international payment in India, some of the most used apps include PayPal, Payoneer, and Skydo.&nbsp;

While both are well-known payment solutions for receiving international payments, PayPal can be expensive for small businesses and freelancers. Its transaction fee is 4.4%, and PayPal charges a flat fee of $0.3 and an additional 4% markup on the exchange rate. Alternatively, Payoneer charges a 2% forex markup and a $29.95 annual fee for 12 months of inactivity.&nbsp;

After comparing the pricing of these three tools, <a href="https://www.skydo.com/">Skydo</a> appears to be the most transparent and potentially cost-effective solution with no hidden fees. It charges a flat fee based on the transfer amount and uses live forex rates without additional markup.

Skydo offers virtual international bank accounts that provide free and instant FIRA after every transaction.&nbsp;

To explore Skydo, <a href="https://dashboard.skydo.com/login?utm_source=google&amp;utm_campaign=Skydo_Traffic_May13&amp;utm_medium=ad&amp;utm_content=Skydo_Traffic_May13&amp;utm_term=skydo&amp;gclid=Cj0KCQjw28W2BhC7ARIsAPerrcJLvzOSlfehAbzueYGdDcg2mOFwcQvVMe7XeQUY3svOaMko2TCEAOQaAoOwEALw_wcB">sign-up today</a>!

Wise (Formerly TransferWise India) Review: Features, Benefits, Pros & Cons

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SWIFT money transfers are the global standard for sending and receiving funds across borders. The Society for Worldwide Interbank Financial Telecommunications (SWIFT), a member-owned cooperative, ensures secure and reliable transactions worldwide. In this blog, we’ll delve into how SWIFT operates, its significance in global payments, and explore faster, more cost-effective alternatives.

Founded in 1973 by 239 banks, SWIFT is a&nbsp;messaging network that enables secure communication between banks for transactions like money transfers using a standardized code system.&nbsp;Most countries depend on SWIFT&nbsp; for safe cross-border communication. As of November 2022, SWIFT handled an average of&nbsp;44.8 million financial messages daily,&nbsp;with the majority related to payments and securities.&nbsp;

In a nutshell, SWIFT money transfer mostly refers to international wire transfers happening over the SWIFT network. Let's try to understand SWIFT Money transfer with a simple example:

Imagine you are an exporter in Bangalore expecting a SWIFT payment from a client in the United States. You have an account with Axis Bank, and your client needs your account details, including your account number and the branch-specific SWIFT code. Find out the right <a href="https://www.skydo.com/swift-code-finder">SWIFT Code </a>for your bank right here

The client then visits their bank, say Bank of America, to initiate the SWIFT money transfer. Bank of America sends a SWIFT message through the secure SWIFT network to Axis Bank’s Bangalore branch. Upon receiving this message, Axis Bank processes the payment and credits the funds to your account.

A SWIFT code is a unique 8- or 11-character alphanumeric identifier assigned to banks and financial institutions. It contains essential information about the institution’s country, location, and branch.

 Breakdown of a typical SWIFT Money Transfer code:

Here is the breakdown of two SWIFT codes for a better understanding:&nbsp;

SBININBB101: This unique code refers to the State Bank of India’s Mumbai office. "SBIN" is the bank code, "IN" stands for India, "BB" indicates Mumbai, and "101" denotes the branch in a specific locality.&nbsp;&nbsp;

DEUTDEFF500: This SWIFT code belongs to Deutsche Bank's Frankfurt branch in Germany. "DEUT" represents the bank, "DE" is for Germany, "FF" signifies Frankfurt, and "500" indicates the specific branch at Bad Homburg, a town in the Frankfurt region.&nbsp;&nbsp;

&nbsp;SWIFT money transfers are widely regarded as safe. The SWIFT network is trusted globally for secure international financial transactions. Here's why:

Strong Encryption: SWIFT uses encryption to protect your transaction details, making sure that only the intended bank can see the information.

Tight Access Control: Not just anyone can use the SWIFT network—only verified banks and financial institutions have access, minimizing the risk of unauthorized transfers.

Global Trust: SWIFT adheres to international regulations, which helps ensure that your transfer is handled according to the highest standards.

Fraud Monitoring: The system constantly monitors for unusual activity to help prevent fraud before it happens.

While the SWIFT network is highly secure, it's crucial to double-check the details you provide to avoid errors or delays.

Making a SWIFT transfer is similar to a local bank transfer but requires some extra details. Here’s how to do it:

Contact your bank or log in to your online banking portal to start a SWIFT transaction. You’ll need to provide the recipient’s name, bank name, address, unique SWIFT code, currency, and the transfer amount.

Your bank will verify the details and check if you have sufficient funds.

Once everything is verified, the bank will debit the amount from your account and provide a confirmation message or reference number.

The funds are then sent via SWIFT to the recipient’s bank. After verification, the recipient's bank will credit the amount to their account.

Broadly, <a href="https://www.skydo.com/blog/why-was-a-certain-amount-deducted-from-my-swift-payment">SWIFT charges</a> can be broken down under the following heads:

It's important to clarify that SWIFT money transfer fees vary by bank. Each institution sets its own charges for outward transfers. Here are some popular Indian banks and their SWIFT charges:

<a href="https://www.icicibank.com/personal-banking/accounts/outward-remittance/wire-transfer?no_follow=true">Source</a>

<a href="https://www.hdfcbank.com/personal/pay/money-transfer/remitnow/fees-and-chargesno_follow=true">Source</a>

PNB’s SWIFT money transfer fee stands at INR 500 + GST. However, it is worth mentioning that additional commissions ranging from INR 500-1000 may also be levied depending on the amount that is being sent abroad.&nbsp;

Yes Bank’s charges for SWIFT money transfers depend on the type of savings account you have. The following table shows the different types of YES savings accounts and their corresponding SWIFT charges:

How Long Does a SWIFT Money Transfer Take?&nbsp;

While <a href="https://www.swift.com/news-events/press-releases/swifts-cross-border-payments-processing-speed-surpasses-g20-target" target="_blank">SWIFT claims</a> that 89% of international transactions are processed within an hour, that doesn't tell the full story. The clock only starts when the sender’s bank sends the payment to the SWIFT network and stops when the receiver’s bank acknowledges it. After that, your bank will contact you for ‘disposal instructions.’ This may require you to submit documents, fill out forms, or deal with forex rate fluctuations. As a result, the entire process can take up to 5 business days or more, with additional delays caused by factors like:

Therefore, it is always a good idea to double-check relevant information to receive your SWIFT payments in a timely manner.

SWIFT Money Transfer Vs Virtual International Bank Accounts: Which One Should You Pick?&nbsp;&nbsp;

While the SWIFT payment system is the go-to for cross-border transfers, its high costs and longer processing times have prompted businesses to seek alternatives. One viable solution is i<a href="https://www.skydo.com/blog/virtual-account-numbers">nternational virtual bank accounts.</a> Platforms like Skydo offer businesses free virtual accounts in major regions, including the US, UK, Europe, Canada, Australia, and Singapore. These virtual accounts operate like local bank accounts, allowing businesses to receive payments via local transfers instead of incurring SWIFT fees.

For instance, if your client is in the US, they can make a local transfer to your US-based virtual account, avoiding SWIFT fees and delays. Skydo consolidates these payments and transfers the funds to India at live forex rates, ensuring exporters receive the full amount without losses from unfavourable exchange rates. The converted funds are deposited directly into your local Indian bank account within 48 hours, providing a fast, cost-effective, and transparent alternative to SWIFT.

In conclusion, while SWIFT money transfers remain a popular choice for international transactions, alternative solutions like virtual bank accounts offer speed and cost savings. Consider switching to Skydo for a seamless payment experience.

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SWIFT Money Transfer Guide 

Are you an Indian freelancer, exporter, or business owner working with US clients? If so, one of the most important questions you’ve likely asked is: How to receive money from the USA to India?

Getting paid by US companies or individuals comes with its own set of challenges—be it fees, delays, or the right payment method. In this blog, we’ll dive into all the ways you can receive money from USA efficiently, securely, and at the best rates. Let’s help you find the option that works best for you!

How to Receive Payments from USA to India?

When it comes to getting paid by US clients, you have a few key options:

Banks: The traditional route for receiving payments via wire transfers from USA to India.

PayPal and other payment gateways: A popular choice for freelancers and small businesses.

International Virtual Accounts: Offered by platforms like Skydo, Wise and Payoneer

Remittance Platforms Like Wise P2P and Western Union&nbsp;

But before you pick a method, it’s important to weigh a few critical factors—like fees, speed, and ease of use. Choosing the right option can help you keep more of your hard-earned money while avoiding unnecessary hassle. Let’s break down what you need to consider!

What to Know Before Receiving Payments from the USA to India?

Getting paid by US clients might sound simple, but it’s not as seamless as local UPI transfers or NEFT. From longer timelines to compliance requirements and hidden fees, there are a few things you need to keep in mind to make the process smooth and cost-effective. Let’s break it down:

Unlike instant domestic payments, international transfers can take anywhere from 1 to 7 business days to reflect in your account depending on the method of transfer. For example, wire transfers from USA to India can take upto 5 business days because <a href="https://www.skydo.com/blog/swift-money-transfer-ultimate-guide">the SWIFT network</a> involves multiple intermediary banks, and delays can occur due to bank holidays, incorrect details, or currency conversions. Patience is key when dealing with cross-border transactions.

Handling international payments comes with strict compliance rules to prevent issues like money laundering. Here’s what you should know:

Taxes are a critical part of receiving international payments. Here’s what you need to keep in mind:

Hidden charges can eat into your earnings if you’re not careful. Here are some common fees to watch out for:

These fees can quickly add up, so choosing a payment method with lower costs—like international virtual accounts—can help you keep more of your earnings.

Choosing the Best Way to Receive Money from the USA to India

There’s no one-size-fits-all answer to the question of how to receive payments from the USA to India. The best method depends on what matters most to you—whether it’s faster transfers, lower fees, better exchange rates, or simplified compliance. Let’s take a closer look at your options to help you make an informed choice.

Banks are the go-to option for many when it comes to receiving money from USA to India. However, they come with their own set of pros and cons:&nbsp; Transfers via the SWIFT network can take anywhere from 2 to 7 business days, often delayed by intermediary banks, incorrect details, or currency conversion issues. Banks charge SWIFT fees (₹500–₹1,000 per transaction) and impose forex markups. For instance, if the market rate is 1 USD = ₹84, you might only get ₹82, losing ₹10,000 on a $5,000 payment. They also charge additional fees, like ₹250 for a FIRA or ₹500 for tracking a payment. While banks are reliable and secure, obtaining compliance documents like FIRA can be a hassle, often requiring follow-ups and additional charges. If you prioritize security and have time to spare, banks may be a reasonable option.

Banks are also a preferable choice for big businesses handling high volumes of cross-border payments, as they often offer competitive exchange rates and personalized services that smaller clients might not receive.&nbsp;

PayPal and other Payment Gateways:&nbsp;Convenient But Pricey