Stripe vs Payoneer,&nbsp; both are trusted names in international payments, but they serve different needs. Stripe is great for online businesses with developer-friendly tools, while Payoneer is popular among freelancers and marketplace sellers.

In this blog, we break down their features, pricing, pros, and cons.&nbsp; And if neither feels right, we’ve also included a solid alternative worth exploring, which is more affordable than both options.

Stripe Vs Payoneer: Understanding the Differences

<a href="https://www.skydo.com/blog/stripe-india-charges-review-alternatives">Stripe</a> is an Irish-American comprehensive cross-border payment solution that allows businesses to accept payments in 135+ currencies. It offers flexible UI components like masking styling and error handling to help businesses build a seamless branded checkout experience. It also supports one-time and recurring payments through instant <a href="https://stripe.com/in/payments/payment-links">payment links</a> or by embedding its <a href="https://stripe.com/in/payments/checkout">checkout solution</a> on the website directly. Stripe could be a good choice if you run an e-commerce business with international buyers.&nbsp;&nbsp;

However, Stripe operates on an<a href="https://support.stripe.com/questions/stripe-accounts-are-invite-only-in-india"> invite-only model</a> in India. This means you cannot directly sign up on the website; you have to send them an invite, and if they accept it, you get access to the product. There is no definite timeline for when your invite will be accepted because Stripe is only providing access to businesses focused on global expansion.&nbsp;

Processing Fees: <a href="https://support.stripe.com/questions/additional-pricing-information-for-indian-cross-border-sellers">4.3%</a> of the transaction amount

Currency conversion fee: <a href="https://support.stripe.com/questions/additional-pricing-information-for-indian-cross-border-sellers">2%</a> of the current exchange rate

Additional fee: Stripe also levies ancillary fees for chargebacks and disputes. For example, Stripe&nbsp; deducts <a href="https://stripe.com/in/pricing">Rs. 1000 as a chargeback fee</a> in the event of a lost dispute

No FIRA: Stripe doesn’t provide a FIRA. <a href="https://support.stripe.com/questions/firc-payment-advice-for-international-transactions-in-india">Payment advice</a> is sent to your email address, which you can use to obtain FIRA from your bank at an additional fee

<a href="https://www.skydo.com/blog/payoneer-payment-gateway-features-fees">Payoneer</a> was founded in 2005 in New York. It is a global payment platform allowing businesses to send and receive payments in 70+ currencies. It offers <a href="https://www1.payoneer.com/in/solutions/global-payment-service/">multi-currency virtual accounts</a> to users in countries like the US, UK, Europe (EU), Australia, and China, with other flexible payment modes like bank transfers and card payments.&nbsp;

In India, you can use the Payoneer payment gateway to receive international payments. Payoneer also provides Indian customers with free digital FIRA to stay compliant with the rules. Ordinarily, payments made through local bank transfer or wire transfer/SWIFT take approximately <a href="https://payoneer.custhelp.com/app/answers/detail/a_id/33930/~/what-is-the-status-of-my-payment%3F-%28receiving-accounts%29">three business days</a> to be credited to your account. Payoneer has also built itself as an enterprise-compliant solution by offering features like <a href="https://www1.payoneer.com/in/enterprise/">mass payouts and API support</a>.

Payoneer Pricing for Receiving International Payments

Virtual Accounts: 1% for USD, free for all currencies

Credit Card: 3.2%+&nbsp; $0.49&nbsp;

Withdrawal Fees:&nbsp;A 3% withdrawal fee is applied when withdrawing the payment from your local bank account in India. This applies to all the above payment methods.

Based on what we have covered so far, it might be a bit too much for you to wrap your head around.

To make it easier to comprehend, we have summarized the key differences between the payment solutions in this table. This will also help you make an informed decision about which one is closer to your requirements.

Skydo: An affordable alternative to receiving international payments

Skydo is a cost-effective alternative to Stripe and Payoneer and can address the pain points that Indian businesses and freelancers might face on these platforms.

Skydo offers flat-fee pricing with no additional account maintenance charges or fixed fees. Here’s the breakdown of the fee structure:

Plus, Skydo gives you the live forex rate with zero markup, something both platforms don’t offer. That means your payment gets converted at the actual market rate on the day of transfer, not a rupee less

Stripe and Payoneer may have strong global reach, but for Indian businesses, they often fall short. Their fees are higher, settlements are slower, and support is limited, with no India-based team and mixed customer reviews. Many users report<a href="https://www.g2.com/products/stripe-stripe-payments/reviews?utf8=%E2%9C%93&amp;filters%5Bcomment_answer_values%5D=support"> long wait times </a>and <a href="https://www.g2.com/products/payoneer/reviews/payoneer-review-10770537">unresolved issues</a>, especially when it comes to compliance and troubleshooting.

Skydo offers a better alternative: ✅ Lower, transparent pricing
 ✅ 24-48 hour settlement ✅ Dedicated India-based support ✅ Skydo has received in principle RBI-approval to operate as a Payment Aggregator for Cross-Border Payments

Built for Indian exporters, freelancers, and global sellers, Skydo makes international payments fast, affordable, and fully compliant.

Think it’s a fit? You’ll know in 5 minutes.
 👉 Sign up now and get started.

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You've finally landed that international client, but now comes the payment headache. When a client pays you, say, $5,000 from abroad, you often wrestle with high fees, poor exchange rates, and complicated paperwork, making your well-earned money a frustrating experience.

Briskpe, based in Mumbai, offers payment solutions for international transactions. Their service aims to simplify cross-border payments for freelancers and small businesses who regularly work with overseas clients.

Let's look at what Briskpe offers, how it works, and whether it might be the right payment solution for your business needs, or if there is a better alternative:

Here's what Briskpe offers to simplify your cross border payment struggles:

Here's what Briskpe charges you for receiving international payments:

Transaction Fee stands at 1% for all international payments you receive. If your UK client sends you USD 5,000, Briskpe will charge you $50 as their processing fee. The percentage remains consistent regardless of the payment amount or the currency involved.

Live Forex Rate is applied when converting between currencies. Briskpe provides real-time exchange rates without the hidden charges and markups.&nbsp;

When comparing these costs to traditional banking options, Briskpe's 1% fee is generally lower than the 3-5% many freelancers pay through combinations of wire transfer fees, currency conversion costs, and intermediary bank charges. However, is it the most affordable option out there for receiving international payments? We'll find out.&nbsp;

What's it like to use Briskpe for your international payments? Real user experiences give us a clearer picture of what to expect and valuable insights on how to use a tool.

The Good: Many users have positive experiences with Briskpe's services. Ricky Garg mentions that the service is "incredibly fast, with speedy credit transfers that make the entire process seamless." Another user, Triface International, praises the platform for being "fast, easy, less charges" and explicitly mentions how helpful Bhaumik Vyas was during the onboarding process. Shri Mundada, a Local Guide, notes that "the onboarding experience was very smooth and easy" and appreciates how Briskpe makes "getting Forex Inward Remittance so easy and profitable."

The Bad: However, not all reviews are glowing. Several users report significant issues with the service. Bhakti Doshi describes Briskpe as a "pathetic and unprofessional company" and warns others to "beware before doing any sort of business with them." Another reviewer, Ashwini, claims the company is "unreliable" and issues "refunds without providing any valid reasons,".

<a href="https://www.google.com/search?q=briskpe+reviews&amp;rlz=1C5CHFA_enIN1057IN1057&amp;oq=bris&amp;gs_lcrp=EgZjaHJvbWUqBggAEEUYOzIGCAAQRRg7MhIIARAuGCcYrwEYxwEYgAQYigUyCggCEC4YsQMYgAQyBggDEEUYQDIGCAQQRRg5MhIIBRAuGEMYxwEY0QMYgAQYigUyBggGEEUYPDIGCAcQRRg90gEIMTcwN2owajeoAgCwAgA&amp;sourceid=chrome&amp;ie=UTF-8">Source: Google Reviews</a>

Skdyo: A Seamless Briskpe Alternative for Receiving International Payments&nbsp;

If you're looking beyond Briskpe for international payment solutions offering a variety of payment options, Skydo offers another option worth considering.

Skydo provides a more affordable fee structure that could save money, especially on more significant transactions, to meet your diverse client needs. Unlike Briskpe's percentage-based model, Skydo uses a simple flat fee approach:

This pricing structure makes a real difference to your bottom line. Let's look at two examples:

For a $5,000 payment, Briskpe would charge you $50 (1% fee). With Skydo, you'd pay just $29, saving you $21 on that transaction.

The savings become even more significant with larger amounts. For a $20,000 payment, Briskpe would take $200 from your earnings. Skydo's 0.3% fee would amount to only $60, saving you $140 on just one payment.

Like Briskpe, Skydo offers zero FX margin, meaning you get the actual market exchange rate when converting currencies. According to their calculator, this transparent approach could save you up to ₹89,052 annually compared to traditional banks.

What sets Skydo apart is its focus on customer support and user experience. They provide global accounts in the US, UK, Canada, Australia, and 10+ other countries, which you can set up in just 5 minutes. Their unified platform includes instant FIRA documentation and real-time payment tracking, helping you keep tabs on your money as it moves.

Skydo also integrates additional features that make managing international income easier, including GST-compliant invoicing, payment reminders, client ledger tracking, and business analytics tools—creating a more comprehensive solution for freelancers, medium enterprises, and small businesses.

For Amazon marketplace sellers, Skydo offers specialized services for Amazon Global Selling across multiple marketplaces with tailored pricing.

Want to explore Skydo for your international payments?

<a href="https://www.skydo.com/">Get started now</a>

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Trusted by 2 million customers worldwide, Stripe is a payment processing and payment gateway platform with additional services like invoicing, billing, and subscription management. But is Stripe the most affordable for Indian businesses and freelancers to receive international payments? In this blog, we will delve into Stripe fees and discover if there's a more affordable alternative for businesses <a href="https://www.skydo.com/blog/how-to-receive-international-payments-in-india">to receive international payments in India</a>.&nbsp;

Stripe India offers a robust cross-border payment solution, allowing businesses to accept payments in over 135 currencies. Its customizable UI components, including masking, styling, and error handling, help businesses create a seamless branded checkout experience. Stripe supports both one-time and recurring payments through instant payment links or direct website integration.

Note that, in India, Stripe functions on an<a href="https://support.stripe.com/questions/stripe-accounts-are-invite-only-in-india"> invite-only basis</a>. Meaning you cannot sign up from the Stripe website directly, you must request an invite to create a Stripe account. You get access only when Stripe approves this invite but there is no clear timeline on how long it will take to approve an invitation. The Stripe support page also mentions that they can only assist a limited number of companies focused on international expansion.

Besides the invite-only model, Stripe users in India can only use a credit or a debit card to accept international payments. This might be a drawback for your business if your client prefers a different payment method.

If the invite-only model and a single payment option work for you, we suggest exploring the next section closely as we analyze the different Stripe fee categories.

With Stripe you can accept payments in 135+ currencies through Visa and Master Card; American Express only supports USD. While you have more flexibility to accept payments through international cards, the overall fee structure is on the steeper side.

Processing Fees: Stripe charges<a href="https://support.stripe.com/questions/additional-pricing-information-for-indian-cross-border-sellers"> 4.3% as processing fees</a> on every successful transaction.

Currency Conversion Fee: An additional<a href="https://support.stripe.com/questions/additional-pricing-information-for-indian-cross-border-sellers"> 2% fee</a> is charged for currency conversion.

Additional fees: Stripe may also charge an additional chargeback fee of <a href="https://stripe.com/in/pricing">Rs. 1000 in the event of a lost dispute</a>. A dispute occurs when your client challenges a charge with their bank or credit card provider. The payment is immediately reversed and Stripe debits the amount from your account and the dispute fee.&nbsp;

No FIRA: Stripe does not offer a<a href="https://www.skydo.com/blog/all-you-need-to-know-about-firc-a-complete-guide"> FIRA</a> after you receive an international payment. A<a href="https://support.stripe.com/questions/firc-payment-advice-for-international-transactions-in-india"> payment advice</a> is emailed to your account so that you can present it to your bank and get the FIRA after paying a fee.

Stripe Fees For Receiving International Payments In India

In this section, we will use an example to understand how much you can expect to lose to fees if you were to get a payment via Stripe.&nbsp;

Imagine you received a payment of USD 10,000 from a client in the United States. Here’s the calculation for the amount you will receive in your account:

At first, a Stripe processing fee of 4.3% will be deducted from this amount, which is USD 430. The balance amount now is USD 9,570.

An additional 2% will be charged on the USD to INR exchange rate. Assuming the exchange rate is Rs. 85 for 1 USD, the effective exchange rate will become Rs. 83.3 , post the 2% currency conversion fee

We will multiply the balance amount by the reduced exchange rate to calculate the final amount. Final amount = 9570 X 83.3 =&nbsp; Rs. 797,181

So how much money did you lose as fees? To know that we will compare the full value $10,000 with the final amount we calculated in the last step. Full value = 10000 X 85 = 850,000

Final amount = Rs. 797,181. Amount lost as Stripe’s fees = Rs. 52,819 ($621)

In addition to Stripe’s fees, you must spend a bit extra to obtain the FIRA from the bank. Every bank has a different fee structure, usually starting at Rs. 200 for each FIRA. For example,<a href="https://www.hdfcbank.com/personal/pay/money-transfer/remittance/fees-and-charges"> HDFC Bank charges Rs. 200</a> for issuing an FIRA.&nbsp;

If we add the FIRA fees, the total is Rs. 53,019

To summarize, to receive a payment of $10,000, you will lose Rs. 53,000 as Stripe + FIRA fees.

Skydo: An Affordable And Seamless Stripe Alternative To Receive International Payments

Despite its popularity and global trust, Stripe’s invite-only model and high fee structure might not be the best option for most Indian businesses. Skydo is a practical alternative to Stripe and offers a quick, secure, and cost-effective solution to all Indian businesses.

Skydo offers international virtual accounts linked to your bank account. These virtual accounts act as digital delivery agents — accepting payments from international clients and delivering them to your bank account. Virtual accounts provide immense flexibility to manage your international payments in different currencies. You can create separate virtual accounts for customers in key regions like the US, the UK, Australia, and Singapore to keep track of payments efficiently.&nbsp;

Skydo has a simple fee structure with no hidden charges. For accepting payments under $2000, the charges are $19, for payments between $2001-$10,000 the charges are $29, and for payments more than $10,000 it’s 0.3% of the amount. There are no additional currency conversion fees and currency is converted at the live exchange rate.&nbsp;

This makes Skydo a more affordable alternative to Stripe. How? Let’s go back to our previous example.

For receiving a payment of $10,000, Stripe fees cost you Rs. 53,019 ($624)

For receiving the same amount through Skydo it will cost you $29 which is Rs. 2465 — assuming an exchange rate of 1 USD = INR 85.&nbsp;

The difference is: INR 53,019 - INR 2465 = INR 50,554. This amount is your saving from using Skydo.

Beyond affordable fees, here's why you should choose Skydo your trusted international payments platform:

Free and Instant FIRA: Skydo offers free and instant FIRA for every transaction

Local Customer Support: Our India-based customer team is always ready to help businesses navigate through any onboarding or payment-related query.

User-friendly Interface: Skydo's UI is designed for easy usability and navigation

Fully Compliant: Skydo is one of India's first homegrown platforms to receive&nbsp; In-Principle Authorization (IPA)&nbsp;from the Reserve Bank of India (RBI) to operate as a&nbsp;Payment Aggregator - Cross-Border Exports (PA-CB-E), ensure that all your payments are 100% secure and compliant.&nbsp;

Switch to Skydo today to experience the difference. 

Want to explore more Stripe alternatives? Check out our <a href="https://www.skydo.com/blog/stripe-alternatives-for-international-payments-in-india">Top 5 Stripe alternatives blog</a>. If you’re curious how Stripe fares against PayPal only, then head over to our <a href="https://www.skydo.com/blog/stripe-vs-paypal-international-payments-2025">Stripe vs PayPal</a> deep-dive analysis.

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You finally landed that international client, but now comes the payment headache. A client paying you $5,000 from abroad means wrestling with high fees, poor exchange rates, and paperwork, turning your well-earned payment into a frustrating experience.

EximPe offers payment solutions for international transactions. Their service aims to simplify cross-border payments for freelancers and small businesses who regularly work with overseas clients.

Let's explore what EximPe offers, how it works, and whether it might be the payment solution you've been looking for.

Having the proper payment setup makes all the difference when dealing with international clients in different time zones.&nbsp;

EximPe FX platform offers several key features that might solve your cross-border payment headaches:

Global collection accounts to receive local payments in 30+ currencies

Virtual international accounts let clients pay using local methods like ACH (USA), SEPA (Europe), or Faster Payments (UK). These payments are then collected, converted, and deposited directly into the user’s Indian bank account.&nbsp;

Global trading accounts and financing options for businesses&nbsp;

Beyond just <a href="https://www.skydo.com/blog/how-to-receive-international-payments-in-india">receiving payments,</a> EximPe provides accounts designed specifically for businesses that trade internationally. These accounts come with financing options to help with cash flow when you're waiting for payments or need to purchase inventory before getting paid. A small import business (for example, a textile business or advisory services), for instance, could use EximPe's financing to pay suppliers upfront while waiting for customer payments.

Instant Digital FIRA (Foreign Inward Remittance Advice)&nbsp;

You often need documentation for tax and regulatory purposes when you receive international payments from the USA, Europe, or any other country outside of India. EximPe provides instant<a href="https://www.skydo.com/blog/all-you-need-to-know-about-firc-a-complete-guide"> digital FIRA</a>, eliminating the typical waiting period of several days that banks require. For example, If you receive a $5,000 payment from your UK-based client via Eximpe, you'll get your FIRA immediately instead of waiting up to a week as with traditional banks.

Forex conversion without markup&nbsp;

Banks and payment processors often include hidden fees in their exchange rates. EximPe states they provide mid-market rates <a href="https://www.skydo.com/blog/forex-markup-fee-explained">without additional markup</a>, which could lead to some savings on currency conversion compared to traditional banking options. This might reduce costs when receiving international payments.

Understanding what you'll pay when receiving international payments can make or break your profit margins. EximPe offers two different pricing structures to fit various business needs:

Transaction fee model: If you prefer paying per transaction, EximPe charges 0.75% plus a bank collection fee. For payments through virtual accounts, they charge USD 0.59 in the transaction currency, while USD ACH transfers and SWIFT transfers both cost $7.67. For example, if a client pays you $10,000 via virtual accounts you'd pay&nbsp;0.75% as platform fees which comes to USD 75 plus $0.59 as a bank collection fee, making it a total of USD 75.59.

Monthly pricing option: Their newer flat-fee model starts at ₹999 per month for receiving up to $2,000. Higher tiers accommodate larger monthly volumes, with plans at ₹1,800 (up to $5,000), ₹2,250 (up to $10,000), and ₹4,500 (up to $25,000). With this option, a freelancer receiving fifteen $100 payments would pay the same ₹999 as someone receiving a single $1,500 payment.

Live forex rate: EximPe provides real-time exchange rates without markup, meaning you get the actual market rate when converting currencies. For instance, converting $10,000 to INR might save ₹15,000-20,000 compared to typical bank rates that include hidden markups.

The monthly pricing option might be particularly appealing if you receive multiple smaller payments each month, while the transaction model could work better for occasional, larger transactions.&nbsp;

EximPe Reviews: The Good, Bad, and Ugly&nbsp;

What's it like to use EximPe for your international payments?&nbsp;

Under the good, many customers have left 5-star reviews, with exporters like Saqlain Mukthar particularly impressed by EximPe's import-export and remittance services.

However, some customers have found EximPe's service slow and unsatisfactory, as noted in BlackWorld Tiles' critical review.

<a href="https://www.google.com/search?q=eximpe&amp;rlz=1C5MACD_enIN1103IN1103&amp;oq=eximpe&amp;gs_lcrp=EgZjaHJvbWUqBggAEEUYOzIGCAAQRRg7MhAIARAuGK8BGMcBGIAEGI4FMhMIAhAuGIMBGK8BGMcBGLEDGIAEMgcIAxAAGIAEMgcIBBAAGIAEMgYIBRBFGDwyBggGEEUYPDIGCAcQRRg80gEIMTgxMGowajSoAgCwAgE&amp;sourceid=chrome&amp;ie=UTF-8#lrd=0x3bae15be2e8e9a0d:0xb7e7d0d3ba697080,1,,,,">Source</a>

Skdyo: A seamless Eximpe Alternative for receiving international payments&nbsp;

If you're looking beyond EximPe for international payment solutions, Skydo offers another option worth considering.

Here's why Skydo should be your trusted international payments partner:

<a href="https://www.skydo.com/">Get started now!</a>

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Case in point: India’s US exports reached<a href="https://www.ibef.org/indian-exports/india-us-trade"> $77.5 billion</a> in 2023- 2024, increasing cross-border transfers from the US to India. As wire transfers continue to be the primary means of making these transactions, understanding how they work is crucial for Indian business owners.&nbsp;&nbsp;

In this blog, we have covered the ABC of wire transfers from the USA to India including fees, timelines, and documents to help you get started. At the end, we will explore a smarter alternative to wire transfers that can improve efficiency and reduce business costs.&nbsp;

But before we begin, this blog will cover business payments in detail and only touch up on personal payments.

Wire Transfer from USA to India: Understanding the Basics

Wire transfer is a method of making international payments electronically from one country to another.&nbsp; Most wire transfers are done via <a href="https://www.skydo.com/blog/swift-money-transfer-ultimate-guide">SWIFT</a>, a secure messaging network connecting a vast network of banks and financial institutions worldwide.

The wire transfer process is quite simple. Consider, that you have a US-based client and they are paying you via a wire transfer. Here's what the process will look like:&nbsp;&nbsp;

Wire transfer from the USA to India has long been the go-to way to transfer funds between these two countries thanks to their credibility and trustworthiness. However, wire transfer from USA to India also involves a lot of complexities including steep fees, longer settlement times and more which we will discuss in the upcoming sections.&nbsp;

What Is Wire Transfer Time from USA to India

A wire transfer from the USA to India typically takes 5-7 business days to settle. However, it can get extended due to bank holidays and if there are more intermediary banks participating in the transaction.

Further, if there are any errors in the details that you have shared with your client, like an incorrect bank account number or incorrect SWIFT code, then your payment can get further delayed or even cancelled.&nbsp;

Therefore, we strongly advise business owners and freelancers to&nbsp;double-check their information before sharing their account details with their clients.&nbsp;

When you receive a wire transfer from the US, charges are applied under different categories. These charges are often passed on to you as the receiver for business transfers or payments. Therefore, knowing about these charges will tell how feasible this payment option is for you.

SWIFT Fee: This is charged by the sender’s bank based on the amount and destination. While sending money from the US to India, the fee mostly ranges between $15-$50, which is approximately around Rs.1,200 to Rs. 4,200&nbsp;

Forex Markup: Banks usually make money here by offering a lower exchange rate during currency conversion. This markup is like a margin for covering the cost of foreign currency conversion and can substantially reduce the amount. For example, if the live exchange rate for 1 USD is Rs. 86, the bank will use the applicable exchange rate of Rs. 84. For a payment of $10,000 you will receive Rs. 840,000 (84*10,000) instead of Rs. 860,000 (86*10,000).

Intermediary Bank Fees: Intermediary banks facilitate wire transfers if there is no direct relationship between the sending and receiving bank. In return, they charge a fee depending on the complexity of transactions and services involved. If more intermediary banks participate, the total fees add up, resulting in higher deductions.

Exchange Rate Fluctuations: The constant changes in exchange rate can also result in a loss. For example, when your client initiated the wire transfer, the exchange rate was Rs. 86, but by the time you received it, the rate dropped to Rs. 85. For a $10,000 transfer, that is a straightaway loss of Rs. 10,000

Receiving Bank Fee: Your bank receiving the amount might also charge an inward remittance fee depending on the amount and other factors. For example, <a href="https://www.idbibank.in/pdf/soc/RevisedTradeFinanceScheduleofCharges2019.pdf">IDBI Bank charges Rs. 100 flat</a> for foreign currency inward remittances.&nbsp;&nbsp;

FIRA Charges:<a href="https://www.skydo.com/blog/all-you-need-to-know-about-firc-a-complete-guide"> Foreign Inward Remittance Advice (FIRA)</a> is an essential document for a business owner or freelancer receiving international payment. It’s proof that you have received a foreign income in India. Banks issue FIRA, but not by default. You must request the bank for an FIRA and pay an upfront charge which differs from one bank to another. For example, HDFC bank issues<a href="https://www.hdfcbank.com/personal/pay/money-transfer/remittance/fees-and-charges"> Rs.200 for a single FIRA</a>. This means you must spend Rs. 200 to get the FIRA every time you receive a wire transfer.

What Documents Are Needed for Wire Transfer from USA to India?

Having the right documents is a key to receiving wire transfers without hiccups and on time. Here is the list of documents for sending and receiving wire transfers from the US to India:

Note: Indian businesses and freelancers receiving money from the US must also fill out <a href="https://www.skydo.com/blog/filing-w-8ben-and-w-8ben-e-a-guide-for-indian-freelancers-and-businesses">Form W8BEN and W8BEN E</a>. Filling these forms and sharing them with your client before the transfer ensures they apply the correct US withholding tax rate as per US treaties.&nbsp;&nbsp;

Skydo: A Smart Alternative Wire Transfer from USA to India

Skydo, a new-age payments platform, offers a smarter alternative way of receiving money from the US via virtual international accounts. Virtual international accounts are digital international accounts linked to your physical bank account in India. It is almost like having a local bank account in your client's country, which in this case would be the US. Each virtual account has a unique 18-digit number that you can share with your US-based clients to receive payments.&nbsp;

Here are the three reasons why virtual accounts are a smarter alternative to wire transfers:

Virtual accounts are much faster for settling international transactions than wire transfers. Platforms like Skydo transfer the money to the client’s bank account in 24-48 hours. This means you receive the payment 1-2 days earlier, providing more liquidity.

As virtual accounts do not use the SWIFT network, no SWIFT fee is levied on the transaction. In addition, most platforms offer a more competitive exchange rate than banks. This ensures you get a better value during conversion. With Skydo, there is no additional charge for receiving money and getting an FIRA. In fact, the FIRA is provided instantly in your dashboard after you receive a payment from the US.&nbsp;

Transparency is also a cause of concern with wire transfers as it’s difficult to know how much fees will be deducted in each transfer. On the other hand, virtual platforms are more transparent in pricing. For example, Skydo charges USD 19 for receiving payments up to $2,000, USD 29 for payments from $2,001 to $10,000, and 0.3% of the amount if it’s more than $10,000, all at live forex rate without any markup.&nbsp; Beyond this, you don’t have to pay anything extra.

&nbsp;Skydo offers an India-based support team to assist you with onboarding and resolve your queries in case you get stuck.&nbsp;

But why must your US-based client agree to pay you through a virtual account?

The answer is convenience and trust. You have to share your US virtual bank account number with your client, and your client will be paying you in that account, making it a local transfer instead of an international one. Your client will feel like working with someone from their own country.&nbsp;

The other aspect is trust. In cross-border business transfers, there is always an element of risk from threats like data breaches and identity thefts. But platforms like Skydo go the extra mile to ensure data security. Personal information is stored in a tightly controlled virtual safe, transmission data is encrypted end-to-end, and suspicious activities are monitored continuously. This benefits you in strengthening your relationship with them and expanding your business faster.&nbsp;

Is virtual account the right medium for receiving payment from the US? Sign up for a free demo with<a href="https://www.skydo.com/"> Skydo</a>.

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Wire Transfer from USA to India

Ever wondered why your international earnings seem slightly less than expected when they hit your account? The answer might be forex markup fees.&nbsp;

With Indian overseas spending reaching an all-time high of <a href="https://www.business-standard.com/india-news/indian-overseas-spending-hits-all-time-high-of-31-7-billion-in-fy24-124052200342_1.html">$31.7</a> billion in FY24 and more Indians earning in foreign currencies through salaries, freelance work, or export payments, understanding these hidden charges has never been more important.&nbsp;

These small percentage fees, typically 1% to 3.5% of each foreign transaction, can significantly reduce your international earnings over time. Knowing how forex markup fees or currency conversion markups work isn't just for travellers anymore (people carrying travel cards); it's essential knowledge for anyone receiving money from abroad.

This article will help you understand forex markup fees and how they impact international earnings. It will also provide practical solutions to minimize these charges when receiving foreign currency payments.

A forex markup fee, also known as foreign transaction fees, is an additional charge added to the exchange rate by banks, credit card providers, and payment processors when handling foreign currency transactions. While the mid-market exchange rate (what you see on Google or financial news sites) represents the actual value between two currencies, financial institutions rarely offer this rate. Instead, they add a small percentage, typically between 1% and 3.5%, to cover their costs and generate profit.

These seemingly small percentages can have a significant impact on your earnings:

Let's say you're a freelancer who received $10,000 from a US client. Now, let's consider that the live forex rate on that day is&nbsp; $1= INR 83. Now, as per the live exchange rate,&nbsp;you should ideally receive ₹830,000. However, if your bank applies a 3% forex markup fee, here's what happens:

What makes forex markup fees particularly problematic is their lack of transparency. Many financial institutions, especially traditional banks, don't explicitly mention these fees in their marketing materials or statements. Instead, they're quietly embedded in the exchange rate offered.

These hidden charges often go unnoticed for new businesses and freelancers entering the international market. You might assume the amount received is correct without realizing that a significant portion has been skimmed off through an unfavorable exchange rate.

To verify this yourself, always check the <a href="https://www.skydo.com/blog/all-you-need-to-know-about-firc-a-complete-guide">Foreign Inward Remittance Advice (FIRA</a>) document provided by your bank for each international transaction. This document shows the exact exchange rate applied to your payment. Compare this rate with the live mid-market exchange rate prevailing on that specific date (which you can find on Google or currency websites like XE.com). The difference between these rates reveals how much your bank has marked up the exchange rate—often without explicitly mentioning this fee.

Many professionals discover these fees only after comparing their FIRA documents and the actual mid-market rates—and by then, they've already lost considerable amounts of money on numerous transactions. Indian banks typically apply markups ranging from 1.5% to 3%, which can significantly reduce your international earnings.

Understanding these fees and regularly checking your FIRA against live exchange rates is the first step toward keeping more of your hard-earned international income in your pocket rather than paying unnecessary charges to financial institutions.

Where is the Forex Markup Fee Levied?&nbsp;

Forex markup fees appear in various financial transactions involving foreign currencies. Understanding where these fees lurk helps you recognise potential costs when receiving international payments. Here are the main places where forex markup fees are commonly charged:

During international travel and online shopping, people are already familiar with forex markup fees when using their credit and debit cards abroad or on international websites. When you purchase items in foreign currencies, your Indian credit card issuer company typically adds a 2-3.5% markup to the exchange rate, making that €100 souvenir cost more than the equivalent of ₹9,100 at a ₹91 per euro mid-market rate.

The same principle applies in reverse when you receive credit card payments in your home country from other countries. When a client pays you using their US-based credit card for services billed in Indian rupees, the card company similarly applies these markup fees during processing.

For example, a freelance graphic designer in Mumbai charging $1,000 for a project might see only ₹81,000 arrive instead of the expected ₹83,000 (at an exchange rate of ₹83 per dollar) because of a 2.4% markup fee applied by the payment processor. This reduces the effective exchange rate from ₹83 to approximately ₹81 per dollar, with the difference going directly to the payment processor or credit card company.

Banks apply forex markup fees whenever they convert currency, whether receiving wire transfers from abroad, depositing foreign checks, or when clients send money to your Indian account from their foreign bank accounts.

Consider an IT consultant receiving a €5,000 payment from a German client via bank transfer. While the mid-market rate might be ₹91 per euro (totaling ₹455,000), the bank might apply a 2% markup and convert at ₹89.18, resulting in only ₹445,900 reaching the consultant's account—a ₹9,100 difference that's rarely itemized on statements.

Popular payment platforms like<a href="https://www.skydo.com/blog/paypal-in-india-charges-review-alternatives"> PayPal, </a><a href="https://www.skydo.com/blog/payoneer-fees-india-guide">Payoneer</a>, and <a href="https://www.skydo.com/blog/stripe-india-charges-review-alternatives">Stripe </a>apply their forex markup fees when handling cross-border transactions. These platforms promote convenience but may charge higher markup fees than traditional banks.

For instance, an e-commerce seller receiving $2,000 from international customers through a popular payment platform might face two separate fees:

For example, if the platform charges a 1.5% transaction fee and a 2% forex markup on a $2,000 payment:

The combined effect of both fees means instead of receiving ₹166,000 (at ₹83 per $1), they only get ₹160,240—losing ₹5,760 in the process, with the indirect loss coming from two separate types of fees.

Some platforms are more transparent about these fees than others. While some break down their conversion rates and markups, others bundle these costs into a single "international transaction fee," making it difficult to understand precisely how much you're paying for local currency conversion.

Knowing where these fees appear allows you to make an informed financial decision about which payment methods to accept and which financial services to use for your international transactions.

Forex Markup Fee: Skydo Vs Other Platforms

While choosing your international payments platform, it is important to be aware of the exchange rate they are offering and whether they are levying any forex markup fee. Here's a table that quickly compares Skydo and other platforms on forex markup fee:

If saving on international payments matters to you, look for platforms like Skydo that offer live exchange rates with zero forex markup. Up next, we’ll break down exactly how this helps you cut costs and keep more of what you earn.

When receiving international payments, you can take several practical steps to minimize or completely avoid forex markup fees. These strategies help ensure you keep more of your hard-earned money rather than lose it to hidden currency conversion fees (Basically achieving zero forex markup fees).

Always enquire about the Forex Rate your payment platform is offering

Don't just accept the rate you're given. Before settling on a payment method or platform:

For example, if a client is sending you $5,000, a difference of even 1% in the exchange rate could mean ₹4,150 more or less in your pocket. Making a simple inquiry could save you thousands of rupees per transaction.

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