Karbon Business ( Formerly Karbon Card): Features, Pricing and Alternatives
Karbon Business (formerly Karbon Card) hit the market in 2019, aiming to simplify B2B payments for Indian businesses and freelancers. They’ve since expanded into international payments too. But what exactly does Karbon bring to the table? In this blog, we’ll break down their features, pricing, and how they stack up against alternatives. Let’s dive in!
What does Karbon Business (Formerly Karbon Card) do?
Karbon Business initially started as a corporate card platform, hence the name Karbon Cards. However, since then they have expanded into other b2b offerings including facilitating international business payments for companies and freelancers. It offers both inward and outward remittance services. Let's take a quick look at Karbon Card’s offerings, compliance and pricing:
Inward Remittance:
Karbon Business lets freelancers and businesses receive international payments directly into their Indian bank accounts within 24-48 hours. They’ve partnered with big names like IDFC Bank, Visa, and JP Morgan Chase to streamline cross-border transactions.
But here’s the catch—Karbon business only supports payments in USD. If you work with clients outside the US, this could be a deal-breaker. While they plan to add 12 more currencies soon, it’s still a limitation for many global businesses today.
Outward Remittance
With Karbon, businesses make international payments in over 30 currencies. Whether it’s paying employees, contractors, or vendors abroad, Karbon promises a competitive and compliant way to make cross-border payments.
Karbon Cards and Payouts
Karbon Business provides corporate cards and payout services tailored for businesses. With Karbon Card, you get up to ₹15 Cr in free credit and unlimited employee cards. Their Karbon Payouts feature enables vendor payments on credit, 24/7 payouts, and more, offering flexibility for business transactions.
Is Karbon Business Safe in India?
Karbon Business is a reliable option for receiving international payments in India. It is backed by partnerships with trusted global institutions and adheres to strict safety and privacy protocols to protect your funds.
Coming to compliance, Karbon Business also offers FIRA for each transaction.
What is Karbon Business (Formerly known as Karbon Cards) Fees?
Karbon Business offers live forex rates with a flat 1% fee for receiving international payments. While the pricing sounds competitive, the costs can stack up quickly for larger transactions. For example, receiving $10,000 would cost you ₹8,449 in fees—a steep price for high-value payments.
For outward remittance too, Karbon business charges a fee of upto 1%.
Here’s a quick overview of the pros and cons of Karbon Business as a means to facilitate international transactions:
| Pros | Cons |
| Supports both inward and outward business payments | Only supports USD payments currently |
| Competitive pricing with live forex rate | 1% fee can add up for larger transactions |
Karbon Business Alternatives for Receiving International Payments
Now that we’ve explored Karbon Business, its fees, and features, let’s dive into some alternatives to see if there’s a better option for receiving international payments.
Payoneer
Founded in 2005, Payoneer is a leading payment solution for businesses and freelancers worldwide. It facilitates international transfers by providing users with virtual bank accounts in multiple currencies and integrating with leading marketplaces like Amazon and Walmart
In terms of fees, Payoneer offers free account setup, but transaction fees apply: Payoneer-to-Payoneer payments are free, credit card payments incur a 3.2% + $0.49 fee, ACH Bank Debits (US) cost 1%, and virtual account payments are free for EUR/GBP but up to 1% for USD. Withdrawals to local bank accounts attract up to a 3% fee for different currencies. Extra charges like bank or intermediary fees may apply. An annual fee of $29.95 is charged if total payments received are below $2,000 in a year.
To simplify compliance, Payoneer offers free digital FIRAs to Indian businesses and freelancers. However, users have expressed dissatisfaction with Payoneer's customer support which some have found to be virtually non-existent.
Skydo
Skydo is a global payment solution designed to simplify cross-border payments for freelancers and businesses in India. It offers virtual international bank accounts in under 5 minutes and provides a comprehensive payments ecosystem, including payment tracking, invoice generation, and more.
Skydo stands out with live Forex rates and zero currency conversion fees or hidden charges, offering a transparent fee structure that makes it a strong Karbon business alternative in India.
To ensure compliance with RBI and government regulations, Skydo provides free, instant FIRAs available for download after every transaction. Each user is also assigned a dedicated representative to assist with onboarding and address any queries promptly.
However, Skydo currently supports only inward remittances to India, meaning Indian businesses cannot use it for outward payments.
Wise
Wise (formerly TransferWise) operates in over 80 countries, offering multi-currency accounts for individuals and businesses. Originally a peer-to-peer remittance platform, it has evolved into a global money transfer solution.
Wise stands out for using mid-market exchange rates without markups, charging a conversion fee averaging around 1-2% of the transfer value. It also provides digital FIRAs for compliance (e.g., $2.50 for USD transfers), making it a strong alternative to Karbon Business.
While Wise boasts a user-friendly interface and efficient transfers, some users have reported occasional challenges with customer support responsiveness. Here’s a quick rundown of Wise’s pros and cons:
Parting Thoughts
In today’s world, where domestic payments are as easy as a quick scan, international transactions should be just as effortless. At Skydo, we’re not just offering a payment platform—we’re building an ecosystem designed to simplify every step of the process. Let us take care of the payment logistics so you can focus on scaling your business globally.
Before choosing an international payment provider, always compare fees, exchange rate markups, features, and reliability. Your business deserves nothing but the best!
