5 Best Payoneer Alternatives for International Payments in India
Payoneer has been enabling cross-border payments since 2005, helping Indian businesses seamlessly connect with global clients. Through its virtual bank accounts, marketplace integrations, and multi-currency support, the platform has made international transactions more accessible than ever.
While Payoneer offers comprehensive payment solutions, it may not be the most cost-effective option for all businesses.
Let's look at five better alternatives that can help you receive international payments without the hefty fees and hassles that come with Payoneer.
What is Payoneer?
Payoneer is a global payment platform established in New York in 2005. It helps businesses and freelancers receive international payments through virtual bank accounts in different currencies (USD, EUR, GBP, and others). When you sign up, you get these receiving accounts that your clients can use to send money.
The platform also integrates with significant marketplaces like Fiverr, Upwork, and Airbnb for direct payments. Payoneer fees can add up to more than 6% of your total costs, depending on the payment method.
While Payoneer provides these financial services, businesses must weigh the convenience against various cost factors like transaction fees, transfer fees, currency conversion rates, and annual charges.
Let's look at what Payoneer offers for receiving international payments.
Key features of Payoneer
Let's look at what Payoneer offers for receiving international payments:
Virtual International accounts
Payoneer provides local bank account details in multiple countries, meaning you get a real US bank account to collect USD, a European business account for EUR, and more. When clients pay into these accounts, they make a local transfer - no international wire fees. Currently, you can get receiving accounts in USD, GBP, EUR and more.
Multi-currency support
While you get virtual accounts in 9 major currencies, Payoneer supports receiving online payments in over 70 currencies. Your clients can pay you through:
- Bank transfers
- Credit cards
- ACH bank debits (for US clients)
- PayPal (available in US and UK only)
Marketplace integrations
Payoneer has partnered with over 2,000 global marketplaces and platforms. If you're selling on platforms like Fiverr, Upwork, Airbnb, or Wish, your earnings automatically flow into your Payoneer account - no manual transfers are needed.
Pros of Payoneer
Being one of the oldest global payment platforms, Payoneer has built several features that make receiving international payments more manageable for Indian businesses and freelancers. Here are the main advantages:
Getting paid from marketplaces
Payoneer makes receiving your earnings simple if you work on platforms like Fiverr, Upwork, or Amazon. You don't need to set up separate payment gateways or methods for each marketplace - your earnings automatically land in your Payoneer account, ready to be withdrawn to your Indian bank account.
Digital FIRA available at no extra cost
Every time you receive money, Payoneer provides a free digital FIRA (Foreign Inward Remittance Advice). This document is crucial for Indian businesses as it helps you comply with RBI regulations and simplifies tax filing.
Supports multiple payment methods
Your clients can pay you through various methods:
- Local bank transfers in their currency
- Credit cards
- ACH bank debits (for US clients)
- PayPal (US and UK only)
Cons of Payoneer
While Payoneer offers convenient features for receiving international payments, some significant drawbacks might make you think twice. Here's what you need to watch out for:
Steep fees
The fees can significantly cut into your earnings:
- Credit card payments: 3.2% + $0.49
- Withdrawal to Indian bank account: Up to 3%
- Annual fee: $29.95 if you receive less than $2,000 yearly
- Additional forex markup during currency conversion
Limited customer support
Users often report slow response times and difficulty getting issues resolved. This can be particularly frustrating when dealing with urgent payment matters or account-related problems. The lack of dedicated support for Indian users means you might face delays during critical situations.
5 Payoneer Alternatives to Take Note of
Let's explore five alternatives to Payoneer that can help you receive international payments more efficiently and cost-effectively:
Skydo
Skydo is an India-focused international payment platform prioritizing transparent pricing plans and quick access to funds. Built specifically for Indian businesses and freelancers, it simplifies receiving payments from global clients and marketplaces.
Top features:
- Global receiving accounts in 10+ countries, including the US, UK, Canada, Australia
- Zero forex margin with live exchange rates
- Instant FIRA generation at no extra cost
- Simple pricing: $19 for payments up to $2,000, $29 for payments up to $10,000, 0.3% for payments above $10,000
- Real-time payment tracking within 24 hours
- GST-compliant invoicing system
- Direct integration with Amazon Global Selling
- Custom payment reminders for clients
| Pros | Cons |
| Get actual market exchange rates without markups, ensuring you receive the maximum value for your international payments | Currently, it only supports receiving international payments but does not allow sending money abroad. |
| Receive Foreign Inward Remittance Advice immediately after each transaction at no extra cost | The flat fee structure might be expensive for transactions under $1000 |
| Transparent pricing with $19 for payments up to $2,000 and $29 for payments up to $10,000 | |
| The India-based support team is available to assist with your specific needs and queries |
Wise Business
Wise is a UK-based financial technology platform that started in 2011 as TransferWise. Unlike traditional payment platforms, Wise focuses on providing actual mid-market exchange rates for international money transfers. For Indian businesses, it offers a straightforward way to receive payments from global clients without excessive currency conversion fees.
Top features:
- Mid-market exchange rates
- Local receiving accounts in major currencies
- Digital FIRA for Indian businesses
- Integration with accounting software
- Batch payment processing
- Multi-user access for team management
| Pros | Cons |
| Access to mid-market exchange rates without hidden markups | A 1.6% to 1.8% fee on transaction value can be significant for larger amounts |
| Digital FIRA for every transaction | Unlike some competitors, Wise business account charges extra for FIRA documentation |
| Intuitive platform that makes managing international payments simple |
Learn more about Wise alternatives.
PayPal
PayPal is one of the oldest digital payment platforms, and it has been operating since 1998. For Indian businesses, it provides a familiar way to receive international payments, particularly useful when dealing with US and European clients who prefer PayPal for its security features and buyer protection.
Top features:
- Wide global acceptance
- Multiple currency support
- Integrated invoicing tools
- Buyer and seller protection
- Digital FIRA for Indian accounts
- Mobile app for payment management
| Pros | Cons |
| Widely trusted and accepted worldwide | High transaction fees (4.4%) plus currency conversion charges (2.5% above market rate) |
| Built-in security features | Many PayPal features available globally are restricted in India (e.g., recurring payments and subscription billing aren't available for Indian merchants) |
| Monthly free FIRA |
Learn more about Payoneer vs. PayPal.
PingPong
Founded in 2015, PingPong specializes in helping ecommerce sellers and digital businesses manage cross-border payments. The platform particularly shines for marketplace vendors who need to collect payments from multiple international marketplaces.
Top features:
- Free digital FIRA
- VAT/GST payment support
- Marketplace payment collection
- Competitive exchange rates
- Multi-currency accounts
| Pros | Cons |
| Seamless connection with major e-commerce platforms | Possible hidden markups on forex rates due to a lack of transparency regarding the same |
| Simplified tax payment process for international transactions | 1% fee structure can become expensive for more significant transactions |
| Free FIRA for every transaction |
Stripe
Stripe has built its reputation as a developer-first payment platform since 2010. In India, it operates invite-only, offering businesses robust tools to accept international payments. It's particularly suited for companies that need deep payment integration into their websites or apps.
Top features:
- Extensive API documentation
- Multiple payment method support
- Advanced fraud protection
- Automated reconciliation
- Real-time payment tracking
- Custom payment flows
| Pros | Cons |
| Comprehensive tools for various payment needs | Invite-only access for Indian businesses |
| Developer-friendly API and documentation | Restricted payment options for international transactions |
| 4.3 % transaction fee plus 2% for currency conversion |
Receiving International Payments with Payoneer Vs. Skydo: A Quick Comparison
Several factors can impact your bottom line when choosing between Payoneer and Skydo for receiving international payments. In terms of fees, Skydo comes out as a clear winner. On a $10,000 payment, you could pay up to $300 just in withdrawal fees. There's an additional fee if you receive the payment via credit card, ACH debit etc, while Skydo charges just $29 with no additional forex charges.
This significant difference in fees, combined with faster payment processing and local support, makes Skydo a more cost-effective choice for many Indian businesses - especially those receiving regular payments from international clients.
Want to explore Skydo firsthand?
Which is better than Payoneer?
Payoneer is a stalwart when it comes to enabling international payments. However, in terms of cost and customer support, Skydo can be a better alternative to receiving international payments in India
How trustworthy is Payoneer?
Is Payoneer better than Stripe?
