Top 5 Cross-Border Payment Companies in India
In this article, we'll analyse India's top five cross-border payment companies to help you find the right fit for your international payment needs.
Imagine you've just completed a project for an overseas client. The payment arrives after days of waiting, but it's less than expected, reduced by unexpected bank fees and unfavourable exchange rates.
India's export and freelance sectors are experiencing unprecedented growth. Between April and December 2024, the country's exports reached an estimated USD 602.64 billion, marking a 6.03% increase from the same period in 2023. As more Indian professionals engage in global commerce, the challenges of receiving international payments, such as hidden fees and compliance complexities, have become more pronounced.
In response, a new wave of homegrown payment solutions has emerged, tailored to the needs of Indian users. These platforms offer competitive exchange rates, faster transfers, and simplified compliance processes, providing a more efficient alternative to traditional banks.
Skydo
Skydo provides virtual bank accounts in multiple countries, including the US, UK, Canada, and Australia, allowing Indian freelancers and businesses to receive payments in multiple currencies, including USD, GBP, EUR, and CAD. Their standout feature is zero forex margin with transparent flat fees and instant digital FIRA generation.
Things to note about Skydo
- Transparent pricing structure: Clear flat fees ($19 for payments up to $2,000, $29 for $2,001-$10,000, and 0.3% for amounts above $10,000)
- Zero forex margin: Uses live exchange rates without any hidden markup
- Fast account setup: Get global accounts in just 5 minutes
- Instant FIRA: Free, automatically generated digital FIRA for every transaction
- Real-time payment tracking: Monitor your payments at every step
- GST-compliant invoicing: Create and send professional invoices directly through the platform
- Dedicated customer support: Each user gets assigned a representative to assist with queries.
- Marketplace integrations: Tailored services for Amazon Global Selling across multiple marketplaces, plus seamless integration with freelance platforms like Upwork, Fiverr, and other global payment networks.
Razorpay International Payments
Razorpay International Payments allows Indian businesses to accept payments from over 100 countries through standard options like cards, bank transfers, and PayPal. They also offer MoneySaver Export Account, which provides virtual international bank accounts for receiving direct bank transfers.
Things to note about Razorpay
- Multiple payment options: Razorpay’s payment gateway solution supports multiple payment options, including credit/debit cards, payment pages, and PayPal integration
- MoneySaver Export Account: Apart from the payment gateway, Razorpay also offers Virtual international bank accounts, majorly geared towards Indian businesses receiving frequent international payments.
- Wide country coverage: Accepts payments from over 100 countries
- Automated FIRA: Digital FIRA generation with Export Account
- Pricing: Razorpay’s payment gateway charges a 3% transaction fee, while its money saver export account levies a 1% transaction fee.
Karbon Business
Karbon Business (formerly Karbon Card) facilitates inward and outward remittance services for Indian businesses and freelancers. Initially starting as a corporate card platform, they've expanded to offer international payment solutions and partnered with banks like IDFC Bank and JP Morgan Chase.ngs
Things to note about Karbon Business
- Dual Remittance Capabilities: Supports both inward and outward international payments, catering to Indian businesses and freelancers dealing with global clients and vendors.
- Transparent Fee Structure: Charges a flat 1% fee for international transactions, providing clarity and predictability in costs. However, for larger transactions, this flat fee can become significant.
- Currency Support Limitations: Currently supports only USD for inward remittances, which may affect businesses dealing with clients in other currencies.
- Compliance and Documentation: Provides Foreign Inward Remittance Advice (FIRA) for each transaction, assisting businesses in maintaining compliance with Indian regulations.
Eximpe
EximPe provides cross-border payment solutions with global collection accounts in 30+ currencies for freelancers and small businesses. It offers transaction-based pricing and monthly subscription models, along with trade financing options for import-export businesses.
Things to note about Eximpe:
- Global Collection Accounts: EximPe offers global bank accounts in your business's name across the USA, UK, Canada, and Europe. This setup allows clients to pay using their local methods like ACH, SEPA, or EFT, facilitating smoother international transactions. EximPe
- Multi-Currency Support: The platform supports receiving payments in over 30 currencies, providing flexibility for businesses dealing with diverse international clients.
- Trade Financing Options: EximPe provides financing solutions to help businesses manage cash flow, especially beneficial for import-export operations.
- Instant Digital FIRA: For regulatory compliance, EximPe offers immediate digital Foreign Inward Remittance Advice (FIRA), streamlining documentation processes.
- Pricing Structure: EximPe offers both transaction-based pricing and monthly subscription models. However, the fee structure can be complex, with different charges for various payment methods and potential additional bank collection fees.
Xflow
Xflow is an India-based payment platform that provides virtual USD accounts for receiving international payments. The service offers next-day settlements, payment links, invoicing tools, and automated digital FIRA generation for international transactions.
Things to note about Xflow
- Virtual USD Accounts: Xflow provides virtual USD accounts, allowing clients to pay through local transfers, RTP, or Fedwire.
- Automated Digital FIRA: Generates Foreign Inward Remittance Advice (FIRA) within 24 hours at no extra cost, simplifying compliance.
- Invoicing Tools: Built-in system for creating and tracking professional invoices, enhancing payment workflows.
- Currency Support: Currently supports only USD transactions, which may limit flexibility for businesses dealing with other currencies.
- Fee Structure: Charges a flat 1% fee with a minimum of $8 per transaction, which can be significant for larger payments.
Receive affordable and compliant cross-border payments with Skydo
When it comes to receiving international payments as an Indian freelancer or business, the choice of platform can significantly impact your bottom line. After reviewing India's top five cross-border payment companies, a few key differences stand out.
While all five platforms offer digital FIRA generation and some form of virtual accounts, they vary widely in pricing structures, currency support, and additional features. Razorpay offers wide country coverage but comes with higher fees. Karbon Business provides dual-direction payments but only supports USD for inward payments. EximPe offers multiple currency options but has a complex fee structure. Xflow provides simple invoicing tools but is limited to USD transactions.
Skydo emerges as the most cost-effective option, especially for more significant transactions. With transparent pricing, zero forex margin, and fees as low as 0.3% for payments above $10,000, it can save you thousands compared to platforms charging a flat 1% or more. The instant FIRA generation, 5-minute account setup, and dedicated customer support address the main pain points freelancers face with international payments.
For freelancers and businesses looking to maximize their earnings from international clients, Skydo offers the most comprehensive solution that balances affordability, transparency, and essential features to make cross-border payments seamless.
How many cross-border payment aggregators are there in India?
There are currently around 10-15 active cross-border payment aggregators in India, with few major players dominating the market for freelancers and small businesses.
What are the examples of cross-border payments?
Is Skydo RBI approved?
