Top 5 Wise Alternatives for International Payment

Before diving right into Wise alternatives, let us take a moment to understand what Wise is.

Wise (formerly TransferWise) is a global money transfer platform operating worldwide. While it initially started out as a peer-to-peer (P2P) remittance service, Wise has since diversified its offerings to cater to businesses by introducing multi-currency accounts for both individuals and enterprises. 

Beyond money transfer services, Wise provides debit/expense cards for use in 175+ nations. The platform is known for its transparent fees and it uses a mid-market foreign exchange rate without levying any forex markup. Wise levies a  currency conversion cost that varies across currencies. However, broadly speaking it is around 1.78% of the transfer amount.

Coming to customer experience, Wise offers a user-friendly interface, however, some users have noted that their customer support occasionally lacks the effort to understand and resolve queries fully

Here’s a quick snapshot of Wise’s offerings and pricing along with some of its Pros and Cons:

Take a look at a few of the leading alternatives to Wise and see how you can be wiser while receiving international payments. 

What are 5 Wise Alternatives for Receiving International Payments?

1. Skydo

2. Paypal

3. Payoneer

4. Ping Pong

5. Karbon Business

In the following sections, we will explore these wise alternatives in detail to see if they are your right choice for receiving international payments

Skydo

Skydo is a wise alternative that simplifies cross-border payments for freelancers and medium/small businesses in India. It offers virtual international bank account details to its users in under 5 minutes and also supports an entire payments ecosystem consisting of payment tracking, invoice generation and more.

Skydo simplifies payment conversions by using live Forex rates without any currency exchange fees or hidden charges. It provides a clear and straightforward fee structure making it a viable wise alternative. 

Additionally, to ensure utmost adherence to RBI and government regulations, Skydo offers free and instant FIRA, unlike many traditional banks, which are ready to download after every transaction. Each user is assigned a representative to assist with the onboarding process and to address any questions at any time. This makes Skydo an apt alternative to Wise for freelancers as well as for businesses.

However, Skydo currently supports only inward remittances and business transfers. This means Indian businesses cannot send money internationally through Skydo and neither can individuals receive personal transfers.  Further, it might also not be the most cost-effective pick for smaller transfers, essentially for transfers below USD 1000

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PayPal

PayPal is a go-to payment solution worldwide and a viable wise alternative, both for personal and business transactions. It offers a comprehensive ecosystem for payment and financial services, including e-commerce integration, invoicing, international money transfers, and credit/debit card services making it a solid alternative to Wise.

However, business owners can find, PayPal to be an expensive option for receiving international payments. The costs include a 4.4% transaction fee, a USD 0.30 flat fee, and an additional 4% markup on the exchange rate. PayPal provides Indian businesses with monthly digital FIRA. This means that all international transactions of the previous month will be referenced in a single FIRA, which will only be available by the 15th of the subsequent month.

In terms of customer experience, PayPal is widely applauded for its ease of use and convenience, however, some users have complained about its inadequate customer support.

Payoneer

Founded in 2005, Payoneer is quickly becoming a popular 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 Fiverr and Toptal.

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%. 
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, many users have expressed dissatisfaction with Payoneer's customer support.

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Ping Pong

Established in 2015, PingPong is a wise alternative aiming to simplify international payments for freelancers, businesses, and e-commerce sellers. It offers multiple virtual accounts in global currencies and allows businesses to pay VAT/GST and other taxes with no additional costs.

PingPong charges a competitive 1% transaction fee, which is attractive. However, these low fees can add up and become substantial for larger transactions.  Additionally, since there is a lack of clarity around Ping Pong’s forex rate, there is a possibility of a markup on that rate.

For compliance, PingPong provides free digital FIRAs to Indian businesses and freelancers, making it a viable alternative to Wise. While their customer service is generally prompt, some users have found the onboarding process slightly cumbersome.

Karbon Business

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.  However, Karbon business only supports payments in USD.

Karbon Business also 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.

Karbon Business provides FIRA to Indian businesses and freelancers and also offers corporate cards and payout services tailored for businesses

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Receiving International Payments with Wise Vs Skydo: A Quick Comparison

Both Wise and Skydo are viable solutions for receiving international payments in India. Let us quickly compare how much would it cost to receive USD 10,000 in India with Wise vs. Skydo:

Wise

Wise offers mid-market exchange rates without forex markup but adds a conversion fee that varies across currencies and charges for FIRC. While transparent, the total cost can add up quickly. This is how much you will be paying to receive USD 10000 in India with Wise

Skydo

Skydo converts your payments at live forex rate, without any markup. It offers a flat fee structure of USD 19 for payments under USD 2000 and USD 29 for payments between USD 2001 and USD 10,000. Additionally, it offers instant FIRC for every transaction that too absolutely free. 

So with Skydo, receiving USD 10000 would just incur USD 29, saving you more than USD 100 dollars in fees as compared to Wise.  Make the smarter, cost-effective choice—switch to Skydo today and keep more of what you earn!