Track Your International Payment Journey from Skydo to Your Bank
Waiting for your international payments to reflect in your local bank account can be stressful. You want to avoid spending your work hours following up with your payment platform for timelines. A solid understanding of the money transfer process enables you to plan your finances better.
At Skydo, we value transparency and ensure a clear, hassle-free experience so you can focus on your business. With our real-time payment tracking, you're always in the loop about your money's journey.
Here’s a roadmap of the journey your international payment takes from Skydo to your bank account.
The Flow of Funds
#1. International Account
Your incoming payment hits your international account. This is a temporary holding place in your payer's country. Since your clients transfer their money locally to this account, it is nearly free of cost to them (or is very cheap).
These virtual accounts also eliminate tax and compliance intricacies, making it easy for your clients to process payments.
#2. Transfer to India
Skydo initiates a SWIFT transfer to move your funds from the international account to India. Leveraging our partnerships with esteemed banking networks, we ensure the secure transfer of your money, typically completed within 12 hours.
#3. Currency Conversion
Upon reaching India, your funds await conversion to INR until the forex markets open. Our partner banks play a pivotal role in ensuring you get competitive exchange rates.
With our live currency exchange rates and zero FX markup costs, you get the best value for your money. You don't have to pay any processing fee and could save up to 10 lakhs per year on your invoice values.
The conversion usually takes between 4 to 6 hours.
#4. NEFT Transfer to Your Bank Account
Post conversion into Indian currency, Skydo initiates an NEFT (National Electronic Funds Transfer). NEFT transfers take 30 minutes to 24 hours to ensure prompt receipt of funds in your bank account.
Since these transactions follow intense security measures and authentication mechanisms, your funds are safe during transfer.
Benefits of Skydo’s Process
1. Transparency
You get real-time updates and can track your payment just like an Amazon shipment, always knowing where your money is. There are no hidden charges or commissions, just a flat fee structure.
2. Efficiency
By using efficient payment methods like SWIFT and NEFT, we ensure that your funds move promptly and securely.
3. Speed
With Skydo, you can expect your funds in your virtual bank account to reach your Indian bank account in 18-24 hours. Processing time also depends on the payment method and country of the payer.
4. Security
Skydo follows RBI’s OPGSP framework and works only with Authorised Bank partners. Your data is fully protected and never shared with third parties.
Conclusion
Whether you are managing your business finances or freelance accounts, Skydo ensures that your financial operations remain crystal clear.
With a flat fee of USD 19 for transactions under USD 2,000 and USD 29 for transactions over USD 2,000, there are no hidden fees or complex charges.
Sign up on Skydo now and go global in 5 minutes with your free international account.
Q1. Does my client need to register on Skydo too?
Ans. No, your clients need not register on Skydo separately. They can simply pay you through their local banking system.
Q2. What are the charges for using Skydo?
Q3 When can I receive my international payment through Skydo?
