Landing freelance gigs on Upwork requires more than just a stellar profile. While your skills and experience take centre stage, a well-crafted cover letter can be the secret weapon that sets you apart from the competition.&nbsp;

This guide equips you with expert tips and winning templates for cover letters for Upwork to craft proposals that grab clients' attention and secure those dream projects.

Understanding the Importance of a Cover Letter on Upwork

Defining a Cover Letter in the Freelance Landscape

Cover letters on Upwork serve as introductions, expand your profile, and showcase your suitability for the job, much like in the traditional job market. It's your chance to personalise your proposal, demonstrate your understanding of the project, and showcase what makes you the ideal freelancer for the job.

Why Your Upwork Cover Letter Makes a Difference

Crafting a Winning Cover Letter: Essential Tips

Now that you understand the importance of a cover letter let's delve into the key elements that make it effective:

Add Your Personality (While Remaining Professional)

While professionalism is key, there's no need to be boring. Write in a conversational tone that's respectful but engaging. Avoid starting with dull phrases like "My name is Job Applicant Jean" and instead, let your personality shine through with phrases like “Having helped clients achieve [Specific results] in the past, I believe my skills can be a valuable asset to your [Project Name] project.”&nbsp;

Pay attention to the keywords used in the project description. Subtly integrate these keywords throughout your cover letter for Upwork to improve your proposal's searchability within Upwork's search engine.

Example: Look for keywords in the project description (e.g., "social media marketing"). Subtly weave them into your cover letter to improve searchability within Upwork's search engine. Instead of generic statements like "I have experience in marketing,” go for keyword integration: "I noticed you mentioned a focus on social media marketing and audience engagement. In my previous role, I managed social media campaigns that grew follower bases by 30% through targeted content strategies."

Anticipate potential concerns clients might have and address them directly in your cover letter. This demonstrates your attentiveness and ability to think ahead.

For example, instead of leaving clients wondering with generic statements like "I'm a great writer, trust me,” try addressing concerns like"I understand clear communication is crucial. I provide regular progress updates and keep you informed throughout the project. Feel free to reach out with any questions or concerns."

Instead of a standard sign-off, conclude with a call to action that reinforces your value proposition.

Example: "I'm confident my skills can significantly benefit your project. Let's discuss how I can help you achieve your goals. I'm available for a call at your earliest convenience."

Refine Your Approach: As you gain experience, track what resonates with clients and adapt your cover letters for continued success.

Showcase Your Passion and Understanding of the Client's Industry

Go beyond just listing your skills. Briefly mention what excites you about the client's industry or project type. This demonstrates genuine interest and sets you apart from freelancers focused solely on the job itself.

Example: "I've been following the impressive work your company has done in the sustainability sector, and I'm particularly passionate about [specific aspect of the industry]. My experience in [relevant skill] combined with my enthusiasm for this field allows me to bring a unique perspective to your project."

Highlight Your Skills and Quantify Your Achievements (When Possible)

Don't simply repeat your resume. Briefly showcase your most relevant skills and experiences that directly address the project's requirements. Back up your claims with data. Numbers add credibility and give clients a clearer picture of your impact.

Example: Instead of saying "increased website traffic," quantify it. "I crafted SEO-optimised blog posts that resulted in a 25% increase in organic website traffic for my previous client."

By incorporating these essential tips, you'll craft compelling cover letters that land you the freelance projects you deserve. Remember, a cover letter is an ongoing conversation. Keep personalising and refining your approach to stand out on Upwork!

Sample Cover Letter Templates for Success

These Upwork cover letter samples provide a foundation to build upon, tailored to different freelance specialities.

I am writing to express my interest in your project for [Project Title]. Having reviewed the details, I am confident that my skills and experience in [Your Skills] make me a strong fit for this role.

In my previous work with [Previous Client/Company], | successfully [Describe a Relevant Achievement]. My portfolio showcases a range of projects that demonstrate my ability to [Highlight Relevant Skills]

I am eager to learn more about your vision for this project and discuss how | can contribute to its success. Please find my portfolio attached for your review.

Thank you for your time and consideration.

I came across your project for [Project Title] and was immediately drawn to the opportunity to leverage my expertise in web design. With [Number] years of experience crafting user-friendly and visually appealing websites, I am confident I can deliver exceptional results.

In my previous project for [Previous Client], I designed a website that resulted in a [Quantifiable Achievement] increase in [Metric, e.g., traffic, conversions]. My portfolio showcases my ability to design websites that are not only aesthetically pleasing but also optimised for [Areas of Expertise, e.g. SEO, mobile responsiveness].

I'm eager to discuss your vision for the website and collaborate on a design that exceeds your expectations. Please find my portfolio linked below for your reference: [Portfolio Link]

I came across your project for [Project Title] and was immediately drawn to the opportunity to leverage my content writing skills. With [Number] years of experience crafting engaging and informative content, I am confident I can create pieces that resonate with your target audience and achieve your desired goals.

In my previous role at [Previous Client/Company], I successfully increased website traffic by [Quantifiable Achievement] through the creation of [Type of Content, e.g., blog posts, SEO-optimised articles]. My portfolio showcases my ability to write in various styles and tones, ensuring your content aligns perfectly with your brand voice.

I'm eager to discuss your content strategy and brainstorm ideas that will captivate your audience and drive results. Please find writing samples relevant to your project in my portfolio linked below: [Portfolio Link]

I'm excited to submit my proposal for your [Project Title] project. Having reviewed the details, I am confident my expertise in graphic design can deliver visually stunning and impactful creative assets that align with your vision.

For [Number] years, I've been helping businesses like yours create captivating visuals that elevate their brand identity. In my previous project for [Previous Client], | designed [Type of Design, e.g. logos, social media graphics, website banners] that resulted in a [Quantifiable Achievement] increase in [Metric, e.g. brand awareness, engagement].

My portfolio showcases my design versatility and ability to translate your ideas into effective visuals. I'm particularly skilled in [Areas of Expertise, e.g., brand identity design, illustration, UI/UX design. I'm eager to collaborate with you and bring your design vision to life. Please find a link to my portfolio showcasing relevant design work: [Portfolio Link].

Having reviewed your project for [Project Title], I'm confident my video editing skills and creative vision can transform your raw footage into a compelling and engaging video.

With a passion for storytelling and [Number] years of experience editing videos for [Previous Clients/Companies/Industries], | possess a strong understanding of pacing, transitions, and the power of visuals to capture and hold the audience attention.

In my previous project for [Previous Client], I edited a video that achieved [Quantifiable Achievement] by utilising [Specific Editing Techniques]. My portfolio showcases my ability to edit videos across various styles, from promotional content to explainer videos.

I'm eager to discuss your vision for this project and collaborate on crafting a video that exceeds your expectations. Please find a link to my portfolio showcasing my editing skills: [Portfolio Link].

Note: Adapt the bracketed sections to your specific skill set. Also, while you can use these templates for reference, it's important to make your cover letter very personalised.

By incorporating these tips and templates, you'll be well on your way to crafting compelling cover letters for upwork proposals that land you the freelance projects you deserve. Remember, a cover letter is an ongoing conversation. As you gain experience on Upwork, track what resonates with clients and refine your approach for continued success.

Check out this blog for expert tips and tricks on cover letter templates that will help you craft standout proposals and land freelance gigs on Upwork.

Land Your Dream Freelance Gig: Upwork Cover Letter Guide

Land Your Dream Freelance Gig: Upwork Cover Letter Guide th

Anoosh Kotak

small_636d256aa4dc6a309d1596ef_a895f3f6-f6c1-4bd3-8990-156aa42b9072.jpeg

thumbnail_636d256aa4dc6a309d1596ef_a895f3f6-f6c1-4bd3-8990-156aa42b9072.jpeg

PayPal India is one of the top choices for businesses and freelancers looking to receive international payments in India. With features like e-commerce integration, invoicing, and international money transfers, it’s a go-to platform for global transactions.

However, this comprehensive solution comes with significant costs. PayPal’s fees include a <a href="https://www.paypal.com/in/webapps/mpp/merchant-fees?no_follow=true">4.4% transaction fee</a>, a USD 0.30 flat fee, and a<a href="https://www.paypal.com/in/webapps/mpp/paypal-fees#no-fee?no_follow=true"> 4% markup on the exchange rate,</a> which can add up while receiving cross-border payments. Given the steep fee, you might want to consider a few PayPal India alternatives.&nbsp;

To ease compliance, PayPal provides a monthly digital FIRA to businesses and freelancers. This FIRA covers all international transactions from the previous month, and it is only available by the <a href="https://www.paypal.com/in/webapps/mpp/firc-certificate?no_follow=true">15th of the subsequent month.</a>

That said, while PayPal is known for its convenience, there are some concerns about the quality of its <a href="https://www.g2.com/products/paypal-paypal/reviews/paypal-review-9475980?no_follow=true">customer support</a>, including a lack of training and long wait times.&nbsp;

Here’s a snapshot of PayPal India’s offerings, pricing, and a rundown of its pros and cons

Before finalizing PayPal as your global payment solution, explore these PayPal alternatives that can help you receive international business payments in India with ease.

5 PayPal India Alternatives for Receiving International Payments

Stripe, an Irish-American company, is a renowned payment processing and merchant services platform. Accepting over 135 currencies, it stands as a solid alternative to PayPal for international payments. Stripe offers a comprehensive suite of payment solutions, enabling businesses to manage subscriptions, payments, taxes, and accounting all in one place.

Stripe's fee for international transfers can be expensive as it includes a 4.3%% transaction fee and an additional 2% currency conversion fee. 

Stripe does not provide FIRA to Indian businesses and freelancers, adding to their compliance burdens. Users have also expressed concerns about <a href="https://www.g2.com/products/stripe-stripe-payments/reviews/stripe-payments-review-9510506?no_follow=true">transparency in their communication</a>.

Multiple Currency Support: With Stripe businesses can receive international payments in over 135 currencies

Big Suite of Payment Solutions:&nbsp;Beyond facilitating international transfers, Stripe offers a whole suite of payment solutions like invoice management, subscription management, fraud detection and more.

Flexibility:&nbsp; Stripe provides the flexibility to generate instant payment links or embed its checkout solution directly on your website, supporting both one-time and recurring transactions.

Ease of Use:&nbsp; Businesses praise how simple it is to embed Stripe on their websites and appreciate features like subscription management and invoicing.

Invite only in India:&nbsp;Stripe operates on an 'invite-only' basis in India, requiring new businesses to request approval. The timeline for approval is unclear, and Stripe currently supports only a limited number of businesses.

Card Support in India only: While Stripe supports a variety of payment methods globally, Indian businesses are limited to accepting international payments via cards.&nbsp;

Stripe Charges:&nbsp;<a href="https://www.skydo.com/blog/stripe-fees-india" target="_blank">Stripe India charges</a>&nbsp;a 4.3% processing fee per successful transaction. Additionally, there’s a 2% currency conversion fee for payments in foreign currencies.

No FIRA provided:&nbsp;Stripe doesn't offer FIRA for international payments in India, making compliance difficult for businesses.&nbsp;

Skydo is a global payment solution simplifying cross-border payments for freelancers and businesses in India. It offers virtual international bank accounts to its users in under 5 minutes and also supports an entire payments ecosystem consisting of payment tracking, invoice generation and more.&nbsp;

Skydo simplifies payment conversions by using live Forex rates without any currency conversion fees or hidden charges. It provides a clear and straightforward fee structure making it a viable alternative to PayPal In India.&nbsp;

Additionally, to ensure adherence to RBI and government regulations, Skydo offers free and instant FIRA, 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. However, Skydo currently supports only inward remittances into India. This means that Indian businesses cannot send money outward via Skydo.&nbsp;

Founded in 2005, <a href="https://www.skydo.com/blog/payoneer-payment-gateway-features-fees">Payoneer</a> 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&nbsp; Amazon and Walmart&nbsp;

In terms of fees, Payoneer offers free account setup, but transaction fees apply: Payoneer-to-Payoneer payments are free, credit card payments incur a <a href="https://www.payoneer.com/en-in/about/pricing/">3.2% + $0.49 fee</a>, ACH Bank Debits (US) cost 1%, and virtual account payments are free for EUR/GBP but up to 1% for USD.&nbsp; Withdrawals to local bank accounts attract up to a 3% fee for different currencies. Extra charges like bank or intermediary fees may apply. <a href="https://www.payoneer.com/en-in/about/pricing/">An annual fee </a>of $29.95 is charged if total payments received are below $2,000 in a year.&nbsp;

To simplify compliance, Payoneer offers free digital FIRAs to Indian businesses and freelancers. However, users have expressed dissatisfaction <a href="https://www.g2.com/products/payoneer/reviews/payoneer-review-5364712?no_follow=true">with Payoneer's customer support</a> which some have found to be virtually non-existent.&nbsp;

Wise (formerly TransferWise) is a global money transfer platform operating in over 80 countries.&nbsp; Initially a peer-to-peer remittance service, Wise now offers multi-currency accounts for both individuals and businesses.&nbsp;

Wise is known for using the mid-market foreign exchange rate with no markups.&nbsp; It charges a conversion fee depending on the currency used. Broadly speaking, <a href="https://wise.com/in/business/receive-money?_gl=1*nah2tw*_up*MQ..&amp;gclid=CjwKCAiAxqC6BhBcEiwAlXp459KoMqAfTn6WBqO0MdWYyma8kB9qqozJb1yUpdGTsxip73Axb2xyQhoCiLIQAvD_BwE">it is around 1-2% of the transfer value.&nbsp;</a>

For businesses, Wise provides digital FIRAs (compliance certificates) for an additional fee (USD 2.50 for USD transfers) making it a viable Paypal Alternative. 

While Wise offers a <a href="https://www.forbes.com/advisor/in/banking/wise-review/?no_follow=true">user-friendly interface</a> and efficient money transfer services, some users have noted that customer support <a href="https://www.g2.com/products/transferwise/reviews?utf8=%E2%9C%93&amp;filters%5Bnps_score%5D=1#survey-response-9454134?no_follow=true">can occasionally fall short in addressing and resolving issues effectively.</a>

Here’s a quick overview of Wise’s offerings, pricing, and its pros and cons:

Established in 2015, PingPong is a popular name in the cross-border payments arena, 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 but can 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 PayPal India. While their customer service is generally prompt, some users have found the <a href="https://www.g2.com/products/pingpong-payments/reviews/pingpong-payments-review-8133929?no_follow=true">onboarding process cumbersome.</a>

Virtual International account:&nbsp;Ping Pong too provides virtual international accounts in multiple regions

Partnership with leading e-commerce platforms:&nbsp;PingPong has integrated with many e-commerce platforms, including Walmart, Shopify and more.

Integrated Tax Payment:&nbsp;Ping Pong lets users pay VAT/GST and other taxes with no additional costs.

Digital FIRA: Ping Pong offers digital FIRA for international payments at no additional cost.&nbsp;

PingPong Charges:&nbsp;PingPong charges a 1% transaction fee, so for a payment of 10,000 USD, the transaction fee would be 100 USD.&nbsp;

Exchange Rate Transparency: PingPong’s exact forex rate is not publicly detailed, which means there may be differences compared to the mid-market rate.

Choosing the right payment partner for your business is crucial. Issues like the lack of FIRA, forex markups, and currency conversion fees can make international transactions costly and inconvenient.

When selecting your international payment provider, consider the following factors:

Pricing: International transactions can be expensive, and there's no standard pricing model. Look for a provider with competitive rates so you can keep more of your hard-earned money.

User Experience: Managing global payments should be straightforward. Opt for an easy-to-use platform and reliable customer support to ensure smooth transactions.

Compliance: Cross-border payments are closely monitored to detect any suspicious activity. Select a trusted payment platform that meets regulatory requirements and simplifies compliance for you.

At Skydo, we offer a fast, secure, and less-expensive solution for you to receive international payments. Switch to Skydo today and enjoy the best in global payment solutions for your business.

Top PayPal India alternatives for international payments

large_Top PayPal India alternatives for international payments

medium_Top PayPal India alternatives for international payments

small_Top PayPal India alternatives for international payments

thumbnail_Top PayPal India alternatives for international payments

“We had previously agreed on a call for three content pieces a month. They started demanding eight content pieces a month while delaying the invoice," says <a href="https://www.zoho.com/blog/sign/blog/why-you-need-to-have-a-freelance-contract-agreement.html">Sakshi Jha, a freelance writer.</a>&nbsp;

The biggest mistake in this case is not having a <a href="https://www.skydo.com/blog/the-essential-elements-of-a-successful-freelancer-contract?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">freelance agreement</a> with the client. That's why having a clear, solid freelance contract is essential for any project.&nbsp;

However, even with a signed contract, freelancers frequently encounter hurdles like a changed scope of work and delayed payments. So, what should you do in such cases? Let’s find out the remedies for breach of contract.

Understanding Contract Breaches in Freelancing

A contract breach in freelancing occurs when either party fails to uphold their end of the agreed-upon terms. It violates the mutual understanding and commitments laid out in the contract. Let's break down what this entails:

While late payments, non-payments, and multiple revisions are common, there are other significant breaches worth noting:

Understanding these less-talked-about breaches empowers freelancers to protect their rights and negotiate fair contract terms.

Contract breaches are not uncommon. Fortunately, remedies are readily available to address instances of contract breach. By understanding these remedies and taking appropriate action, freelancers can confidently navigate contractual disputes.

One of the best remedies for breach of contract is initiating a dialogue with the client over email or video meetings to find a mutually acceptable solution before taking legal recourse. Discuss the issue, clarify misunderstandings, and renegotiate terms to resolve the breach of contract amicably.

Here are some tried-and-tested tricks to communicate assertively yet politely:

Send a Reminder of the Freelance Contract Terms

In case of a breach of the terms, it is advisable to first send a reminder.&nbsp;

Clearly outline the specific clauses of the contract that the client has failed to uphold. For example, your freelance agreement mentions that the client will make the payment within 15 days of the invoice, and delayed payments will be subject to a penalty of 2% per month. Highlight this clause in the email by mentioning the accurate clause number.

Many professional problems are actually emotional problems. Stress the importance of the <a href="https://www.skydo.com/blog/networking-for-freelancers?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">client relationship</a> and express a genuine desire to continue working together. If you acknowledge the client's value and emphasize the mutual benefit of a successful partnership, a positive tone may heal egos and resolve disagreements amicably.

Offer solutions based on past track records. For example, when addressing issues like late or non-payment, consider offering flexible payment options or discussing the possibility of imposing late fees on a case-to-case basis. Some clients may be given tailored solutions based on specific circumstances.

When all attempts to resolve a payment-related issue with a client have been unsuccessful after the initial steps, it may be necessary to escalate the matter by drafting a formal demand letter for payment. This letter serves as a formal notification to the client regarding their outstanding payment obligations and emphasizes the seriousness of the situation.

In cases where the breach is significant and irreparable, a freelancer may choose to terminate the contract. The decision protects their rights and ensures they aren't taken advantage of.&nbsp;

For example, A freelance photographer enters a contract to capture images for a client's advertising campaign. However, midway through the project, the client repeatedly alters the scope. Recognizing the irreparable breach of contract, the photographer issues a formal notice of termination. Terminating the contract allows the photographer to safeguard his time and resources while seeking alternative opportunities.

Clear communication about the decision and its reasons is crucial. Discontinuing services asserts boundaries and signals professionalism, safeguarding the freelancer's reputation and future engagements.

Communicate Your Intention of Taking Legal Action

Before proceeding with legal action, it's prudent to communicate your intention to do so. This preemptive step can sometimes resolve disputes without formal litigation. Consult the freelancing community and experienced peers who've encountered similar situations before taking such a step.&nbsp;

Communicating your intention to take legal action should be done with careful consideration and professionalism. Here's a suggested approach, along with some tips:

Although an extra expense, legal action may be necessary in cases of severe breaches. Assess the severity of the breach and consider seeking legal recourse if necessary. In some instances, freelancers have successfully pursued legal action to address contract breaches.

There are many examples of freelancers winning legal battles. These victories often occur when breaches result in substantial financial losses or damages. Compensation sought may include reimbursement for incurred expenses, lost profits, or other monetary damages resulting from the breach.

Legal action is a last resort after exhausting other remedies and attempting to resolve the dispute through negotiation or alternative means.

It is important to draft well-written contracts that clearly outline expectations and protections for both parties. By being more aware of their rights and proactively safeguarding their interests, freelancers can mitigate the risks associated with contract breaches and foster a more equitable working environment.

Moreover, there's a growing availability of forums, online communities, and professional advice tailored to freelancers. These resources offer invaluable guidance on navigating contract disputes, advocating for fair treatment, and understanding legal rights.&nbsp;

At <a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Skydo</a>, we understand the challenges freelancers face, especially when receiving international payments. Trust us to be your reliable partner in navigating the complexities of <a href="https://www.skydo.com/blog/how-you-can-streamline-international-transactions-for-your-business?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">cross-border transactions</a>.

large_Breach of Contract: Freelancer Remedies

medium_Breach of Contract: Freelancer Remedies

small_Breach of Contract: Freelancer Remedies

thumbnail_Breach of Contract: Freelancer Remedies

Breach of Contract: Freelancer Remedies

Indian service sector is booming and how!&nbsp; From getting vegetables delivered to your home within 10 minutes of ordering, to a New York resident getting their query resolved by support agents in India,&nbsp; the service sector has played a key role in taking India where it is today.&nbsp;&nbsp;

A <a href="https://www.goldmansachs.com/index.html">Goldman Sachs report</a> titled ‘India's rise as the emerging services factory of the world’, forecasts that Indian goods and services exports will reach a whopping&nbsp; $1 trillion by the financial year 2030.&nbsp; With a 17% year-on-year growth in digital services export from India in 2023, the <a href="https://www.wto.org/english/res_e/booksp_e/trade_outlook24_e.pdf">Global Trade Outlook and Statistics</a> highlights that India is among the top five 5 leading exporters of digital services.

Key Industries Fueling Service Export from India

As the tertiary sector in a threefold economy, the service sector is gradually becoming more and more important for development. However, some services may be less visible than others. The server at your local restaurant is as much part of the service sector as your neighbour working in the IT sector.&nbsp;&nbsp;

In 2018, the government of India <a href="https://pib.gov.in/PressReleseDetail.aspx?PRID=1522078">introduced 12 champion service sectors</a>, and it doubled down on its intent by <a href="https://www.pib.gov.in/PressReleasePage.aspx?PRID=1898023#">introducing a plan of action</a> to focus on the growth of these champion industries.

#1: Information Technology &amp; Information Technology enabled Services (IT &amp;ITeS)

Outsourcing IT services to foreign companies has significantly propelled the growth of Indian service exports. These include software development services, web hosting, web designing, cloud services, and sometimes even data recovery. According to the ESC <a href="https://www.escindia.in/publications/#_">yearbook 2023</a>, IT Software/Services exports grew by 8.77% from 2021-22 to 2022-23, while software product development exports grew by 13.33%.

European countries, the USA, and Canada are <a href="https://www.skydo.com/blog/how-to-sell-your-it-export-services-to-the-us?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">major markets</a>, but New Zealand, Australia, and Switzerland have also started outsourcing IT work to India.&nbsp;&nbsp;

Major multinational companies like Microsoft, Infosys, Wipro, CISCO, etc, outsource a lot of their IT requirements to India, creating competition for new ventures. However, strategic partnerships, such as <a href="https://www.wipro.com/engineering-construction-operations/it-outsourcing/">Wipro's collaboration</a> with Engineering and Construction (E&amp;C) companies, can help mitigate these challenges.

As per <a href="https://www.ibef.org/industry/tourism-hospitality-india">IBEF</a> 2023 reports, India saw 9,236,108 foreign tourists, a 321.54% increase from the previous year. The top source markets for these tourists include the USA, UK, Bangladesh, Japan and others, based on the <a href="https://tourism.gov.in/sites/default/files/2024-02/India%20Tourism%20Statistics%202023-English.pdf">India Tourism Reports 2023</a>. The post-pandemic travelling boom contributed significantly to boosting the tourism industry in the country.&nbsp;

Professionals like <a href="https://www.skydo.com/blog/chartered-accountants-approve-skydo-for-seamless-gst-refunds?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Chartered Accountants</a> (CAs), Company Secretaries, etc, can also offer services from the comfort of their homes. These services can range from basic data entry and accounting to complex tax filing, financial analysis, and even management of back-office operations.&nbsp;

Due to benefits like significant cost savings and access to highly skilled professionals, countries like the USA, UK, Canada, and Australia hire CAs and certified public accountants (CPAs) from India.

Another emerging sub-category in the financial services export from India is the fintech industry. Millions of foreign entrepreneurs and even private individuals use such software solutions and get financial advice from consultants based in India. In <a href="https://www.statista.com/statistics/1380483/india-value-of-financial-services-export-by-type/#">2021</a>, the financial service exports market in India amounted to over $5 billion.&nbsp;

India's Path to $1 Trillion in Service Exports

As is evident, the service sector encompasses not only products or goods but also individuals- their expertise and skills. From the person who collects your trash to the person who develops groundbreaking applications from their home, individuals from various industries are contributing to the service sector.&nbsp;

With a few strategic approaches, we can easily forge our way to achieving $1 trillion in service exports from India. Here’s how:&nbsp;

The IT sector is one of the highest contributors to this rapid growth of export services, as it accounted for <a href="https://www.ibef.org/industry/information-technology-india">7.5% of India’s GDP</a> in FY23, and it is expected to contribute 10% to India’s GDP by 2025.&nbsp;However, relying solely on one sector, while others also have growth potential, can make the Indian economy vulnerable. Any unforeseen circumstances, such as technological shifts or policy changes in other countries, can significantly impact the IT sector.

By looking beyond this single sector, the focus can be shifted to creating job opportunities for those with lower skill sets. To reach the $1 trillion mark, there must be balanced growth in all sectors that contribute to export services from India. Thus, focusing on emerging sectors like fintech and tourism can fuel the growth.&nbsp;

The USA has been one of India’s largest export partners, followed by China, Singapore, the United Arab Emirates (UAE), the UK, Germany, and Indonesia. However, expanding markets over time beyond these conventional regions will significantly boost the growth of service exports from India.

According to the <a href="https://gtri.co.in/">Global Trade Research Initiative Report</a>,&nbsp;the Netherlands and Brazil also joined this list between April and November 2022. With new markets come new opportunities. Exploring these markets can reveal new trends and customer needs, leading to improved services. Additionally, having a diverse range of export partners increases the stability of export incomes.

Government policies fostering India’s service exports&nbsp;

In 2022, India exported around <a href="https://economictimes.indiatimes.com/news/economy/indicators/services-exports-set-a-new-record-of-254-4-billion-in-fy22/articleshow/91316648.cms?from=mdr">$254.4 billion</a> worth of services, and this number continues to grow. The government is prioritizing support for service exporters alongside manufacturers and introducing new schemes to promote service exports, aiming for a balanced and resilient economy.

Implemented in 2015, <a href="https://www.skydo.com/blog/seis-guide">SEIS scheme</a> is one of the key players in encouraging service exports from India. Under this scheme, service exporters of certain eligible service industries get to benefit from transferable Duty Credit Scrips, which can be used for the payment of basic customs duty and other charges.&nbsp;

Simply put, these are vouchers created from the total foreign exchange earned in a financial year. This helps in increasing the profit margin by cutting off some of the overall cost for exporters. Software development, tourism, financial/accounting, etc service exporters are eligible for this scheme.

Software Technology Parks (STP) Scheme&nbsp;

STP is an export-oriented scheme that promotes the development and export of software from India. This also includes the export of professional services. Business units registered under this scheme get access&nbsp; to various benefits such as:

What does India’s rising service export mean for you?

New markets, government support, and the gradual reopening of pandemic-impacted sectors like tourism and hospitality are driving the growth of the export services industry. This includes untapped regions with growing economies or specialized niches within existing markets. Companies with expertise in financial services, engineering, or education can meet these new demands, boosting overall export volume.

The Indian government is also streamlining regulations, providing tax breaks, and investing in infrastructure to facilitate digital service delivery. We can, for instance, expect the government to offer grants to companies developing new software solutions for the export market in the near future.&nbsp;

Furthermore, software solutions like Skydo strengthen this trend by enabling efficient international payment processing. This makes it easier for companies to participate in the global marketplace and capitalize on growth opportunities.

In conclusion, the growth of Indian service exports is a lasting trend, suggesting the realistic possibility of India becoming a trillion-dollar economy by 2030. By focusing on upskilling, exploring new markets, and introducing new tech to simplify business operations, you can easily become a part of this booming industry. 

large_Achieve the $1 Trillion Goal

medium_Achieve the $1 Trillion Goal

small_Achieve the $1 Trillion Goal

thumbnail_Achieve the $1 Trillion Goal

Achieve the $1 Trillion Goal

Imagine finally selling that first batch of handcrafted leather wallets on Amazon US, only to see 5% of your hard-earned money disappear when you withdraw your earnings to India. You're not alone.&nbsp;

With Amazon Global Selling set to reach <a href="https://sell.amazon.in/grow-your-business/amazon-global-selling/exports-digest">$20 billion</a> in cumulative Indian exports by 2025 and already supporting over 150,000 exporters since 2015, the opportunity is massive. These days, it's not just sellers from metro cities. Artisans and small businesses from Surat, Agra, Jaipur, Ludhiana, and Coimbatore are successfully reaching buyers across the US, Europe, and the Middle East.&nbsp;

But while you are busy perfecting your products, hidden payment charges are quietly eroding your profits. In this blog, we'll show you how to avoid those hidden charges that slash your profits when withdrawing Amazon payments. You'll learn the most cost-effective way to receive your global selling earnings in India.

The Hidden Costs of Receiving Payments from Amazon Global Selling India

Despite the surge in global sales, many Indian exporters are unaware of how much they pay in fees and foreign exchange markups when withdrawing their payments, or that there is a way to retain more of their Amazon earnings. There are primarily two ways through which you can withdraw your Amazon earnings:

Amazon's Currency Converter for Sellers (ACCS)

When using Amazon's built-in currency converter, fees come in two parts:

A conversion fee based on your annual volume:

Secondly Amazon Currency Converter for Sellers applies the exchange rate provided by its third-party service provider on the day your bank transfer is initiated, typically adding a forex markup of around 1–2% over the prevailing market rate.

Let's see what this means with a real example. If you earned $200,000 in a year:

Various third-party services, such as Skydo, Payoneer, and PingPong, offer alternatives to Amazon's built-in currency converter. These services typically charge lower transaction fees than Amazon, ranging from 0.3% to 1%, depending on the provider and your monthly volume.

However, not all platforms are equally transparent about their exchange rates. Some third-party services offer low transaction fees but also levy markup on the prevailing forex rates. Without a clear disclosure of the exact exchange rate you're receiving, you might still lose significant value on each payment.

The most cost-effective providers combine low transaction fees with transparent, mid-market exchange rates. On earnings of $200,000, choosing the right payment solution can save Indian sellers several lakh rupees compared to using Amazon's default converter.

For sellers focused on growing their global expansion, these savings can be reinvested in inventory, marketing, or product development rather than being lost to unnecessary fees. That's why it's worth comparing not just the advertised fees, but also the actual exchange rates offered by different payment providers.

Keep most of your Amazon Global Selling Earnings with Skydo

<a href="https://www.skydo.com/">Skydo</a> offers Indian sellers a more affordable way to receive Amazon Global Selling payments compared to traditional options. With transparent pricing and access to actual mid-market exchange rates, Skydo helps you keep more of your hard-earned profits.

Skydo's fee structure is straightforward:

When compared to other platforms, the savings are significant:

What truly sets Skydo apart isn’t just its transparent, affordable fees, it’s the complete payments ecosystem built specifically for Amazon global sellers. Skydo is among the few Indian platforms to receive in-principle RBI authorisation as a Payment Aggregator for Cross Border Payments, giving you unmatched regulatory trust.

With Skydo, every Amazon payment comes with a free, instant FIRA, no more delays or extra charges. Sellers get access to global accounts in major currencies like USD, GBP, and EUR, so you can receive payouts from Amazon worldwide without hidden markups.

Plus, Skydo integrates directly with Amazon Seller Central for a seamless experience, while a dedicated India-based support team is always on hand to assist you. From compliance to convenience, Skydo empowers you to save more on every withdrawal and focus on growing your global business.

Receive Payments from Amazon Global Selling in India With Skydo&nbsp;

Getting started with Skydo is quick and straightforward. Here's how you can begin receiving your Amazon payments with lower fees:

Skydo provides instant <a href="https://www.skydo.com/blog/all-you-need-to-know-about-firc-a-complete-guide">FIRC documentation</a> for all your transactions, eliminating the usual wait time and paperwork hassle that comes with international payments. This makes compliance and tax filing much easier for Indian sellers.

If you ever need help, we at Skydo offer local support from an India-based team that understands the unique challenges faced by Amazon Global Selling merchants. Our customer service is available via call, WhatsApp, and email, with most queries resolved within two business hours.

How to Receive Payments from Amazon Global Selling in India

large_How to Receive Payments from Amazon Global Selling in India

medium_How to Receive Payments from Amazon Global Selling in India

small_How to Receive Payments from Amazon Global Selling in India

thumbnail_How to Receive Payments from Amazon Global Selling 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.​