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

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Anoosh Kotak

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At the heart of business and financial transactions lies the <a href="https://www.skydo.com/blog/understanding-gstin-requirements-for-export-businesses-in-india?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Goods and Services Tax (GST)</a>, an ever-evolving taxation system designed to streamline commerce and empower economies.&nbsp;

GST serves as documentary evidence of the supply of goods or services. Additionally, GST filing is vital for tax compliance, <a href="https://www.skydo.com/blog/how-to-claim-input-tax-credit-refund-in-india?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">claiming input tax credits</a>, and maintaining transparent <a href="https://www.skydo.com/blog/ensuring-financial-compliance-5-tips-to-safeguard-your-businesss-finances?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">financial records</a>.

Within the vast GST universe, two essential players take centre stage: the GST bill format and the GST invoice. However, it is vital to get the invoice details right. Here’s why.&nbsp;

Common Problems Arising from Incorrect GST Invoices

Incorrect <a href="https://www.skydo.com/blog/what-is-e-invoicing-under-gst-and-who-needs-to-generate-it?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">GST invoices</a> can seriously affect businesses, particularly IT service providers, in the following ways.

To avoid these problems, what are the components of a GST invoice? What is the ideal GST bill format to follow? When should you release the invoice? Below are a few things to remember.

The key elements found in a GST bill include the following.

<a href="https://www.skydo.com/blog/how-to-find-right-HSN-code-sac-for-your-business?/utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">HSN (Harmonized System of Nomenclature) or SAC (Services Accounting Code)</a>: To classify the supplies and determine the applicable tax rates.

GST Formats Tailored for IT Service Providers

Below are some key aspects for IT service providers to consider regarding GST bills and invoices.

Consider the scenarios where the reverse charge mechanism is applicable and <a href="https://www.skydo.com/blog/mastering-compliance-a-step-by-step-guide-to-data-protection-payments-laws-and-industry-regulations-for-tech-exporters?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">ensure compliance</a>.

These standardised templates are designated by tax authorities for generating GST-compliant invoices. It outlines mandatory fields, such as supplier and recipient details, invoice number, date, description of goods or services, tax breakdown, and the total amount payable.&nbsp;

By adhering to these formats, you can ensure accurate documentation, enable seamless integration with financial systems, simplify auditing processes, and enhance credibility. It also promotes transparency, reduces errors, and ensures businesses meet the specific requirements set forth by tax authorities.

A GST invoice bill should include the following key elements:

Issuing a GST Invoice: When should you do it?

For services businesses, within 30 days from the supply date is the ideal time to issue a GST invoice. In the case of banking companies or financial institutions, the deadline is 45 days. Failure to issue the invoice within the specified timeframe can result in penalties.&nbsp;

However, when the transaction falls under the composition scheme, a consolidated bill of supply is issued instead of a tax invoice. This principle also applies when supplying services to unregistered individuals, where a simplified invoice may serve the purpose.&nbsp;

Maintaining copies of service supply invoices serves as evidence for legal compliance, facilitates claiming an input tax credit, and plays a crucial role in dispute resolution. They provide a record of transactions, ensure transparency, and help businesses meet regulatory requirements while enabling smooth operations.

You may need to raise a revised GST invoice in certain circumstances such as–

It is advisable to consult with a <a href="https://www.skydo.com/blog/how-can-the-right-chartered-accountant-help-your-tech-export-business?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">tax professional</a> or refer to the specific guidelines provided by the tax authorities to ensure proper adherence to the revised invoice requirements.

Best Practices for Creating and Managing GST Bills and Invoices

To effectively create, issue, and manage GST invoices, consider the following tips:

For IT service providers handling large transactions, using services specifically designed for <a href="https://www.skydo.com/blog/how-to-implement-e-invoicing-what-the-reduced-threshold-of-rs-5-crores-means-for-your-business?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">managing GST invoices</a> can be highly beneficial. These services offer features like bulk invoice generation, automatic tax calculations, data integration with accounting systems, and compliance checks.&nbsp;

It helps save time, reduces errors, and ensures seamless management of invoices, enabling businesses to focus on their core operations.

Q1. Is the GSTN and GSTIN the same thing?

Ans: GSTN (Goods and Services Tax Network) is the technology platform that manages the GST system, while the GSTIN meaning (Goods and Services Tax Identification Number) is a unique 15-digit number assigned to businesses for tax purposes.

Q2. What’s the difference between invoice date and due date?

Ans: The invoice date is when the GST invoice is issued, while the due date is the deadline by which the payment for the goods or services mentioned in the invoice should be made.

Q3. Is there a fee associated with obtaining a GSTIN?

Ans: Typically, there is a fee associated with obtaining a GSTIN. The fee can vary depending on the type and location of your business.

Q4. Is it mandatory to maintain the invoice serial number?

Ans: Yes, it is mandatory to maintain an invoice serial number for GST invoices to ensure proper documentation and compliance with tax regulations.

Q5. What should I do once I've obtained my GSTIN?

Ans: Once you've obtained your GSTIN, you should ensure proper maintenance of GST invoices, timely filing of GST returns, and compliance with GST regulations to avoid penalties and legal issues.

Q6. How do I file a complaint regarding a forged GSTIN?

Ans: If you suspect a forged GSTIN, you should report it to the relevant tax authorities, providing them with all available details and evidence of the forgery for investigation.

Q7. Can I digitally sign my invoice through DSC?

Ans: Yes, you can digitally sign your GST invoice using a Digital Signature Certificate (DSC) to ensure the authenticity and integrity of the document.

Q8. What should I do once I've obtained my GSTIN?

Ans: After obtaining your GSTIN, you should ensure that your GST invoices follow the prescribed tax invoice format, maintain proper records, and comply with GST regulations in your business transactions.

Ans: GST number is a common term used to refer to GSTIN (Goods and Services Tax Identification Number), a unique 15-digit identifier assigned to businesses in India for tax purposes. It is crucial for tax compliance and record-keeping in the GST system.

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For exporters, managing foreign exchange earnings is crucial. Despite a significant increase in cross-border transactions, sending and receiving international remittances in India via traditional banking remains challenging and costly due to multiple fees and regulatory hurdles. However, thanks to innovations in fintech and traditional banking, cross-border transactions are increasingly becoming less complex . Now, exporters can use Exchange Earner’s Foreign Currency (EEFC) accounts or cross-border payment platforms like Stripe and PayPal to handle global payments more seamlessly, avoiding many of the usual hassles. But which option is best for you? Is there a more convenient and cost-effective way to manage your foreign exchange earnings? Let’s dive in and find out.

EEFC accounts are current accounts, offered by AD Category I Banks that allow you to retain income received from abroad in its original currency for up to 60 days. Being current accounts, EEFC accounts do not yield any interest. Each bank offering EEFC Accounts supports a specific number of currencies and you can also hold multiple currencies in a single account. The accounts were primarily created to help exporters manage their foreign exchange earnings, however, it is open to companies, individuals and joint account holders.

Currently, multiple<a href="https://rbidocs.rbi.org.in/rdocs/FEMAMASTER/PDFs/1061.PDF?no_follow=true"> AD Category I </a>banks in India offer EEFC accounts including DBS, ICICI, HDFC, Axis Bank and many more.

However, it's always a good idea to speak with the bank first to confirm their services.

Residents of India, whether individuals or companies earning foreign exchange, are eligible to open EEFC accounts. However, entities in <a href="https://nsez.gov.in/Resources/SEZ%20FAQs.pdf?no_follow=true">Special Economic Zones (SEZs)</a> cannot open EEFC accounts, though they can open a foreign currency account

Exchange Earner’s Foreign Currency (EEFC) Account Benefits

Let’s take a moment to understand the benefits of EEFC accounts.

1. Retention of foreign exchange earnings

Traditional bank accounts do not allow holding money in foreign currencies. When you receive funds in a standard bank account, it is mandatory to convert funds into INR irrespective of the current exchange rate.&nbsp;

However, an EEFC account allows you to receive and retain money in foreign currencies for up to 60 days. Account holders can make cross-border payments using the same foreign currency and only convert the balance.

The value of INR against foreign currencies fluctuates daily based on demand and supply factors. Individuals or companies that receive payments in foreign currencies can lose out on the money value if the exchange rate is unfavourable, and they compulsorily have to convert the foreign currency into INR.&nbsp;

With an EEFC account, account holders can analyse the currency market for over a month and convert the foreign currency only when the exchange rate is favourable.&nbsp;

Traditional bank accounts follow the double-conversion process where you have to convert the foreign currency you receive to INR and then again convert INR to the desired foreign currency to make international payments.&nbsp;

An EEFC account eliminates the double-conversion process and allows account holders to retain foreign currency and make direct payments using the available foreign currency funds.&nbsp;

The Reserve Bank of India regulates the cash flow between India and foreign countries. Accounts such as EEFCs are effective alternatives to the cumbersome conversion process of traditional bank accounts. However, with stringent regulations, EEFC accounts come with some disadvantages.

Although EEFC accounts allow you to retain <a href="https://www.skydo.com/blog/should-i-invoice-in-inr-or-foreign-currency?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">foreign currencies</a>, the duration is limited. You must convert the balance funds in the accounts compulsorily to INR on or before the last day of the next month. For example, if you receive foreign payments in your EEFC account, on 16th May, you need to convert it to INR by 30th June, after which it will be automatically converted.&nbsp;

Additionally, you can only retain the funds without conversion if they are for prior commitments or approved purposes.&nbsp;

EEFC accounts help exporters save on double currency conversion and transaction fees. However, banks still impose various ancillary charges that can quickly add up. For instance, transfers to your EEFC account are processed via SWIFT, which incurs a SWIFT fee. Additionally, banks often apply a foreign exchange markup or currency conversion fee when converting your foreign earnings to INR. Moreover, banks may charge for extra services like providing FIRA

Cross-border payment platforms are gateways or applications that allow individuals or companies to make or receive payments in various currencies. These payment platforms work as middlemen between the payer and the receiver through their transaction processing technology.&nbsp;

The transaction processing technology transfers the payer's payment information to the receiver's account. Account holders can convert their funds into different currencies for cross-border payments. However, payment platforms can choose to levy a markup on the current exchange rate.

Features and Benefits of Payment Platforms

Payment platforms like Stripe and PayPal are available in nearly all major countries, serving both residents and registered business entities. These platforms enable businesses to expand their customer base globally by accepting payments from customers worldwide.

Additionally, individuals and businesses can receive <a href="https://www.skydo.com/blog/real-time-tracking-of-international-payments?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">real-time payments</a> directly from any foreign entity with an account on the same platform

2. Multiple Currency Support and Conversion

For businesses operating internationally, payment platforms often support multiple currencies, allowing them to accept payments from customers worldwide.

For instance, PayPal operates in over 200 countries and supports 25 currencies. This means you can convert your held currency into any of the other 24 currencies, making cross-border payments hassle-free.

Payment platforms simplify transactions for businesses and customers by enabling electronic payments, eliminating the need for physical cash or checks. These transactions are executed in real-time and reflected immediately in the accounts.

Additionally, most payment platforms offer e-commerce features, allowing account holders to use their funds for international online purchases with ease.

While <a href="https://www.skydo.com/blog/navigating-payment-platform-headwinds-to-stormproof-your-business?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">payment platforms</a> offer numerous benefits, they also come with their fair share of challenges and considerations.&nbsp;

1. Transaction Fees and Exchange Rate Markups

Payment platforms charge fees for their services, including transaction fees and monthly subscription costs. Most payment platforms also charge an exchange rate markup fee that can significantly reduce the net returns when converted into local currency.&nbsp;

For example, PayPal charges an <a href="https://www.skydo.com/blog/top-paypal-india-alternatives-for-international-payment">exchange rate markup</a> of 4%, effectively reducing your received amount by 4% after conversion.&nbsp;

Payment platforms are attractive targets for cyberattacks. However, most platforms today are embracing stringent security measures to minimize the chances of cyberthreats.&nbsp;&nbsp;

3. Limited Control Over Funds During Disputes

nlike EEFC accounts, where account holders must handle regulatory compliance, payment platform aggregators take on this responsibility.

However, if there is any legal or regulatory non-compliance, customers might face limited control over their funds. Authorities could seize the funds or blacklist the platform, causing potential disruptions.

Comparing EEFC Accounts and Payment Platforms

For a better comparison, here is a comprehensive side-by-side table comparing EEFC accounts and payment platforms.

Manage your foreign exchange earnings better with Skydo

At Skydo, we recognize the challenges of traditional banking and the high fees often charged by various payment platforms. That’s why we offer businesses and freelancers a fast, secure, and less expensive way to receive international payments. With Skydo, you can set up an international bank account in less than 5 minutes. Your foreign clients can pay into this account, making it a local transfer and eliminating SWIFT charges.

Further, we convert your foreign earnings to INR at live forex rates, without any markup or currency conversion fees, ensuring you keep more of your earnings. All we charge is a flat transaction fee: USD 19 for remittances below USD 2000 and USD 29 for remittances over USD 2000. And yes, you also receive an instant FIRA for every transaction at no extra cost, helping you stay compliant. 

Switch to Skydo and simplify your international payments while maximizing your earnings.&nbsp;&nbsp;<a href="https://www.skydo.com/blog/how-skydo-increased-success-rate-on-international-payments?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_link">Click here</a> to learn more about how Skydo increased the success rate of international payments.

EEFC accounts are tailored for specific use cases related to foreign currency earnings, while payment platforms are more versatile tools for general financial transactions. The choice between the two depends on the user's specific needs and requirements, especially in managing foreign currency earnings and conducting cross-border payments.&nbsp;

Analyse your personal or business needs and determine which account option would mitigate unnecessary costs and compliance complexities.&nbsp;

Q1. What is the disadvantage of an EEFC account?

Ans: The disadvantage of an EEFC account is its limited retention duration, requiring conversion of funds into INR within a specified timeframe, usually on or before the last day of the next month or 60 days maximum.

Q2. What is the difference between EEFC and foreign currency account?

Ans: EEFC accounts are tailored for Indian residents to manage foreign currency earnings, while foreign currency accounts are more general and may not have the same regulatory restrictions.

Q3. Do banks pay interest on EEFC accounts?

Ans: Banks do not pay interest on EEFC accounts, as they are considered current accounts without interest benefits.

Q4. How much foreign exchange earnings can be credited into an EEFC account?

Ans: A substantial portion of one's foreign exchange earnings can be credited into an EEFC Account, allowing for a limited retention duration, typically up to 60 days, before conversion into INR, subject to regulatory restrictions.

Ans. Any resident of India can initiate an EEFC account, including individuals and entities like companies, who fall under the category of foreign exchange earners.

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"Foreign exchange (Forex) volatility directly impacts business profitability and is the third-biggest business risk," says a <a href="https://assets.kpmg.com/content/dam/kpmg/ng/pdf/tax/key-risk-areas%20for-business-assurance-leaders-in-2021.pdf">2021 KPMG survey</a>. This statistic is relevant for all global businesses, as rapid currency fluctuations can reduce export earnings and, by association, business profitability.

Furthermore, a 2020 report reveals that Indians paid <a href="https://www.google.com/amp/s/m.economictimes.com/wealth/personal-finance-news/indians-paid-rs-263-billion-in-foreign-exchange-fees-in-2020-report/amp_articleshow/87251677.cms">INR 263 billion</a> in foreign exchange fees. INR 97 billion amounted to hidden exchange markup fees on currency conversions, and the remaining INR 166 billion was the total transaction fees.&nbsp;

Businesses lose much of their foreign earnings yearly due to currency conversion, transactions, or hidden fees. If used appropriately, such earnings can significantly impact a business's financial health.

There are two ways to save these earnings.&nbsp;

The latter is possible with Skydo. It is a comprehensive payment solution with a transparent pricing model that does not charge hidden fees and provides a real-time exchange rate based on the market benchmark.&nbsp;

This blog introduces Skydo's payment platform and explains how to use the FX calculator to estimate your FX savings. It further delves into the various features of Skydo that help mitigate foreign exchange risk for businesses.

Skydo helps receive cross-border payments seamlessly and cost-effectively for businesses and freelancers. Contrary to other payment platforms, Skydo charges a fixed transaction fee for each foreign remittance, which is transparent.&nbsp;

Here are some of the essential features of Skydo that enable FX management and helps businesses boost FX saving:

International payment gateways like <a href="https://www.skydo.com/blog/top-paypal-india-alternatives-for-international-payment">PayPal</a>, <a href="https://docs.google.com/document/d/16b_I83CSEIk0HFzrT8uUowCXVSmCwNpN-_rUVdiKU2w/edit?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Payoneer</a>, and <a href="https://www.skydo.com/blog/top_5_wise_alternatives_for_international_payment">Wise</a> charge up to a 4% conversion fee per transaction, which can significantly decrease your business profitability over time.&nbsp;

Additionally, it is difficult to estimate the real cost of each transaction as you may not be aware of the volume of your earnings lost in 'transaction costs'.&nbsp;

However, Skydo's FX calculator helps businesses estimate how much money they will get based on the transaction amount and the currency exchange rate at the time, including Skydo’s flat fee.



You can try <a href="http://bit.ly/3WE3BWm?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Skydo's FX calculator</a> to check how much you save by not using other payment methods, such as bank, PayPal, Payoneer, and Wise.&nbsp;

You must choose the currency in which you receive your earnings, whether USD, EUR, or CAD. Then, select your payment method/platform and enter your monthly revenue. You can see how much extra money you spend on a forex markup fee. Using Skydo for your FX savings helps you save that much amount.

For example, if your business's monthly revenue is USD 50,000, you can save up to ₹5,94,956 with Skydo which would not be the case if you used PayPal to receive international payments.

Skydo offers <a href="https://www.skydo.com/blog/benefits-of-multi-currency-accounts?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">multi-currency accounts</a> to tackle cross-border payment issues, like delayed payments.

This account is powered by <a href="https://www.skydo.com/blog/why-was-a-certain-amount-deducted-from-my-swift-payments">SWIFT</a>. Therefore, instead of relying on your foreign clients to follow the lengthy procedure of transferring the money to your Indian bank account and paying various fees on multiple occasions, they can simply transfer the whole payment via SWIFT into your local bank account, avoiding any unnecessary charges.

While converting your earnings from a foreign to Indian currency, banks or authorised dealers charge an exorbitant fee above the actual exchange rate in the market. This fee is called the Forex markup fee and is often hidden.&nbsp;&nbsp;

Moreover, many platforms also do not disclose the exchange rates. This means that businesses are often clueless about the conversion fee and how much currency conversion fees they are paying.

Skydo eliminates this challenge for businesses and freelancers. It accurately converts foreign currency into INR according to the prevailing foreign exchange rate in the market without adding any additional forex markup fee.&nbsp;

Thus, businesses get real-time information about currency fluctuations in the international market and can predict their earnings accordingly.

At the time of currency conversion, Skydo also adds a date and time stamp that allows businesses to verify by comparing to live FX rates in real time. Thus, Skydo ensures complete transparency and helps you increase FX savings by 3x.

If you have some prior experience in receiving payments for your export service business, you may realise that if a foreign client pays you around $1000, the final amount you receive is somewhere near $750.&nbsp;

How and why? Banks and international payment gateways charge various fees at every step of the foreign transaction, including processing, intermediary, platform, service, and more. As a result, businesses lose a significant amount of their foreign earnings.

However, Skydo has a simple and transparent pricing structure:

Instead of adding multiple hidden fees, Skydo charges a fixed fee per transaction based on the remittance amount. This helps <a href="https://www.skydo.com/blog/cut-international-transaction-costs?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">businesses save up to ₹10,00,000 per year</a>, which can be used for core business activities and increase profitability.

An intuitive interface supports all of Skydo's unique payment features. The dashboard is easy to navigate, and with just one click, you can check, generate, and send invoices, send payment reminders, track payments, <a href="https://www.skydo.com/blog/automated-firc-simplifying-international-payments-compliance">download FIRA,</a> and view payment summaries.

Managing your international payments has never been easier. Moreover, Skydo has an intuitive dashboard that generates payment analytics and helps you derive valuable business and payment insights. Thus, Skydo enables data-driven business decisions, helping businesses scale massively.

Receiving inward remittances through bank transfers or common payment platforms makes you lose a significant portion of your foreign earnings in forex markup, transaction costs, and other hidden fees.

Skydo eliminates this risk by converting currencies according to real-time conversion rates and charging a flat transaction fee. Therefore, it helps you increase your FX savings by three times.

<a href="https://www.skydo.com?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Request a demo</a> with Skydo today to test the Skydo FX calculator and increase your business earnings!

Ans: An <a href="http://bit.ly/3WE3BWm?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">FX calculator</a> is a valuable tool for estimating your foreign exchange savings. To use Skydo's FX calculator, follow these steps:

Q2. Paypal and Stripe have very high transaction fees; how can I save money from my international payments?

Ans: PayPal and Stripe are known for their relatively high transaction fees, which can impact your business earnings. To save money on international payments, consider using Skydo, a platform that offers transparent pricing with fixed transaction fees. By doing so, you can significantly reduce the fees you pay for receiving international payments and increase your overall profitability.

Q3. Why is real-time exchange rate information important for international transactions?

Ans: Real-time exchange rates provide accurate, up-to-the-minute information on currency values in the international market. Having access to real-time exchange rates is crucial for businesses, as it allows them to make informed decisions regarding currency conversions, reducing the risk of losing money due to unfavourable rates.

Q4. What are hidden exchange markup fees, and how do they impact international transactions?

Ans: Hidden exchange markup fees are additional charges applied by banks and payment platforms during currency conversion. These fees are often undisclosed and can significantly reduce the amount a business receives from international payments.&nbsp;

It is important to be aware of these fees and look for transparent alternatives, like Skydo, to maximise your earnings.

Get the most out of your Forex savings with Skydo th

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Karbon Business (formerly Karbon Card) hit the market in 2019, aiming to simplify B2B payments for Indian businesses and freelancers. They’ve since expanded into international payments too. But what exactly does Karbon bring to the table? In this blog, we’ll break down their features, pricing, and how they stack up against alternatives. Let’s dive in!

What does Karbon Business (Formerly Karbon Card) do?