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

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Founded in 2010 by entrepreneur brothers Joseph and Patrick Collison, Stripe is an Irish-American company that simplifies global payments for businesses. It offers a wide range of services, including billing, invoicing, and subscription management. It is a preferred choice for businesses with international customers spread across the globe. 

Note that<a href="https://support.stripe.com/questions/stripe-accounts-are-invite-only-in-india"> Stripe India currently operates on an “invite-only” mode</a>l, meaning new Indian businesses must request an invite to open a new Stripe account. Access is granted only if Stripe approves their application. There's no fixed timeline as to how long it might take for the application to be processed

In this blog, we’ll focus on Stripe India's cross-border payment features, explore its pricing and reviews, and consider whether there’s a more cost-effective alternative for receiving international payments in India.&nbsp;

Stripe India provides Indian businesses with a comprehensive cross-border payment solution, enabling them to receive payments in over 135 currencies. Its <a href="https://stripe.com/in/payments/elements" target="_blank">flexible UI components,</a> such as masking, styling, and error handling, let businesses tailor their checkout experience to match their brand.

For payments, Stripe provides the flexibility to generate instant <a href="https://stripe.com/in/payments/payment-links" target="_blank">payment links</a> or embed its <a href="https://stripe.com/in/payments/checkout" target="_blank">checkout solution</a> directly on your website, supporting both one-time and recurring transactions. However, while Stripe supports a variety of payment methods globally, Indian businesses are limited to accepting international payments via credit card or debit card. Unlike platforms such as Skydo, Wise, or Payoneer, Stripe India lacks features like international virtual accounts or alternative payment options like <a href="https://www.skydo.com/blog/swift-money-transfer-ultimate-guide" target="_blank">SWIFT transfers</a>, wallets etc. In short, with Stripe India, cards are your only option for receiving international payments.

That said, it’s important to note that Stripe India doesn’t provide <a href="https://www.skydo.com/blog/all-you-need-to-know-about-firc-a-complete-guide">FIRA </a>for international payments instead it offers something called,<a href="https://support.stripe.com/questions/firc-payment-advice-for-international-transactions-in-india" target="_blank"> payment advice</a> which you need to submit to your bank to obtain the FIRA yourself.&nbsp;

Stripe operates on an invite-only basis in India, with an unclear approval timeline and limited access for new businesses. To open an account, you’ll need additional information like identification numbers, a website or app link, a business description, bank details, an IEC code , and an <a href="https://www.skydo.com/blog/rbi_purpose_code_for_inward_remittance">RBI Transaction Purpose Code.&nbsp;</a>

Stripe India Charges Breakdown for Receiving International Payments

Receiving international payments through Stripe India comes with relatively high costs. Since Stripe only supports global payments via cards, you can accept over 135 currencies through Visa and MasterCard, while American Express supports only USD.

Stripe India charges a <a href="https://support.stripe.com/questions/additional-pricing-information-for-indian-cross-border-sellers" target="_blank">4.3% processing fee</a> per successful transaction. Additionally, there’s a <a href="https://support.stripe.com/questions/additional-pricing-information-for-indian-cross-border-sellers" target="_blank">2% currency conversion</a> fee for payments in foreign currencies—something most international transactions will incur. There are also additional fees for dispute settlement, invoicing features and more.

Let’s break down Stripe India’s charges with a simple example:

Imagine you run a business and receive a payment of USD 10,000 from a global client through Stripe India. Here’s what happens next:

Stripe charges a 4.3% processing fee, which is USD 430. After this deduction, your payment drops to USD 9,570.

Since it’s an international payment, Stripe applies a 2% currency conversion fee. Assuming an exchange rate of 1 USD = INR 84, this effectively reduces the rate to INR 82.3 per USD.

Now, multiplying USD 9,570 by the adjusted rate of INR 82.3, you receive INR 7,87,611 in your account.

Compare this to the full value of USD 10,000 at INR 84 per USD, which would be INR 8,40,000. That’s a loss of INR 52,389 due to Stripe’s fees.

In short, using Stripe India for a USD 10,000 payment means you lose over INR 52,000 in fees and lower exchange rates.

Pros and Cons of Stripe India for International Payments

✅ Supports Multiple Currencies – Strip India allows businesses to accept payments in 135+ currencies, making it ideal for global transactions.

✅ Comprehensive Payment Tools – With features like invoicing, tax management, and automated billing, Stripe simplifies financial operations for businesses.

✅ Developer-Friendly Integration – Stripe’s robust API ensures seamless integration into websites and apps, making it a preferred choice for tech-savvy businesses.

✅ Global Credibility – As a trusted and secure payment platform used by businesses worldwide, Stripe offers reliability and fraud protection.

❌ High Transaction Fees – Stripe charges 4.3% per transaction plus an additional 2% for currency conversion, cutting into business profits.

❌ No FIRA (Foreign Inward Remittance Advice) – Stripe doesn’t provide FIRA, meaning businesses must handle compliance and documentation separately.

❌ Limited Access in India – Stripe operates on an invite-only basis in India, requiring businesses to submit documents like IEC and Purpose Code and wait for approval.

❌ Restricted Payment Methods – Unlike other markets, Stripe India only supports card payments for international transactions, limiting options for global clients.

Stripe India Reviews: Pricing, Convenience, Support and More

Here’s a quick look at Stripe Payments reviews from Stripe users to help you decide if Stripe India is the right fit for your needs.

Stripe India is known for its <a href="https://www.g2.com/products/stripe-stripe-payments/reviews?utf8=%E2%9C%93&amp;order=g2_default&amp;filters%5Bsentiment_snippet%5D=1343294" target="_blank">ease of use</a> and seamless integration. Businesses praise how simple it is to embed Stripe on their websites and appreciate features like subscription management and invoicing.

Business owners appreciate Stripe’s convenience and ease of use, but many are put off by its <a href="https://www.g2.com/products/stripe-stripe-payments/reviews?utf8=%E2%9C%93&amp;order=g2_default&amp;filters%5Bsentiment_snippet%5D=1343768" target="_blank">steep pricing.</a> Small businesses, in particular, find the rising costs hard to justify, making Stripe less appealing to them.

Opinions on Stripe India’s customer support are mixed. While some users find it <a href="https://www.g2.com/products/stripe-stripe-payments/reviews?utf8=%E2%9C%93&amp;order=g2_default&amp;filters%5Bsentiment_snippet%5D=1343166" target="_blank">prompt and helpful</a>, others have voiced frustration over<a href="https://www.g2.com/products/stripe-stripe-payments/reviews?utf8=%E2%9C%93&amp;order=g2_default&amp;filters%5Bsentiment_snippet%5D=1343983" target="_blank"> limited support </a>and unexpected account closure.&nbsp;

Skydo: A Stripe Alternative for Indian Businesses

While Stripe India has been a popular choice for international payments, its high fees and recent shift to an “invite-only” model have left many businesses exploring Stripe India alternatives.

Skydo offers a practical alternative, providing a fast, secure, and cost-effective solution. With a simple fee structure—USD 19 for payments under USD 2,000, USD 29 for payments between USD 2,001–10,000 and 0.3% for payments above USD 10,000- Skydo is up to 10x more affordable than Stripe. It also ensures live forex rates with no hidden markups or conversion fees.

For instance, receiving USD 10,000 through Stripe India would cost around INR 52,389 or USD 624 (Considering an exchange rate of INR 84), whereas with Skydo, it’s just USD 29, saving nearly USD 600.

With added benefits like instant, free FIRA and responsive local support, Skydo is becoming a trusted option for businesses in India to simplify their global payments while keeping costs in check. So if you are looking for a Stripe alternative in India, look no further than Skydo. 

Stripe India: Charges, Review and Alternatives 

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SWIFT money transfer is the most popular way to send and receive money across borders.&nbsp; The Society for Worldwide Interbank Financial Telecommunications (SWIFT), a member-owned cooperative, ensures secure and reliable transactions worldwide. It is important to understand that SWIFT is not a bank that holds money. Rather it is a messaging network that facilitates the movement of funds across borders.&nbsp;

 In this blog, we’ll understand how SWIFT operates and its significance in global payments, as well as explore faster and more cost-effective alternatives.

What is SWIFT Money Transfer and How Does it Work?

Back in 1973, 239 banks came together to create SWIFT—a secure messaging network that helps banks communicate and process international transactions smoothly.

It is like a global banking language that ensures money transfers happen safely and efficiently across borders. Today, most countries rely on SWIFT for secure cross-border payments.

In simple terms, when you hear "SWIFT money transfer," it’s just another way of saying an international wire transfer that happens through the SWIFT network.

Let’s break it down with an easy example!

Say you're an exporter in Bangalore with an Axis Bank account, and a US client wants to pay you via SWIFT. They’ll need your account number and branch-specific SWIFT code.&nbsp;

The client’s bank, Bank of America, sends a secure SWIFT message to Axis Bank, instructing them to process the payment. Once received, Axis Bank credits the amount to your account

A SWIFT code is a unique 8- or 11-character alphanumeric identifier assigned to banks and financial institutions and it is a very important aspect of SWIFT money transfer. It contains essential information about the institution’s country, location, and branch.

Here is the breakdown of two SWIFT codes for a better understanding:&nbsp;

SBININBB101: This unique code refers to the State Bank of India’s Mumbai office. "SBIN" is the bank code, "IN" stands for India, "BB" indicates Mumbai, and "101" denotes the branch in a specific locality.&nbsp;&nbsp;

DEUTDEFF500: This SWIFT code belongs to Deutsche Bank's Frankfurt branch in Germany. "DEUT" represents the bank, "DE" is for Germany, "FF" signifies Frankfurt, and "500" indicates the specific branch at Bad Homburg, a town in the Frankfurt region.&nbsp;&nbsp;

&nbsp;SWIFT money transfers are widely regarded as safe. The SWIFT network is trusted globally for secure international financial transactions. Here's why:

Strong Encryption: SWIFT uses encryption to protect your transaction details, making sure that only the intended bank can see the information.

Tight Access Control: Not just anyone can use the SWIFT network—only verified banks and financial institutions have access, minimizing the risk of unauthorized transfers.

Global Trust: SWIFT adheres to international regulations, which helps ensure that your transfer is handled according to the highest standards.

Fraud Monitoring: The system constantly monitors for unusual activity to help prevent fraud before it happens.

While the SWIFT network is highly secure, it's crucial to double-check the details you provide to avoid errors or delays.

Step-by-Step Process of Making a SWIFT Money Transfer

Making a SWIFT transfer is similar to a local bank transfer but requires some extra details. Here’s how to do it:

Contact your bank or log in to your online banking portal to start a SWIFT transaction. You’ll need to provide the recipient’s name, bank name, address, unique SWIFT code, currency, and the transfer amount.

Your bank will verify the details and check if you have sufficient funds.

Once everything is verified, the bank will debit the amount from your account and provide a confirmation message or reference number.

The funds are then sent via SWIFT to the recipient’s bank. After verification, the recipient's bank will credit the amount to their account.

What Are the Charges for a SWIFT Money Transfer?

Broadly, <a href="https://www.skydo.com/blog/why-was-a-certain-amount-deducted-from-my-swift-payment">SWIFT charges</a> can be broken down under the following heads:

It's important to clarify that SWIFT&nbsp; fees vary by bank. Each institution sets its own charges for outward transfers. Here are some popular Indian banks and their SWIFT charges:

<a href="https://www.icicibank.com/personal-banking/accounts/outward-remittance/wire-transfer?no_follow=true">Source</a>

<a href="https://www.hdfcbank.com/personal/pay/money-transfer/remitnow/fees-and-chargesno_follow=true">Source</a>

PNB’s SWIFT money transfer fee stands at INR 500 + GST. However, it is worth mentioning that additional commissions ranging from INR 500-1000 may also be levied depending on the amount that is being sent abroad.&nbsp;

Yes Bank’s charges for SWIFT money transfers depend on the type of savings account you have. The following table shows the different types of YES savings accounts and their corresponding SWIFT charges:

How Long Does a SWIFT Money Transfer Take?&nbsp;

While <a href="https://www.swift.com/news-events/press-releases/swifts-cross-border-payments-processing-speed-surpasses-g20-target" target="_blank">SWIFT claims</a> that 89% of international transactions are processed within an hour, that doesn't tell the full story. The clock only starts when the sender’s bank sends the payment to the SWIFT network and stops when the receiver’s bank acknowledges it. After that, your bank will contact you for ‘disposal instructions.’ This may require you to submit documents, fill out forms, or deal with forex rate fluctuations. As a result, the entire process can take up to 5 business days or more, with additional delays caused by factors like:

Therefore, it is always a good idea to double-check relevant information to receive your SWIFT payments in a timely manner.

SWIFT vs. Other Money Transfer Methods: Which is Better?

While the SWIFT payment system is the go-to for cross-border money transfers, its high costs and longer processing times have prompted businesses to seek alternatives. One viable solution is i<a href="https://www.skydo.com/blog/virtual-account-numbers">nternational virtual bank accounts.</a> Platforms like Skydo offer businesses free virtual accounts in major regions, including the US, UK, Europe, Canada, Australia, and Singapore. These virtual accounts operate like local bank accounts, allowing businesses to receive payments via local transfers instead of incurring SWIFT fees.

For instance, if your client is in the US, they can make a local transfer to your US-based virtual account, avoiding SWIFT fees and delays. Skydo consolidates these payments and transfers the funds to India at live forex rates, ensuring exporters receive the full amount without losses from unfavourable exchange rates. The converted funds are deposited directly into your local Indian bank account within 48 hours, providing a fast, cost-effective, and transparent alternative to SWIFT.

In conclusion, while SWIFT money transfers remain a popular choice for international transactions, alternative solutions like virtual bank accounts offer speed and cost savings. Consider switching to Skydo for a seamless payment experience.

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SWIFT Money Transfer Guide 

In today’s global world, international payments are the lifeline of many businesses. Stripe has been a popular choice for Indian companies. However, its recent move to go "<a href="https://support.stripe.com/questions/how-can-i-open-a-stripe-account-in-indiahttps://support.stripe.com/questions/how-can-i-open-a-stripe-account-in-india?no_follow=true">invite-only</a>" in India coupled with its high fees and limited payment options has prompted many Indian businesses to explore Stripe alternatives.

Here are some of the popular Stripe competitors that Indian businesses can explore to receive international payments:&nbsp;

Below, we’ll explore the top 5 Stripe alternatives for Indian businesses, including their fees, features, and how they compare to Stripe.&nbsp;

Before diving into Stripe alternatives, let's take a moment to understand <a href="https://www.skydo.com/blog/stripe-india-charges-review-alternatives#:~:text=Stripe%20India%20charges%20a%204.3,settlement%2C%20invoicing%20features%20and%20more.">what Stripe is</a>. Stripe is an Irish-American payment platform that helps businesses receive international payments in over 135 currencies. But it’s not just about payments, it’s like an all-in-one financial toolkit. From invoicing and subscription billing to accounting automation and tax management, Stripe provides a range of features to make managing your business finances easier.

Top 5 Stripe Alternatives | Pros, Cons and Pricing&nbsp;

Skydo simplifies cross-border payments for Indian businesses and freelancers, no matter their size. Fully compliant with RBI regulations, it provides virtual international bank accounts in just a few minutes, for seamless global transactions making it a solid Stripe alternative.&nbsp;

Skydo offers a practical, cost-effective solution for managing international payments, with a few limitations depending on your specific needs, making it a solid Stripe alternative.&nbsp;

Since 2005, Payoneer has been a popular choice for businesses and freelancers worldwide. With virtual accounts in multiple currencies and integrations with platforms like Fiverr and Walmart, it’s a strong contender as a Stripe alternative for receiving international payments in India.

Payoneer is a solid stripe alternative for international payments with its marketplace integrations and virtual accounts, but its fees and inconsistent support may not suit everyone’s needs.

Wise for Business: A Viable Stripe Alternative for Freelancers and Small Businesses

Formerly known as TransferWise, Wise is a global payment platform available in over 80 countries. Initially launched as a peer-to-peer remittance service, it has since expanded to support business payments, making it a compelling Stripe alternative for receiving international payments in India.

Wise is a great option for freelancers and small businesses seeking a transparent, cost-effective alternative to Stripe, but its additional fees and occasional support challenges are worth considering.

PingPong: A Suitable Stripe Alternative for Ecommerce

PingPong is designed to simplify international payments for freelancers, businesses, and e-commerce sellers. With virtual accounts in multiple currencies and tax compliance support for VAT/GST at no additional cost, PingPong stands out as one of the leading Stripe alternatives in the market.

PingPong offers a straightforward, affordable solution for managing international payments, but its hidden forex fees and limited support may be drawbacks for some businesses.

PayPal: A Globally Accepted Stripe Alternative

PayPal is a globally recognized platform for both personal and business transactions. Its credibility and widespread acceptance make it a reliable alternative to Stripe in India.

PayPal remains a trusted and comprehensive Stripe alternative, but its high fees and limited features in India may not suit every business.

A Quick Comparison of Stripe India and its Alternatives&nbsp;

Let's quickly compare the Stripe alternatives against Stripe and see how they fare on factors like pricing, compliance and more.

Finding the right payment partner is essential for your business. Hidden charges like forex markups, currency conversion fees, and the lack of FIRA can make international transactions unnecessarily expensive and cumbersome. When evaluating Stripe alternatives for your cross-border payments, here are key factors to keep in mind:

International payment costs can vary significantly. Choose a provider that offers competitive rates with no hidden fees, ensuring you retain more of your earnings.

Managing global payments should be hassle-free. Look for a platform that’s easy to navigate and backed by responsive customer support for a stress-free experience.

Cross-border transactions require strict compliance with regulations. Opt for a platform that’s RBI-compliant, simplifies documentation, and ensures secure, lawful transactions.

Skydo stands out as a reliable alternative to Stripe, offering a fast, cost-effective, and secure solution for receiving international payments. Switch to Skydo today and elevate your global payment experience with unparalleled value and ease

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Trusted by 2 million customers worldwide, Stripe is a payment processing and payment gateway platform with additional services like invoicing, billing, and subscription management. But is Stripe the most affordable for Indian businesses and freelancers to receive international payments? In this blog, we will delve into Stripe fees and discover if there's a more affordable alternative for businesses <a href="https://www.skydo.com/blog/how-to-receive-international-payments-in-india">to receive international payments in India</a>.&nbsp;

Stripe India offers a robust cross-border payment solution, allowing businesses to accept payments in over 135 currencies. Its customizable UI components, including masking, styling, and error handling, help businesses create a seamless branded checkout experience. Stripe supports both one-time and recurring payments through instant payment links or direct website integration.

Note that, in India, Stripe functions on an<a href="https://support.stripe.com/questions/stripe-accounts-are-invite-only-in-india"> invite-only basis</a>. Meaning you cannot sign up from the Stripe website directly, you must request an invite to create a Stripe account. You get access only when Stripe approves this invite but there is no clear timeline on how long it will take to approve an invitation. The Stripe support page also mentions that they can only assist a limited number of companies focused on international expansion.

Besides the invite-only model, Stripe users in India can only use a credit or a debit card to accept international payments. This might be a drawback for your business if your client prefers a different payment method.

If the invite-only model and a single payment option work for you, we suggest exploring the next section closely as we analyze the different Stripe fee categories.

With Stripe you can accept payments in 135+ currencies through Visa and Master Card; American Express only supports USD. While you have more flexibility to accept payments through international cards, the overall fee structure is on the steeper side.

Processing Fees: Stripe charges<a href="https://support.stripe.com/questions/additional-pricing-information-for-indian-cross-border-sellers"> 4.3% as processing fees</a> on every successful transaction.

Currency Conversion Fee: An additional<a href="https://support.stripe.com/questions/additional-pricing-information-for-indian-cross-border-sellers"> 2% fee</a> is charged for currency conversion.

Additional fees: Stripe may also charge an additional chargeback fee of <a href="https://stripe.com/in/pricing">Rs. 1000 in the event of a lost dispute</a>. A dispute occurs when your client challenges a charge with their bank or credit card provider. The payment is immediately reversed and Stripe debits the amount from your account and the dispute fee.&nbsp;

No FIRA: Stripe does not offer a<a href="https://www.skydo.com/blog/all-you-need-to-know-about-firc-a-complete-guide"> FIRA</a> after you receive an international payment. A<a href="https://support.stripe.com/questions/firc-payment-advice-for-international-transactions-in-india"> payment advice</a> is emailed to your account so that you can present it to your bank and get the FIRA after paying a fee.

Stripe Fees For Receiving International Payments In India

In this section, we will use an example to understand how much you can expect to lose to fees if you were to get a payment via Stripe.&nbsp;

Imagine you received a payment of USD 10,000 from a client in the United States. Here’s the calculation for the amount you will receive in your account:

At first, a Stripe processing fee of 4.3% will be deducted from this amount, which is USD 430. The balance amount now is USD 9,570.

An additional 2% will be charged on the USD to INR exchange rate. Assuming the exchange rate is Rs. 85 for 1 USD, the effective exchange rate will become Rs. 83.3 , post the 2% currency conversion fee

We will multiply the balance amount by the reduced exchange rate to calculate the final amount. Final amount = 9570 X 83.3 =&nbsp; Rs. 797,181

So how much money did you lose as fees? To know that we will compare the full value $10,000 with the final amount we calculated in the last step. Full value = 10000 X 85 = 850,000

Final amount = Rs. 797,181. Amount lost as Stripe’s fees = Rs. 52,819 ($621)

In addition to Stripe’s fees, you must spend a bit extra to obtain the FIRA from the bank. Every bank has a different fee structure, usually starting at Rs. 200 for each FIRA. For example,<a href="https://www.hdfcbank.com/personal/pay/money-transfer/remittance/fees-and-charges"> HDFC Bank charges Rs. 200</a> for issuing an FIRA.&nbsp;

If we add the FIRA fees, the total is Rs. 53,019

To summarize, to receive a payment of $10,000, you will lose Rs. 53,000 as Stripe + FIRA fees.

Skydo: An Affordable And Seamless Stripe Alternative To Receive International Payments

Despite its popularity and global trust, Stripe’s invite-only model and high fee structure might not be the best option for most Indian businesses. Skydo is a practical alternative to Stripe and offers a quick, secure, and cost-effective solution to all Indian businesses.

Skydo offers international virtual accounts linked to your bank account. These virtual accounts act as digital delivery agents — accepting payments from international clients and delivering them to your bank account. Virtual accounts provide immense flexibility to manage your international payments in different currencies. You can create separate virtual accounts for customers in key regions like the US, the UK, Australia, and Singapore to keep track of payments efficiently.&nbsp;

Skydo has a simple fee structure with no hidden charges. For accepting payments under $2000, the charges are $19, for payments between $2001-$10,000 the charges are $29, and for payments more than $10,000 it’s 0.3% of the amount. There are no additional currency conversion fees and currency is converted at the live exchange rate.&nbsp;

This makes Skydo a more affordable alternative to Stripe. How? Let’s go back to our previous example.

For receiving a payment of $10,000, Stripe fees cost you Rs. 53,019 ($624)

For receiving the same amount through Skydo it will cost you $29 which is Rs. 2465 — assuming an exchange rate of 1 USD = INR 85.&nbsp;

The difference is: INR 53,019 - INR 2465 = INR 50,554. This amount is your saving from using Skydo.

Beyond affordable fees, here's why you should choose Skydo your trusted international payments platform:

Free and Instant FIRA: Skydo offers free and instant FIRA for every transaction

Local Customer Support: Our India-based customer team is always ready to help businesses navigate through any onboarding or payment-related query.

User-friendly Interface: Skydo's UI is designed for easy usability and navigation