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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Wise (formerly TransferWise) is a global platform for sending and receiving money, empowering individuals and businesses worldwide to handle international payments with ease.

However, after reviewing platforms like <a href="https://www.g2.com/products/wise-business/reviews#reviews">G2</a>, <a href="https://www.capterra.in/reviews/1016836/wise">Capterra,</a> and <a href="https://www.trustpilot.com/review/wise.com">Trustpilot</a>, we found that existing Wise users often complain about issues like privacy challenges, limited customer support, and high currency conversion rates.&nbsp;

Before you opt for Wise, it is a ‘wise’ decision to read this honest TransferWise India review. We compiled this review based on our analysis of Wise’s features and the feedback shared by existing Wise users on various review portals.&nbsp;

What is Wise (Formerly TransferWise India)? Brief overview&nbsp;

Wise enables peer-to-peer and business-to-business money transfers worldwide. Initially, the Wise platform was a peer-to-peer (P2P) solution only that allowed individuals to send or receive money directly without intermediaries (like banks or credit card companies).&nbsp;

Later, Wise expanded into a business-to-business (B2B) payments solution, processing multi-currency transactions between enterprises.

Wise applies a mid-market foreign exchange rate without levying any forex markup. It charges a conversion fee that differs from country to country. For significant currencies like USD, EUR, GBP, and AUD, the conversion fee is approximately <a href="https://exiap.com.in/guides/wise-fees">1.78%</a> of the transfer value.&nbsp;

If a client sends you $1000 from the US to India through Wise, you will receive around ₹81,749.09. In this transaction, Wise will consider the mid market exchange rate without any markup which would be INR 83.66 (as of 23rd September 2024). However, it will levy a conversion fee of USD 16.95 along with a GST of USD 3.5 and an eFIRC fee of USD 2.50, bringing the total to USD 22.95. In a nutshell, to receive a payment of USD 1000 via Wise, you would need to pay a fee worth USD 22.95.&nbsp;

What are the Key Features of Wise (Formerly TransferWise India)?

Let us now assess the key features of Wise transfer:&nbsp;

Wise’s P2P transfer feature enables individuals to transfer and receive money from friends, family, and clients residing abroad. Recipients don’t need to maintain a Wise account to receive P2P payments. They can directly receive the payment in their bank accounts.&nbsp;&nbsp;&nbsp;

The key benefits of the P2P transfer include:&nbsp;

Wise P2P transfers are fast. <a href="https://exiap.com.in/guides/how-does-wise-work">50%</a> of these transfers are instant, and 80% of transfers are completed within 24 hours

Wise offers a comprehensive B2B payment solution with multi-currency accounts for businesses to hold and manage over 50 currencies. This feature is particularly useful for companies with global clientele, assisting them in receiving payments like a local entity.&nbsp;

By providing local bank details in various currencies (such as GBP, EUR, and AUD), Wise eliminates the need for multiple bank accounts across different countries. Wise B2B platform also provides a batch payment feature, helping businesses simultaneously send bulk payments to other recipients.&nbsp;

Wise offers API integration capabilities for companies looking to streamline their financial operations. This feature allows for automating payment processes, significantly reducing the administrative burden of managing international transactions.

Wise multi-currency virtual accounts feature allows individuals and businesses to convert amounts between multiple currencies when engaging in international transactions. Since you can hold and manage multiple currencies, you don’t need to maintain multiple bank accounts in different locations.&nbsp; A single user can manage over <a href="https://wise.com/gb/blog/manage-currencies-in-one-account#:~:text=Holding%20multiple%20currencies,more%20ways%20to%20pay%20you.">40 different</a> currencies in their Wise account.&nbsp;

The Wise debit card is a convenient solution for businesses, travellers, or shoppers who often purchase products online from international brands. However, note that Wise debit card facility is currently not available in India

To ease compliance, Wise also offers digital FIRA to Indian businesses and freelancers for every international payment. However, it charges an eFIRC fee for the same, which varies across currencies. For example, for USD payments, Wise (formerly TransferWise India) charges USD 2.50 for digital FIRA.&nbsp;

Yes, Wise transfers are allowed in India. It is a trusted financial service provider approved by the Reserve Bank of India (RBI). However, there are some specific regulations and conditions regarding sending and receiving INR that you should know. You can find the regulations <a href="https://wise.com/help/articles/2932151/guide-to-inr-transfers">right here</a>.&nbsp;

Additionally, the following Wise services are unavailable in India:&nbsp;

Wise (Formerly TransferWise India) Fees: All You Need to Know&nbsp;

Here’s a quick breakdown of Wise fees for receiving money from abroad as an Indian business:&nbsp;

TransferWise India Review: The Good, Bad and The Ugly&nbsp;

Here’s how Wise customers rated the solution on different platforms like <a href="https://www.g2.com/products/wise-business/reviews#reviews">G2</a>, <a href="https://www.capterra.in/reviews/1016836/wise">Capterra</a> and <a href="https://www.trustpilot.com/review/wise.com">Trustpilot</a>:

Let us now learn more about the pros and cons of Wise from its users’ perspectives:&nbsp;

<a href="https://www.trustpilot.com/review/wise.com">Source</a>

<a href="https://www.g2.com/products/wise-business/reviews/wise-business-review-7417435">Source</a>

<a href="https://www.g2.com/products/wise-business/reviews/wise-business-review-8362373">Source</a>&nbsp;

<a href="https://www.capterra.in/reviews/1016836/wise">Source</a>

Our Final Verdict of TransferWise India&nbsp;

For individuals and businesses in India receiving money from abroad, Wise offers several advantages:

However, there are notable limitations and concerns:

Wise (Formerly TransferWise India) Alternatives to Note&nbsp;

If you want <a href="https://www.skydo.com/blog/top_5_wise_alternatives_for_international_payment#skydo">Wise alternatives</a> to receive international payment in India, some of the most used apps include PayPal, Payoneer, and Skydo.&nbsp;

While both are well-known payment solutions for receiving international payments, PayPal can be expensive for small businesses and freelancers. Its transaction fee is 4.4%, and PayPal charges a flat fee of $0.3 and an additional 4% markup on the exchange rate. Alternatively, Payoneer charges a 2% forex markup and a $29.95 annual fee for 12 months of inactivity.&nbsp;

After comparing the pricing of these three tools, <a href="https://www.skydo.com/">Skydo</a> appears to be the most transparent and potentially cost-effective solution with no hidden fees. It charges a flat fee based on the transfer amount and uses live forex rates without additional markup.

Skydo offers virtual international bank accounts that provide free and instant FIRA after every transaction.&nbsp;

To explore Skydo, <a href="https://dashboard.skydo.com/login?utm_source=google&amp;utm_campaign=Skydo_Traffic_May13&amp;utm_medium=ad&amp;utm_content=Skydo_Traffic_May13&amp;utm_term=skydo&amp;gclid=Cj0KCQjw28W2BhC7ARIsAPerrcJLvzOSlfehAbzueYGdDcg2mOFwcQvVMe7XeQUY3svOaMko2TCEAOQaAoOwEALw_wcB">sign-up today</a>!

Wise (Formerly TransferWise India) Review: Features, Benefits, Pros & Cons

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Founded in New York in 2005, Payoneer is a leading global payments platform that facilitates international money transfers in over 70 currencies. It offers virtual local accounts, multiple payment options, along with digital FIRA to ease compliance for Indian businesses.&nbsp;

While Payoneer is a go-to for many, its fees and customer support have not met everyone's expectations. If you're looking for an international payment solution, it’s wise to consider a few alternatives that might better suit your needs. Let's start with Payoneer Vs PayPal.&nbsp;

Payoneer Vs Paypal: Understanding the Differences

In our discussion on Payoneer Vs PayPal, let's start with PayPal. As we’ve discussed, <a href="https://www.skydo.com/blog/payoneer-payment-gateway-features-fees" target="_blank">Payoneer payment Gateway</a> is a leading platform for businesses to send and receive international payments. Let’s take a quick look at some of its key features, pricing and areas of concern.

Opening a Payoneer account is free, but there are <a href="https://www.payoneer.com/en-in/about/pricing/">charges associated</a> with receiving and withdrawing payments. Let's understand their fee structure: Account Setup: Opening a Payoneer account is free, but fees apply for transactions and withdrawals.

Via credit card: 3.2% + $0.49 per transaction

Payments through virtual accounts: Free for EUR and GBP, up to 1% for USD

Withdrawals to a local bank account will incur up to a 3% fee if the currency differs. For example, if you get paid in USD and you want to withdraw it in your INR account in India, a fee of upto 3% will apply

Extra charges like bank processing or intermediary fees may apply.

Annual Fee: $29.95 annually if you receive less than $2,000 in total payments over 12 months.

In a nutshell, as an exporter, if you are receiving and withdrawing international payments via Payoneer, the following fees will apply:

Credit Card Payment: 3.2% + $0.49 per transaction + 3% withdrawal fee

ACH Bank Debit: 1% Transaction Fee + 3% withdrawal fee

Virtual Bank Account: 1% for USD + 3% Forex withdrawal fee

Businesses choose Payoneer for its integration and convenience, however, the <a href="https://www.g2.com/products/payoneer/reviews?utf8=%E2%9C%93&amp;filters%5Bsentiment_snippet%5D=495449">limited understanding of its customer support </a>team and comparatively s<a href="https://www.g2.com/products/payoneer/reviews?utf8=%E2%9C%93&amp;order=g2_default&amp;filters%5Bsentiment_snippet%5D=495041">teep conversion rates</a> have raised eyebrows.&nbsp;

Next on the debate on Payoneer Vs PayPal, let's now talk about <a href="https://www.skydo.com/blog/paypal-in-india-charges-review-alternatives">Paypal</a>. It is a leading financial services company, and its credibility coupled with global reach make it a top choice for receiving international payments in India. The platform supports over 100 currencies and offers various payment methods, including credit and debit card payments and subscription models. <a href="https://www.skydo.com/blog/open-your-paypal-account-with-skydo">Here's how you can open and connect your PayPal account with Skydo</a>.

The following are the<a href="https://www.skydo.com/blog/paypal-in-india-charges-review-alternatives" target="_blank"> PayPal fees associated with receiving international payments in India via Paypal</a>

Transaction Fee: PayPal charges a<a href="https://www.paypal.com/in/webapps/mpp/merchant-fees?no_follow=true"> 4.40% transfer fee</a> on international business payments. For instance, receiving USD 1000 from a US client results in a USD 44 deduction.

Fixed Fee: <a href="https://www.paypal.com/in/webapps/mpp/merchant-fees?no_follow=true">A fixed fee, </a>depending on the currency, is also applied alongside the transaction fee.&nbsp;

Currency Conversion Fee: PayPal adds a<a href="https://www.paypal.com/in/webapps/mpp/merchant-fees?no_follow=true"> 4% currency conversion fee </a>to the prevailing exchange rate when converting foreign currency to local currency, which means you'll receive a lower exchange rate than the market rate.

In summary, as an exporter, you'll need to pay the following fees to receive international payments through PayPal:

4.40% transaction fee+ Fixed fee (approx&nbsp;0.30 USD)+&nbsp;4% currency conversion fee.&nbsp;

<a href="https://www.skydo.com/blog/paypal-in-india-charges-review-alternatives" target="_blank">PayPal’s </a>ease of use and credibility make it a crowd favourite for managing cross-border payments but its significantly high pricing can be off-putting for many, especially for smaller businesses.&nbsp;

Here’s a quick snapshot of Payoneer Vs Paypal along with Skydo, for a better understanding:

Deciding which platform is better isn’t straightforward, as both have distinct strengths. Payoneer offers lower fees for receiving international payments, while PayPal is renowned for its global credibility and widespread acceptance. Assess your specific needs to determine which platform aligns best with your business requirements.

Payoneer Alternatives for Receiving International Payments in India

Skydo is a global payment solution simplifying cross-border payments for freelancers and small 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 charges a flat fee of USD 19 for payments up to USD 2,000 and USD 29 for payments between USD 2,001 and USD 10,000.

Currently, Skydo supports only inward remittances in India, allowing businesses to receive, but not send international payments. Additionally, it may not be the most cost-effective option for payments under USD 1,000.

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;

<a href="https://www.skydo.com/blog/top_5_wise_alternatives_for_international_payment">Wise </a>applies a conversion fee depending on the currency used. Broadly speaking, it is around <a href="https://exiap.com.in/guides/wise-fees?no_follow=true">1.78% of the transfer value</a>.&nbsp;

Wise offers a mid-market exchange rate, which means it doesn't levy any forex markup. The platform also offers Digital FIRAs for Wise business accounts in India. However, it is available for an extra charge. For USD transfers it is USD 2.50.&nbsp;

Here's what Wise will charge you for receiving USD 1000&nbsp; and EUR 1000 in India&nbsp;

<a href="https://wise.com/in/business/receive-money?no_follow=true">Source</a>

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" target="_blank">can occasionally fall short in addressing and resolving issues effectively.</a>

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.

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.

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" target="_blank">onboarding process cumbersome.</a>

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

When selecting your international payment provider, check the following factors and consider consulting a financial advisor as well:

Fee Information: 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 international&nbsp;payment solutions for your business.

Payoneer vs PayPal vs Wise & more : Which Is Right for You?

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As an Indian business or freelancer earning globally, managing international payments can be a significant challenge. That’s where platforms like Payoneer step in. Payoneer is a global payment platform that facilitates sending and receiving international payments in over 70 currencies. In this article, we’ll explore Payoneer's fees and charges to help you understand the costs involved in receiving international payments in India through Payoneer.

Payoneer Fees India: What you need to know

In India, professionals and businesses can effortlessly make a payment request and receive international payments via Payoneer. With Payoneer, clients can pay you online<a href="https://www.skydo.com/blog/payoneer-payment-gateway-features-fees" target="_blank"> through various methods</a>, including credit cards, ACH bank debits (US only), and global virtual accounts. You can then withdraw these funds directly into your local bank account.

Additionally, Payoneer offers an enterprise solution that enables businesses to make <a href="https://www1.payoneer.com/in/enterprise/?no_follow=true">mass international payouts</a> efficiently.

While opening a Payoneer account is free, many of these services come with associated fees. Let’s take a closer look at Payoneer fee information for sending, receiving, and withdrawing international payments.

Payoneer is a popular platform for businesses in the US and around the world to send cross-border payments. The platform offers multiple payment options for your clients, including credit cards and bank transfers. Let's break down the pricing associated with each payment method:

Payoneer to Payoneer Payments: Payments made between Payoneer accounts are free. If both you and your client use Payoneer, opting for this method can help you avoid transaction costs.&nbsp;

Credit Card: If a client pays you via credit card, an additional 3.2%+&nbsp;$0.49 Payoneer fee on the transaction amount will be applied.

ACH Bank Debit: This option is available only in the US. If your US client pays you via ACH bank debit, you'll incur an additional 1% as Payoneer fees.

Wire Transfer: Your clients can also make SWIFT/Wire transfers via Payoneer. However, please note that direct bank payments may incur a SWIFT fee of USD 20-40. This fee is typically charged by third-party banks before the payment reaches Payoneer, so it isn’t categorized as Payoneer fees.

Local Virtual Accounts: If your clients pay through <a href="https://www.skydo.com/blog/virtual-account-numbers" target="_blank">local virtual accounts</a>, there are no additional Payoneer fees for EUR, GBP etc, but for USD, 1% fee will apply

Once you receive payment in your Payoneer receiving account, you can withdraw it to your local bank account. However, be aware that Payoneer fees apply depending on the currency in which you withdraw the payment. Let’s break down these fees:

This typically applies to international payments. If you withdraw funds in a different currency, a<a href="https://www1.payoneer.com/in/about/fees/?no_follow=true">&nbsp;3% forex markup </a>will be applied. For example, if you receive an international payment in USD and withdraw it in your local currency, say, INR, you’ll receive INR 82.32 instead of INR 84 at the prevailing exchange rate.

Additional fees, such as bank processing, landing, or intermediary fees, may also be deducted if applicable.&nbsp;

Payoneer charges an <a href="https://www1.payoneer.com/in/about/fees/?no_follow=true">annual fee of $29.95 </a>if your account has received less than USD 2000 or equivalent payment in 12 months.

Opening a Payoneer account doesn't come with any registration fee and the platform also offers certain free services like Payoneer to Payoneer transfers. But please note that all the Payoneer fees mentioned above also apply in India.

Payoneer Charges India: How much do I need to pay to receive global payments?

To get a better understanding of Payoneer fees, let’s try to understand how the fee works through certain hypothetical examples.

Payoneer Fees for receiving and Withdrawing USD 8000 via virtual account:

Imagine you receive a payment of USD 8,000 from your client through your virtual account and want to withdraw it in INR. Let’s see the Payoneer fees associated with receiving and withdrawing the same:

Exchange Rate: INR 84 (Approximately as of 19th August 2024)

USD 8000 at live FX rate= 8000*84= INR 672000

Payoneer Fees for withdrawing payment in different currencies: 3% forex markup

Therefore, the effective exchange rate = INR 81.48&nbsp;

USD 8000 at the effective forex rate = &nbsp;8000*82.32 = INR&nbsp;651,840

Payoneer Fees = INR (672,000- 651,840) = INR&nbsp;20,160&nbsp;

So, for your USD 8,000 payment, you'll actually receive INR 651,840. The remaining INR&nbsp;20,160&nbsp;&nbsp;will be deducted as Payoneer fees.

Payoneer Fees for Receiving and Withdrawing USD 8000 via Credit Card

Amount in INR at Live FX Rate: 8000 × 84 = INR 672,000

Total Payoneer Fees (USD): 256 + 0.49 = USD 256.49

Payment Post Deduction (USD): 8000 - 256.49 = USD 7743.51

Forex Markup for Withdrawing in a Different Currency:

Effective Exchange Rate: 84 × (1 - 0.03) = 81.48

Amount in INR at Effective FX Rate: 7743.51 × 81.48 = INR 630,941.19

Final Amount Received in INR: INR 630,941.19

Total Payoneer Fees Deducted: INR 41,058.81

Payoneer Fees Reviews: What people are saying

People have mixed feelings about Payoneer’s fees. While many users appreciate the platform’s features and simplicity, some are less satisfied with the associated costs. For instance, <a href="https://www.g2.com/products/payoneer/reviews/payoneer-review-7918141%5C?no_follow=true">one user</a> finds Payoneer overall useful but is disappointed with the high forex markup. <a href="https://www.g2.com/products/payoneer/reviews/payoneer-review-7905207?no_follow=true">Another user</a> enjoys the convenience of sending and receiving international payments but is frustrated by the high fees and clunky user interface.&nbsp;

On the other hand, <a href="https://www.g2.com/products/payoneer/reviews/payoneer-review-7698854?no_follow=true">some customers </a>are quite upset with Payoneer’s fees, feeling that the platform charges for nearly every activity. Overall, while many value Payoneer for its convenience, there’s noticeable dissatisfaction with its relatively high costs.

Receiving International payments with Payoneer vs Skydo

We took a close look at Payoneer’s fees for receiving international payments in various scenarios. Now, let’s see how much it would cost to receive the same payment through one of its substitutes, Skydo.

Like Payoneer, Skydo offers international virtual accounts, allowing your clients to pay via these accounts like local bank transfers. However, Skydo operates on a flat fee model: we charge USD 19 for payments up to USD 2,000, and USD 29 for payments between USD 2,001 and USD 10,000. What’s more, Skydo converts your payment at the <a href="https://www.skydo.com/blog/how-much-forex-fees-do-you-pay-on-global-transactions">live Forex rate </a>with no added markup or currency conversion fees. So, if the current rate is USD 1 = INR 84, that’s exactly what you’ll get. Plus, opening and maintaining your Skydo account is completely free.

So, let’s consider receiving a payment of USD 8,000. With Skydo, you’ll only pay a flat fee of USD 29, which equals INR 2,436 at the INR 84 exchange rate. This means you’ll receive INR 669,564 for your USD 8,000 payment.

In contrast, with Payoneer, you would receive INR&nbsp;651,840 after deducting INR&nbsp;20,160 in fees. By choosing Skydo, you save INR 17,724 on the same transaction.

So switch to Skydo today and save more while getting paid!

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Payoneer Fees: All you need to know

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.