India taxes individuals based on a system of income slabs. Different tax rates are assigned to different ranges of income.&nbsp;

Understanding tax slabs is crucial for several reasons.

As a person earns more, the tax liability also increases, creating a fair and progressive tax system in the country. To achieve this, the government regularly updates and announces changes to tax slabs in the Union Budget.

The income tax slabs differ between the old and new tax regimes. Let's explore the specific slab rates applicable to Individuals for FY 2022-23 (AY 2023-24) and FY 2023-24 (AY 2024-25).

Income Tax Slab Rates For FY 2023-24 (AY 2024-25)&nbsp;

Rates of the old tax regime slabs are categorized into three groups:

The new tax regime applies uniform tax rates to all individuals, eliminating the age-based distinctions in the old system. The new tax regime slabs 2023-24 are outlined below.

Applicability of Surcharge for FY 2023-24 (AY 2024-25)

The income tax <a href="https://incometaxindia.gov.in/charts%20%20tables/tax%20rates.htm">surcharge</a> is an extra fee imposed on top of the <a href="https://www.skydo.com/blog/how-to-file-taxes-under-44ada?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">regular income tax</a>. An additional tax is applied to individuals with higher income earnings in a specific financial year. Let’s look at the applicable surcharge rate under the Old and New tax regime.

However, 25% or 37% surcharge rates will not apply to income under the following sections.

Consequently, the highest surcharge rate on the tax payable for such incomes will be 15%.

Starting from the Assessment Year 2023-24, the maximum surcharge rate on tax payable for dividend income or capital gain specified in Section 112 will be capped at 15%.&nbsp;

A 4% Health and Education cess will be applied to all cases’ total income tax liability and surcharges.

Comparison of tax rates under the New tax regime and the Old tax regime for FY 2022-23 (AY 2023-24)

How do you calculate the income tax from the income tax slabs?

Let’s understand the calculation with an example.

Sanjana, aged 35, has a total taxable income of Rs. 8,50,000. She has opted for the old tax regime. Her income includes income from salary, interest and rental income. Deductions under section 80 have been reduced. Now, Sanjana wants to know her <a href="https://www.skydo.com/blog/gst-requirements-international-service-sales?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">tax liability</a> for FY 2022-23 (AY 2023-24).

*Sanjana, an individual taxpayer under the age of 60, enjoys an income exemption limit of up to Rs 2,50,000. Other taxpayers, i.e., senior and super senior citizens, have higher income tax exemption thresholds of Rs 3,00,000 and Rs 5,00,000, respectively.

Please be aware that the tax rates in the New Tax Regime are uniform for all categories of individuals, including regular individuals, senior citizens, and super senior citizens.&nbsp;

Individuals with a net taxable income of up to Rs 5 lakh qualify for a tax rebate under section 87A, resulting in zero tax liability in both the New and Old tax regimes. It's important to note that in Budget 2023, the rebate under the new regime has been extended, making income up to Rs 7 lakh tax-free from the FY 2023-24 onward.

Let's delve into effective strategies to maximize your investments while minimizing the associated tax burdens.

ELSS mutual funds provide a dual benefit of potential capital appreciation and tax savings under Section 80C of the Income Tax Act. Investing in ELSS reduces taxable income and offers a path for long-term wealth growth.

2. Explore tax-efficient investment avenues

Health insurance qualifies for tax benefits under Section 80D. You can claim tax benefits on premiums paid - up to Rs 20,000 for senior citizens and Rs 15,000 for others. For example, if you pay Rs 15,000 for your policy and Rs 20,000 for your senior citizen parent, you can claim a total tax benefit of Rs 35,000.&nbsp;

Maturity value is tax-free for sums received under critical illness insurance policies.

This strategy entails selling loss-making assets to realize the capital loss and using it to offset the gains earned by profit-making assets.

For instance, if you have a loss of Rs. 20,000 in Stock A and a gain of Rs. 30,000 from Stock B, you can sell Stock A during a market downturn to offset the gains. This way, you can reduce your taxable income. The saved amount can be reinvested for portfolio growth.

Ensure that tax loss harvesting aligns with your overall financial goals and plan by considering a discussion with a financial professional or tax advisor.

<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">Consult financial professionals or tax advisors</a> for effective tax planning and strategic advice. Their expertise can provide tailored insights aligned with your financial goals and ensure a well-informed approach to optimize your tax situation.

If you need help deciding what is right for you, we will connect you with our panel of Indian and US-based CA / CPAs. Feel free to reach out to us.

Q1. How is a taxpayer's income categorized?

Ans: A taxpayer's income falls into five categories outlined in Section 14 of the Income Tax Act. These include Income from salary, Profits from a business or profession, Income from House Property, Capital Gains, and Income from Other Sources.

Q2. Is it possible to avail of 80C deductions while choosing the new tax slabs 2023-24?

Ans: No, under the new tax regime, several deductions and exemptions, including those under section 80C, are not permitted. Opting for the new tax regime means foregoing the ability to claim deductions under section 80C.

Q3. What do "Previous Year" and "Assessment Year" mean?

Ans: We have two important terms in income tax provisions: (i) Previous Year and (ii) Assessment Year. Previous Year is when you earn income, typically from April 1st to March 31st. The year right after the Previous Year, from April 1st to March 31st, is called the 'Assessment Year.'

For example, the Previous Year is from April 1, 2023, to March 31, 2024 (FY 2023-24). The corresponding Assessment Year is from April 1, 2024, to March 31, 2025 (AY 2024-25).

Q4. What is the tax exemption limit for calculating income tax rebate under section 87A?

Ans: For FY 2023-24 (AY 2024-25), the rebate limit has been increased to Rs. 7,00,000 under the new tax regime. This means a resident individual with taxable income up to Rs 7,00,000 will receive Rs 25,000 or the amount of tax payable (whichever is lower) as tax relief. However, the old tax regime's threshold limit will remain the same, i.e., Rs 12,500 if taxable income is up to Rs 5,00,000.

Q5. How much is the standard deduction for FY 2023-24?

Ans: You can claim a standard deduction of ₹50,000 to the income taxable under the head ‘Salaries.’ The standard deduction is a tax benefit that can be claimed irrespective of the amount spent on Transport or Medical Allowance. It applies to individuals earning a salary or pension income.

Prepare for the upcoming year's tax season by understanding the tax slabs for 2023-24 and optimizing your tax savings. 

Tax Slabs in 2023-24: Plan Ahead for Next Year Tax Savings

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Rohit Khuranna

With cross-border business on the rise, especially among Indian exporters, freelancers, and SaaS companies, finding the right platform to receive international payments isn’t just helpful, it’s critical. Wise (formerly TransferWise) has earned a reputation for offering low-cost, transparent international transfers. But it's not the only option available.

Whether you're looking for better pricing, faster settlement, or RBI-compliant documentation, there are several strong alternatives to Wise today. Platforms like Skydo, designed specifically for Indian businesses, now offer mid-market exchange rates, no hidden fees, and instant FIRA, making them leading alternatives to Wise for international payments.

In this guide, we’ll break down Wise Business's core features and compare the top 5 Wise alternatives for receiving global payments, so you can choose the one that fits your business best.

Why is Wise Business popular for international business payments?


<a href="https://www.skydo.com/blog/transferwise-india-features-benefits-pros-cons">Wise (formerly TransferWise) </a>is a go-to for many businesses because of its simplicity, speed, and cost transparency. It offers:

Why might Indian businesses look for an alternative to Wise Business?

Despite Wise’s advantages, there are scenarios where businesses seek alternatives to Wise for cross-border payments:

What should Indian businesses consider when choosing a Wise alternative?

Choosing the right international payment platform comes down to your specific business needs. Key factors to compare include:

&nbsp;Below, we outline some of the best alternatives to Wise, highlighting how each can help Indian exporters, SaaS firms, freelancers, and other SMBs receive money from abroad.

PayPal: A Wise alternative with global client familiarity

Skydo: An alternative to Wise built for&nbsp; Indian exporters

Payoneer: A Suitable Wise alternative for e-commerce businesses

Stripe: A solid Wise alternative for SaaS businesses and online payment integration

PingPong: Another ecommerce friendly alternative to Wise

Here's a table quickly comparing Wise with its alternatives:

Indian Fintech Platforms:&nbsp; Homegrown, low-cost options for cross-border payments

A new wave of Indian fintech platforms like <a href="https://www.skydo.com/blog/infinity-payment-features-and-fees-breakdown">Infinity,</a> <a href="https://www.skydo.com/blog/karbon-business-features-pricing-and-alternatives">Karbon Business, a</a>nd others is reshaping how small businesses, exporters, and freelancers handle international payments. These platforms offer multi-currency virtual accounts that let you receive payments from clients globally, often within 2 business days and without the delays or high fees of traditional banks.

Most offer instant, digital FIRA/FIRC at no extra cost, making them highly suited for Indian compliance needs, especially for exporters and service providers dealing with GST and RBI regulations.

While they may lack the global brand recall of Wise or PayPal, these Indian alternatives are designed for local realities: simple onboarding, transparent pricing, GST-ready invoices, and India-based support.&nbsp;

Which Wise alternative is best for Indian MSMEs and freelancers?

Whether you're a small exporter in Surat, a SaaS founder in Bengaluru, or a freelance consultant in Jaipur, getting paid from overseas clients smoothly, affordably, and compliantly is critical.

For MSMEs, the ideal Wise alternative depends on the nature of the business. If most of your clients pay via bank transfers (common in B2B setups), platforms like Payoneer, Infinity, or PingPong offer virtual accounts and lower transaction fees than traditional banks. These platforms also support documentation like FIRA/FIRC, which is vital for GST compliance and export incentives.

For freelancers, especially those working with clients in the US or UK, ease of use and low fees matter just as much as speed. Some clients prefer PayPal for its familiarity, while others are open to more efficient methods, like platforms that offer local account details, no SWIFT charges, and clear pricing.

This is where Skydo stands out. It’s built specifically for Indian service exporters, freelancers and MSMEs alike offering:

Unlike generic platforms, Skydo combines compliance, pricing transparency, and local support in one place, making it a practical choice for Indian businesses that want simplicity without giving up on documentation or control.

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Wise alternative

For exporters, eBRC (Electronic Bank Realization Certificate) is a key compliance document that serves as proof of payment received from abroad for exported goods or services. It is especially important for goods and software exporters covered under SOFTEX.

In this blog, we’ll break down what eBRC is, why it matters, how to obtain it, and everything else you need to know.

An eBRC (Electronic Bank Realization Certificate) is digital proof that your bank issues once you receive payment for an export. Simply put, it confirms that you’ve been paid for your goods or services.

This certificate is important because it helps you report your earnings, file taxes easily, and even access government benefits meant for exporters including low-cost loans, subsidies, duty exemptions and more.&nbsp;Since eBRC includes all the transaction details, it also makes compliance with authorities like the Income Tax Department smooth and hassle-free.

Before eBRC, getting a <a href="https://www.skydo.com/blog/bank-realisation-certificate-all-you-need-to-know">Bank Realization Certificate (BRC)</a> was a tedious process. Exporters had to visit their bank, apply for a physical BRC, and then submit it to the Directorate General of Foreign Trade (DGFT). The DGFT would manually enter transaction details, making the process slow and complicated—especially for claiming export incentives.

In 2012, the DGFT introduced e`BRC, eliminating the need for physical visits and paperwork. Now, banks issue BRCs digitally, making it faster, easier, and more efficient for exporters to claim benefits and comply with regulations.

In India, banks issue an -BRC to exporters through the following process.

How do you check the eBRC status on the DGFT Website?

Here are the steps to check the status of your eBRC (Electronic Bank Realization Certificate) online.

DGFT has made it mandatory for all exporters to apply for and receive the eBRC to demonstrate that they have received payment for their exported goods or services per DGFT regulations.

The eBRC system provides a digital record of export transactions, making it easier for exporters to maintain and retrieve records for audit and compliance.  Additionally, exporters can avoid visiting the bank and DGFT offices.&nbsp;

One of the main reasons exporters apply for the eBRC is to reap the benefits of various export benefits offered by the Indian government under its Foreign Trade Policy. Submitting an eBRC allows the exporters to be eligible for benefits such as low-cost loans, duty exemptions, subsidies, etc.&nbsp;

Enhancing transparency and accountability

The Indian government and authorities such as the Income Tax Department and the DGFT constantly monitor and manage the country's foreign exchange reserves and tax filing. Issuing e-BRC ensures that the foreign exchange earned through exports is accurately reported and accounted for with effective tax filing.&nbsp;

How to Claim Export Incentives using eBRC

In India, the DGFT decides on the value of the incentives which an exporter can seek under the various export benefits. The value is decided by analysing the Free on Board (FOB) of the exported goods and services mentioned in the shipping bills, and the total received payments per the eBRC.&nbsp;

Here's how you can claim these benefits with eBRC:

However, you must ensure that the bank has submitted an error-free e-BRC and it reflects the consolidated realisation value. Furthermore, you must enter freight values, insurance and commission values in the refund application, as the e-BRC excludes such values.&nbsp;

Here are some key resources and tools that can help you in your endeavour to obtain your e-BRC.

eBRC is a crucial certificate issued by the bank and verified by the DGFT for streamlining the payment procedure for exporters and working as an income proof for better transparency and tax filing.&nbsp;

It is mandatory for an exporter receiving payments for the export of goods and services to apply for eBRC and ensure that the bank uploads it on the DGFT website. Utilising the eBRC, exports can present their eligibility for various export incentives and increase their profit margin.&nbsp;

However, as an exporter, you must maintain accurate records of your export transactions and related documents to facilitate the e-BRC application process. Since the regulations and the procedure may change over time, it's important to stay updated with the latest information from official government sources and industry associations.&nbsp;

You can contact <a href="mailto:support@skydo.com">industry experts at Skydo</a> to help you with the eBRC process and in case you have any other queries related to foreign exchange.&nbsp;

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Doing business globally has never been easier, until it’s time to get paid.

If you're an exporter, freelancer, or SaaS founder in India, you probably know the struggle. You finish a project or ship a product overseas… and then begins the long wait. Between delays, surprise deductions, poor exchange rates, and a ton of paperwork, getting your money from international clients can feel like a second job.

That’s where virtual bank accounts come in,&nbsp; and they’re changing the game.

Think of them as local bank accounts in the countries you do business in, without needing to actually open one abroad. You get paid like a local, skip the heavy banking charges, and see your money land in your Indian account faster and in full.

Let’s make international payments one less thing to worry about.

A virtual bank account is like a digital address for your international payments. It’s not a physical account you walk into, instead, it’s a unique account number (usually 18 digits) linked to your real Indian bank account.

When your overseas client pays you through this virtual account, the money is instantly routed to your actual bank account, without you needing to open a bank account in that country.

Now, here's the key difference:
Virtual accounts don’t hold money; they just receive and forward it. Think of them as smart couriers that collect funds and drop them directly into your home bank, minus the usual chaos of SWIFT delays or form-filling marathons.

So why are exporters and freelancers making the switch?

You don’t have to share your actual bank account details with clients. That’s one less exposure point.&nbsp;

Working with clients across the US, UK, EU, and beyond? You can set up a virtual account for each region. That means payments in different currencies, all tagged to the right client, making reconciliation smooth and stress-free.

At their core, virtual bank accounts are like “mirrors” of real bank accounts. They don’t actually hold funds, but act as smart collection tools designed to receive money, identify where it came from, and route it to your primary bank account.

Let’s break that down with a simple example:

Say you're an Indian freelancer working with clients in the US, UK, and Singapore. Instead of asking them to make an international wire transfer to your Indian bank account (which can take days and involve hefty fees), you generate a virtual account in each client’s region.

So when your US client sends you $1,000 to your US virtual account, they’re doing a local transfer, just like they would to a US-based vendor. That money is received by your virtual USD account, converted into INR, and credited to your Indian bank account, all behind the scenes.

Virtual accounts are especially helpful when working with multiple clients or marketplaces, letting you track payments separately without opening and maintaining multiple physical bank accounts abroad.

They’re not magic, just smart infrastructure layered on top of traditional banking rails.

Why Virtual Bank Accounts Work Better for Global Payments

Whether you're a freelancer, exporter, or SaaS business dealing with overseas clients, virtual bank accounts offer a smoother, faster, and more cost-effective way to get paid. Here’s how:

With traditional bank transfers, your international payments can take anywhere from 3 to 7 days to land in your account, especially if they go through SWIFT. That’s a lot of waiting, and for a business, delays hurt.

Virtual bank accounts cut this down drastically. Platforms like Skydo settle your payments within 24 hours of receipt, helping you maintain liquidity and plan cash flow more confidently.

Traditional methods come with hidden costs:&nbsp; SWIFT charges, poor exchange rates, and service fees that chip away at what you actually receive.

With virtual accounts, you bypass SWIFT entirely. Plus, platforms like Skydo offer live exchange rates with zero markup, so you get the full value of your earnings, not just what’s left after deductions.

Your virtual account is linked to your real bank account, but it doesn’t expose it. That means when you share your virtual account details with clients, your primary bank info stays private.

These accounts also come with features like:

Even if someone gets access to your virtual account number, they can’t use it to touch your funds.

How to Open a Virtual Bank Account in India (Without Any Red Tape)

Setting up a virtual bank account might sound complex, but in reality, it’s much easier than opening a traditional foreign bank account.

Look for an RBI-authorised cross-border payments platform like Skydo that offers virtual account services tailored for Indian exporters, SaaS businesses, and freelancers.

Submit your business details, PAN, GSTIN (if applicable), and bank account information. Platforms like Skydo allow you to complete the entire KYC process online, no branch visits or paperwork required.

Once verified, you'll receive virtual account numbers in key regions like the US, UK, EU, Singapore, Australia, and more. These accounts come with local details like IBANs or routing numbers, making it easy for your clients to pay you like a local.

Share these account details with your clients. When they pay you, the funds are automatically routed to your linked Indian account. With Skydo's virtual bank account, you usually receive your payments within 24 hours, with live exchange rates and no hidden markups.

Virtual bank accounts aren’t just for big businesses or finance pros — they’re built for anyone who earns across borders. Here’s how different types of users benefit:

If you're a freelancer working with international clients on platforms like Upwork, Fiverr, or through direct gigs, a virtual bank account makes it easy to get paid like a local. Instead of high PayPal fees or long wait times, you can receive payments faster, with better exchange rates, and even get FIRA for tax compliance.

Example: A designer in Jaipur can now receive USD from a US client into a virtual US account and get INR in their bank within 24-48 hours, without worrying about SWIFT delays or high forex markup.

For small and medium exporters, especially from Tier 2 and Tier 3 cities, virtual accounts simplify what used to be a paperwork-heavy process. You get global virtual collection accounts (like a US routing number or a UK IBAN), and your clients can pay like they’re making a local transfer.

It’s faster, cheaper, and you get the compliance documents like FIRA automatically.

SaaS companies billing international customers often struggle with reconciling multi-currency payments or managing multiple accounts. Virtual accounts let you:

It’s ideal for businesses scaling globally without opening foreign bank accounts or paying unnecessary overhead.

Virtual Bank Accounts by Skydo: Built for Indian Freelancers &amp; Exporters

Skydo makes it easy for Indian businesses and freelancers to receive international payments without the usual headaches of high fees, hidden markups, or long settlement times.

You get virtual accounts in key markets like the US, UK, Europe, Australia, and Singapore all set up in minutes, fully compliant with RBI norms.

Live exchange rates: You get paid at the actual mid-market rate (yes, the one on Google) with zero markup.

$29 for payments between $2,001–$10,000

No hidden fees: No SWIFT charges, no surprise deductions.

Instant FIRA: GST-compliant FIRA is auto-generated after each transaction, no chasing banks, no manual forms.

Get paid on time: Send clean, professional invoices and set up reminders with just a few clicks.

Thousands of Indian freelancers and MSMEs already use Skydo to manage their global payments.
You can get started <a href="https://www.skydo.com">for free in 5 minutes</a> — no paperwork, no waiting.

Leveraging Virtual Bank Account to maximise international payments

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So you're a freelancer now. Great; the timing couldn't have been more right. According to a report by Nasscom Aon, the gig workforce will be <a href="https://timesofindia.indiatimes.com/city/bengaluru/tech-gig-economy-grows-india-to-have-23-5-million-workers-by-2030/articleshow/111048791.cms">23.5 million strong by 2030</a>. It was 7 million in 2021, that will be like 3x growth.

But the freelance boom highlights a big question: Do you have the right banking set up to support your business?&nbsp; Because you need a banking solution with international payment transfers, business expense tracking, professional invoicing systems, and freelancer-specific tax compliance requirements. Start by taking the first step, choosing between a savings vs current account.

Key Differences Between Current Account and Savings Account

One of the best ways to know the differences between a current account vs savings account is to compare their fundamental points. The following table just does that. 

Current Account vs Savings Account: Quick Takeaways

Before we move to the next section, let’s quickly summarize what we learned from the above comparison table.

Why Growing Freelancers Would Need a Current Account?

In addition to the above differences, here are five reasons why freelancers must consider opting for a current account for business needs

When you sign more clients, the transaction volume also increases. However, the transaction limits on savings accounts become increasingly problematic. Most savings accounts restrict you to certain free withdrawals monthly, with penalties for exceeding this limit.&nbsp;

Imagine working with different clients, each requiring multiple payment processing transactions, you'd quickly exceed these limits. A current account doesn’t impose such restrictions or penalties. This ensures you can manage your business finance and sign new clients without limitations.

If you work with overseas clients through platforms like Upwork, Fiverr, Amazon, or Stripe, a current account is a better choice. A current account provides an FIRA, which is an essential document for tax compliance. A savings account may not provide this document because it is relevant to business transactions only.

There is also a lack of integration between savings accounts and GST-compliant invoicing systems. This creates additional administrative burdens, meaning you have to sit down and perform manual reconciliation between banking and tax records. That’s a lot of unnecessary work with the risk of a compliance error. Current accounts typically offer dedicated GST modules that automate much of this tracking.&nbsp;

Separating Personal and Business Finances

When you start using your savings account for freelance income and personal expenses, you risk losing track, especially at the time of tax filing. You don’t know which expenses can be shown as deductions and which earning is business income. During a tax assessment, you might struggle to justify which portion of your internet bill, device purchases, or software subscriptions were for business versus personal use. This leads to an increased risk of penalties from the tax authorities. If you use a current account for business income, it’s easy to keep a trail of the money coming and leaving your account, thereby leaving no room for confusion.

After your monthly business earning exceeds ₹2–3 lakh, a savings account is no longer suitable. Banks may impose restrictions or flag your account for high transaction volumes. Current accounts support higher transaction limits and offer business-friendly features like overdrafts, helping you manage cash flow efficiently.&nbsp;

What Kind of Current Account Should a Freelancer Choose?

So, if the current account is the right choice for your freelancing business, should you open one right away? Yes, but we suggest you give priority to the following points

Zero Balance or Low MAB (Minimum Average Balance) Options

When you’re starting as a freelancer, the cash flow will be irregular. Choosing a current account with zero or low minimum average balance requirements helps you avoid unnecessary penalties and keeps your finances flexible.

Digital-first banks offer seamless online onboarding, instant account access, and easy integration with payment platforms. This makes your day-to-day banking faster and more convenient. Traditional banks, on the other hand, provide a wider branch network but often involve more paperwork and a slower process.

Since you’ll likely receive payments from clients abroad, pick a current account that supports smooth international transactions with competitive forex rates and minimal fees. This will save you money and time.

Ask: Does It Give FIRA, Support Stripe, Payoneer, and Amazon?

Before finalizing your account, confirm whether the bank provides FIRA. Also, check if the account seamlessly supports payments from popular freelancing and e-commerce platforms like Stripe, Payoneer, and Amazon to avoid any disruptions in receiving your income.

Receive Seamless International Payments with Skydo

Throughout the blog post, you’ve seen why a current account is a better fit for freelancers. It helps you manage growing business payments, maintain compliance, and keep your finances organized as you scale.&nbsp;

We also discussed how you must choose the right current account. But even with the best current account, traditional banking methods often come with hidden forex markups, unpredictable fees, and slow processing times, all of which can diminish your hard-earned income. For example, a wire transfer from the US to India will cost you <a href="https://www.skydo.com/blog/wire-transfer-from-usa-to-india">$15-$50</a> (Rs. 1,200 to Rs. 4,200)&nbsp; in SWIFT fees, which does not include the intermediary bank fees.&nbsp; In addition, the forex markup fee is applied on the live exchange rate, which ranges from <a href="https://skydo.com/blog/forex-markup-fee-explained">1% to 3.5%</a>. If the live exchange rate is Rs. 85, the bank may offer you as low as Rs. 82.45 (at 3% markup).

That’s where Skydo steps in as a smarter alternative for freelancers.

With Skydo, you can create virtual international accounts in countries like US, UK, Australia, and Singapore that allow your clients to pay you locally no SWIFT charges and no forex markup.

Skydo’s flat, upfront fee structure means you know exactly what you’ll pay, with no surprises. Here’s how Skydo’s pricing works:

While Skydo is a great platform for receiving international payments, it also helps you get paid on time. With the built-in invoicing feature, you can easily create, customize, and send professional invoices in multiple currencies, set due dates, and even automate payment reminders. Real-time payment tracking keeps you updated on invoice status, outstanding amounts, and settlement timelines. Once your payment arrives, Skydo instantly generates a <a href="https://www.skydo.com/blog/all-you-need-to-know-about-firc-a-complete-guide">FIRA for every transaction</a>, ensuring effortless compliance

In just a few clicks, you can set up your account and start receiving seamless international payments.<a href="https://www.skydo.com/"> Sign up now.</a>

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India is seeing a massive surge in foreign remittances, from freelancers working with global clients to families receiving support from relatives abroad. But while sending money is easier than ever, receiving it efficiently, affordably, and compliantly still poses challenges for many.

In this guide, we break down everything you need to know to receive money from abroad in India, covering bank transfers, online platforms, virtual accounts, required documents, tax rules, and the smartest options for your needs.

What Are the Main Ways to Receive Money From Abroad in India?

Bank wire transfers via the <a href="https://www.skydo.com/blog/swift-money-transfer-ultimate-guide">SWIFT network</a> are one of the most common ways to receive international payments in India, especially for established businesses or high-value transactions.