Swift Payment Alternative: Exploring a Modern Solution for Cross-Border Transfers

If you're an Indian exporter, SaaS startup, freelancer, or agency receiving payments from abroad, chances are you've used SWIFT wire transfers.

SWIFT has been the global standard for cross-border payments for decades, and it's still widely used by banks worldwide. But for many modern businesses, especially in India, it can be slow, expensive, and layered with hidden costs.

From high transfer fees and intermediary deductions to delays in receiving funds and getting compliance documents like FIRA or eBRC, traditional methods often create friction.

Today, there are faster, simpler, and more transparent alternatives that better fit the needs of Indian service exporters.

Let’s explore the best SWIFT payment alternatives and why Skydo is built specifically to serve Indian exporters, freelancers, and agencies.

Why Look for an Alternative to SWIFT?

If you're doing client projects, exports, or product sales internationally, you’re leaving money on the table with every SWIFT transfer.

What Are the Best Alternatives to SWIFT Payments?

Here are some of the top alternatives that modern Indian exporters are using:

Save 50% on every international transfer

Receive from 150+ countries

Get global accounts

Zero forex margin

Sign up

1. Skydo – Swift Payment Alternative Built for Indian Exporters

Skydo offers virtual global bank accounts in the US, UK, and EU — so your clients can pay you locally, and you get the money in INR.

✅ Live exchange rate (no markup)

✅ Transparent flat fee

✅ Instant FIRA for every transaction

✅ RBI-approved and 100% compliant

✅ No intermediary banks

❌ Can be pricey for payments under $1000

❌ Doesn't yet support card payments 

💡 Use Case: A SaaS company billing $10,000/month from US clients saves over ₹30,000 monthly in hidden forex and wire fees just by switching to Skydo.

Skydo is one of the top alternatives to SWIFT for Indian service exporters, agencies, Amazon sellers, and tech founders.

2. Wise Business (formerly TransferWise)

Wise is a popular global payment platform known for transparent fees and mid-market FX rates.

✅ Virtual Accounts

✅ Midmarket exchange rates

✅ Transparent pricing 

✅ Popular with freelancers 

❌ Additional fees for FIRA

❌ Can only receive USD 10,000/invoice

❌ Currently only for freelancers and solopreneurs 

Save 50% on every international transfer

Receive from 150+ countries

Get global accounts

Zero forex margin

Sign up

3. Payoneer

Well-known among ecommerce and Amazon sellers.

✅ Receive in multiple currencies

✅ Supports multiple marketplace integrations like Amazon, Upwork

✅ Free FIRA for every transaction 

🚫 High forex markup while withdrawing in INR

🚫 Complex fee structure

4. PingPong Payments

A popular option for Amazon and ecommerce exporters.

✅ Multi-currency virtual accounts (USD, EUR, GBP)

✅ Integrated with major marketplaces (Amazon, eBay)

✅ Free FIRA

❌ Lack of clarity on exchange rate

❌ Fees can add up for bigger transactions

Save 50% on every international transfer

Receive from 150+ countries

Get global accounts

Zero forex margin

Sign up

5. PayPal (Business)

Still widely used for receiving international payments, especially for freelancers.

✅ Instant setup and global recognition

✅ Easy client-side payments

✅ In-built buyer, seller protection

❌ High transaction fees

❌ High currency conversion fee

❌ Limited features for Indian users

Why Exporters Are Moving from Banks to Skydo

Final Thoughts

If you’re still using SWIFT to receive payments,  you’re paying more, waiting longer, and doing extra paperwork.

Skydo makes cross-border payments faster, cheaper, and compliant, with live exchange rates and instant documentation.

Here's how Skydo works (In 3 simple Steps)

It’s time to leave SWIFT behind. Try Skydo, a better alternative built for Indian exporters.