Wise (formerly TransferWise) is a popular global platform known for its ease of use and intuitive interface, making it straightforward for individuals and businesses to manage international payments.

However, while Wise offers a convenient solution, it’s worth considering whether there are even more affordable and seamless ways to receive payments from abroad, especially if you’re looking to maximise your earnings and reduce hidden costs.

In this guide, we’ll explore how Wise works and also compare alternative options to help you choose the best fit for your needs.

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 $10,000 from the US to India through Wise, you will receive around ₹833,825.&nbsp;In this transaction, Wise will consider the mid-market exchange rate without any markup, which would be INR 85.033&nbsp;(as of 28th April 2025). However, it will levy a Wise fee of USD&nbsp;194.15&nbsp;along&nbsp;with FIRA fee of USD 2.50, bringing the total to USD 164.49 (excluding GST). In a nutshell, to receive a payment of USD 10,000 via Wise, you would need to pay a fee of&nbsp;USD 164.49 (excluding GST).

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

Note that using Wise's p2p offering for business payment is not ideal, as Wise p2p doesn't offer FIRA, making compliance difficult&nbsp;

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. <a href="https://m.economictimes.com/industry/services/travel/wise-to-launch-travel-card-in-india-open-waitlist-for-customers/articleshow/124451216.cms">However, as of 10th October 2025,&nbsp;Wise opened a Travel Card waitlist in India&nbsp;</a>

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>:

<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>

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

Please note: These insights are based on user reviews gathered from public platforms and do not reflect Skydo’s opinions.

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

If you’re looking for<a href="ttps://www.skydo.com/blog/top_5_wise_alternatives_for_international_payment#skydo"> Wise alternatives</a> to receive international payments in India, some of the most widely used platforms include PayPal, Payoneer, and Skydo.

PayPal and Payoneer are both established options, each with its own pricing structures and features. PayPal operates with a transaction fee, a flat charge per payment, and a currency conversion component, while Payoneer applies a percentage-based forex markup and an annual fee in case of account inactivity.

Skydo takes a different approach by offering a flat fee based on the transfer amount and using live forex rates without any additional markup. It also provides virtual international bank accounts and instant FIRA (Foreign Inward Remittance Advice) for every transaction, making compliance straightforward for Indian users.

It’s a good idea to review the details and consider which solution best fits your payment needs and business preferences.

To explore Skydo,<a href="https://www.skydo.com/">&nbsp;sign-up</a> today!

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 often choose Payoneer for its convenience and platform integrations, though some users have noted<a href="https://www.g2.com/products/payoneer/reviews?utf8=%E2%9C%93&amp;filters%5Bsentiment_snippet%5D=495449"> challenges with customer support</a> and<a href="https://www.g2.com/products/payoneer/reviews?utf8=%E2%9C%93&amp;order=g2_default&amp;filters%5Bsentiment_snippet%5D=495041"> currency conversion rates</a>.&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, makes 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.&nbsp;

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 pricing can make it an expensive option 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, and offers multiple marketplace integration 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.

Skydo: A Solid India-Based&nbsp; Alternative to PayPal And Payoneer

Skydo makes getting paid from international clients feel a lot less complicated. You get virtual accounts in major markets like the US, UK, Singapore, and Australia,&nbsp; and once the payment comes in, it’s usually in your Indian bank account within 24 hours.

Our pricing structure is simple, and it adapts with your growing business needs:

What really makes a difference, though? You always know where your money is. With real-time tracking and helpful reminders, you’re never in the dark. Plus, Skydo gives you the live forex rate (no hidden <a href="https://www.skydo.com/blog/forex-markup-fee-explained">forex markup fee)</a> and your FIRA instantly, so you stay compliant without the usual back and forth.

Add to that a 5-minute setup and a support team that’s actually based in India, and it’s easy to see why more businesses are switching. If you’re looking for a smoother, more transparent way to handle international payments, Skydo could be a great fit.

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 seem to have mixed feelings when it comes to Payoneer’s fees. On one hand, many users like how simple and reliable the platform is for receiving international payments. On the other hand, some do feel that the fees, especially the forex markup and transaction charges,&nbsp;<a href="https://www.g2.com/products/payoneer/reviews/payoneer-review-7918141%5C?no_follow=true" target="_blank">can be a bit high</a><a href="https://www.g2.com/products/payoneer/reviews/payoneer-review-7918141%5C?no_follow=true">&nbsp;over time.</a>

A few folks have pointed out that n<a href="https://www.g2.com/products/payoneer/reviews/payoneer-review-7698854?no_follow=true">early every action on the platform comes with a cost</a>, which can feel a little frustrating. Others still value how easy it is to use and the fact that it works well with marketplaces like Fiverr and Upwork. Like most tools, it really comes down to what matters most to you—convenience or cost.

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

EEFC account is a well-known term for exporters receiving international payments. EEFC account full form is Exchange Earners Foreign Currency.

 Offered by AD Category I Banks, an EEFC account allows you to retain foreign income received in its original currency (USD, EUR, GBP, etc.) for up to 60 days.&nbsp;&nbsp;In this article, we will dive into EEFC account full form, meaning, and benefits of an EEFC account, and explore other efficient and cost-effective ways to handle your international payments.

Since 2016, India’s cross-border remittances have grown at<a href="https://www.pwc.in/assets/pdfs/consulting/financial-services/fintech/point-of-view/pov-downloads/the-evolving-landscape-of-cross-border-payments.pdf?no_follow=true"> 8% CAGR, </a>fueled by global trade, travel, and a rising international workforce. Yet, high fees and hidden charges make these transactions costly and challenging.

 To address these issues, the Reserve Bank of India (RBI) introduced EEFC account.&nbsp; Being current accounts, these accounts do not yield any interest. Each bank offering EEFC Account supports a specific number of currencies, also allowing you to hold multiple currencies in a single account. Initially designed to help exporters manage their foreign exchange earnings, EEFC accounts are available to companies, individuals, and joint account holders.

EEFC Account Benefits: What Do You Need to Know?

EEFC account or EEFC account full form, Exchange Earners Foreign Currency Account, allows exporters to deposit their foreign exchange earnings without converting them to Indian rupees. Currently, multiple <a href="https://rbidocs.rbi.org.in/rdocs/FEMAMASTER/PDFs/1061.PDF?no_follow=true">Authorised&nbsp;Dealer (AD) Category I banks </a>in India offer EEFC account including DBS, ICICI, HDFC, Axis Bank and many more.&nbsp;

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

Now, let’s take a moment to understand EEFC account benefits.

An EEFC account lets you hold foreign currency earnings until the last day of the following calendar month. For example, if you receive foreign payments on June 16th, you can keep them in your EEFC account until July 31st. This holding period gives you the flexibility to monitor forex rates and convert the funds to INR when it's most beneficial, while also allowing you more time to make foreign payments directly from your EEFC account without conversion

However, keep in mind that you can only retain your foreign exchange earnings until the last day of the succeeding calendar month  after which it will be automatically converted to INR. So, don’t get too comfortable parking your foreign exchange in your EEFC account—use it wisely before the deadline sneaks up on you!

An EEFC account not only lets you temporarily park your foreign exchange earnings but also enables you to make foreign payments without converting them to INR, avoiding two-way currency conversion costs.&nbsp;

As an exporter, when you receive foreign payments via your Indian bank account, they are typically converted into INR, incurring transaction costs and currency conversion charges. If you need to make an international payment, you'll have to convert your INR back into foreign currency, incurring additional fees. Essentially, you end up paying currency conversion costs for both receiving and sending foreign payments, doubling your costs.

An EEFC account bypasses this inconvenience by allowing you to retain 100% of your foreign exchange earnings and make foreign payments directly from the account without having to convert it.&nbsp;

In essence, an EEFC account facilitates seamless international transactions by giving users the option to hold and manage their foreign exchange earnings better.&nbsp;

Resident individuals of India, whether individuals or companies earning foreign exchange, can open an EEFC account. However, entities in<a href="https://nsez.gov.in/Resources/SEZ%20FAQs.pdf?no_follow=true"> Special Economic Zones (SEZs)</a> cannot open an EEFC account, though they can open a <a href="https://www.icicibank.com/nri-banking/bankaccounts/foreign-currency-account#:~:text=An%20RFC%20(Resident%20Foreign%20Currency,hold%20funds%20in%20foreign%20currency.?no_follow=true">foreign currency account</a>.

For context, a Special Economic Zone (SEZ) is a designated area where businesses operate without paying certain taxes and duties. It's essentially considered foreign territory for trade purposes.

Which Transactions are Eligible Under an EEFC Account?

As a current account, an EEFC account supports various transactions, including:

However, being a current account, an EEFC account cannot support capital account transactions. This means foreign remittances in the form of loans, investments, or returns on investments are not permitted in your EEFC account.

The process of Opening an EEFC account is similar to that of a regular current account. You'll need to complete an application form and submit the required documents. However, there are additional requirements, such as providing proof of status, which aren't typically necessary for a regular account.

Once you've submitted your application and documents, the bank will review them. Upon approval, they will furnish you with your EEFC account details, including the account number.

Do note that the procedure may vary slightly across banks, so it's advisable to consult with your bank to understand their specific application process.

What Documents are needed for opening an EEFC account?

Although the specific documents required can vary from bank to bank, here are the typical documents you'll need to open an EEFC account:

As we've discussed, an EEFC account can be opened by all foreign exchange earners, whether individuals, partnership firms, or public/private limited companies. Depending on the entity opening the EEFC account, specific documents may be required. For example:

These requirements ensure that the necessary legal and compliance standards set by the government of India are met for each type of entity.

What are the&nbsp; EEFC Accounts Charges?

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Most banks don’t charge a fee for opening and maintaining an EEFC account. However, there are several ancillary charges that banks may levy on various activities linked to EEFC accounts:

To get a complete picture of the applicable fees and charges for your EEFC account, make sure to talk to your bank. This will help you avoid any surprises and ensure you understand all potential costs involved.

Why Choose Skydo Over Traditional EEFC Accounts?

EEFC accounts offer exporters a convenient way to manage and park their foreign exchange earnings temporarily. This holding period allows them the freedom to monitor and choose the exchange rate at which they want to convert their foreign exchange.

However, despite these advantages, receiving international payments through an EEFC account can be quite costly, regardless of your banking partner. As we have seen, banks often levy numerous charges on EEFC account transactions, including SWIFT charges, currency conversion fees, forex markups, FIRA charges, and more. These fees can quickly add up, making the process expensive.

In summary, while an EEFC account offers flexibility and control, the associated costs can add up quickly.&nbsp;

<a href="https://www.skydo.com/blog/eefc-account-vs-payment-platforms">At Skydo, we understand the challenges of traditional banking </a>especially when it comes to cross-border transactions. For freelancers and small businesses, constantly monitoring forex rates and tracking bank fees is a time-consuming and resource-draining task. That’s why we offer businesses and freelancers a fast, secure, and less expensive way to receive international payments. With Skydo, you can set up an international bank account in less than 5 minutes. Your foreign clients can pay into this account, making it a local transfer and eliminating SWIFT charges.

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

Switch to Skydo and simplify your international payments while maximising your earnings. Experience the Skydo difference today.

EEFC Account Overview: Full form, Meaning, Eligibility & Benefits

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A foreign client pays $2000, but you get ~$1700 in your bank account, less than what you expected.&nbsp;

Now, you are trying to calculate the foreign transaction fee and foreign exchange rate (FX rate) and understand what other hidden charges have been levied but are facing a hard time doing so.

Many small businesses lose money because of a lack of transparency in foreign payments and <a href="https://www.skydo.com/blog/hidden-fees-in-bank-rates?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">hidden fees charged by banks</a> and other payment platforms.

How can you overcome this challenge? Switch to transparent payment solutions like Skydo that tell the live FX rates. Let’s understand how you can check real-time FX rates with Skydo and reduce unnecessary deductions.&nbsp;

According to a <a href="https://www.swift.com/swift-lvp/assets/pdf/small_payments_big_opportunity_july_2023.pdf">report by SWIFT</a>, the three primary reasons that frustrate small business owners while using an international payment platform are:

Skydo aims to resolve these issues. It provides live FX rates on its dashboard and charges zero-margin on currency exchange so you don’t end up paying extra costs. Moreover, Skydo charges <a href="https://www.skydo.com/blog/cut-international-transaction-costs-with-skydo?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">flat foreign transaction fees,</a> thus ensuring complete transparency in foreign payments.

Here is how understanding live FX rates on Skydo can help your business.

<a href="https://www.skydo.com/blog/why-do-banks-differ-from-live-fx-rates-in-currency-exchange?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Bank FX rates</a> are usually different from the live FX rates. For example, if the $1 amounts to ₹83 as per the prevailing market rate, banks offer ₹80 for every $1. This is called the forex markup fee.

Businesses have to negotiate the FX rates with banks to ensure maximum earnings. However, Skydo offers live FX rates and converts the currency as per the prevailing market rate. This boosts your earnings.

Moreover, many businesses try to negotiate a fixed payment in INR with foreign clients to reduce the FX rate fluctuation risk.&nbsp;

Rapid fluctuations in the foreign exchange market increase business risk. However, by viewing live FX rates, you can analyse when to apply hedging strategies to secure your earnings.

Moreover, you can calculate your exact earnings based on the real-time FX rates and optimise your cash flow accordingly.&nbsp;

Staying updated with currency fluctuations is extremely important for businesses to adjust their pricing.&nbsp;

For example, if the value of the domestic currency increases against the foreign currency, the price of your goods and services will become higher for foreign customers. This will result in low demand.

Therefore, you should track live FX rates to set competitive pricing and boost revenue.

Ensuring Financial Transparency with Skydo

Tracking foreign payments is hard for businesses. Banks and foreign payment platforms make it harder by gatekeeping various costs involved.&nbsp;

But, Skydo offers complete transparency.&nbsp;

You can open an international bank accounts account with Skydo within five minutes and receive payments from foreign clients in international bank accounts.

You can view the live FX rate before transferring the money to your domestic bank account. If the international market is volatile, you can hold the money in your foreign bank account to avoid currency conversion losses.&nbsp;

Use Skydo's <a href="https://fx-calculator.skydo.com/comparison?utm_source=linkedin&amp;utm_medium=skydohandle&amp;utm_campaign=fxcalculator&amp;utm_content=2">FX calculator</a> to see how much money you can save on your FX rates based on your monthly revenue.

2. View a Clear Breakdown of Exchange Rates and Associated Costs

With Skydo, you are always updated on why your money is being deducted. You can view a clear breakdown of the flat transaction fee levied, the GST application to the transaction fee, and the FX rates for each invoice.

Moreover, Skydo also marks a date and time stamp during currency conversion to ensure that the money is converted as per prevailing market rates.

3. Zero Margin on Currency Conversion&nbsp;

Most payment platforms like PayPal and Payoneer charge a 3-5% currency conversion fee on top of the foreign transaction fee. Moreover, banks also charge forex fees on every transaction.

These additional costs reduce your earnings significantly, especially if you deal with many foreign clients.&nbsp;

However, Skydo charges zero margin for currency conversion. It converts the total amount based on the prevailing market rate without changing any forex fee. This increases your FX savings by up to 50%.

3. Pay Zero Fees to Download FIRA Receipts

FIRA is a mandatory document for exporters for GST compliance. Banks charge ₹500 or more on every foreign transaction to generate FIRA.

However, Skydo automatically generates FIRA receipts for each invoice without charging an additional fee. Therefore, it helps you <a href="https://www.skydo.com/blog/get-the-most-out-of-your-forex-savings-with-skydo?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">maximise FX savings</a>.

Expanding your business globally helps you increase earnings and scale your business. However, high forex fees, foreign transaction fees and hidden fees charged by payment platforms impact your earning potential and slow down business growth.

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