As Indian businesses expand globally, managing payments in multiple currencies has become more than just a convenience; it’s a competitive edge.

Whether you're an exporter billing clients in USD or a SaaS company offering subscriptions in EUR and GBP, a multi-currency account can simplify how you receive, hold, and manage your international earnings.

But what exactly is a multi-currency account? And why is it becoming essential for modern Indian businesses?

A multi-currency account (sometimes called a foreign currency account or international account) lets individuals or businesses receive, hold, and send money in multiple currencies from a single platform.

Unlike traditional bank accounts that immediately convert foreign currency to INR (often with heavy fees), multicurrency accounts let you:

For example, if you have received payment from an international client from the US in USD, you can hold the payment in USD in your multi-currency account. If you have to pay a client in USD, you can use the current funds for direct payment without converting your local currency to USD.

Some multi-currency accounts come with additional features which can help in increasing the return potential. For example, some multi-currency accounts may offer interest on the balances held in different currencies, while some may offer access to foreign exchange markets.&nbsp;

Which Currencies Can I Hold in a Multi Currency Account?

The accepted currencies in a multi-currency account range between 30-200, depending on the financial institution. However, a multi-currency account facilitates, at minimum, transacting in the following currencies.

Benefits of Multi-Currency Accounts for Indian Businesses

1. Save More by Converting When It Makes Sense

A big perk of a multi currency account is that you don’t have to convert money right away. You can hold on to your earnings in USD or EUR and convert them when the exchange rate is better. Over time, this can add up, especially compared to traditional bank accounts that charge ₹750–₹1000 per transaction just to convert your money.

2. Lower Fees, Less Money Lost in Conversion

If you’re dealing with international payments regularly, small fees can eat into your income. A multi currency bank account typically charges much less in conversion fees compared to regular methods, and that means you keep more of what you earn.

If you’re getting paid in different currencies, tracking it all can be messy. A multi currency account in India helps you keep everything in one place—whether it's dollars, euros, or pounds. That makes your bookkeeping and accounting a lot less painful.

When payments don’t need to go through currency conversion each time, they move faster. A multi currency bank account can help you get your money sooner, without the usual back and forth or waiting around.

Having a multi-currency account can make your business feel more established, especially to international clients. It shows that you're set up to work globally, which builds trust from the start.

6. A Smoother Experience for Your Clients

Getting paid should be easy, for you and for your clients. A multi currency account lets your clients pay in their own currency, which feels more familiar and hassle-free on their end.

7. Helps You Pay International Partners More Easily

Whether you’re working with vendors, freelancers, or service providers abroad, being able to pay them quickly, in their own currency, goes a long way. A multi currency account in India makes this part of the job feel a lot less complicated.

How Can You Get a Multi Currency Account in India?

Most leading banks in India, including HDFC, DBS, HSBC, and others, offer multi currency accounts. However, today, fintech platforms are truly leading the way with multi currency accounts right now. Platforms like Skydo, Wise, Stripe offer mutli currency accounts, enabling businesses to manage their income and payments in multiple currencies. Here's why FinTech-led multi-currency accounts have an edge over multi currency accounts offered by traditional banks:

When deciding where to open your account, carefully assess factors like fees, services, and customer support from each institution. Additionally, ensure that the chosen account supports the currencies relevant to your usage.

Who Is Qualified for a Multicurrency Account?

You must be 18 and above to open a multicurrency account, and certain accounts are restricted to residents of specific countries. Meeting minimum balance requirements may also be necessary. Some multi-currency accounts cater to businesses or high-net-worth individuals, imposing relatively high minimum balance criteria.

Potential beneficiaries of multicurrency accounts include the following.

Final Thoughts: Why a Multi-Currency Account Isn’t Optional Anymore

If you work with international clients—whether you're a growing exporter, a SaaS founder, or a freelancer—sticking to traditional bank transfers or high-fee platforms like PayPal or SWIFT is holding you back.

A multi-currency account in India isn’t just a nice-to-have anymore—it’s a core tool for doing global business right.

In short: A good multicurrency bank account puts you in control of your money, your timelines, and your global growth.

Looking to switch? Skydo offers multi-currency accounts tailored to Indian businesses and freelancers, with no forex markup and fast settlements.

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Stripe Vs Paypal, choosing between these two platforms to receive international payments is often a dilemma for Indian businesses and freelancers.

<a href="https://www.skydo.com/blog/paypal-in-india-charges-review-alternatives">PayPal,</a> a trusted brand since 1998, is known for its widespread acceptance and user-friendly approach. On the other hand,&nbsp;<a href="https://www.skydo.com/blog/stripe-india-charges-review-alternatives">Stripe</a>, though newer to the scene, has made its mark with advanced features and developer-friendly solutions.&nbsp;

In this blog, we will compare Stripe with PayPal, examine real costs, practical features, and genuine limitations of both platforms in India.&nbsp;Whether you're a freelancer or a growing business, let's find out which platform best fits your international payment needs.

Stripe vs PayPal: Understanding the Differences&nbsp;

The following table quickly sums up the Stripe Vs PayPal debate, comparing their availability, fees, compliance, etc. We will be zooming on each of these aspects throughout the blog

Stripe is a global payment platform supporting 135+ currencies. In India, it&nbsp;operates as an invite-only service, prioritizing businesses focused on international expansion.&nbsp;

🔖<a href="https://www.skydo.com/blog/stripe-alternatives-for-international-payments-in-india">Not happy with Stripe? Learn about these Stripe alternatives</a>.&nbsp;

Known for its ease of use, PayPal is a leading global payment platform operating in over 200 countries. For Indian businesses and freelancers, PayPal is a payment gateway for international transactions, though it has certain limitations specific to the Indian market.

🔖<a href="https://www.skydo.com/blog/top-paypal-india-alternatives-for-international-payment">Not happy with PayPal? Learn about these PayPal alternatives</a>.&nbsp;

Stripe vs PayPal Fees for International Transfers (2025)

Stripe Fees for receiving international payments:

Processing Fee: Stripe charges&nbsp;4.3% as processing fees&nbsp;on every successful transaction.

Currency Conversion Fee:&nbsp;An additional<a href="https://support.stripe.com/questions/additional-pricing-information-for-indian-cross-border-sellers" target="_blank">&nbsp;2% fee</a>&nbsp;is charged for currency conversion. So to receive a payment of USD 10,000 via Stripe, you need to pay

4.3% processing fee, which comes to USD 430. So, the remaining balance is USD (10,000-430), which is USD 9570.&nbsp;

This balance will be converted at a 2% forex markup. So, if the prevailing exchange rate is 1 USD = INR 86, then it will be reduced by 2%, making the effective exchange rate around INR 84.3.

So, the final amount receivable is INR (9570*84.3)= INR 8,06,751, as against (10,000*86)= INR 8,60,000, which is the full value of your USD 10,000 payment at the live forex rate.&nbsp;

So, to receive a payment of USD 10,000 via Stripe, you will have to pay INR (8,60,000-8,06,751)= INR 53,249&nbsp;in Stripe fees (assuming an exchange rate of 1 USD = INR 86)

Here's a detailed breakdown of <a href="https://www.skydo.com/blog/stripe-fees-india">Stripe Fees</a> for receiving international payments in India

Paypal Fees for receiving International Payments:&nbsp;

Transaction Fee: PayPal charges&nbsp;4.4% as fees&nbsp;on every successful transaction.

Currency Conversion Fee:&nbsp;An additional&nbsp;4% markup is charged for currency conversion.

Fixed Fee: Additionally, PayPal also charges a fixed fee, which varies across currencies. For USD it is&nbsp;$0.30&nbsp; So to receive a payment of USD 10,000 via Paypal, you need to pay

4.4% processing fee $0.30 in fixed fee, which comes to USD 440. 30.&nbsp;So, the remaining balance is USD (10,000-440.30 ), which is USD 9559.7.&nbsp;

This balance will be converted at a 4% forex markup. So, if the prevailing exchange rate is 1 USD = INR 86, then it will be reduced by 4%, making the effective exchange rate around INR 82.56

So, the final amount receivable is INR (9559.7*82.56)= INR 7,89,249 (approx)&nbsp;as against (10,000*86)= INR 8,60,000, which is the full value of your USD 10,000 payment at the live forex rate.&nbsp;

So, to receive a payment of USD 10,000 via PayPal, you will have to pay INR (8,60,000-7,89,249)= INR 70,751&nbsp;in PayPal fees (assuming an exchange rate of 1 USD = INR 86)

Here's a detailed breakdown of <a href="https://www.skydo.com/blog/paypal-transaction-fees-india">PayPal fees</a> for receiving international payments in India&nbsp;

&nbsp;The Verdict: Stripe Vs Paypal, Which Platform is Ideal for Businesses?

There is no one-size-fits-all answer to the question, and it honestly depends on the specific nature and requirements of the business.&nbsp;

Stripe is more suited for businesses that:

Consider Stripe if you're a software company, digital service provider, or established ecommerce platform with development resources. Its features like customising online checkout experience, custom integrations and other relatively complex options make it more suitable for established businesses. Further, its relatively lower fees make more sense for larger transaction volumes. However, while applying for Stripe, don't forget that it is currently invite-only in India, and there's a good chance your application may not be approved as they are only supporting a very limited number of businesses in India.&nbsp;

PayPal is more suited for businesses that:

For freelancers, smaller businesses, or those just starting with international payments, a PayPal account makes more sense. While its fees are higher, the simpler setup and immediate access can be worth the trade-off.

Skydo: An Affordable Alternative in the Stripe Vs PayPal Debate

For Indian businesses, beyond Stripe Vs Paypal, Skydo offers a refreshing approach to international payments. As a made-in-India solution, it addresses common pain points businesses face with platforms like PayPal and Stripe.

Unlike the percentage-based fees of PayPal and Stripe, Skydo uses a transparent flat-fee structure for up to $10,000:

That is it, no additional fees like monthly account fee, maintenance charges, account setup fee etc. 

What sets Skydo apart is its zero forex markup policy, providing live exchange rates without hidden charges. This means significant savings - on a $10,000 payment, you'd pay just $29 with Skydo, compared to $630 with Stripe or $840 with PayPal.

Beyond cost savings, Skydo offers practical features designed for Indian businesses:

While PayPal and Stripe remain popular choices globally, Skydo emerges as a cost-effective alternative specifically built for Indian businesses handling international payments. Its combination of transparent pricing, instant compliance documentation, and faster settlements makes it particularly attractive for companies looking to maximize their international earnings.

<a href="https://www.skydo.com/">Get started now!</a>&nbsp;

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Selling globally on Amazon is a game-changer for Indian businesses, but it comes at a cost. From Amazon’s referral commissions to hefty currency conversion markups, fees can eat into your profits. In this guide, we break down every Amazon seller fee you must know for 2025 and share practical tips to reduce these fees. Whether you’re new to Amazon Global Selling or looking to boost your margins, read on to ensure you’re not leaving money on the table.

Overview: What Does It Cost to Sell on Amazon Globally?

Here's a quick snapshot of what you have to pay to sell on Amazon globally:

Some Amazon fees are non-negotiable; they’re the cost of doing business on the platform. But many others, like fulfillment, storage, and conversion charges, can be reduced with smarter planning, better tools, and the right partners. The key is knowing which ones you can control and how.

&nbsp;Amazon Seller Fees Breakdown (2025) – Detailed Fees Explanation

In this section, we will give a detailed breakdown of each of these fees and see if there's a way to optimize those.&nbsp;&nbsp;

Amazon offers two types of selling plans depending on the size of your business:

Tips to reduce fees: Choose the right selling plan based on your volume. If you sell fewer than 40 items a month, the Individual plan (with a per-item fee) keeps costs low. But if you're scaling or consistently selling more, the Professional plan waives per-item charges and unlocks bulk listing tools, saving you more in the long run.&nbsp;

In addition to the selling plan, Amazon charges a referral fee on the item price for every product sold. Think of it as Amazon seller commission. This fee is a percentage of the total sale price or a minimum flat amount, whichever is higher, and these fees vary based on product categories.&nbsp;

Tip to reduce fees:&nbsp;Factor Amazon’s referral fees into your pricing from day one. Since these fees vary by category (some go as high as 45%), avoid low-margin products in high-fee categories unless you’re confident about volume. Also, watch for fee jumps at certain price points.&nbsp; For example, if watches above ₹5,000 have an extra 3% fee, pricing just under that can save you more than you’d expect

Other Amazon Fees (Closing Fee, High-Volume Listing, etc.)

Media items are charged a closing fee for each unit sold in addition to other fees. These items include: Books, DVD, Music, Software &amp; Computer/Video Games, Video Game Consoles, and Video Game Accessories. The closing fee is <a href="https://sellercentral.amazon.com/help/hub/reference/external/GKD9U5REK5DKB38Y?initialSessionID=142-6432681-1885860&amp;ld=NSGoogle&amp;ldStackingCodes=AGSSEMkenshoo_525X19824_e_c_718783564496_asret_%3ENSGoogle%3EAGSSEMkenshoo_525X19824_e_c_718783564496_asret_%3ENSGoogle#wjz_cjc_jcb-3" target="_blank">$1.80 per unit </a>sold for products in these categories.&nbsp;

If you offer textbook rentals on Amazon, you’ll have to pay a rental book service fee of $5.00 for each rental as part of Amazon Seller fees.

If you have a large number of active, non-media listings that haven’t sold in 12 months, Amazon charges a monthly fee of $0.005 per eligible listing to cover cataloguing costs. The first 100,000 listings are, however, exempt from this fee.&nbsp;

Tips to Reduce Fees: Regularly clean up your listings. Remove inactive SKUs that aren’t moving to prevent high-volume listing fees and keep your account healthy.

While these Amazon seller fees apply to all sellers, there are additional charges for optional services. One such service is Fulfillment by Amazon (FBA), which many exporters use to streamline shipping and logistics. Understanding these optional fees is just as important. Here’s a breakdown,

Logistics is a critical part of ensuring your products reach customers on time and in top quality. As an Amazon Global Seller, you have two options for shipping:

If you don’t have a robust logistics setup and looking for an easy ship option, FBA can be a great option to save time and reduce the stress of managing export logistics. Here’s a breakdown of FBA fees:

This Amazon seller fees covers picking, packing, shipping, handling, customer service, and returns. The costs depend on your product's volumetric weight, dimensions, and category (e.g., apparel vs. non-apparel).

You can get the complete list of FBA fulfilment fees as per product sizes<a href="https://sellercentral.amazon.com/help/hub/reference/external/GPDC3KPYAGDTVDJP" target="_blank"> right here</a>.

Tips to reduce fees:&nbsp;Be strategic with fulfillment. If a product has low margins or sells slowly, use self-fulfillment (MFN) to avoid FBA fees. Save FBA for fast-moving, high-margin items where Prime boosts sales. Also, optimising your packaging, reducing product size or bundling smartly, can keep you in a lower weight tier and cut fees significantly.

To promote your products on Amazon, you can leverage their advertising services. This program allows you to run impactful campaigns directly in the Amazon store, with the flexibility to set your own bids and budgets.

Amazon offers a range of ad formats, including video, audio, and display ads, tailored to fit different marketing needs. Most Amazon ads operate on a Cost Per Click (CPC) model, meaning you only pay when someone clicks on your ad. <a href="https://sell.amazon.com/advertising" target="_blank">Learn more about it here</a>.&nbsp;

Tips to reduce fees:&nbsp;Use promotions strategically. Do not rely solely on fee-based promos; sometimes investing in Amazon PPC ads (which at least directly drive sales) might yield better ROI than spending on a coupon that now also incurs a percentage fee.&nbsp;

Amazon also offers a range of additional services like Buy with Prime and Amazon Customer Service. The Amazon seller fees for these services vary based on the specific options you choose and your business needs.

Hidden Fee:&nbsp; Withdrawing Your Amazon Earnings (Forex &amp; Conversion Costs)

Once Amazon pays you (after all the above fees), there’s another cost many sellers overlook: Getting your money back to India. There are primarily two ways through which you can withdraw your Amazon earnings:

Let’s break down the costs of withdrawing your earnings through each platform.

As an Indian exporter on Amazon, you can use Amazon’s Currency Converter for Sellers (ACCS) to withdraw your earnings. Amazon automatically converts your payments into INR and deposits them into your bank account within 1-5 business days.

You can receive payments in 20+ currencies without needing a foreign bank account. However, the conversion comes at a cost. Amazon uses a volume-based pricing model, which means the higher your earnings, the lower the conversion fee. Also, note that the volume-based pricing is based on your total cross-currency net proceeds during the past 12 months. Here’s how the pricing works:

Let’s break this down with a real example.

Say you earned $200,000 last year after deducting all applicable fees. If you choose to withdraw using Amazon’s Currency Converter, here’s what happens:

Total Cost of Using Amazon’s Currency Converter:

₹2,59,500 (conversion fee) + ₹2,95,500 (forex loss) = ₹5,55,000 lost

5.5 lakh (over $7,000) is lost to conversion when using Amazon’s default method. That’s money the seller could have kept

Payoneer and PingPong are well-known platforms for cross-border payments, helping exporters worldwide withdraw their Amazon Global Selling earnings directly into their bank accounts. But how much does it really cost?

Let’s break this down with the same $200,000 earnings example:

So, you have to pay 2000 dollars or INR&nbsp;1,73,000 in fees&nbsp;while withdrawing your&nbsp;earnings&nbsp;via Payoneer or PingPong.

Skydo is an Indian-origin, RBI authorised cross-border payments platform designed to help Indian exporters maximize their international earnings. With <a href="https://www.skydo.com/amazon-global-sellers" target="_blank">direct integration with Amazon Global Selling</a>, Skydo allows you to withdraw funds at live forex rates with minimal fees—ensuring you keep more of your hard-earned money. Find out how&nbsp;

Unlike Amazon and other third-party platforms, Skydo applies zero forex markup. This means if the live exchange rate is ₹86.5 per USD, your funds are converted at that exact rate—without any deductions.

With Skydo, you only pay a flat $600 (₹51,900) and don’t lose a single rupee to hidden forex markups—making it the most transparent and cost-effective way to withdraw your Amazon earnings. ​​

Tip to Reduce Fees:&nbsp;To save 50% or more on your Amazon payout fees, consider using Skydo or a similar RBI-authorized platform instead of Amazon’s default. Skydo users get live forex rates, zero markup, and only a tiny transaction fee, as the example shows. Sign up now to retain more of your earnings.

Tips to Reduce Amazon Seller Fees and Boost Profit&nbsp;

Save on Amazon Seller Fees with Skydo&nbsp;

Amazon and third-party platforms like PingPong and Payoneer eat into your earnings with hidden forex markups and hefty withdrawal fees. Skydo changes that. With live forex rates and transparent pricing, you keep more of what you earn.

Plus, every global payment comes with free, instant FIRA, and if you ever need help, our India-based support team has your back.

Why let unnecessary fees eat into your profits? Switch to Skydo today and maximize your Amazon Global Selling earnings.

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Banks dominated the traditional banking system in India for decades. You might recollect visiting the closest bank branch to open an account or for money transfers. But visits to physical branches were often frustrating due to long queues and slow processing time.

However, in the last 5 years, the banking sector saw the rise of Neobanks, fully digital banking platforms. These banks have emerged as a popular alternative to traditional banks – about <a href="https://www.marketsandata.com/industry-reports/india-neobanking-market">26%</a> of the Indian population were using Neobanks in 2023 – especially among millennials and Gen Zs.

In this blog, we will tell you every essential detail about Neobanks you must know like the definition of Neobanks, their features, and advantages and disadvantages.

Neobanks have brought in a new wave of banking services in India. The biggest differentiator with a traditional bank is the absence of physical branches. They operate entirely online and provide the usual banking services digitally without a single brick-and-mortar branch.

The term Neobank is made of two words "Neo" and "bank". The word "Neo" means New, however, they cannot be technically called as a "bank" because they cannot apply for a banking license from the Reserve Bank of India (RBI). The RBI doesn't allow 100% digital banking operations in banks. However, these Neobanks can tie up with traditional banks like IDFC and ICICI to provide banking services.

The lack of a banking license doesn't restrict Neobanks from offering a range of financial services similar to conventional banks. You can open bank accounts, avail credit, and engage in online investment options from a single digital interface. The Neobank's model cuts through the frustrations of traditional banking processes like lengthy documentation and offers a seamless experience - one of the prime drivers for tech-savvy customers to prefer Neobanks

What Are the Unique Features of NeoBanks in India?

Here's a list of five features that make Neobank popular:

Neobanks provide their services through digital banking that's why there are no traditional physical branch networks. This benefits customers as they can access any banking service from anywhere and anytime mostly using a mobile app.

One of the biggest reasons behind the rise of Neobanks in India is its technology-led banking services. These services are designed in a way that they match the digital lifestyle of the younger generation. For example, mobile apps are simple and have a clean interface similar to any other app. The learning curve is low, so the customer quickly learns how to open a savings account or transfer money from the app. Additionally, Neobank apps are secure with biometric authentication and offer integration with other digital platforms.

Neobanks leverage AI and data analytics to analyze customer behaviour and offer personalized banking experiences like tailored saving plans or budgeting strategies. For example, the Neobank app might highlight the specific category in which you made frequent purchases last month so you can optimize the spending going ahead.

Neobanks have a low-cost operational model because there is zero spending on maintaining physical branch location. This allows them to pass on the benefits to account holders like lower fees and competitive interest rates.

Most Neobanks have a built-in spending analytics feature that categorizes your expenses into different categories like groceries, entertainment, and travel. This allows you to visualize the spending patterns and take active steps to use money more effectively.

Short-Term Goal-Specific Investment

Neobanks cater to their clientele by providing an option to save money for short-term goals like a vacation or buying a new mobile phone and earning interest on the savings. Customers can create buckets for goals, track progress, and stay motivated. This savings mechanism inculcates a proactive approach to saving and financial discipline.

Cashback and rewards programs incentivize customers to use their services. For example, a customer earns cashback using the Neobank virtual payment cards on certain purchases. Instead of a cashback, they might receive reward points which they can redeem later as discounts on future transactions. Such services enhance the banking experience and encourage customers to use the Neobank for more purchases.

Neobanking is one of the fastest-growing markets in India. It is expected to grow at a three-year compound annual Growth Rate (CAGR) of<a href="https://fintechnews.sg/72636/fintech-india/india-neobanking-sector-poised-for-50-5-annual-growth-through-2025/#:~:text=India%20Neobanking%20Sector%20Poised%20for,Growth%20Through%202025%20%2D%20Fintech%20Singapore"> 50.5%</a> in the fiscal 2025 and to reach<a href="https://inc42.com/features/decoding-indian-neobanking-funding-landscape/"> $183 billion</a> in valuation by 2030. The future of Neobanks is promising and you might expect to see more of them in the coming days, but here's a list of the biggest Neobanks presently operating in India:

Niyo targets travellers and blue-collar workers offering them specialized services like travel cards and salary accounts with attractive benefits. Niyo's goal is financial inclusion by providing access to users unfamiliar with formal banking services.

Founded in 2019, Jupiter attracted more than<a href="https://www.thearcweb.com/article/nbfc-jupiter-revenue-jitendra-gupta-neobank-sequoia-O8Icbunk7NbkYJ5Z"> 2 million users</a> soon after its launch. It offers digital savings accounts in partnership with Federal Bank and provides debit cards and personalized spending insights.

Founded by ex-Googlers, Fi Money offers unique features like group saving goals and peer-to-peer payments

Freo is a credit-led Neobank that serves as a single place for customers to pay with UPI, buy insurance, invest in FDs, and take loans. It offers Freo card, a credit card in partnership with Yes Bank which has no joining or renewal fees and offers generous rewards and fuel surcharge waivers. Freo Pay is another product that lets you shop with UPI transactions, but pay the amount 30 days later.

With the growth of SME founders, Open fills in the gap for modern banking solutions tailored to their requirements. Open allows business owners to connect multiple business accounts and track payments in one place seamlessly. It also allows them to create GST-compliant invoices to get paid on time.

Here are the four benefits of Neobanks that might convince you to give their services a try:

Convenience is the prime reason why many opt for Neobanks over traditional banks. Imagine no long queues or visits to the bank to avail of a loan. Neobanks gives you access to the core banking services right from your home with a stellar customer experience.

Fast services like quick account opening and fast online transfers provide the freedom to concentrate on other important aspects. This is especially true if you are an entrepreneur. Using digital bank services, you can spend more time on growing your business than spending hours on simple banking operations

Neobanks don't have to spend on traditional banking infrastructure keeping their overhead costs low. This gives them the leeway to offer banking services at comparatively lower fees. Zero balance facilities and minimal transaction fees are the most popular ways Neobanks keep its services cost-effective.

Unique Features by Leveraging Technology

Neobanks uses Artificial Intelligence (AI) to study spending habits and offer financial insights. With a rewards program, they incentivize users to spend responsibly. This makes banking more engaging and effective for modern consumers.

Neobanks also have disadvantages, here are the four most common:

While a 100% digital banking experience is convenient for many users, it can be a major disadvantage for other customers. This group of customers prefer face-to-face interactions especially when need assistance with complex banking financial transactions.

Neobanks do not have banking licenses issued by the RBI. This might concern a few users as Neobanks do not fall under the strict radar of financial regulations.&nbsp; A sudden RBI regulation to oversee Neobanks might raise many questions about their operations.

Limited Services Compared to Traditional Banks

In terms of services, most Neobanks are behind traditional banks. A wide range of loan products, wealth management services, and investment advisory are a few services that might leave some customer needs unmet.

As Neobanks operate only as a digital platform, they are more susceptible to cybersecurity threats. However, Neobanks take various security measures to protect customers from fraud. As a customer, you must remain vigilant while completing financial transactions online.

Receive 100% Safe and Compliant International Payments with Skydo

While Neobanks has shifted traditional banking towards digital, tech-savvy experience, they are not the only ones. Virtual banking account platforms like Skydo, offer digital platforms to business owners, exporters, and freelancers to receive international payment. Compared to traditional banks, Skydo is quick, affordable, and transparent.

Once your client pays in an international currency, it's converted to Indian Rupee (INR) based on real-time rates and credited to your bank account in 24-48 hours. Skydo also keeps your business compliant with regulatory norms by offering free Foreign Inward Remittance Advice (FIRA) for every transaction.

Sign up for Skydo in less than 5 minutes and start accepting international payments.

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Payoneer has been enabling cross-border payments since 2005, helping Indian businesses seamlessly connect with global clients. Through its virtual bank accounts, marketplace integrations, and multi-currency support, the platform has made international transactions more accessible than ever.

While <a href="https://www.skydo.com/blog/payoneer-payment-gateway-features-fees">Payoneer </a>offers a robust suite of global payment solutions, it may not always be the most optimal fit for every business.&nbsp;

Depending on your specific needs, there are other platforms that offer competitive pricing, faster settlements, or tailored features.

In this blog, we’ll walk you through the following 5&nbsp; five strong alternatives to Payoneer that might better suit your international payment requirements:

<a href="https://www.skydo.com/blog/payoneer-payment-gateway-features-fees">Payoneer is a global payment platform</a> established in New York in 2005. It helps businesses and freelancers receive international payments.

Here are some of the key features of Payoneer:&nbsp;&nbsp;

Virtual International accounts&nbsp;

Payoneer provides local bank account details in multiple countries, meaning you get a real US bank account to collect USD, a European business account for EUR, and more. When clients pay into these accounts, they make a local transfer - no international wire fees. Currently, you can get receiving accounts in USD, GBP, EUR and more.&nbsp;

While you get virtual accounts in 9 major currencies, Payoneer supports receiving online payments in over 70 currencies. Your clients can pay you through:

Payoneer has partnered with over 2,000 global marketplaces and platforms. If you're selling on platforms like Fiverr, Upwork, Airbnb, or Wish, your earnings automatically flow into your Payoneer account, no manual transfers are needed.

Being one of the oldest global payment platforms, Payoneer has built several features that make receiving international payments more manageable for Indian businesses and freelancers. Here are the main advantages:

Getting paid from marketplaces&nbsp;

Payoneer simplifies payouts for freelancers and sellers on platforms like Fiverr, Upwork, and Amazon. Your earnings land directly in your Payoneer account and can be easily withdrawn to your Indian bank.

Digital FIRA available at no extra cost&nbsp;

Payoneer provides free FIRA for every transaction which you can&nbsp; Every time you receive money, <a href="https://www.skydo.com/blog/payoneer-fees-india-guide">Payoneer</a> provides a free digital FIRA (Foreign Inward Remittance Advice). This document is crucial for Indian businesses as it helps you comply with RBI regulations and simplifies tax filing.

Supports multiple payment methods&nbsp;

Your clients can pay you through various methods:

Payoneer is a widely used platform with several convenient features for receiving international payments. However, like any platform, it has certain considerations to be aware of:

Payoneer follows a tiered pricing model, which may add up depending on your transaction volume and payment method:

It’s worth reviewing these carefully based on your business needs and payment volumes.

While many users benefit from Payoneer’s global support network, as per some reviews on G2, few users have experienced <a href="https://www.g2.com/products/payoneer/reviews?utf8=%E2%9C%93&amp;filters%5Bsentiment_snippet%5D=1424769">longer response times, especially during high-demand periods</a>. For Indian businesses, it’s helpful to plan ahead and explore available support channels to ensure smooth resolution in time-sensitive scenarios.

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

Let's explore five alternatives to Payoneer that can help you receive international payments more efficiently and cost-effectively:

Growing Global

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