Ever wondered why your international earnings seem slightly less than expected when they hit your account? The answer might be forex markup fees.&nbsp;

With Indian overseas spending reaching an all-time high of <a href="https://www.business-standard.com/india-news/indian-overseas-spending-hits-all-time-high-of-31-7-billion-in-fy24-124052200342_1.html">$31.7</a> billion in FY24 and more Indians earning in foreign currencies through salaries, freelance work, or export payments, understanding these hidden charges has never been more important.&nbsp;

These small percentage fees, typically 1% to 3.5% of each foreign transaction, can significantly reduce your international earnings over time. Knowing how forex markup fees or currency conversion markups work isn't just for travellers anymore (people carrying travel cards); it's essential knowledge for anyone receiving money from abroad.

This article will help you understand forex markup fees and how they impact international earnings. It will also provide practical solutions to minimize these charges when receiving foreign currency payments.

A forex markup fee, also known as foreign transaction fees, is an additional charge added to the exchange rate by banks, credit card providers, and payment processors when handling foreign currency transactions. While the mid-market exchange rate (what you see on Google or financial news sites) represents the actual value between two currencies, financial institutions rarely offer this rate. Instead, they add a small percentage, typically between 1% and 3.5%, to cover their costs and generate profit.

These seemingly small percentages can have a significant impact on your earnings:

Let's say you're a freelancer who received $10,000 from a US client. Now, let's consider that the live forex rate on that day is&nbsp; $1= INR 83. Now, as per the live exchange rate,&nbsp;you should ideally receive ₹830,000. However, if your bank applies a 3% forex markup fee, here's what happens:

What makes forex markup fees particularly problematic is their lack of transparency. Many financial institutions, especially traditional banks, don't explicitly mention these fees in their marketing materials or statements. Instead, they're quietly embedded in the exchange rate offered.

These hidden charges often go unnoticed for new businesses and freelancers entering the international market. You might assume the amount received is correct without realizing that a significant portion has been skimmed off through an unfavorable exchange rate.

To verify this yourself, always check the <a href="https://www.skydo.com/blog/all-you-need-to-know-about-firc-a-complete-guide">Foreign Inward Remittance Advice (FIRA</a>) document provided by your bank for each international transaction. This document shows the exact exchange rate applied to your payment. Compare this rate with the live mid-market exchange rate prevailing on that specific date (which you can find on Google or currency websites like XE.com). The difference between these rates reveals how much your bank has marked up the exchange rate—often without explicitly mentioning this fee.

Many professionals discover these fees only after comparing their FIRA documents and the actual mid-market rates—and by then, they've already lost considerable amounts of money on numerous transactions. Indian banks typically apply markups ranging from 1.5% to 3%, which can significantly reduce your international earnings.

Understanding these fees and regularly checking your FIRA against live exchange rates is the first step toward keeping more of your hard-earned international income in your pocket rather than paying unnecessary charges to financial institutions.

Where is the Forex Markup Fee Levied?&nbsp;

Forex markup fees appear in various financial transactions involving foreign currencies. Understanding where these fees lurk helps you recognise potential costs when receiving international payments. Here are the main places where forex markup fees are commonly charged:

During international travel and online shopping, people are already familiar with forex markup fees when using their credit and debit cards abroad or on international websites. When you purchase items in foreign currencies, your Indian credit card issuer company typically adds a 2-3.5% markup to the exchange rate, making that €100 souvenir cost more than the equivalent of ₹9,100 at a ₹91 per euro mid-market rate.

The same principle applies in reverse when you receive credit card payments in your home country from other countries. When a client pays you using their US-based credit card for services billed in Indian rupees, the card company similarly applies these markup fees during processing.

For example, a freelance graphic designer in Mumbai charging $1,000 for a project might see only ₹81,000 arrive instead of the expected ₹83,000 (at an exchange rate of ₹83 per dollar) because of a 2.4% markup fee applied by the payment processor. This reduces the effective exchange rate from ₹83 to approximately ₹81 per dollar, with the difference going directly to the payment processor or credit card company.

Banks apply forex markup fees whenever they convert currency, whether receiving wire transfers from abroad, depositing foreign checks, or when clients send money to your Indian account from their foreign bank accounts.

Consider an IT consultant receiving a €5,000 payment from a German client via bank transfer. While the mid-market rate might be ₹91 per euro (totaling ₹455,000), the bank might apply a 2% markup and convert at ₹89.18, resulting in only ₹445,900 reaching the consultant's account—a ₹9,100 difference that's rarely itemized on statements.

Popular payment platforms like<a href="https://www.skydo.com/blog/paypal-in-india-charges-review-alternatives"> PayPal, </a><a href="https://www.skydo.com/blog/payoneer-fees-india-guide">Payoneer</a>, and <a href="https://www.skydo.com/blog/stripe-india-charges-review-alternatives">Stripe </a>apply their forex markup fees when handling cross-border transactions. These platforms promote convenience but may charge higher markup fees than traditional banks.

For instance, an e-commerce seller receiving $2,000 from international customers through a popular payment platform might face two separate fees:

For example, if the platform charges a 1.5% transaction fee and a 2% forex markup on a $2,000 payment:

The combined effect of both fees means instead of receiving ₹166,000 (at ₹83 per $1), they only get ₹160,240—losing ₹5,760 in the process, with the indirect loss coming from two separate types of fees.

Some platforms are more transparent about these fees than others. While some break down their conversion rates and markups, others bundle these costs into a single "international transaction fee," making it difficult to understand precisely how much you're paying for local currency conversion.

Knowing where these fees appear allows you to make an informed financial decision about which payment methods to accept and which financial services to use for your international transactions.

Forex Markup Fee: Skydo Vs Other Platforms

While choosing your international payments platform, it is important to be aware of the exchange rate they are offering and whether they are levying any forex markup fee. Here's a table that quickly compares Skydo and other platforms on forex markup fee:

If saving on international payments matters to you, look for platforms like Skydo that offer live exchange rates with zero forex markup. Up next, we’ll break down exactly how this helps you cut costs and keep more of what you earn.

When receiving international payments, you can take several practical steps to minimize or completely avoid forex markup fees. These strategies help ensure you keep more of your hard-earned money rather than lose it to hidden currency conversion fees (Basically achieving zero forex markup fees).

Always enquire about the Forex Rate your payment platform is offering

Don't just accept the rate you're given. Before settling on a payment method or platform:

For example, if a client is sending you $5,000, a difference of even 1% in the exchange rate could mean ₹4,150 more or less in your pocket. Making a simple inquiry could save you thousands of rupees per transaction.

Check your FIRA to know what Forex Rate you were offered

Your <a href="https://www.skydo.com/blog/automated-firc-simplifying-international-payments-compliance">Foreign Inward Remittance Advice (FIRA)</a> is a critical document that shows the details of incoming foreign currency transaction fee, including:

Review this document carefully for each transaction and compare the rate you received against the mid-market rate on that due date and time. This practice helps you track exactly how much you're losing to markup fees over time and provides documentation if you need to challenge unfair rates.

Choose a platform that offers live Forex Rates

Some modern financial services and payment platforms now offer mid-market or "interbank" rates with transparent fee structures:

When evaluating platforms, look for those that separate their service fees from the exchange rate rather than hiding their profit in an inflated exchange rate.

By implementing these strategies, you can save thousands or even lakhs of rupees annually on your international earnings. The key is staying informed and proactive about how your money is converted rather than accepting whatever rate you're given.

Receive International Payments without any Forex Markup Fee with Skydo&nbsp;

Tired of losing chunks of your hard-earned international payments to hidden forex charges?&nbsp;

Skydo offers a transparent solution for freelancers and businesses receiving foreign currency. With zero forex markup fee and live exchange rates, you'll get substantially more from every payment.&nbsp;

Skydo calculator shows the difference clearly—on a $7,000 payment, you'd receive ₹6,06,299 with Skydo compared to just ₹5,98,869 through banks (1.2% loss) or ₹5,53,272 via <a href="https://www.skydo.com/blog/paypal-in-india-charges-review-alternatives">PayPal </a>(8.7% loss).&nbsp;

Stop losing money on international earnings!

<a href="https://www.skydo.com/">Try Skydo now!</a>

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Forex markup fee

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

With the power of the internet, you can work with clients thousands of miles away. However, signing a foreign client is only the first step in growing an international business.&nbsp;​Selecting the appropriate international payment methods is crucial for effectively managing and scaling your business. Each method offers unique features, fees, and integration capabilities, so it's essential to choose one that aligns with your business needs.

This blog will be your go-to guide to choosing the right solution as your long-term payment partner. We have identified four of the best international payment methods and analyzed them by highlighting their pros and cons.

Top 4 International Payments Methods in India

India’s service exports grew by <a href="https://www.business-standard.com/markets/capital-market-news/india-s-services-export-up-16-5-in-january-2025-125021701063_1.html">16.5%</a> in 2025, indicating that more small and large businesses and freelancers might expand their business overseas. To help them pick the right payment platform, here are the pros and cons of the four most popular international payment methods.

<a href="https://www.skydo.com/blog/swift-money-transfer-ultimate-guide">SWIFT&nbsp;money transfers</a> are essentially international money transfers that happen via banks. Note that SWIFT is not a bank that holds money. Rather it is a messaging network that banks use to send money across borders. facilitates the movement of funds across borders. SWIFT payment is definitely the most popular international payment method, especially among established and big businesses. But is it the right choice for you? Let's take a quick look at its pros and cons:&nbsp;

SWIFT transfers via banks are considered one of the safest and most secure international payment methods, thanks to its robust networking infrastructure and strong protection measures. However, while accepting a payment via SWIFT make sure to share the correct details to avoid any delays or cancellations.&nbsp;&nbsp;

Nearly every country and currency is covered under SWIFT making it the most popular and universally accepted international payment method. The advantage is you can work with clients from almost any country without worrying about compatibility

Online Banking Services Making It More Convenient

Most banks offer SWIFT as part of their online banking services. That means you can manage your international transactions from the comfort of your home or office.&nbsp;

The settlement time of a SWIFT transfer can be up to 5 business days or more depending on intermediary banks, holidays etc. For small businesses, such a long settlement time can cause cashflow issues.

The total fees on SWIFT transfer take a deep cut on the amount you receive. For starters, an average transfer from the US can cost $15-$50, which is mostly passed on to the receiver by the payer.&nbsp;

The receiving bank might also charge an inward remittance fee based on their policy. However, beyond SWIFT fee, banks make the most money via forex markup. Most banks do not provide live forex rates while converting money, instead, they offer you lower exchange rates. For example, if the live forex rate is 1USD = INR 86, banks may offer you 84. So for a payment of USD 5000, you will get INR 4,20,000 (84*5000) instead of INR 4,30,000&nbsp;(86*5000)

Forex markup coupled with SWIFT fee and other ancillary fees can make SWIFT transfers via banks a rather expensive international payment method

<a href="https://www.skydo.com/blog/all-you-need-to-know-about-firc-a-complete-guide">FIRA or Foreign Inward Remittance Advice</a><a href="https://www.skydo.com/blog/all-you-need-to-know-about-firc-a-complete-guide" target="_blank">&nbsp;</a>serves as proof of export income from abroad. Every Indian business or freelancer having foreign income needs to acquire FIRA. Now while banks issue FIRA for every international payment, it is not a default action. You need to request your bank for the same and most banks levy a fee to furnish FIRC. HDFC bank, for example, <a href="https://www.hdfcbank.com/personal/pay/money-transfer/remittance/fees-and-charges">charges Rs. 200&nbsp;for issuing a single FIRA.</a>

While bank-mediated SWIFT transfers are a widely used international payment method, their extended settlement times—often ranging from one to five business days—and substantial fees may not suit every business's needs.

Virtual bank accounts are a modern international payment method that is gaining rapid popularity among Indian businesses. Platforms like Skydo offer users virtual bank accounts in countries like the US, UK, and Australia. Clients in these countries can send payments to these virtual accounts as local transfers, avoiding the hassle and cost of international transfers.

The platforms then consolidate these local payments and transfer them to the recipient’s personal bank account.&nbsp; Can virtual bank accounts become your preferred international payment method? Let's find out:

Virtual accounts are much faster compared to SWIFT in settling transactions. Platforms like Skydo settle a transaction within 24 -48 hours, providing your business with instant liquidity&nbsp;

When your client pays you in your virtual bank account, it becomes a local transfer and not an international transfer thereby bypassing the SWIFT fee. However, different platforms offering virtual accounts charge their respective fees. Skydo simply charges USD 19 for payments under USD 2000, USD 29 for payments between USD 2000-10,000 and 0.3% for payments above USD 10,000. That's it. Most importantly, unlike banks and many other international payment methods, Skydo converts your payment at a live forex rate without any markup. If the prevailing exchange rate is 1USD= INR 86, that is the exchange rate you will get, ensuring you keep the maximum of what you get.&nbsp;

Most platforms offering virtual bank accounts also offer FIRA saving you the hassle of following up with banks. Skydo for example offers free and instant FIRA for every transaction, easing your compliance burden.&nbsp;

Virtual accounts have advanced security features like encryption, multi-factor authentication, and real-time fraud monitoring. Also, if your virtual account number gets compromised, no one can gain access to your bank account

Virtual accounts are like delivery agents – they receive money and transfer it to your bank account. They cannot hold it, which might not be preferable for a few businesses

​Virtual bank accounts are recognized as safe and secure methods for international payments, offering benefits such as reduced fees and faster transactions. However, due to their relatively recent emergence, some international clients may be hesitant to adopt them.&nbsp;

Payment gateways are digital intermediaries facilitating payments between you and your client. A payment gateway aggregates different payment methods so you can provide multiple options to your client making it a popular international method, especially for e-commerce businesses. For example, if you’re using a<a href="https://www.skydo.com/blog/paypal-in-india-charges-review-alternatives"> payment gateway like PayPal</a>, you can offer your clients to pay via credit card, debit card or from their PayPal account. The flexibility is convenient for you and your client and simplifies the entire payment process.&nbsp;&nbsp;

Payment gateways are highly secure for handling sensitive information. They adhere to the guidelines of the Payment Card Industry Data Security Standard (PCI DSS) to protect data like credit card numbers and avoid data breaches.

Payment gateways can be easily integrated into websites or online stores, allowing any international buyer to make hassle-free payments in their currency, including purchasing a luxury watch from<a href="https://laatukoru.fi/en/collections/tissot"> Tissot.</a>

Payment gateways allow different options to make payments like credit cards, bank transfers or e-wallets based on the user’s preference

Payment gateways charge fees in different categories and can be quite high for small businesses and freelancers. For example, <a href="https://www.skydo.com/blog/paypal-transaction-fees-india">PayPal charges</a> a 4.4% transaction fee, coupled with a fixed fee and 4 currency conversion fee.&nbsp;

The level of customer support varies according to the region. For example, PayPal doesn't have an India-based support team, making it difficult for Indian businesses to get in touch with them.

​Redirecting customers to an external payment gateway during checkout can disrupt the buying experience, leading to potential confusion and security concerns.

Online remittance platforms like Western Union, Wise p2p allow anyone to make cross-border payments effortlessly. They are fast, secure, and like payment gateways, they accept multiple payment methods like bank transfers and credit cards. They offer real-time payment tracking and lower fees, making it an affordable international payment method.&nbsp;

Online remittance platforms usually take less time to settle transactions. They are available to use 24/7 and can be done via a mobile app too

These platforms often offer competitive rates compared to banks. Therefore, you get a high value when the amount is converted to domestic currency

With real-time tracking, encryption, and fraud detection techniques, online remittance platforms are considered safe for cross-border payments

In case of a technical failure or server downtime, there might be a delay in payment, causing an inconvenience

While remittance platforms are quite popular, they might not be available in certain regions

Most remittance platforms are transparent about their fees, however, there still could be hidden charges on currency exchange rates. It’s advisable to do due diligence before choosing the right platform.&nbsp;

The convenience and easy-to-use interface of remittance platforms make it a more popular choice for personal transfers. However, it might not be the most apt international payment method for businesses as these platforms mostly don't provide FIRA, making compliance harder for businesses.

Skydo: Your Top International Payment Method in 2025

Virtual accounts are reliable, quick, and hassle-free. Moreover, the fees are affordable, which makes it a perfect fit for emerging businesses and freelancers to grow their international business. If virtual accounts hold the top position in your priority list, you must try Skydo.&nbsp;

With Skydo, you can create virtual accounts in regions like the US, the UK, Singapore, and Australia. After you receive the payment from these regions, Skydo consolidates the payments and transfers them to your bank account within 24 hours, providing quick liquidity.&nbsp;

But it’s often challenging to keep track of clients’ payments; Skydo’s real-time payment tracking feature could help. Send personalized reminders, get updates when the client sees the reminder, and get notifications when the payment status changes from transit to receipt. All of this from a single dashboard.&nbsp;

Skydo also offers live Forex rates, providing you the best value for money and instant FIRA for free to keep your business compliant with RBI regulations. These two points are the biggest highlights that separate Skydo from other platforms including banks.

While cost-effectiveness is Skydo’s plus point, its 5-minute onboarding process and India-based customer support team are the other reasons to make Skydo your international payment partner.&nbsp;

Is Skydo the right solution for your business? Find out with a<a href="https://www.skydo.com/"> free demo</a>

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Receiving global payments as an Indian freelancer or business?&nbsp;

Your choice between Payoneer and Wise directly impacts your earnings and overall business experience. On a $10,000 payment, the difference can exceed ₹15,000 in your pocket, but the platforms also differ in crucial areas like user experience, customer support, and compliance features.

Both offer virtual accounts and multi-currency support, but their fixed fee structures, processing times, and service quality mean that not only does the amount landing in your bank account vary significantly, but also how smoothly your international payment operations run. The right choice depends on your business needs for cost efficiency, regulatory compliance, and day-to-day payment management.

This comparison reveals which platform lets you keep more of what you earn and when each makes financial sense for your business situation.

Payoneer vs. Wise: Understanding the Differences&nbsp;

<a href="https://www.skydo.com/blog/payoneer-payment-gateway-features-fees">Payoneer</a> is a global payment platform that helps Indian freelancers and businesses receive international payments through multiple methods. It provides virtual receiving accounts in major currencies (USD, EUR, GBP, etc.), allowing your clients to pay you locally via bank transfers. The platform integrates with significant marketplaces and <a href="https://dynamicmockups.com/print-on-demand/best-ecommerce-platform-for-print-on-demand/">eCommerce platforms </a>like Fiverr, Upwork, Amazon, and Airbnb and offers additional features like customizable payment requests and invoice creation.

You can get a detailed analysis of <a href="https://www.skydo.com/blog/payoneer-fees-india-guide">Payoneer Fees right here.&nbsp;</a>

<a href="https://www.skydo.com/blog/transferwise-india-features-benefits-pros-cons">Wise (formerly TransferWise)</a> is a global payment platform that enables Indian freelancers and businesses to receive international payments in over 70 currencies. It provides virtual international accounts in major currencies and regions, including the US, EU, UK, and Australia. Wise differentiates itself by offering mid-market exchange rates without markup, instead charging a transparent conversion fee that varies by currency.

Payoneer vs. Wise: A Quick Comparison&nbsp;

Before you commit to either platform, understand precisely how they impact your overall business operations and bottom line. Here's a quick comparison of both platforms to help you make an informed choice:

Skydo: An Affordable Alternative to Both Payoneer and Wise

Indian freelancers and businesses searching for better international payment solutions need to consider Skydo - a platform specifically designed for the Indian market that offers significant cost advantages over Payoneer and Wise.

Skydo is an India-focused international payment platform that provides virtual global bank accounts across 10+ countries, including the US, UK, Canada, and Australia. Built specifically for Indian businesses and freelancers, it enables payment receipt from international clients and marketplaces with transparent pricing and zero forex margin. Skydo emphasizes cost savings while offering complete payment solutions, which include invoicing, tracking, and compliance documentation.

​Skydo integrates seamlessly with marketplaces like Amazon, offering tailored services that empower Indian MSMEs and D2C startups to focus on growth and reach global markets.

With no cap on payment volume per invoice, affordable flat fees, live forex rates without any markup, and an India-based support team, Skydo combines the best features of platforms like Wise and Payoneer, providing a comprehensive solution for Indian businesses managing international payments. ​

By choosing Skydo, you're opting for a platform that simplifies cross-border transactions, enhances efficiency, and ensures you retain more of your earnings. Make the switch to Skydo today and maximize your profits.

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Wise Vs Payoneer

Choosing between Wise vs PayPal for international payments 2025 can significantly impact your bottom line. As an Indian freelancer or business owner receiving money from abroad, every percentage point in fees matters.&nbsp;

While PayPal and Wise offer reliable ways to get paid, they differ dramatically in their approach to fees, exchange rates, and features.&nbsp;

Let's dive into a practical comparison to help you pick the platform that puts more money in your pocket.

Wise vs PayPal: Understanding the Differences

<a href="https://www.skydo.com/blog/transferwise-india-features-benefits-pros-cons">Wise (formerly TransferWise)</a> is a digital financial platform specializing in international money transfers. Wise stands out for using accurate mid-market exchange rates and transparent fee structures. For Indian businesses and freelancers, Wise Account offers multi-currency accounts that let you receive payments from over 50 countries as if you had a local bank account.

It started as a peer-to-peer remittance service allowing individuals to send and receive money without intermediaries like banks. Later, it grew as a business-to-business money transfer service for organizations to receive and make international business payments.&nbsp;&nbsp;In India, Wise Business lets you receive international payments in multiple currencies, but you can’t use it to send business payments abroad. Also,&nbsp; Wise&nbsp; Debit card is not available to businesses in India.&nbsp;

Moving forward, we'll focus on comparing Wise Business and PayPal for receiving international payments, excluding Wise's peer-to-peer service

For r<a href="https://www.skydo.com/blog/wise-transfer-charges-in-india">eceiving payments in India:</a>

🔖<a href="https://www.skydo.com/blog/top_5_wise_alternatives_for_international_payment">Learn about the Wise alternatives</a>

<a href="https://www.skydo.com/blog/paypal-in-india-charges-review-alternatives">PayPal</a> is a payment platform serving over 400 million users worldwide. It functions primarily as an international payment gateway, letting you receive money from clients across 200+ countries. While PayPal offers extensive features globally, its services in India are explicitly focused on cross-border transactions.

<a href="https://www.skydo.com/blog/paypal-transaction-fees-india">For receiving international payments:</a>

🔖<a href="https://www.skydo.com/blog/top-paypal-india-alternatives-for-international-payment">Learn about the PayPal alternatives</a>

Let's examine how Wise vs. PayPal compares when receiving international payments in India. With significant differences in their fee structures and features, choosing between these platforms can directly impact your earnings.&nbsp;

Here's a comprehensive breakdown of PayPal vs Wise to help you make an informed decision:&nbsp;

Skydo: An Affordable Alternative to Wise and PayPal&nbsp;

When comparing Wise vs PayPal, it's worth considering emerging alternatives that offer even better value. Skydo is an India-made solution designed explicitly for receiving international online payments with significantly lower fees than TransferWise and PayPal.

Skydo is a modern payment platform tailored for Indian businesses and freelancers receiving international payments. It provides virtual global bank accounts in 10+ different countries, including the United States, UK, Canada, and Australia. These accounts give you local banking details that clients can use to send payments as domestic transfers - eliminating SWIFT fees and international wire charges that typically cost $20-40 per transaction.

Curious if Skydo is the right fit for your business?<a href="https://www.skydo.com/">&nbsp;Sign up for a free demo&nbsp;</a>to find out.

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When dealing with international clients, you need the right payment partner to ensure timely payment. Skydo and Wise are trustworthy and reputed platforms helping business owners streamline this process. Wise (formerly TransferWise) is known for its global presence and multi-currency accounts while Skydo is popular for its flat fee structure and high-quality support.

But you don't need two platforms; you just need one that fulfils most of the requirements. This blog will help you pick the right one by comparing their pros and cons and fee structures with an example.

Skydo vs Wise: Understanding the Differences

Wise and Skydo enjoy a strong reputation as payment solutions. However, their differences will help you decide which one meets most of your needs

Wise (<a href="https://www.skydo.com/blog/transferwise-india-features-benefits-pros-cons">formerly TransferWis</a>e) was founded in 2011 and soon gained popularity due to its pricing and user-friendly interface. It started as a peer-to-peer remittance service allowing individuals to send and receive money without intermediaries like banks.

Later, it grew as a business-to-business money transfer service for organisations to receive and make international business payments via <a href="https://www.skydo.com/blog/virtual-account-numbers">international virtual accounts</a>. Based on the location, Wise also offers business debit cards to its users, although&nbsp;Wise&nbsp;Debit card is not available to businesses in India.&nbsp;

Moving forward, we'll focus on comparing Wise Business and Skydo for receiving international payments, excluding Wise's peer-to-peer services.&nbsp;&nbsp;

Wise charges a conversion fee in the range of 1.7-1.9% of the transaction amount and it varies depending on the currency.&nbsp; For example, when receiving a payment of USD 1,000, USD 17 will be deducted as Wise fee/conversion fee.&nbsp;

Wise uses mid-market exchange rates to convert payments without levying any markup.&nbsp;

Wise also charges an additional fee for issuing digital FIRA for every transaction. This fee again varies across currency, for USD payments it is USD 2.50 per FIRA

Skydo is an India-based international payment platform offering businesses virtual accounts in key geographies like the US, UK, Europe, Australia and more to receive cross-border payments seamlessly.&nbsp;In addition to facilitating international payments, Skydo offers businesses tools to create professional invoices and monitor payments in real-time, simplifying the process for exporters.

Skydo has a transparent fee structure and converts payments at live forex rates without levying any markup, unlike banks and many other payment platforms.&nbsp; Skydo also offers instant FIRA for every payment you receive automatically at no additional cost.&nbsp;As a homegrown brand, Skydo offers India-based customer support to assist new users throughout the onboarding process and address any queries existing users may have.

Skydo offers a transparent, fee structure for receiving international payments:

Additionally, Skydo converts your funds at live forex rates with no markup, ensuring you receive the most competitive exchange rates.

Receiving USD 10,000 in India with Skydo vs Wise

How much can you expect to receive via Skydo vs Wise if a US-based client transfers USD 10,000? Let's find out:

By choosing Skydo, you can save $165 in fees, resulting in over ₹11,520 more credited to your bank account.

But Skydo offers more than just competitive fees:

Curious if Skydo is the right fit for your business? <a href="https://www.skydo.com/">Sign up for a free demo</a> to find out.

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Skydo Vs Wise

Since its launch in 2000, PayPal has become a go-to platform for businesses handling international payments. Its strong reputation and global reach make it a popular choice for Indian businesses as well.

If you're exploring <a href="https://www.skydo.com/blog/paypal-in-india-charges-review-alternatives">PayPal for your business </a>and not sure if it’s the right fit for you, then you’ve come to the right place.&nbsp; We have done a quick but detailed analysis of PayPal’s transaction fees and more so you know how much you pay for each transaction. We will also suggest a more cost-effective alternative to PayPal at the end of the blog.

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