Imagine you’re an international buyer,&nbsp; say, a U.S. company, and your Indian supplier has sent an invoice asking you to pay into a “Skydo Virtual Account” instead of a traditional Indian bank. It’s natural to wonder: Is this safe and legal? The short answer is yes. 

In fact, you’d be in good company: Amazon, Stanford University, Microsoft, and many others already use Skydo’s <a href="https://www.skydo.com/blog/virtual-account-numbers">virtual accounts</a> to pay their Indian vendors. Skydo’s virtual accounts are simply local bank accounts set up for each currency (USD, EUR, CAD, SGD, etc.) and are backed by real regulated banks. Paying into a Skydo account means you’re actually sending money to a major bank (in the U.S., Europe, Singapore, etc.), not into some anonymous wallet.

In practice, you wire dollars to a Community Federal Savings Bank (New York) account or send euros to a Barclays<a href="https://www.skydo.com/blog/iban-number-meaning-full-form">/IBAN account,</a> and Skydo’s system credits the Indian exporter and provides them with the required digital paperwork (<a href="https://www.skydo.com/blog/all-you-need-to-know-about-firc-a-complete-guide">the FIRA</a>) for RBI&nbsp; (India’s central bank, regulating the financial system) compliance. This process is faster, cheaper and more transparent than a traditional <a href="https://www.skydo.com/blog/swift-money-transfer-ultimate-guide">wire/swift transfer</a>,&nbsp; and it comes with industry-grade security.

How Virtual Accounts Work – Faster, Cheaper, Transparent

A “virtual account” in Skydo’s terms works like this: when your vendor signs up with Skydo, they instantly get bank accounts in 10+ countries (USD, EUR, CAD, GBP, AUD, SGD, etc.). From the payer’s perspective, you just wire money to a normal-looking bank account in your country or region.&nbsp;

Behind the scenes, Skydo’s platform collects that money, converts it at real-time mid-market rates with a minimal fee, and remits INR to the exporter’s Indian account. This avoids the usual multi-bank wire chain and opaque fees of traditional FX. For example, Skydo charges a flat USD $19 for payments up to $2,000, or $29 up to $10,000, with zero hidden markups.&nbsp; The exporter covers the fee, so you can pay the full invoice amount without worrying about extra charges or deductions.

Unlike international wire transfers to Indian bank accounts, payments to a Skydo virtual account are treated as local transfers. That means you skip SWIFT fees, avoid lengthy settlement timelines, and don’t have to deal with repeated follow-ups from your supplier. Funds typically clear within 24–48 hours.

One reviewer of Skydo noted that using it was “an amazing experience … completely hassle free” for international invoicing In short, paying to a Skydo virtual account means your money moves as if it were a local transfer (often clearing in 24 hours) while the exporter still gets the correct tax-compliant confirmation (FIRA) on their end.

Skydo runs on global financial rails, partnering with banks you already know and trust.

For example, <a href="https://www.bankingcircle.com/banking-circle-partners-with-skydo-to-accelerate-cross-border-collections-for-indian-businesses/">Banking Circle (a fully licensed next-generation bank with central bank access in Europe) has entered a strategic partnership with Skydo</a> to expand payment options for UK/EU and&nbsp; Australian clients.&nbsp;

In Asia, Skydo uses accounts at DBS Bank (Singapore). For USD payments, Skydo issues accounts via Community Federal Savings Bank (a New York bank). For Canada, it uses Digital Commerce Bank (a regulated Canadian bank), and for Europe/UK, it taps banks like Barclays and other IBAN providers.&nbsp;

In India, Skydo partners with HDFC Bank (one of India’s largest private banks) to reconcile the rupees on the exporter’s side. It even leverages Currencycloud (a Visa company) for multi-currency accounts.&nbsp; In short, every virtual account is held at a major bank – you’re not sending money into thin air, but into real bank rails.

“We’re constantly in search of global rails that make payments faster, cheaper and more compliant,” says Skydo’s CEO Srivatsan Sridhar, about their Banking Circle tie-up.&nbsp; By “rails”, he means real bank accounts and networks. Thanks to these partnerships, US and European buyers pay in dollars or euros as normal. Skydo’s system handles the rest, offering local payment details for multiple currencies in just a few minutes

Beyond the banks, Skydo invests heavily in security and compliance. The platform is ISO 27001 certified and AICPA SOC 2 compliant, meaning it meets top industry standards for data protection and system reliability. All payment data is encrypted in transit and at rest, with strict access controls. Skydo also requires two-factor authentication on logins and continuously monitors for any suspicious activity.

Skydo’s team (with AI-powered tools) actively flags anomalies in real time: every transaction is screened against AML/KYC rules, and any unusual pattern is immediately investigated. As Skydo notes, “if anything seems amiss, we immediately investigate to ensure your data’s integrity and our platform’s security” Put simply, paying via Skydo is as safe as any major bank transfer – probably safer, since their systems are built for secure global flows.

Skydo is also fully approved by regulators. It recently received in-principle authorisation from India’s Reserve Bank (RBI) to operate as a Payment Aggregator – Cross Border (PA-CB) entity. This is the same RBI framework that governs other licensed fintechs such as<a href="https://www.skydo.com/blog/paypal-in-india-charges-review-alternatives"> PayPal</a>, <a href="https://www.skydo.com/blog/transferwise-india-features-benefits-pros-cons">Transferwise</a> etc. to process cross-border flows in India; it means Skydo must follow strict rules on transaction security, compliance and audit. In short, RBI has vetted Skydo’s model. By now, Skydo serves over 20,000 Indian exporters and processes hundreds of millions of dollars annually, so your payments become part of a well-established system, not a back-alley workaround.

Key reasons to trust Skydo’s virtual accounts:

In short, paying into a Skydo virtual account is simply a modern, regulated way to move money internationally. It offers the same level of security as wiring to a major global bank, while being far more convenient for both you and the exporter. By using trusted global banks and following global compliance, Skydo makes cross-border invoicing as seamless as domestic payments. The next time an Indian partner asks you to pay via Skydo’s virtual account, you can be confident it’s secure, compliant, and in fact better than the old wire-transfer route.

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

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

From high transfer fees and intermediary deductions to delays in receiving funds and getting compliance documents like <a href="https://www.skydo.com/blog/all-you-need-to-know-about-firc-a-complete-guide">FIRA</a> or <a href="https://www.skydo.com/blog/what-is-e-brc">eBRC</a>, traditional methods often create friction.

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

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

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

What Are the Best Alternatives to SWIFT Payments?

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

1. Skydo – Swift Payment Alternative Built for Indian Exporters

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

❌ Can be pricey for payments under $1000

❌ Doesn't yet support card payments&nbsp;

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

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

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

❌ Currently only for freelancers and solopreneurs&nbsp;

Well-known among ecommerce and Amazon sellers.

✅ Supports multiple marketplace integrations like Amazon, Upwork

✅ Free FIRA for every transaction&nbsp;

🚫 High forex markup while withdrawing in INR

A popular option for Amazon and ecommerce exporters.

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


✅ Integrated with major marketplaces (Amazon, eBay)

❌ Fees can add up for bigger transactions

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

✅ Instant setup and global recognition


Why Exporters Are Moving from Banks to Skydo

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

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

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

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

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India’s export story is a headturner: <a href="https://www.pib.gov.in/PressReleasePage.aspx?PRID=2126119">US$824.9 billion in FY 2024–25</a>, a promising 6% growth over the previous year.&nbsp; So if you are a freelancer or a business owner, this is the right time to take advantage of the momentum and expand your business overseas.

But, behind this impressive headline, there is a costlier reality. Many small Indian business working with overseas clients are giving their profits to hidden international transaction charges.&nbsp;

In this blog post, we'll uncover these hidden charges and provide practical tips to help you keep more of what you earn from foreign currency transactions.

Common International Transaction and Payment Charges

What are the different types of foreign transaction fees? When are they applied? What is the total cost? We answer all of these questions in this part of the blog.

When a client sends you money via a <a href="https://www.skydo.com/blog/swift-money-transfer-ultimate-guide">SWIFT transfer</a>, their bank typically applies an outward SWIFT fee, usually ranging from $15 to $30 per transaction.

In many business cases, this fee is either deducted from the payment amount or passed on to the recipient. Additionally, the payment may pass through multiple intermediary banks, each potentially charging its own fee, making the total cost difficult to predict.

Once the payment reaches your Indian bank, some banks may also levy an inward SWIFT fee, further reducing the final amount credited to your account.

While SWIFT transfers are widely used and secure, it’s important to be aware of these layered charges, as they can impact the net amount you receive.

When you receive international payments, banks usually convert the foreign currency to INR using a rate that includes a <a href="https://www.skydo.com/blog/forex-markup-fee-explained">forex markup</a>, typically around 1% to 3.5% above the mid-market exchange rate (the actual rate you see on platforms like Google or XE).

This markup isn’t shown as a separate fee. Instead, it's baked into the exchange rate you're offered. For instance, if the mid-market rate is ₹83 = $1, your bank might convert it at ₹80.5, meaning you receive less per dollar.

Over larger transfers, this difference can add up. On a $10,000 payment, a 3% markup could result in nearly ₹25,000 less than what you'd get at the mid-market rate.

While this is standard practice across many banks and platforms, it's worth understanding how it affects your final payout, especially if you're receiving payments regularly.

As part of RBI compliance, anyone receiving international payments in India must obtain a <a href="https://www.skydo.com/blog/automated-firc-simplifying-international-payments-compliance">Foreign Inward Remittance Advice (FIRA)</a>, a document that confirms the inward remittance and serves as proof for audits, tax filings, or export benefits. This document is typically issued by the receiving bank in India, often for a fee. For example, HDFC Bank charges ₹200 + 18% GST per FIRA, while <a href="https://www.idbibank.in/pdf/IDBI-Trade-Current-Account.pdf">IDBI Bank</a> may charge up to ₹150 + GST per remittance.

While the fee might seem small, it can add up quickly for businesses or freelancers handling frequent international transactions, making it important to factor in when evaluating total payment costs.

Payment gateways like PayPal, Stripe make it easier for freelancers and businesses to receive payments from international clients. However, these platforms come with a mix of transaction and currency conversion fees that are important to understand.

For example, <a href="https://www.skydo.com/blog/paypal-transaction-fees-india">PayPal charges a 4.4% transaction fee </a>plus a fixed fee (typically $0.30 for USD). Additionally, a 4% currency conversion fee is applied on top of the prevailing exchange rate. This means the effective exchange rate you receive is usually lower than the market rate.

If a client sends $10,000, total deductions may be around $440.30, leaving you with $9,559.70. At an adjusted exchange rate of ₹81.6 per USD, the final amount in INR would be about ₹7,80,071. At the mid-market rate of ₹85/USD, the amount would have been ₹8,50,000, a difference of nearly ₹70,000.

While these platforms offer ease of use and global acceptance, it’s worth comparing fees and exchange rates, especially for larger payments or high volumes.

Hidden charges when receiving foreign payments in India

Many Indian businesses and freelancers assume they’re receiving the full payment their international client sent. But in reality, you often receive less than what was transferred, thanks to hidden charges that aren’t clearly disclosed upfront. Here’s where the money quietly slips away:

To understand the impact of these charges, let's see how much you would actually receive from a 10,000 US Dollars payment through different payment methods:

Bank (SWIFT Transfer) Fees: $30 SWIFT fee&nbsp; Forex Markup: ~2% Amount After Fees: $9,970&nbsp; Exchange Rate: ₹83.3 (mid-market ₹85 - 2%)&nbsp; Final Amount: ₹8,30,201

PayPal
 Fees: 4.4% ($440) + $0.30 fixed fee Forex Markup: ~4% Amount After Fees: $9,559.70 Exchange Rate: ₹81.6 (mid-market ₹85 - 4%) Final Amount: ₹7,80,071

Wise Fees: $162 (1.62% conversion fee) Forex Markup: None (mid-market rate used) Amount After Fees: $9,838&nbsp; Exchange Rate: ₹85&nbsp; Final Amount: ₹8,36,230

Skydo Fees: Flat $29 Forex Markup: None (mid-market rate used) Amount After Fees: $9,971&nbsp; Exchange Rate: ₹85 Final Amount: ₹8,47,535

🧾 Assumption: Mid-market USD/INR rate = ₹85

Note: A few additional charges might apply. Like banks and Wise, they charge a fee for issuing an FIRA. The amount differs from one bank to another, and for Wise, the per FIRA charge is $2.5.

How to Calculate Charges for International Payments?

International payments often come with multiple hidden charges that reduce the final amount you receive. Here's how to break it down:

Account for SWIFT or intermediary bank charges. If the payment is via international wire transfer, intermediary banks may deduct $10–$40 during the transaction, and you may not even be notified.

Want to avoid these losses?
Platforms like Skydo offer live forex rates and full transparency, so you know exactly how much you'll receive before the money lands in your account.

Tips to Reduce International Transaction Charges

Now that you know where hidden fees come from, here are some actionable ways to keep more of what you earn:

1. Monitor the Mid-Market Exchange Rate

Always check the live USD/INR rate on Google or XE before confirming a payment. This gives you a reliable benchmark to compare against what your bank or payment platform offers, and helps you spot any built-in markup.

2. Review Your FIRA or Credit Advice

Your Foreign Inward Remittance Advice (FIRA) or bank statement shows the exact rate applied. Compare this with the mid-market rate from the payment date to calculate the forex markup, it's often more than you think.

3. Negotiate with Your Bank (If You're Using One)

If you receive international payments frequently, speak with your bank about lowering forex markups or waiving inward SWIFT fees. Banks may offer better terms to customers bringing consistent foreign inflows, but only if you ask.

4. Use Virtual Accounts to Avoid SWIFT Fees

Platforms like Skydo and Wise offer virtual USD, EUR, and GBP accounts. These accounts allow your clients to pay you using local payment methods (like ACH or SEPA), avoiding SWIFT altogether. The result:

5. Choose Transparent Platforms 
 Avoid platforms that show only the “final amount” without explaining how it was calculated. Services like Wise use the mid-market rate and clearly list fees upfront. Skydo offers flat pricing till USD 10,000 and zero forex markup, so there are no surprises when the funds arrive.

Skydo: Transparent, Seamless International Payments

For Indian freelancers and businesses working with international clients, Skydo offers a cost-effective alternative to traditional banks and payment gateways. With Skydo, you benefit from:

Skydo is a transparent and cost-effective partner for freelancers and business owners with international clients. <a href="https://www.skydo.com/">Sign up now</a> to give it a trial.

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BACS full form is Bankers’ Automated Clearing System. It is a 54-year-old payment system that’s been the backbone of UK (United Kingdom) banking. Operated by <a href="http://pay.uk">Pay.UK</a>, which is the organization responsible for overseeing the UK’s major payment systems, BACS is trusted by nearly all major UK banks for moving money electronically.

In this blog, we will help you understand what BACS is, how it works, and how you, as an Indian freelancer or business owner, can use BACS to receive payments in India from your UK clients.

BACS, or Bankers' Automated Clearing System, is the electronic payment system that manages everyday money transfers across the UK. It's trusted by individuals and businesses alike to send and receive funds securely between UK bank accounts. To give you a sense of scale, BACS processed<a href="https://www.wearepay.uk/wp-content/uploads/2024/11/Quarterly-Statistical-Report-2024-Q3.pdf"> 1.7 billion payments</a> with a total value of £1,473 billion in only the third quarter of 2024.

How BACS Payments Work (Timing and Process)

BACS payments follow a simple but structured process, so you always know when to expect your money.

A typical BACS transfer takes three working days from start to finish. Here’s how it works:

So, if a BACS payment is made on Monday, it will be credited to a user's account by Wednesday.

According to this timeline, BACS operates only on UK banking days (Monday to Friday). Payments submitted near weekends or public holidays will take longer. The BACS payment system advises users to download the<a href="https://www.bacs.co.uk/media/hvjgrldj/bacs-processing-calendar_2025.pdf"> processing calendar</a> so that they can plan their payments accordingly.

To receive a BACS Direct Credit, a user will need:

No <a href="https://www.skydo.com/blog/iban-number-meaning-full-form">IBAN </a>or <a href="https://www.skydo.com/swift-code-finder">SWIFT code</a> is required for BACS transfers, just these basic UK bank details.

If a company is dealing with BACS Direct Debit payments or setting up payroll, they also need a BACS Service User Number (SUN). The SUN is a unique six-digit number assigned to an organization, allowing it to collect payments through direct debits. But as a freelancer or exporter, you’ll mostly be working with Direct Credits.

Wondering about the costs and limits when using BACS? Here are a few aspects about BACS that you will find interesting:

BACS transfers are one of the cheapest ways to move money in the UK. Sending a payment usually costs between 5p and 50p per transaction as bank charges, depending on your bank or payment provider. That’s cheaper than other systems like CHAPS payments, which mostly cost £20–£30 per transfer. And<a href="https://www.skydo.com/blog/swift-money-transfer-ultimate-guide"> SWIFT international transfers</a> that cost anywhere from £5 to £25. BACS is designed for everyday business payments, so you keep more of the sender's earnings.

When someone receives a BACS payment, they don’t pay any fees. The sender covers all the costs, meaning if your client sends £1,000, you get the full amount in your account

BACS can handle payments of up to £1 million per transfer. This is much higher compared to<a href="https://www.skydo.com/blog/everything-about-fps-bacs"> Faster Payment Services (FPS)</a>, a popular system for near-instant UK transfers. This means if you’re invoicing your client for big projects, they can easily send that amount through the BACS payment method.

Easily Accept BACS Transfers from UK Clients with Skydo

Your UK client would be more comfortable paying you through BACS. But as an Indian resident, opening a UK bank account will be a long and arduous process. In that case, you’re only left with the option to receive payments through SWIFT, which is an expensive route.&nbsp;

There is an alternative to <a href="https://www.skydo.com/blog/swift-money-transfer-ultimate-guide">SWIFT transfers.</a> It’s called <a href="https://www.skydo.com/blog/virtual-account-numbers">Virtual accounts.</a>

With Skydo, you can create these virtual accounts to accept BACS payments and offer peace of mind to your clients. All you have to do is follow this step-by-step process:

If you ever get stuck, Skydo’s India-based support team is ready to help you with onboarding or any questions along the way.

Sign up with Skydo today and make it easy for your UK-based client to pay you through the BACS payment scheme.

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BACS Full Form, Timing and Charges

You just landed an international client who wants to pay you. They mention a "wire transfer" or a "bank transfer," and you’re left wondering, aren’t those the same thing?

While the terms are often used interchangeably, they refer to different methods of transferring money. They vary in fees, processing networks, required details, and typical use cases.
In this blog, we’ll break down what wire transfers and bank transfers actually mean, how they differ, and which one is better suited for your international payments.

Imagine sending money through a chain of trusted messengers. That's essentially how a wire transfer works, it's an electronic payment that moves money between bank accounts, usually through the <a href="https://www.skydo.com/blog/swift-money-transfer-ultimate-guide">SWIFT network</a> or Western Union network. While wire transfer can also be used for domestic transfers, they are largely used for international transactions since bank transfers often come out cheaper and less complicated for local transactions.&nbsp;

Your client will need several pieces of general information to send a wire transfer. They'll need your bank's <a href="https://www.skydo.com/blog/swift-money-transfer-ultimate-guide">SWIFT code</a> (a unique identifier), your account number, and sometimes your IBAN (if you're in Europe). They might also need to answer security questions or enter a one-time code their bank sends them. Wire transfer is typically suitable for large transactions.&nbsp;

Wire transfers are designed for secure, high-value transactions. Banks treat them with added caution, often requiring extra verification before processing to ensure safety and compliance.

A bank transfer is the everyday way people move money locally. Think about how you might pay your phone bill or send money to a friend, that's typically a bank transfer.

These payments use local networks in each country. In the United States, it's <a href="https://www.skydo.com/blog/everything-about-ach-payments">ACH</a>. Europe uses <a href="https://www.skydo.com/blog/what-are-sepa-transfers">SEPA</a>. The UK has Faster Payments. India has NEFT and RTGS. Each system is designed to move money quickly and cheaply within that region.

The beauty of bank transfers is their simplicity. Your client logs into their online banking, enters your account details, and clicks send. There are no SWIFT codes or lengthy verification processes. The money moves directly from their bank to the recipient bank without bouncing through intermediary banks.

Bank money transfers are used for regular business payments like payroll, invoice settlements, and subscription fees. They're the workhorse of day-to-day financial transactions because they're reliable, cheap, and easy to set up.

Wire Transfer vs Bank Transfer: Key Differences

Here’s a quick peek into wire transfer vs bank transfer:

The network difference matters more than you think

Wire transfers route through SWIFT, a global messaging system that connects financial institutions worldwide. When your European client sends money via SWIFT, the payment might travel through three different banks before reaching you. Each bank can charge a fee.

Bank transfers use local networks designed for that specific country or region. SEPA connects European banks directly. ACH does the same for US banks. This direct connection means faster processing and lower costs.

Wire transfer fees hit from multiple angles. Your client's bank charges $30-80 to send. Each intermediary bank takes $10-25. Banks often add a markup to the exchange rate, costing another 2-4%. On a $5,000 payment, you could lose $200-400 to fees and poor exchange rates.

Bank transfers within local networks typically cost nothing to receive. Even when sending fees apply, they're usually under $5. The catch? True bank transfers only work within the same country or currency zone.

Wire transfers often have variable delivery times based on routing. A payment from Japan to Brazil might take five days if it travels through correspondent banks in New York and London. Weekend and holiday delays add more time.

Local bank transfers often beat wire transfers for speed. UK Faster Payments clear in seconds. European SEPA transfers take one business day maximum. US ACH transfers typically clear overnight from the clearing house.

Wire transfers require more paperwork&nbsp;

While discussing bank transfer vs wire transfer, know that wire transfers need extensive details because they cross borders. Your client needs your bank's SWIFT code, full name and address, account number, and sometimes an IBAN. They might also need to provide a payment purpose code for compliance.

Transfer of funds through banks is usually simple. Within the US, you just need a routing number and account number. In Europe, an <a href="https://www.skydo.com/blog/iban-number-meaning-full-form">IBAN c</a>overs everything. No lengthy forms or compliance paperwork required.

Wire Transfer vs Bank Transfer: How Skydo Brings the Best of Both Worlds

For many businesses in India, receiving international payments has traditionally meant relying on wire transfers via the SWIFT network—a process that’s often slow, expensive, and cumbersome. On the other hand, local bank transfers (like ACH in the US or SEPA in Europe) are faster and cheaper, but not typically available for cross-border payments.

Skydo offers you <a href="https://www.skydo.com/blog/virtual-account-numbers">virtual bank accounts</a> in key geographies like the US, Europe, Canada and more. With Skydo’s virtual international accounts, your clients abroad can pay you using local transfer methods, like ACH if they’re in the US, or SEPA if they’re in the EU. This means they don’t have to initiate a formal wire transfer, fill out complex forms, or pay hefty SWIFT fees. For them, it’s just a regular domestic transfer.

Once the payment hits your virtual account, Skydo handles the rest. The funds are consolidated, transferred to India, and settled into your Indian bank account, all at the live mid-market exchange rate, with no hidden forex markup. Unlike traditional banks that shave off 2–4% through unfavourable exchange rates, Skydo gives you full transparency on how much you’ll receive.

So in essence, you get the speed, cost savings, and simplicity of a local bank transfer, paired with the global reach and compliance of a wire transfer, without the usual friction on either side.

It’s the best of both worlds: easy for your clients, and better value for you.

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Dodo Payments is an India-based fintech platform that processes cross-border transactions. Founded in 2023 by Rishabh Goel and Ayush Agarwal, the platform functions as a Merchant of Record, handling payment processing, tax calculations, and compliance requirements for businesses dealing with international customers.&nbsp;

This article takes you through Dodo Payments' core features, fee structure, operational capabilities, and comparable alternatives to provide context for businesses considering different cross-border payment solutions for digital goods selling.

Dodo Payments Features: A Quick Rundown&nbsp;

Dodo Payments offers a suite of features aimed at simplifying global transactions for businesses:

Businesses can receive payments from over 100 countries through Dodo Payments' gateway solution. The platform enables international transactions through their payment processing infrastructure.

The service supports various local payment methods customised to different regions around the world. This localisation helps improve conversion rates by letting customers pay using familiar methods.

Dodo Payments automatically handles tax calculations and regulatory compliance across different jurisdictions. While specific support for FIRA (Foreign Inward Remittance Advice) isn't clearly documented, the platform aims to simplify the often complex tax requirements of international commerce.

For businesses with recurring revenue models, Dodo Payments provides tools to manage subscriptions, including automated billing and renewal processes. This helps maintain steady cash flow and reduces administrative overhead.

Merchants can add their branding elements to checkout pages, creating a more seamless customer experience. The platform allows businesses to maintain their visual identity throughout the payment process.

Dodo Payments offers a <a href="https://dodopayments.com/pricing?no_follow=true">simple pricing model</a> for most users, with separate options for enterprise clients:

Standard plan: 4% + 40¢ per transaction&nbsp;

Enterprise plan: Custom pricing&nbsp;

For larger businesses ready for international expansion, Dodo Payments offers tailored pricing packages that include:

To understand how this pricing affects your bottom line, consider this example:

The business would receive $95.60 from the $100 sale.

The percentage can significantly impact revenue for higher-volume sellers. For instance, a business processing $10,000 monthly in transactions would pay approximately $440 in fees and keep $9,560.

This pricing structure makes Dodo Payments particularly suitable for small to medium-sized businesses that prioritize simplicity over negotiating lower rates with banks.&nbsp;

Skdyo: A seamless Dodo Payments Alternative for receiving international payments&nbsp;

For companies looking for alternatives to platforms like Dodo, Skydo offers a specialized approach for receiving international payments with several distinctive advantages:

While many payment platforms apply hidden markups to exchange rates, Skydo provides transparent live forex rates without any <a href="https://www.skydo.com/blog/forex-markup-fee-explained">forex markup fee </a>and high payment success rates. This means more of your money actually reaches you rather than being lost to unfavourable conversion rates.

Skydo's pricing is straightforward with no hidden charges - $19 for payments under $2,000, $29 for payments between $2,001 and $10,000, and 0.3% for payments above $10,000. This clarity helps businesses accurately forecast their payment costs.

Unlike other platforms that may charge extra for <a href="https://www.skydo.com/blog/automated-firc-simplifying-international-payments-compliance">Foreign Inward Remittance Advice (FIRA)</a> or make you wait days, Skydo automatically generates this crucial compliance document for every transaction at no additional cost. You can directly download it from your dashboard, either one by one or in bulk.

Skydo operates with, in principle, approval from the Reserve Bank of India as a Payment Aggregator for Cross-Border Payments (PACB), ensuring complete compliance with Indian financial regulations.

Customers receive personalized support through a dedicated account manager, offering a level of service typically reserved for enterprise clients on other platforms. This ensures a no-friction experience.&nbsp;

Skydo provides virtual bank accounts in multiple countries (US, UK, Canada, Australia, and others), allowing clients to pay you as if you were a local business in their country.

Beyond just payments, Skydo offers GST-compliant invoicing, real-time payment tracking, and accounting features that simplify the entire international business transaction cycle.

Payments typically reach your bank account within 24 hours without hassle, significantly faster than traditional bank transfers, which can take 3-5 business days or more.

For businesses handling international transactions, these features offer a more direct, transparent alternative to platforms that may emphasize outgoing payments over incoming ones or that apply multiple fees throughout the payment process.

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