PayPal India is one of the top choices for businesses and freelancers looking to receive international payments in India. With features like e-commerce integration, invoicing, and international money transfers, it’s a go-to platform for global transactions.

However, this comprehensive solution comes with significant costs. PayPal’s fees include a <a href="https://www.paypal.com/in/webapps/mpp/merchant-fees?no_follow=true">4.4% transaction fee</a>, a USD 0.30 flat fee, and a<a href="https://www.paypal.com/in/webapps/mpp/paypal-fees#no-fee?no_follow=true"> 4% markup on the exchange rate,</a> which can add up while receiving cross-border payments. Given the steep fee, you might want to consider a few PayPal India alternatives.&nbsp;

To ease compliance, PayPal provides a monthly digital FIRA to businesses and freelancers. This FIRA covers all international transactions from the previous month, and it is only available by the <a href="https://www.paypal.com/in/webapps/mpp/firc-certificate?no_follow=true">15th of the subsequent month.</a>

That said, while PayPal is known for its convenience, there are some concerns about the quality of its <a href="https://www.g2.com/products/paypal-paypal/reviews/paypal-review-9475980?no_follow=true">customer support</a>, including a lack of training and long wait times.&nbsp;

Here’s a snapshot of PayPal India’s offerings, pricing, and a rundown of its pros and cons

Before finalizing PayPal as your global payment solution, explore these PayPal alternatives that can help you receive international business payments in India with ease.

5 PayPal India Alternatives for Receiving International Payments

Stripe, an Irish-American company, is a renowned payment processing and merchant services platform. Accepting over 135 currencies, it stands as a solid alternative to PayPal for international payments. Stripe offers a comprehensive suite of payment solutions, enabling businesses to manage subscriptions, payments, taxes, and accounting all in one place.

Stripe's fee for international transfers can be expensive as it includes a 4.3%% transaction fee and an additional 2% currency conversion fee. 

Stripe does not provide FIRA to Indian businesses and freelancers, adding to their compliance burdens. Users have also expressed concerns about <a href="https://www.g2.com/products/stripe-stripe-payments/reviews/stripe-payments-review-9510506?no_follow=true">transparency in their communication</a>.

Multiple Currency Support: With Stripe businesses can receive international payments in over 135 currencies

Big Suite of Payment Solutions:&nbsp;Beyond facilitating international transfers, Stripe offers a whole suite of payment solutions like invoice management, subscription management, fraud detection and more.

Flexibility:&nbsp; Stripe provides the flexibility to generate instant payment links or embed its checkout solution directly on your website, supporting both one-time and recurring transactions.

Ease of Use:&nbsp; Businesses praise how simple it is to embed Stripe on their websites and appreciate features like subscription management and invoicing.

Invite only in India:&nbsp;Stripe operates on an 'invite-only' basis in India, requiring new businesses to request approval. The timeline for approval is unclear, and Stripe currently supports only a limited number of businesses.

Card Support in India only: While Stripe supports a variety of payment methods globally, Indian businesses are limited to accepting international payments via cards.&nbsp;

Stripe Charges:&nbsp;<a href="https://www.skydo.com/blog/stripe-fees-india" target="_blank">Stripe India charges</a>&nbsp;a 4.3% processing fee per successful transaction. Additionally, there’s a 2% currency conversion fee for payments in foreign currencies.

No FIRA provided:&nbsp;Stripe doesn't offer FIRA for international payments in India, making compliance difficult for businesses.&nbsp;

Skydo is a global payment solution simplifying cross-border payments for freelancers and businesses in India. It offers virtual international bank accounts to its users in under 5 minutes and also supports an entire payments ecosystem consisting of payment tracking, invoice generation and more.&nbsp;

Skydo simplifies payment conversions by using live Forex rates without any currency conversion fees or hidden charges. It provides a clear and straightforward fee structure making it a viable alternative to PayPal In India.&nbsp;

Additionally, to ensure adherence to RBI and government regulations, Skydo offers free and instant FIRA, ready to download after every transaction. Each user is assigned a representative to assist with the onboarding process and to address any questions at any time. However, Skydo currently supports only inward remittances into India. This means that Indian businesses cannot send money outward via Skydo.&nbsp;

Founded in 2005, <a href="https://www.skydo.com/blog/payoneer-payment-gateway-features-fees">Payoneer</a> is a leading payment solution for businesses and freelancers worldwide. It facilitates international transfers by providing users with virtual bank accounts in multiple currencies and integrating with leading marketplaces like&nbsp; Amazon and Walmart&nbsp;

In terms of fees, Payoneer offers free account setup, but transaction fees apply: Payoneer-to-Payoneer payments are free, credit card payments incur a <a href="https://www.payoneer.com/en-in/about/pricing/">3.2% + $0.49 fee</a>, ACH Bank Debits (US) cost 1%, and virtual account payments are free for EUR/GBP but up to 1% for USD.&nbsp; Withdrawals to local bank accounts attract up to a 3% fee for different currencies. Extra charges like bank or intermediary fees may apply. <a href="https://www.payoneer.com/en-in/about/pricing/">An annual fee </a>of $29.95 is charged if total payments received are below $2,000 in a year.&nbsp;

To simplify compliance, Payoneer offers free digital FIRAs to Indian businesses and freelancers. However, users have expressed dissatisfaction <a href="https://www.g2.com/products/payoneer/reviews/payoneer-review-5364712?no_follow=true">with Payoneer's customer support</a> which some have found to be virtually non-existent.&nbsp;

Wise (formerly TransferWise) is a global money transfer platform operating in over 80 countries.&nbsp; Initially a peer-to-peer remittance service, Wise now offers multi-currency accounts for both individuals and businesses.&nbsp;

Wise is known for using the mid-market foreign exchange rate with no markups.&nbsp; It charges a conversion fee depending on the currency used. Broadly speaking, <a href="https://wise.com/in/business/receive-money?_gl=1*nah2tw*_up*MQ..&amp;gclid=CjwKCAiAxqC6BhBcEiwAlXp459KoMqAfTn6WBqO0MdWYyma8kB9qqozJb1yUpdGTsxip73Axb2xyQhoCiLIQAvD_BwE">it is around 1-2% of the transfer value.&nbsp;</a>

For businesses, Wise provides digital FIRAs (compliance certificates) for an additional fee (USD 2.50 for USD transfers) making it a viable Paypal Alternative. 

While Wise offers a <a href="https://www.forbes.com/advisor/in/banking/wise-review/?no_follow=true">user-friendly interface</a> and efficient money transfer services, some users have noted that customer support <a href="https://www.g2.com/products/transferwise/reviews?utf8=%E2%9C%93&amp;filters%5Bnps_score%5D=1#survey-response-9454134?no_follow=true">can occasionally fall short in addressing and resolving issues effectively.</a>

Here’s a quick overview of Wise’s offerings, pricing, and its pros and cons:

Established in 2015, PingPong is a popular name in the cross-border payments arena, aiming to simplify international payments for freelancers, businesses, and e-commerce sellers. It offers multiple virtual accounts in global currencies and allows businesses to pay VAT/GST and other taxes with no additional costs.

PingPong charges a competitive 1% transaction fee, which is attractive but can become substantial for larger transactions. Additionally, since there is a lack of clarity around Ping Pong’s forex rate, there is a possibility of a markup on that rate. 

For compliance, PingPong provides free digital FIRAs to Indian businesses and freelancers, making it a viable alternative to PayPal India. While their customer service is generally prompt, some users have found the <a href="https://www.g2.com/products/pingpong-payments/reviews/pingpong-payments-review-8133929?no_follow=true">onboarding process cumbersome.</a>

Virtual International account:&nbsp;Ping Pong too provides virtual international accounts in multiple regions

Partnership with leading e-commerce platforms:&nbsp;PingPong has integrated with many e-commerce platforms, including Walmart, Shopify and more.

Integrated Tax Payment:&nbsp;Ping Pong lets users pay VAT/GST and other taxes with no additional costs.

Digital FIRA: Ping Pong offers digital FIRA for international payments at no additional cost.&nbsp;

PingPong Charges:&nbsp;PingPong charges a 1% transaction fee, so for a payment of 10,000 USD, the transaction fee would be 100 USD.&nbsp;

Exchange Rate Transparency: PingPong’s exact forex rate is not publicly detailed, which means there may be differences compared to the mid-market rate.

Choosing the right payment partner for your business is crucial. Issues like the lack of FIRA, forex markups, and currency conversion fees can make international transactions costly and inconvenient.

When selecting your international payment provider, consider the following factors:

Pricing: International transactions can be expensive, and there's no standard pricing model. Look for a provider with competitive rates so you can keep more of your hard-earned money.

User Experience: Managing global payments should be straightforward. Opt for an easy-to-use platform and reliable customer support to ensure smooth transactions.

Compliance: Cross-border payments are closely monitored to detect any suspicious activity. Select a trusted payment platform that meets regulatory requirements and simplifies compliance for you.

At Skydo, we offer a fast, secure, and less-expensive solution for you to receive international payments. Switch to Skydo today and enjoy the best in global payment solutions for your business.

Top PayPal India alternatives for international payments

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

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

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

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

EEFC Account Benefits: What Do You Need to Know?

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

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

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

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

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

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

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

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

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

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

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

Which Transactions are Eligible Under an EEFC Account?

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

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

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

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

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

What Documents are needed for opening an EEFC account?

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

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

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

What are the&nbsp; EEFC Accounts Charges?

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

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

Why Choose Skydo Over Traditional EEFC Accounts?

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

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

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

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

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

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

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

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With global connectivity on the rise, seamless international payments have become more essential than ever.&nbsp; Wise (formerly TransferWise) has been a game-changer, simplifying international transfers for millions worldwide. In this blog, we’ll explore Wise’s key features and dive into the top 5 Wise alternatives, comparing how they stack up in facilitating seamless global payments.

Wise (<a href="https://www.skydo.com/blog/transferwise-india-features-benefits-pros-cons">formerly TransferWise</a>) is a global money transfer platform operating worldwide. While it initially started out as a peer-to-peer (P2P) remittance service, <a href="https://wise.com/?no_follow=true/">Wise</a> has since diversified its offerings to cater to businesses by introducing multi-currency accounts for both individuals and enterprises.&nbsp;

P2P and B2B Transfers:&nbsp;Wise supports both P2P and B2B transfers, making it suitable for personal and business payments. However, the pricing varies between the two&nbsp;

Virtual International Accounts:&nbsp;Wise provides virtual international accounts for B2B payments, supporting multiple currencies like USD, AUD, and more.

Debit/Expense Card: Wise also offers debit/expense cards, which can be used in 175+ countries. However, Wise Debit Card is not currently available for Indian residents.&nbsp;

Mid-Market Exchange Rate:&nbsp;Wise provides mid-market exchange rates with no added forex markup during currency conversion.

Instant FIRA at an Extra Cost:&nbsp; Wise offers FIRC for every transaction but it levies a fee for it, which varies across currencies but is the equivalent of $2.50 for every FIRA.

Wise Fee: Wise's fee varies across currencies,&nbsp; but broadly speaking, it can be around 1.6-1.8% of the transfer amount. For example, if you receive a payment of USD 10,000, Wise will charge around<a href="https://wise.com/in/business/receive-money?no_follow=true"> USD 162 for the same</a>, plus an additional fee for FIRA.&nbsp;

Limit per invoice: With Wise, you can request upto $10,000. per invocie

Wise caters to both personal and business transfers, making it ideal for freelancers, small businesses, and individuals. Freelancers often prefer Wise for receiving international payments, while the Wise card is a convenient option for seamless transactions while travelling abroad

Now, that we have had a quick overview of Wise, let's take a look at a few of the leading alternatives to Wise and see how you can be wiser while receiving international payments.&nbsp;

What are 5 Wise Alternatives for Receiving International Payments?

In the following sections, we will explore these wise alternatives in detail to see if they are your right choice for receiving international payments

Skydo is a wise alternative that simplifies cross-border payments for freelancers and medium/small businesses in India. It offers virtual international bank account details to its users in under 5 minutes and also supports an entire payments ecosystem consisting of payment tracking, invoice generation and more.

Virtual International accounts: Skydo offers virtual international accounts in key regions like the US, UK, Europe, Australia and more.&nbsp;

Live Forex Rate: Skydo offers live forex rate without any forex markup or currency conversion fee.&nbsp;

Invoice Creation and Payment Tracking:&nbsp;Skydo simplifies international payments with tools like an intuitive invoice maker and real-time payment tracking, ensuring transparency every step of the way

Flat and Transparent pricing:&nbsp;Skydo offers flat, transparent pricing for transfers up to USD 10,000, regardless of the payment amount: USD 19 for transfers up to USD 2,000, and USD 29 for transfers between USD 2,001 and USD 10,000. For payments above USD 10,000 S

Free and Instant FIRA:&nbsp;The platform provides <a href="https://www.skydo.com/blog/all-you-need-to-know-about-firc-a-complete-guide">instant FIRA </a>for every transaction, completely free, simplifying compliance for businesses.

Local Customer Support:&nbsp;Each skydo user is assigned a local representative to assist with the onboarding process and to address any questions at any time.

Inward Remittance Only:&nbsp;Skydo currently supports only inward remittances, meaning you can receive international payments in India but cannot send payments abroad using Skydo

Not Best for Smaller Transfers: Skydo might also not be the most cost-effective pick for smaller transfers, essentially for transfers below USD 1000

Skydo is a strong Wise alternative for businesses seeking fast and cost-effective international payments in India. With its user-friendly interface, features like payment tracking and an integrated invoice maker, and robust customer support, Skydo is an ideal choice for both freelancers and established businesses to receive seamless global payments

<a href="https://www.skydo.com/blog/paypal-in-india-charges-review-alternatives">PayPal</a> is a go-to payment solution worldwide and a viable wise alternative, both for personal and business transactions. It offers multiple payment options with a wide range of ancillary services

Personal and Business Transfers: Like Wise, Paypal also supports both b2b and p2p transfers worldwide.&nbsp;

Buyer and Seller Protection Programme:&nbsp;PayPal provides buyer protection for missing or misrepresented items and seller protection in India for unauthorized transactions or undelivered shipments.&nbsp;

Robust Security:&nbsp;The platform also enforces strict security measures, including 24/7 account monitoring, to ensure the safety of funds.

Global credibility:&nbsp;With its credibility and global reach, PayPal is a trusted platform for making and receiving international payments.

Free monthly FIRA:&nbsp;PayPal provides Indian businesses with free monthly digital FIRA. All international transactions of the previous month will be referenced in a single FIRA, which will be available by the 15th of the subsequent month.

Wide Range of Services: Beyond a remittance platform, PayPal offers a wide range of services, including e-commerce integration, invoice management, etc.&nbsp;

PayPal Transaction Fees: <a href="https://www.skydo.com/blog/paypal-transaction-fees-india">PayPal levies a 4.4% transaction fee</a> plus a small fixed fee for receiving international payments.&nbsp;

&nbsp;Currency Conversion Fee: Along with the transaction fee, PayPal also levies&nbsp;an additional 4% markup on the exchange rate.

Limited Features in India: A lot of PayPal features like domestic transactions, PayPal Credit, aren't available in India

PayPal is a trusted choice for those seeking flexible payment options. Its ability to handle multiple payment methods and numerous integrations makes it ideal for businesses looking to streamline their payment processes and manage finances effortlessly.&nbsp;

Founded in 2005, <a href="https://www.skydo.com/blog/payoneer-payment-gateway-features-fees">Payoneer</a>&nbsp;is quickly becoming a popular payment solution for businesses and freelancers worldwide.&nbsp;

Virtual International Accounts: Like Wise and Skydo, Payoneer also offers virtual international accounts in multiple currencies.&nbsp;

Multiple Integrations:&nbsp;Payoneer integrates seamlessly with various e-commerce platforms and marketplaces, including Walmart, Fiverr, and Toptal."

Free Digital FIRA: Payoneer offers free digital FIRA for every international payment.&nbsp;

Payoneer Fees: <a href="https://www.payoneer.com/en-in/about/pricing/?no_follow=true">Payoneer's fees </a>vary across payment methods:

Payoneer is a viable wise alternative for businesses with clients or operations across multiple regions. Ecommerce businesses can also streamline their finances with Payoneer’s seamless integration with platforms like eBay, and Shopify, and freelancers can also benefit from Payoneer's integration with Fiverr, Toptal etc.&nbsp;

Founded in 2010 by entrepreneur brothers Joseph and Patrick Collison,<a href="https://www.skydo.com/blog/stripe-india-charges-review-alternatives"> Stripe</a> is an Irish-American company that simplifies global payments for businesses.

Big Suite of Payment Solutions: Beyond facilitating international transfers, Stripe offers a whole suite of payment solutions like invoice management, subscription management, fraud detection and more.

Stripe Charges:&nbsp;<a href="https://www.skydo.com/blog/stripe-fees-india">Stripe India charges</a> a 4.3% processing fee per successful transaction. Additionally, there’s a 2% currency conversion fee for payments in foreign currencies.

No FIRA provided: Stripe doesn't offer FIRA for international payments in India, making compliance difficult for businesses.&nbsp;

Stripe is best suited for businesses looking for an all-in-one payment management platform. However, with Stripe becoming invite only in India, it is advisable to look for a more accessible wise alternative in India.&nbsp;

Established in 2015, <a href="https://in.pingpongx.com/in/index?no_follow=true/">PingPong</a>&nbsp;is a wise alternative aiming to simplify international payments for freelancers, businesses, and e-commerce sellers.

Virtual International account: Ping Pong too provides virtual international accounts in multiple regions

Partnership with leading e-commerce platforms: PingPong has integrated with many e-commerce platforms including Walmart, Shopify and more.

Integrated Tax Payment: Ping Pong lets users pay VAT/GST and other taxes with no additional costs.

PingPong is an apt wise alternative for both freelancers and particularly e-commerce sellers thanks to their integration with multiple marketplaces.&nbsp;

Receiving International Payments with Wise Vs Skydo: A Quick Comparison

Both Wise and Skydo are viable solutions for receiving international payments in India. Let us quickly compare how much would it cost to receive USD 10,000 in India with Wise vs. Skydo:

Wise offers mid-market exchange rates without forex markup but adds a conversion fee that varies across currencies and levies an additional charge for FIRC.This is how much you will be paying to receive USD 10000 in India with Wise

Skydo converts your payments at live forex rate, without any markup. It offers a flat fee structure of USD 19 for payments under USD 2000 and USD 29 for payments between USD 2001 and USD 10,000. Additionally, it offers instant FIRC for every transaction that too absolutely free.&nbsp; So with Skydo, receiving USD 10000 would just incur USD 29+GST, saving you more than USD 100 dollars in fees as compared to Wise.&nbsp;&nbsp;Make the smarter, cost-effective choice—switch to Skydo today and keep more of what you earn!

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Wise alternative

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Ensuring Financial Transparency with Skydo

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

But, Skydo offers complete transparency.&nbsp;

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

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

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

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

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

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

3. Zero Margin on Currency Conversion&nbsp;

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

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

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

3. Pay Zero Fees to Download FIRA Receipts

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

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

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

Therefore, you can track live FX rates through Skydo to maximise your FX savings.&nbsp;

<a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Sign up on Skydo today</a> to receive foreign payments at low costs!

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Foreign Inward Remittance Advice (FIRA) is a must-have for freelancers working with international clients. While global opportunities open doors to diverse revenue streams, they also come with added compliance requirements. Every foreign payment you receive requires a FIRA from your bank—a crucial document that proves you’ve received international funds.

In this blog, we’ll break down everything you need to know about Foreign Inward Remittance Advice, why it matters for freelancers, and how to navigate this essential process with ease.

A Foreign Inward Remittance Advice (FIRA) is a document issued by Indian banks to Indian exporters and freelancers who receive foreign payments.

Before 2016, banks issued <a href="https://www.skydo.com/blog/all-you-need-to-know-about-FIRC-a-complete-guide">Foreign Inward Remittance Certificates (FIRC)</a> as proof of receiving global payments. However, in 2016, the RBI introduced the Export Data Processing Management System (EDPMS) to digitally record all export-related data.

With <a href="https://www.skydo.com/blog/understanding-edpms-full-form-and-its-essential-role-in-export-management">EDPMS </a>in place, the RBI instructed banks to stop issuing FIRCs for export collections. Banks now provide FIRA (Foreign Inward Remittance Advice) instead of FIRCs for export collections and foreign payments. Anyone receiving foreign payments, including freelancers, needs to obtain FIRA.

<a href="https://juspay.in/blog/payments/foreign-inward-remittance-certificate">Failure to obtain a FIRA</a> can lead to monetary loss as you will have to pay GST on the export income received in India. However, you may face penalties for non-compliance with foreign exchange regulations at the time of audits if <a href="https://www.skydo.com/blog/transforming-your-invoicing-experience-with-skydo?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">proper documentation</a>, such as FIRA, is not maintained.&nbsp;

Suppose you are looking for a loan from a financial institution. In that case, the institution asks for proof of income that serves as the reference point for the institution to either accept or reject the loan application. Here, you can submit FIRA as proof of income.&nbsp;

Furthermore, FIRA can also be used for VISA applications or anywhere as proof of income.&nbsp;<a href="https://www.linkedin.com/in/juhi-shah-633127154/?no_follow=true">Juhi Shah,</a> a seasoned Chartered Accounting professional states:

"FIRA plays a crucial role in establishing financial credibility and stability, particularly in cross-border transactions. These certificates serve as verifiable proof of income from international sources, bolstering confidence among lenders, investors, and immigration authorities."

By providing FIRA as supporting documentation, taxpayers demonstrate their commitment to compliance and reduce the risk of penalties or legal consequences for underreporting income.

Additionally, you can claim tax benefits or exemptions under the Double Taxation Avoidance Agreements (DTAA).

<a href="https://www.linkedin.com/in/ravi-mamodiya-5b635779/">Ravi Mamodiya</a>, a tax advisor highlighted the potential financial and legal implications of ignoring FIRAs:

Growing Global

Understanding Global Payments blogs