With global payments projected to reach <a href="https://www.jpmorgan.com/insights/payments/cross-border-payments/digital-innovation-transforming-cross-border-payments">$290 trillion by 2030,</a> the need to streamline international transactions is greater than ever. International Bank Account Number (IBAN or IBAN Number) is a key tool in this effort, providing a standardized way to identify overseas bank accounts. So, let’s dive in and explore what is IBAN number? What it looks like, and how you can get one for your <a href="https://www.skydo.com/blog/swift-money-transfer-ultimate-guide">international money transfers.</a>

IBAN full form is International Bank Account Number. It establishes a standardised numbering system to identify overseas bank accounts. Unlike a SWIFT code, which identifies a bank, the IBAN number specifically points to an individual bank account.

Initially adopted in European countries, IBAN numbers are primarily used for international transfers. However, in countries like <a href="https://www.iban.com/iban-mandatory" target="_blank">Austria, Belarus, and Belgium,</a> the IBAN number format is mandatory for both international wire transfers and domestic transfers.

It's important to understand that an IBAN number doesn’t replace your regular bank account number. Instead, it adds extra account details that make cross-border transactions smoother and more accurate.&nbsp;

Up next, we’ll explore IBAN examples and break down its key components.&nbsp;

While an IBAN includes your account number, it doesn’t replace it. Instead, it adds essential details to streamline and ensure accuracy in cross-border transactions.

An IBAN number can have up to 34 alphanumeric characters in a specific format. The number of characters depends on the key fields covered in the IBAN number which include: 

Country Code: A two-letter ISO code that represents the country where the account is held.

Check Digits: These are 2 unique digits generated by the bank to validate the IBAN.

Bank Identifier Code:&nbsp;The bank code identifies the specific financial institution/ bank where the account is.

Branch Identifier: Some IBAN numbers may also have branch identifiers that specify the particular branch of the bank

Basic Bank Account Number (BBAN): This section identifies the individual account within the bank in that specific country.

Consider the following hypothetical IBAN number example:&nbsp;GB29 NWBK 6016 1331 9268 19.

Now let’s see the various components of this IBAN&nbsp;number:

Let’s take another such IBAN number example and break it down:

IBAN Number: FR76 3000 6000 0112 3456 78901&nbsp;

Here’s how you can find your IBAN Number&nbsp;

You can use an <a href="https://www.iban.com/calculate-iban" target="_blank">IBAN calculator </a>by entering your sort code and account number. But remember—always double-check the IBAN number before sending money to ensure that you are making the transfer to the correct bank account. A quick review can save you the headache of cancellation or wrong transfers!&nbsp;You can also use a <a href="https://aichatgbt.org/">Free AI Chat</a> tool to assist you in finding your IBAN number more efficiently.&nbsp;

Let's take a minute to understand the difference between IBAN number and <a href="https://www.skydo.com/swift-code-finder">SWIFT code</a>. Both IBAN numbers and SWIFT codes both play a crucial role in international bank transfers, but they serve different purposes. It’s easy to confuse the two, but here’s how they differ:

Yes, sharing your IBAN for international transactions is safe. It’s just your regular account number with added details like the country and bank codes, making it easier to identify your account globally. 

Indian banks do not provide IBAN number since India doesn’t use IBAN system for international transfers. Instead, they primarily rely on the SWIFT system to facilitate these transactions to a foreign bank account. <a href="https://www.skydo.com/" target="_blank">You can receive your SWIFT transfers through Skydo seamlessly</a>.

Numerous countries like the United States, and Canada also do not participate in the IBAN system and do not issue IBAN numbers. You can learn more about <a href="https://www.skydo.com/blog/iban-number-of-hdfc-bank-icici-bank-sbi-bank-and-more-all-you-need-to-know">HDFC IBAN number</a>, <a href="https://www.skydo.com/blog/iban-number-of-hdfc-bank-icici-bank-sbi-bank-and-more-all-you-need-to-know">IBAN number ICICI bank</a>, <a href="https://www.skydo.com/blog/iban-number-of-hdfc-bank-icici-bank-sbi-bank-and-more-all-you-need-to-know">Axis Bank IBAN</a> number <a href="https://www.skydo.com/blog/iban-number-of-hdfc-bank-icici-bank-sbi-bank-and-more-all-you-need-to-know">right here.&nbsp;</a>

IBAN codes are mainly used in the European Union, along with countries like Hungary, Liechtenstein, Norway, Switzerland, and are increasingly adopted in regions like the Middle East.

No, IFSC stands for <a href="https://www.skydo.com/blog/is-ifsc-and-swift-code-same" target="_blank">Indian Financial System Code</a>, which identifies bank branches for domestic transactions in India. In contrast, IBAN provides a standardised method for identifying overseas bank accounts for cross-border transactions.

Open Virtual International Bank Accounts With Skydo

If you're seeking a practical alternative for your cross-border payments, Skydo is here to help. With Skydo, you can set up<a href="https://www.skydo.com/blog/virtual-account-numbers" target="_blank"> virtual international accounts</a> in just five minutes, making it easier to do business in regions like the US, Europe, Singapore, and Australia.

These virtual bank accounts function like local bank accounts, allowing your clients to make payments as if they were transferring funds domestically. This means you can bypass SWIFT fees and the complexities of the IBAN system, streamlining your payment process significantly.

Skydo enhances your experience further by offering live Forex rates with no hidden charges or currency conversion fees. To keep you compliant with RBI and government regulations, you'll receive instant FIRA downloads after each transaction. Plus, each user is paired with a dedicated representative who is always available to guide you and answer any questions.

Make the switch to Skydo today and simplify your international payment experience.

large_IBAN Number Full Form , Meaning 

medium_IBAN Number Full Form , Meaning 

small_IBAN Number Full Form , Meaning 

thumbnail_IBAN Number Full Form , Meaning 

IBAN Number Full Form , Meaning 

Whether you’re sending money back home or paying a remote employee, you’ll need either an IFSC code or a SWIFT code based on where you’re transferring the funds. Both codes ensure a secure and standardized way to transfer money between accounts, but they’re NOT the same. Let's break down the key differences between SWIFT and IFSC codes.&nbsp;

Difference between SWIFT Code and IFSC Code: Explained

<a href="https://www.skydo.com/blog/swift-money-transfer-ultimate-guide" target="_blank">SWIFT code </a>is a unique 8- or 11 character alphanumeric code that is assigned to banks and financial institutions. The SWIFT code in a standardized format contains essential details about the country, location&nbsp;and branch of a bank.&nbsp;

Here is the breakdown of two SWIFT codes for a better understanding:&nbsp;

SBININBB101: This unique code refers to the State Bank of India’s Mumbai office. "SBIN" is the bank code, "IN" stands for India, "BB" indicates Mumbai, and "101" denotes the branch in a specific locality.&nbsp;&nbsp;

DEUTDEFF500: This SWIFT code belongs to Deutsche Bank's Frankfurt branch in Germany. "DEUT" represents the bank, "DE" is for Germany, "FF" signifies Frankfurt, and "500" indicates the specific location of the bank branch at Bad Homburg, a town in the Frankfurt region.&nbsp;&nbsp;

A SWIFT code is used to identify banks globally and is crucial for secure international money transfers.

When your overseas client makes a SWIFT payment, they’ll need your bank’s SWIFT code. The sender’s bank will then send a secure SWIFT message to your domestic bank. Once your bank i.e. recipient bank receives the message, it processes the payment and credits the money to your account.&nbsp;Make sure to share the details of the correct bank and branch to ensure hassle-free transfers.

Know more about how to do a SWIFT transaction <a href="https://www.skydo.com/blog/swift-money-transfer-ultimate-guide" target="_blank">right here</a>.

Here’s how you can find your bank’s SWIFT code:&nbsp;

Bank Statements/Passbooks: Check your printed or online bank statements.

Bank Website: Visit your bank’s official website—SWIFT codes are often in the foreign transaction or FAQ section.

Mobile App: Some banks display their SWIFT code in their apps.

Local Branch: Ask for the SWIFT code in person at your bank branch.

Customer Service: Call your bank’s customer service to get the SWIFT code.

You can also find the <a href="https://www.skydo.com/swift-code-finder">SWIFT code for your bank right here.&nbsp;</a>

IFSC, or the Indian Financial System Code, is an 11-digit code with alphanumeric characters, that uniquely identifies each bank branch in India. It's essential for online transfer of funds via NEFT, RTGS, and IMPS, ensuring accurate identification of both the sending and receiving bank branches for smooth transactions.

Each bank branch in India has its own unique IFSC code. Here's what it signifies:

Here is the breakdown of two IFSC codes for a better understanding:&nbsp;

ICIC0000837: This unique code refers to ICICI Bank’s Park Street office in Kolkata. "ICIC" is the bank code, the fifth character of, 0 is for future use and the last 6 characters, 000837 denote the branch code.&nbsp;

HDFC0000053: This unique code refers to HDFC Bank’s Koramangala office in Bangalore. "HDFC" is the bank code, the fifth character, 0,&nbsp;is for future use and the last 6 characters, 000053 denote the branch code.&nbsp;

The IFSC code is essential for domestic fund transfers between bank accounts in India through RTGS and NEFT systems. Every time you send money to another bank, you'll need the beneficiary's bank name, account number, and IFSC code. It's a simple yet crucial part of making sure your funds reach the right account.

Here’s how you can find the IFSC code of your specific bank branch:

Cheque Book: You can find your bank’s IFSC code on the top left of your cheque leaf, just below the bank’s address.&nbsp;

RBI Website: You can also visit RBI website and enter your bank’s name and branch to get its IFSC code.&nbsp;

Bank Wesite: You can also visit the respective bank's website to know the IFSC code of your branch.&nbsp;

Yes, the BIC (Bank Identifier Code) is the same as the SWIFT code. Both are used interchangeably and are used globally for international transfers.&nbsp;

Receive international payments Swiftly and seamlessly with Skydo

While SWIFT is the standard for cross-border payments, its high fees and slow processing times drive businesses toward better alternatives. Skydo offers a smarter solution with free <a href="https://www.skydo.com/blog/virtual-account-numbers" target="_blank">virtual accounts </a>in key regions like the US, UK, Europe, and more. These accounts allow businesses to receive payments via local transfers, bypassing costly SWIFT fees and delays.

For example, a US client can send a local transfer to your US virtual account, and Skydo consolidates and transfers the funds to India at live forex rates, ensuring full value. The money reaches your Indian bank account within 48 hours—faster, cheaper, and more transparent than SWIFT. Switch to Skydo today!

Are the IFSC and SWIFT codes the same? What you need to know

large_Are the IFSC and SWIFT codes the same? What you need to know

medium_Are the IFSC and SWIFT codes the same? What you need to know

small_Are the IFSC and SWIFT codes the same? What you need to know

thumbnail_Are the IFSC and SWIFT codes the same? What you need to know

As a freelancer or an exporter, getting paid on time is the most crucial aspect of your business. Wise (earlier known as TransferWise) is one of the most reliable and popular platforms for receiving international transfers from cross-border clients. But what about affordability? Are Wise transfer charges affordable for your business?

In this blog post, we break down Wise transfer charges using practical examples and provide a clear overview of how Wise works for receiving international money transfers. Our aim is to help you understand the costs and features so you can choose the best option for your needs.

Wise Transfer Charges: What do you need to know about them?

Wise takes pride in its transparency, ensuring no hidden fees are included in its pricing. But what are the different components of its transparent fees? Let's find out:&nbsp;&nbsp;

Mid-market exchange rate +&nbsp; Conversion fee

Wise considers the<a href="https://wise.com/in/mid-market-rate?no_follow=true"> mid-market exchange rate</a> to convert the value of currency. It is derived as the mid-point of the rate at which bankers are ready to buy and sell a currency. The mid-market exchange rate is real, and fair, and helps you get paid without getting stuck in the quagmire of exchange rate movements.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Wise charges 1.7%-1.8% of the transaction amount in Wise fees. For a payment of $10,000, Wise charges $161.99 as Wise fees.

e-FIRC charges (varies across currencies).

e-FIRC is an abbreviation for Electronic Foreign Inward Remittance Certificate. With every transfer, Wise sends you a digital FIRA, which they call an e-FIRC. The charges for e-FIRC is there equivalent if $2.50/FIRA. For example, if you receive $1,000 from the US, the e-FIRC charges will be $2.50. For receiving €1000, the e-FIRC charges are €2.24.

Along with the above charges, additional fees could be applied to the total cost. These miscellaneous charges are due to the nature of the transaction or bank fees. For example, if you receive $1,000 from a client in the US through a Wire transfer, the Wise fees will be $28.94 – $6 more compared to a Wise account transfer. In the wire transfer payment method, the money is credited to your bank account. Because there are more participating financial institutions, the transfer fee increases marginally.

You can open an account in Wise free of charge, but all the above charges are applicable while making a transfer.

The duration of a Wise payment transfer depends on several factors. These factors include currency conversion (which usually takes up to two business days), the country you're sending money to and from, payment method, security checks, and public holidays and banking hours. Overall, Wise Transfer can take anywhere between&nbsp;<a href="https://wise.com/help/articles/2978029/how-long-does-it-take-to-receive-money-into-a-balance?no_follow=true">&nbsp;1-5 business days</a>.&nbsp;

Wise Transfer Charges: How much do I need to pay to receive global payments in India

With Wise, you can accept payment in international currencies. However, Wise money transfer charges are variable fees, that is they are not fixed and depend on the currency.&nbsp;

Don’t worry we won’t leave you hanging there. We have come up with two examples, using different foreign currencies. This example explains how the charges will differ and the net amount you can expect to receive from the currency transfers.&nbsp; 

Wise Fees for Receiving USD 5000 In India

We used <a href="https://wise.com/in/business/receive-money">Wise’s Transfer Fees calculator </a>to determine the total Wise transfer fee for receiving $5000 in India and the total amount you can expect.&nbsp;

Total fees: $82.7+ $2.5+ $15.34 = $100.54

Total amount to be converted: $5000-$100.54 = $4899.46

Current mid-market exchange rate: 83.5106

You get: 4899.46 X 83.5106= INR 409,156.84

Wise Fees for Receiving Euro 5000 In India

How does the calculation change when a client transfers the same amount albeit in a different currency from Europe? Let’s find out by switching the US Dollar to Euro.

Wise offers two payment methods for receiving payment from European clients: low-cost transfer and Wise account transfer. However, the fees are the same for both methods.

Total fees: €89.9+ €2.24 + €16.59 = €108.73

Total amount to be converted: €5000-€108.73 = €4891.27

Current mid-market exchange rate: 93.2861

You get: 4891.27 X 93.2861 = INR 456,287.50

Receiving global payments with Wise vs Skydo: Comparing Wise transfer fees with Skydo

Skydo is a great alternative for receiving payment in international currencies in India. You can create an account for free and all the transfer charges are shared with you upfront – no hidden costs.

Skydo charges a flat fee of $19 for transferring up to $2,000 and $29 for payments between $2,001 and $10,001. Moreover, it offers international virtual accounts meaning your clients can transfer money to your account directly like they’re making a local transfer.

Let’s quickly compare Wise and Skydo to find out how much fees each platform charges for receiving the same amount of money in US Dollars.

From the above calculation, it’s clear that Skydo offers better value than Wise and is the least expensive option to receive international transfers. You save $168 in total fees which means an extra income of INR. 14,000.&nbsp;

If you want to get the best value for currency exchange and switch from traditional bank transfer to a more modern, transparent platform, create a free account with Skydo or book a demo with us. 

large_Wise Transfer Charges in India

medium_Wise Transfer Charges in India

small_Wise Transfer Charges in India

thumbnail_Wise Transfer Charges in India

Wise Transfer Charges in India

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

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

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

What is Wise (Formerly TransferWise India)? Brief overview&nbsp;

Wise enables peer-to-peer and business-to-business money transfers worldwide. Initially, the Wise platform was a peer-to-peer (P2P) solution only that allowed individuals to send or receive money directly without intermediaries (like banks or credit card companies).&nbsp;

Later, Wise expanded into a business-to-business (B2B) payments solution, processing multi-currency transactions between enterprises.

Wise applies a mid-market foreign exchange rate without levying any forex markup. It charges a conversion fee that differs from country to country. For significant currencies like USD, EUR, GBP, and AUD, the conversion fee is approximately <a href="https://exiap.com.in/guides/wise-fees">1.78%</a> of the transfer value.&nbsp;

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

What are the Key Features of Wise (Formerly TransferWise India)?

Let us now assess the key features of Wise transfer:&nbsp;

Wise’s P2P transfer feature enables individuals to transfer and receive money from friends, family, and clients residing abroad. Recipients don’t need to maintain a Wise account to receive P2P payments. They can directly receive the payment in their bank accounts.&nbsp;&nbsp;&nbsp;

The key benefits of the P2P transfer include:&nbsp;

Wise P2P transfers are fast. <a href="https://exiap.com.in/guides/how-does-wise-work">50%</a> of these transfers are instant, and 80% of transfers are completed within 24 hours

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

Wise offers a comprehensive B2B payment solution with multi-currency accounts for businesses to hold and manage over 50 currencies. This feature is particularly useful for companies with global clientele, assisting them in receiving payments like a local entity.&nbsp;

By providing local bank details in various currencies (such as GBP, EUR, and AUD), Wise eliminates the need for multiple bank accounts across different countries. Wise B2B platform also provides a batch payment feature, helping businesses simultaneously send bulk payments to other recipients.&nbsp;

Wise offers API integration capabilities for companies looking to streamline their financial operations. This feature allows for automating payment processes, significantly reducing the administrative burden of managing international transactions.

Wise multi-currency virtual accounts feature allows individuals and businesses to convert amounts between multiple currencies when engaging in international transactions. Since you can hold and manage multiple currencies, you don’t need to maintain multiple bank accounts in different locations.&nbsp; A single user can manage over <a href="https://wise.com/gb/blog/manage-currencies-in-one-account#:~:text=Holding%20multiple%20currencies,more%20ways%20to%20pay%20you.">40 different</a> currencies in their Wise account.&nbsp;

The Wise debit card is a convenient solution for businesses, travellers, or shoppers who often purchase products online from international brands. However, note that Wise debit card facility is currently not available in India

To ease compliance, Wise also offers digital FIRA to Indian businesses and freelancers for every international payment. However, it charges an eFIRC fee for the same, which varies across currencies. For example, for USD payments, Wise (formerly TransferWise India) charges USD 2.50 for digital FIRA.&nbsp;

Yes, Wise transfers are allowed in India. It is a trusted financial service provider approved by the Reserve Bank of India (RBI). However, there are some specific regulations and conditions regarding sending and receiving INR that you should know. You can find the regulations <a href="https://wise.com/help/articles/2932151/guide-to-inr-transfers">right here</a>.&nbsp;

Additionally, the following Wise services are unavailable in India:&nbsp;

Wise (Formerly TransferWise India) Fees: All You Need to Know&nbsp;

Here’s a quick breakdown of Wise fees for receiving money from abroad as an Indian business:&nbsp;

TransferWise India Review: The Good, Bad and The Ugly&nbsp;

Here’s how Wise customers rated the solution on different platforms like <a href="https://www.g2.com/products/wise-business/reviews#reviews">G2</a>, <a href="https://www.capterra.in/reviews/1016836/wise">Capterra</a> and <a href="https://www.trustpilot.com/review/wise.com">Trustpilot</a>:

<a href="https://www.trustpilot.com/review/wise.com">Source</a>

<a href="https://www.g2.com/products/wise-business/reviews/wise-business-review-7417435">Source</a>

<a href="https://www.g2.com/products/wise-business/reviews/wise-business-review-8362373">Source</a>

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

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

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

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

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

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

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

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

Wise (Formerly TransferWise India) Review: Features, Benefits, Pros & Cons

large_Wise (Formerly TransferWise India) Review: Features, Benefits, Pros & Cons

medium_Wise (Formerly TransferWise India) Review: Features, Benefits, Pros & Cons

small_Wise (Formerly TransferWise India) Review: Features, Benefits, Pros & Cons

thumbnail_Wise (Formerly TransferWise India) Review: Features, Benefits, Pros & Cons

Founded in New York in 2005, Payoneer is a leading global payments platform that facilitates international money transfers in over 70 currencies. It offers virtual local accounts, multiple payment options, along with digital FIRA to ease compliance for Indian businesses.&nbsp;

While Payoneer is a go-to for many, its fees and customer support have not met everyone's expectations. If you're looking for an international payment solution, it’s wise to consider a few alternatives that might better suit your needs. Let's start with Payoneer Vs PayPal.&nbsp;

Payoneer Vs Paypal: Understanding the Differences

In our discussion on Payoneer Vs PayPal, let's start with PayPal. As we’ve discussed, <a href="https://www.skydo.com/blog/payoneer-payment-gateway-features-fees" target="_blank">Payoneer payment Gateway</a> is a leading platform for businesses to send and receive international payments. Let’s take a quick look at some of its key features, pricing and areas of concern.

Opening a Payoneer account is free, but there are <a href="https://www.payoneer.com/en-in/about/pricing/">charges associated</a> with receiving and withdrawing payments. Let's understand their fee structure: Account Setup: Opening a Payoneer account is free, but fees apply for transactions and withdrawals.

Via credit card: 3.2% + $0.49 per transaction

Payments through virtual accounts: Free for EUR and GBP, up to 1% for USD

Withdrawals to a local bank account will incur up to a 3% fee if the currency differs. For example, if you get paid in USD and you want to withdraw it in your INR account in India, a fee of upto 3% will apply

Extra charges like bank processing or intermediary fees may apply.

Annual Fee: $29.95 annually if you receive less than $2,000 in total payments over 12 months.

In a nutshell, as an exporter, if you are receiving and withdrawing international payments via Payoneer, the following fees will apply:

Credit Card Payment: 3.2% + $0.49 per transaction + 3% withdrawal fee

ACH Bank Debit: 1% Transaction Fee + 3% withdrawal fee

Virtual Bank Account: 1% for USD + 3% Forex withdrawal fee

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

Next on the debate on Payoneer Vs PayPal, let's now talk about <a href="https://www.skydo.com/blog/paypal-in-india-charges-review-alternatives">Paypal</a>. It is a leading financial services company, and its credibility, coupled with global reach, makes it a top choice for receiving international payments in India. The platform supports over 100 currencies and offers various payment methods, including credit and debit card payments and subscription models.&nbsp;

The following are the<a href="https://www.skydo.com/blog/paypal-in-india-charges-review-alternatives" target="_blank"> PayPal fees associated with receiving international payments in India via Paypal</a>

Transaction Fee: PayPal charges a<a href="https://www.paypal.com/in/webapps/mpp/merchant-fees?no_follow=true"> 4.40% transfer fee</a> on international business payments. For instance, receiving USD 1000 from a US client results in a USD 44 deduction.

Fixed Fee: <a href="https://www.paypal.com/in/webapps/mpp/merchant-fees?no_follow=true">A fixed fee, </a>depending on the currency, is also applied alongside the transaction fee.&nbsp;

Currency Conversion Fee: PayPal adds a<a href="https://www.paypal.com/in/webapps/mpp/merchant-fees?no_follow=true"> 4% currency conversion fee </a>to the prevailing exchange rate when converting foreign currency to local currency, which means you'll receive a lower exchange rate than the market rate.

In summary, as an exporter, you'll need to pay the following fees to receive international payments through PayPal:

4.40% transaction fee+ Fixed fee (approx&nbsp;0.30 USD)+&nbsp;4% currency conversion fee.&nbsp;

<a href="https://www.skydo.com/blog/paypal-in-india-charges-review-alternatives" target="_blank">PayPal’s </a>ease of use and credibility make it a crowd favourite for managing cross-border payments, but its significantly pricing can make it an expensive option for many, especially for smaller businesses.&nbsp;

Here’s a quick snapshot of Payoneer Vs Paypal along with Skydo, for a better understanding:

Deciding which platform is better isn’t straightforward, as both have distinct strengths. Payoneer offers lower fees for receiving international payments, and offers multiple marketplace integration while PayPal is renowned for its global credibility and widespread acceptance. Assess your specific needs to determine which platform aligns best with your business requirements.

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

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

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

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

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

Payoneer vs PayPal vs Wise & more : Which Is Right for You?

large_Blog images 7th-14.png

medium_Blog images 7th-14.png

small_Blog images 7th-14.png

thumbnail_Blog images 7th-14.png

As an Indian business or freelancer earning globally, managing international payments can be a significant challenge. That’s where platforms like Payoneer step in. Payoneer is a global payment platform that facilitates sending and receiving international payments in over 70 currencies. In this article, we’ll explore Payoneer's fees and charges to help you understand the costs involved in receiving international payments in India through Payoneer.

Payoneer Fees India: What you need to know

In India, professionals and businesses can effortlessly make a payment request and receive international payments via Payoneer. With Payoneer, clients can pay you online<a href="https://www.skydo.com/blog/payoneer-payment-gateway-features-fees" target="_blank"> through various methods</a>, including credit cards, ACH bank debits (US only), and global virtual accounts. You can then withdraw these funds directly into your local bank account.

Additionally, Payoneer offers an enterprise solution that enables businesses to make <a href="https://www1.payoneer.com/in/enterprise/?no_follow=true">mass international payouts</a> efficiently.

While opening a Payoneer account is free, many of these services come with associated fees. Let’s take a closer look at Payoneer fee information for sending, receiving, and withdrawing international payments.

Payoneer is a popular platform for businesses in the US and around the world to send cross-border payments. The platform offers multiple payment options for your clients, including credit cards and bank transfers. Let's break down the pricing associated with each payment method:

Payoneer to Payoneer Payments: Payments made between Payoneer accounts are free. If both you and your client use Payoneer, opting for this method can help you avoid transaction costs.&nbsp;

Credit Card: If a client pays you via credit card, an additional 3.2%+&nbsp;$0.49 Payoneer fee on the transaction amount will be applied.

ACH Bank Debit: This option is available only in the US. If your US client pays you via ACH bank debit, you'll incur an additional 1% as Payoneer fees.

Wire Transfer: Your clients can also make SWIFT/Wire transfers via Payoneer. However, please note that direct bank payments may incur a SWIFT fee of USD 20-40. This fee is typically charged by third-party banks before the payment reaches Payoneer, so it isn’t categorized as Payoneer fees.

Local Virtual Accounts: If your clients pay through <a href="https://www.skydo.com/blog/virtual-account-numbers" target="_blank">local virtual accounts</a>, there are no additional Payoneer fees for EUR, GBP etc, but for USD, 1% fee will apply

Once you receive payment in your Payoneer receiving account, you can withdraw it to your local bank account. However, be aware that Payoneer fees apply depending on the currency in which you withdraw the payment. Let’s break down these fees:

This typically applies to international payments. If you withdraw funds in a different currency, a<a href="https://www1.payoneer.com/in/about/fees/?no_follow=true">&nbsp;3% forex markup </a>will be applied. For example, if you receive an international payment in USD and withdraw it in your local currency, say, INR, you’ll receive INR 82.32 instead of INR 84 at the prevailing exchange rate.

Additional fees, such as bank processing, landing, or intermediary fees, may also be deducted if applicable.&nbsp;

Payoneer charges an <a href="https://www1.payoneer.com/in/about/fees/?no_follow=true">annual fee of $29.95 </a>if your account has received less than USD 2000 or equivalent payment in 12 months.

Opening a Payoneer account doesn't come with any registration fee and the platform also offers certain free services like Payoneer to Payoneer transfers. But please note that all the Payoneer fees mentioned above also apply in India.

Growing Global

Understanding Global Payments blogs