Stripe India: Charges, Review and Alternative

Founded in 2010 by entrepreneur brothers Joseph and Patrick Collison, Stripe is an Irish-American company that simplifies global payments for businesses. It offers a wide range of services, including billing, invoicing, and subscription management. It is a preferred choice for businesses with international customers spread across the globe.

Note that Stripe India currently operates on an “invite-only” model, meaning new Indian businesses must request an invite to open a new Stripe account. Access is granted only if Stripe approves their application. There's no fixed timeline as to how long it might take for the application to be processed

In this blog, we’ll focus on Stripe India's cross-border payment features, explore its pricing and reviews, and consider whether there’s a more cost-effective alternative for receiving international payments in India. 

What is Stripe India?

Stripe India provides Indian businesses with a comprehensive cross-border payment solution, enabling them to receive payments in over 135 currencies. Its flexible UI components, such as masking, styling, and error handling, let businesses tailor their checkout experience to match their brand.

For payments, 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. However, while Stripe supports a variety of payment methods globally, Indian businesses are limited to accepting international payments via credit card or debit card. Unlike platforms such as Skydo, Wise, or Payoneer, Stripe India lacks features like international virtual accounts or alternative payment options like SWIFT transfers, wallets etc. In short, with Stripe India, cards are your only option for receiving international payments.

That said, it’s important to note that Stripe India doesn’t provide FIRA for international payments instead it offers something called, payment advice which you need to submit to your bank to obtain the FIRA yourself. 

Is Stripe Available in India?

Stripe operates on an invite-only basis in India, with an unclear approval timeline and limited access for new businesses. To open an account, you’ll need additional information like identification numbers, a website or app link, a business description, bank details, an IEC code, and an RBI Transaction Purpose Code. 

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Stripe India Charges Breakdown for Receiving International Payments

Receiving international payments through Stripe India comes with relatively high costs. Since Stripe only supports global payments via cards, you can accept over 135 currencies through Visa and MasterCard, while American Express supports only USD.

Stripe India charges a 4.3% processing fee per successful transaction. Additionally, there’s a 2% currency conversion fee for payments in foreign currencies—something most international transactions will incur. There are also additional fees for dispute settlement, invoicing features and more.

Let’s break down Stripe India’s charges with a simple example:

Imagine you run a business and receive a payment of USD 10,000 from a global client through Stripe India. Here’s what happens next:

Processing Fee (4.3%)

Stripe charges a 4.3% processing fee, which is USD 430. After this deduction, your payment drops to USD 9,570.

Currency Conversion Fee (2%)

Since it’s an international payment, Stripe applies a 2% currency conversion fee. Assuming an exchange rate of 1 USD = INR 84, this effectively reduces the rate to INR 82.3 per USD.

Final Amount in INR

Now, multiplying USD 9,570 by the adjusted rate of INR 82.3, you receive INR 7,87,611 in your account.

Compare this to the full value of USD 10,000 at INR 84 per USD, which would be INR 8,40,000. That’s a loss of INR 52,389 due to Stripe’s fees.

In short, using Stripe India for a USD 10,000 payment means you lose over INR 52,000 in fees and lower exchange rates.

Things to note about Stripe India for International Payments

✅ Supports Multiple Currencies – Strip India allows businesses to accept payments in 135+ currencies, making it ideal for global transactions.

✅ Comprehensive Payment Tools – With features like invoicing, tax management, and automated billing, Stripe simplifies financial operations for businesses.

✅ Developer-Friendly Integration – Stripe’s robust API ensures seamless integration into websites and apps, making it a preferred choice for tech-savvy businesses.

✅ Global Credibility – As a trusted and secure payment platform used by businesses worldwide, Stripe offers reliability and fraud protection.

❌ Transaction Fees – Stripe charges 4.3% per transaction plus an additional 2% for currency conversion, cutting into business profits.

❌ No FIRA (Foreign Inward Remittance Advice) – Stripe doesn’t provide FIRA, meaning businesses must handle compliance and documentation separately.

❌ Limited Access in India – Stripe operates on an invite-only basis in India, requiring businesses to submit documents like IEC and Purpose Code and wait for approval.

❌ Restricted Payment Methods – Unlike other markets, Stripe India only supports card payments for international transactions, limiting options for global clients.

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Stripe India User Reviews: Pricing, Convenience, Support and More

If you're considering Stripe India, here’s a quick look at common themes in user feedback:

Ease of Use

Many users highlight Stripe’s easy setup and seamless integrations. They appreciate features like subscription management and invoicing, which help streamline operations for businesses of all sizes.

Pricing

According to user reviews, while Stripe is convenient, some small businesses feel that the fees can become expensive over time. For those operating on tighter margins, pricing is often cited as a factor to consider carefully.

Customer Support

User experiences with Stripe’s customer support appear mixed. Some report prompt and helpful assistance, while others mention challenges with reaching support or concerns around account holds and closures.

Skydo: A Stripe Alternative for Indian Businesses

While Stripe India has been a popular choice for international payments, its high fees and recent shift to an “invite-only” model have left many businesses exploring Stripe India alternatives.

Skydo offers a practical alternative, providing a fast, secure, and cost-effective solution. With a simple fee structure, USD 19 for payments under USD 2,000, USD 29 for payments between USD 2,001–10,000 and 0.3% for payments above USD 10,000- Skydo is up to 10x more affordable than Stripe. It also ensures live forex rates with no hidden markups or conversion fees.

For instance, receiving USD 10,000 through Stripe India would cost around INR 52,389 or USD 624 (Considering an exchange rate of INR 84), whereas with Skydo, it’s just USD 29, saving nearly USD 600.

With added benefits like instant, free FIRA and responsive local support, Skydo is becoming a trusted option for businesses in India to simplify their global payments while keeping costs in check. So if you are looking for a Stripe alternative in India, look no further than Skydo.