Top 5 Wise Alternatives for International Payment
With cross-border business on the rise, especially among Indian exporters, freelancers, and SaaS companies, finding the right platform to receive international payments isn’t just helpful, it’s critical. Wise (formerly TransferWise) has earned a reputation for offering low-cost, transparent international transfers. But it's not the only option available.
Whether you're looking for better pricing, faster settlement, or RBI-compliant documentation, there are several strong alternatives to Wise today. Platforms like Skydo, designed specifically for Indian businesses, now offer mid-market exchange rates, no hidden fees, and instant FIRA, making them leading alternatives to Wise for international payments.
In this guide, we’ll break down Wise Business's core features and compare the top 5 Wise alternatives for receiving global payments, so you can choose the one that fits your business best.
Why is Wise Business popular for international business payments?
Wise (formerly TransferWise) is a go-to for many businesses because of its simplicity, speed, and cost transparency. It offers:
- Mid-market exchange rates with no hidden forex markup, helping users save compared to traditional banks.
- Multi-currency accounts that let businesses receive and hold USD, EUR, GBP, and more before converting to INR.
- Low, upfront fees, typically around 1.6–1.8%, which are often lower than PayPal or SWIFT transfers.
- Fast settlements, with transfers settling within 48 hours
- An intuitive, user-friendly interface that simplifies global transactions without the usual bank red tape.
Why might Indian businesses look for an alternative to Wise Business?
Despite Wise’s advantages, there are scenarios where businesses seek alternatives to Wise for cross-border payments:
- Transaction limits: Wise imposes a per-transfer limit of $10,000 per invoice request. Exporters dealing with large orders or SaaS firms with high-value enterprise clients may find this cap restrictive.
- Cumulative fees on large amounts: While percentage fees are low for small transfers, they can add up on large sums. For example, receiving $10,000 via Wise incurs roughly $160+ in fees (around 1.6%), plus a fixed charge for the FIRC document. In contrast, some competitors offer flat or lower capped fees for big transfers, which can save money at scale.
- Limit on Business types supported: Currently, Wise business only supports freelancers and sole proprietorships in India. Other business types, like private limited or LLPs, can't receive international business payments in India via Wise
- Foreign Inward Remittance Certificate (FIRC) costs: Indian regulations require documentation (FIRC/FIRA) for inbound foreign payments. Wise does provide an e-FIRC for each transaction, but charges about $2.50 per Over many transactions, this extra cost can pile up. Several Wise alternatives issue digital FIRA/FIRC free of charge, simplifying compliance for businesses.
- Specific integrations: Wise doesn’t natively integrate with freelance marketplaces or e-commerce platforms for payouts. Businesses working via platforms like Amazon, Shopify, or Upwork might favour providers that plug directly into those ecosystems.
What should Indian businesses consider when choosing a Wise alternative?
Choosing the right international payment platform comes down to your specific business needs. Key factors to compare include:
- Fees and Forex Rates: Examine both transaction fees and currency conversion rates. Even a few percentage points matter for large transactions. For example, PayPal’s fees can sum up to ~8% of the amount (4.4% transaction fee + a fixed fee + ~4% currency spread)
- Speed of Settlement: How quickly will the money reach your Indian bank account? Wise and several alternatives are quite fast (often 1 business day). Traditional bank wires (SWIFT) might take 2–5 days. If cash flow timing is critical, opt for providers known for quick settlements.
- Compliance & Documentation: Ensure the service provides the necessary RBI-compliant documents like FIRA/FIRC for each inward remittance. Ideally, this should be automated and free. (Wise issues FIRC for a fee, whereas some competitors like PingPong or Payoneer include digital FIRA at no extra cost.) This is important for exporters claiming incentives or freelancers/businesses needing proof for tax purposes.
- Integration & Ease of Use: If you sell via marketplaces or freelance platforms, check if the alternative integrates directly (e.g. Skydo with Amazon or PingPong with Shopify). Also, look at features like invoice generation, payment tracking, recurring billing, and API access, useful for SaaS businesses to automate payment workflows.
Below, we outline some of the best alternatives to Wise, highlighting how each can help Indian exporters, SaaS firms, freelancers, and other SMBs receive money from abroad.
PayPal: A Wise alternative with global client familiarity
Key Features/Pros
- Global acceptance & convenience: PayPal is one of the most recognised payment solutions worldwide. Many international clients (especially individuals and small buyers) are comfortable using PayPal, making it easy for them to send money using a credit/debit card or their PayPal balance.
- Automatic FIRA compliance: PayPal offers monthly digital FIRA to Indian businesses at no extra charge. Businesses get a single FIRA for all transactions each month, usually by the 15th of the following month, making compliance easier.
- Buyer-Seller Protection: PayPal has inbuilt buyer-seller protection, protecting both buyers and sellers from financial loss in case of fraud.
Cons
- Fees and currency conversion costs: For receiving payments from outside India, PayPal charges 4.4% of the amount plus a fixed fee per transaction. On top of that, PayPal applies a 4% currency conversion fee when converting foreign currency to INR. In total, you might lose around 8% of your revenue in fees using PayPal, significantly higher than Wise’s fees.
- India Feature Gaps: PayPal’s service in India is more limited compared to other regions. Indian merchants can only use it for receiving foreign currency payments, with restrictions on other advanced features.
Skydo: An alternative to Wise built for Indian exporters
Key Features/Pros
- Purpose-built for Indian businesses: Skydo is a modern cross-border payments platform designed specifically for Indian exporters, SaaS companies, and freelancers. Skydo focuses on solving India-specific frictions, like compliance, forex markup, and documentation.
- Zero forex markup, transparent pricing: Skydo charges a flat fee: $19 for payments under $2,000, $29 for $2,001–$10,000, and 0.3% beyond that. There’s no currency conversion markup, meaning businesses receive the exact mid-market rate (the same you see on Google). This makes it more cost-effective than Wise for high-value transfers.
- FIRA included, instantly: Skydo auto-generates digital FIRA after every transaction at no additional cost, making GST filing and RBI compliance hassle-free. In contrast, Wise charges ~$2.50 for FIRC and may take longer to issue it.
- Payment Tracking and Invoicing: Skydo also lets businesses know where their payments are at any point in time via their payment tracking. Its invoicing feature also helps exporters create and share their invoices directly via Skydo
- Unlimited transaction support & local help: There are no limits on how much you can receive, and Skydo supports all business types, freelancers, sole proprietors, and registered companies. Indian customer support is available on WhatsApp, email, and phone.
Cons
- Inbound Payments Only: Currently, Skydo supports only inbound payments, meaning it’s not a full payment gateway for paying vendors.
- Less Ideal for Small ticket sizes and card payments: For amounts below $1,000, certain % based providers may prove to be more affordable, and as of today, Skydo doesn't support card payments.
Payoneer: A Suitable Wise alternative for e-commerce businesses
Key Features/Pros
- Multi-Currency Receiving Accounts: Receive payments in USD, EUR, GBP, and more with local account details (e.g., ACH in the U.S., SEPA in Europe), making it easier for international clients to pay as if you had a local bank account.
- Marketplace Integrations:
Seamlessly connects with platforms like Upwork, Fiverr, Airbnb, Amazon, Walmart, etc., ideal for freelancers and e-commerce sellers relying on these networks.
- Free FIRA/FIRC Documents: Indian users receive digital FIRA/FIRC at no additional cost with every incoming transaction, simplifying compliance.
Cons:
- Transaction Fees Vary by Method Credit card payments: 3.2% + $0.49 ACH debits: 1%
- Forex Markup on Withdrawals: A 3% currency conversion fee applies when withdrawing to an Indian bank account, which can add up for large transfers.
- Annual Maintenance Fee: An annual charge of $29.95 applies if your account receives less than $2,000 in payments over 12 months.
Stripe: A solid Wise alternative for SaaS businesses and online payment integration
Key Features / Pros:
- Developer-Friendly Gateway: Ideal for SaaS and tech businesses needing global card payments. Offers powerful APIs for custom integration, including recurring billing, invoicing, and one-click checkouts.
- Global Currency Support: Supports 135+ currencies and various local payment methods, making it suitable for businesses with an international customer base.
- Advanced Business Tools: Includes built-in fraud detection, revenue analytics, subscription management, and invoicing features, suitable for businesses seeking an all-in-one payment platform.
Cons:
- Fees for Indian Merchants: Stripe charges ~4.3% transaction fee + 2% forex conversion fee for international payments, which can be costly over time.
- Invite-Only Access in India: Currently, Stripe is not open to all Indian businesses. You need to request access and wait for approval, which may delay setup for new exporters or freelancers.
- No FIRA/FIRC Provided: Stripe does not issue FIRA/FIRC for Indian users, adding a compliance burden for businesses that require these documents.
PingPong: Another ecommerce friendly alternative to Wise
Key Features/Pros
- Built for Marketplace Sellers: Tailored for e-commerce exporters, freelancers, and international sellers. Supported by major platforms like Amazon, Walmart, Wish, and Shopify as a payout partner.
- Flat 1% Fee: Charges a simple 1% on incoming payments, with no monthly or setup fees, making it predictable for budgeting.
- Free Digital FIRA: Provides a digital FIRA for each transaction at no extra cost, supporting compliance for Indian exporters.
- Tax Payment Integration: Allows users to pay taxes like GST/VAT directly from their PingPong account, simplifying financial operations for sellers.
Cons:
- Opaque Forex Rates: While PingPong claims competitive rates, the actual exchange rate is not publicly disclosed
- Flat Fee May Be Costly for Large Transfers: For high-value payments (e.g., $10,000+), a 1% fee may be more expensive compared to platforms offering tiered or percentage-capped pricing.
Here's a table quickly comparing Wise with its alternatives:
| Platform | Forex Markup+Fee | FIRA | Best For |
| Wise | Mid market rate| 1.6-1.9% fee | FIRA offered at USD 2.50/FIRA | Freelancers & solopreneurs |
| Skydo | Mid market rate| Flat $19|$29|0.3% | Instant free FIRA | Indian SMBs & service exporters, freelancers, enterprises |
| PingPong | 1% flat fee (possible hidden forex markup) | Free FIRA | E-commerce sellers |
| PayPal | 4% markup + 4.4% transaction fee | Monthly free FIRA | Freelancers with global clients |
| Stripe | 2% markup + 4.3% transaction | No FIRA provided | SaaS, subscriptions, developer-first businesses |
Indian Fintech Platforms: Homegrown, low-cost options for cross-border payments
A new wave of Indian fintech platforms like Infinity, Karbon Business, and others is reshaping how small businesses, exporters, and freelancers handle international payments. These platforms offer multi-currency virtual accounts that let you receive payments from clients globally, often within 2 business days and without the delays or high fees of traditional banks.
What sets them apart is pricing:
- Platforms like Infinity charge a flat 0.5% fee on incoming transfers, with no forex markup, using the real mid-market exchange rate.
- Others, like Karbon Business, bundle cross-border payment tools with business cards, dashboards, and expense management, built for growing startups.
Most offer instant, digital FIRA/FIRC at no extra cost, making them highly suited for Indian compliance needs, especially for exporters and service providers dealing with GST and RBI regulations.
While they may lack the global brand recall of Wise or PayPal, these Indian alternatives are designed for local realities: simple onboarding, transparent pricing, GST-ready invoices, and India-based support.
Which Wise alternative is best for Indian MSMEs and freelancers?
Whether you're a small exporter in Surat, a SaaS founder in Bengaluru, or a freelance consultant in Jaipur, getting paid from overseas clients smoothly, affordably, and compliantly is critical.
For MSMEs, the ideal Wise alternative depends on the nature of the business. If most of your clients pay via bank transfers (common in B2B setups), platforms like Payoneer, Infinity, or PingPong offer virtual accounts and lower transaction fees than traditional banks. These platforms also support documentation like FIRA/FIRC, which is vital for GST compliance and export incentives.
For freelancers, especially those working with clients in the US or UK, ease of use and low fees matter just as much as speed. Some clients prefer PayPal for its familiarity, while others are open to more efficient methods, like platforms that offer local account details, no SWIFT charges, and clear pricing.
This is where Skydo stands out. It’s built specifically for Indian service exporters, freelancers and MSMEs alike offering:
- Flat, predictable fees (starting at $19)
- No forex markup, so you always get the live Google exchange rate
- Instant, free FIRA after every transaction
- And no transaction limits, whether you’re receiving $100 or $100K
Unlike generic platforms, Skydo combines compliance, pricing transparency, and local support in one place, making it a practical choice for Indian businesses that want simplicity without giving up on documentation or control.
What is the best alternative to Wise?
Wise offers a convenient way for individuals and businesses in Indian to receive international payments. However, currently Wise has temporarily stopped the onboarding of businesses in India. Platforms like Skydo offer businesses a fast, secure and less expensive way to receive international payments in India.
What is Wise's pricing?
Which app is better than Wise?
Is there Wise Card in India?
Can I open a Wise business account in India
Are there any transaction limits on Wise Business?
