Wise Pricing: Complete Guide on Fee Breakdown
Wise is one of the most transparent platforms on price. The all-in cost still typically lands at ~2% per transaction. Here's the full breakdown for Indian exporters, with a worked example and a side-by-side calculator versus Skydo. Wise's India business receiving accepts verified freelancers, sole proprietors, private limited companies, LLPs and general partnerships, for USD 5 to INR 25 lakh equivalent per receipt.
Receipts processed under RBI PA-CB rules are capped at ₹25 lakh per transaction. Larger invoices need a separately eligible route.
₹4,68,822Over $1B processed • Licensed by RBI
Approved underRBI's PA-CB framework
Approved underRBI's PA-CB framework
Wise Pricing Overview
Wise's pricing has two visible components: a conversion fee that depends on currency, amount and payment method (this page models 1.7% of the amount received; check Wise's India receiving quote for your payment) and a $2-equivalent e-FIRC fee per transaction. There's no FX markup, Wise applies the live mid-market rate. There are also no monthly subscriptions or setup fees.
The catch is what sits on top. The 18% GST on the conversion fee and the e-FIRC fee (not on the amount you receive) adds another layer, and because the base fee is already high, the GST bill scales with it. All-in, you're looking at roughly 2% of every USD invoice gone to Wise before the money reaches your account.
Compared to PayPal (5-8%), Wise is excellent. Compared to Skydo's $19 to $29 fee up to $10K (0.3% of the full amount above that, plus GST), Wise costs significantly more on every $5K+ invoice, and the gap widens as your invoice sizes grow.
Wise Transfer Fees Explained
Wise's transfer fee varies by currency and route. The fee is shown transparently in the dashboard before you confirm any conversion.
Approximate fees for common currencies(live in dashboard):
FIRA charges
Wise charges $2 plus GST per e-FIRC, issued automatically for each eligible transfer. Skydo generates a free FIRA automatically for each payment.
Multi-currency hold
Wise's India business receiving details cannot hold foreign currency: funds are converted to INR on receipt. Skydo also settles to INR; it gives you local collection accounts in USD, GBP, EUR and more so clients can pay locally.
Wise Exchange Rate and FX Margin
Wise applies the live mid-market exchange rate with zero FX markup. This is genuinely better than most competitors, banks typically tack on 2-4%, PayPal closer to 3-4%. What you see on Google is what Wise uses.
Where Wise still costs you is the conversion fee on top, modelled here at 1.7% per transaction, plus the $2 e-FIRC and 18% GST on both. So while the FX itself is clean, the all-in cost on a $5,000 payment lands around $103, about ₹9,240 at ₹90 per USD.
For low-volume or multi-currency transfers, Wise's FX is hard to beat. For high-volume B2B receivables into India, Skydo's $19 to $29 fee up to $10K (plus GST) with the same zero-markup FX wins on total cost.
Wise Gaps and Charges to Watch For
Wise is more transparent than most platforms. The few charges to be aware of:
Per-FIRA fee
Wise charges $2 per FIRA. Skydo includes free per-transaction FIRA.
Card top-up fees
Adding funds via card to send a Wise transfer carries a card-fee surcharge.
Multi-currency hold not in India
India accounts cannot hold foreign currency long-term.
Limited eBRC support
Wise has no eBRC tool; exporters self-certify eBRCs on DGFT from the IRM their bank reports.
GST invoices cover Wise fees
Wise provides a GST invoice for its own fees on each transfer once you add a GST ID. Check separately whether its invoicing covers India-GST sales invoices to your clients.
Bank settlement delays
INR usually reaches your Indian bank 1-2 days after Wise receives the payment; the incoming rail (local transfer or SWIFT) adds its own time, and banking days apply.
How Much Does Wise Actually Cost? (Real Example)
Let's run the same example. An Indian agency invoices a US client $5,000, using an assumed example mid-market rate of 1 USD = ₹90 (the calculator above uses the live rate).
Invoice amount
$5,000.00
Breakdown
Wise — what you lose
Invoice amount
$5,000.00
Breakdown
Skydo — what you keep
At these assumptions, Skydo costs less than Wise above about $1,000; at $1,000 the two fees are about equal, and below that Wise can be cheaper. The gap gets wider as your invoices grow. Skydo's fee stays fixed ($19 up to $2K, $29 up to $10K, plus GST) and moves to 0.3% of the full amount beyond that, while Wise's ~1.7% fee plus 18% GST keeps stacking up.
Over 12 monthly invoices of $5K each at ₹90 per USD: Wise costs about ₹73,900/year more than Skydo for the same volume.
Wise Pricing vs Skydo Pricing
Here's a clear side-by-side of every Wise and Skydo fee, so you can see what each platform actually costs you per transaction.
Transaction fee structure
~1.7% conversion fee + $2 e-FIRC, plus 18% GST (modelled)
$19 / $29 / 0.3% of the full amount, plus 18% GST
Fee on $1,000 invoice (incl. GST)
$22.42
$22.42
Fee on $5,000 invoice (incl. GST)
$102.66
$34.22
Fee on $10,000 invoice (incl. GST)
$202.96
$34.22
Fee on $50,000 invoice (incl. GST)
Above Wise's INR 25 lakh per-receipt limit
$177 (0.3% + GST), only where an eligible route allows a single receipt above ₹25 lakh
FIRA
Automatic per transfer, $2 + GST
Free, automatic per payment
Multi-currency hold (India)
No (receipts convert to INR)
No (local collection accounts, settled in INR)
Is Wise Worth the Cost for Indian Exporters?
Wise is one of the best global platforms. For Indian B2B receivables, the math depends on invoice size.
Wise is worth it when.
Your invoice volume is low and infrequent, so percentage fees don't compound. You need outward remittances under LRS for personal use (travel, education, family support). You value a globally recognised brand your overseas clients already trust.
Wise stops being worth it when.
You're receiving regular B2B invoices above about $1,000, where percentage fees compound fast. You want a free FIRA on every payment instead of a $2 + GST charge each time. You want India-specific compliance help built in: GST invoicing, eBRC generation assistance (link DGFT, upload shipping bills, map IRMs, then self-certify) and clean export documentation. You want fixed fees up to $10K and India-based support. This is exactly where Skydo fits.
Frequently Asked Questions About Wise Pricing
What is Wise's effective cost on a typical USD → INR transfer?
Wise's conversion fee for receiving USD into India depends on currency, amount and payment method. Modelled at 1.7% plus the $2 e-FIRC, with 18% GST on both, the effective cost is about 2.05% on a $5,000 receipt. Check Wise's India receiving quote for your own payment.
Does Wise charge a forex markup?
No, Wise does not charge a forex markup. Instead, Wise uses the real mid-market exchange rate, the same rate you see on Google for currency conversions.
Are there volume discounts on Wise?
Yes, Wise offers automatic volume-based fee reductions for high-value users. Discounts typically start once your monthly transfers exceed about $25,000 (or equivalent).
What is the cheapest way to receive payments in India?
The cheapest way to receive international payments in India is generally through specialized online platforms like Skydo, Wise (formerly TransferWise) which offer exact mid-market exchange rates at a very low fee.
Does Wise provide FIRA?
Yes, Wise issues a digital e-FIRC automatically for each eligible business payment in India, usually within 2-3 working days, for a $2-equivalent fee plus GST.
Should I use Wise or Skydo?
Skydo is better for Indian exporters receiving high-value payments ($1,000+) due to fixed fees up to $10,000, free FIRA, and RBI compliance. Wise is superior for freelancers and small, frequent payments under $1,000.
Stop Losing 1.6%+ on Every Wise Payment
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