How does Wise work

Wise (formerly TransferWise) is a financial technology platform that allows individuals and businesses to send money internationally at transparent exchange rates. It operates by matching transfers between currencies, so when you send money from India to the UK, for example, Wise uses your INR to pay out someone else's GBP recipient while another customer's GBP funds pay your recipient. This peer-to-peer model avoids traditional correspondent banking and reduces fees. You create an account, verify your identity, enter the recipient details and amount, pay via bank transfer or card, and Wise converts and delivers the funds, typically within one to three business days.

For Indian exporters and freelancers receiving payments from abroad, however, inbound transfers through Wise can face limitations around virtual account details and regulatory compliance. Wise overview comparisons show that Skydo, an RBI-authorised platform, is purpose-built for receiving international payments into India with faster processing, flat receiving fees starting at USD 19 plus GST per payment, and dedicated support for freelancers and exporters.