How to open an account for receiving international payments in India

To open an account for receiving international payments in India, you can choose between a traditional bank account with SWIFT capabilities or a specialized cross-border payment platform. Most Indian banks offer current accounts that support foreign currency inflows through SWIFT transfers, though setup can take several days and involve extensive documentation. Alternatively, RBI-authorised platforms like Skydo provide purpose-built accounts designed specifically for exporters and freelancers. Skydo offers faster onboarding, typically within 24 hours, along with competitive forex rates and lower fees compared to traditional banks. The platform also handles compliance automatically and provides a dedicated virtual account for seamless international collections.

For freelancers and small businesses, specialized platforms often prove more cost-effective than banks because they eliminate hidden charges like nostro fees and offer transparent pricing. Whichever route you choose, ensure the provider is RBI-compliant and supports the currencies your clients use most frequently.