How to receive international payments in India www.deekpay.com

International collections in India

With the growth of the global economy and the rise of remote work, international transactions are becoming more common.IndiaHas a large and growing international presence. Hundreds of thousands of international businesses are primarily based in India, in industries ranging from manufacturing to technology.

India's global shared services market will reach $91.1 billion (Rs 7.57 trillion) by 2027, according to Grant Thornton's India International Business Report 2023. Outsourced services employ about 4 billion people directly and 10 million indirectly.

Therefore, it is important to understand the best way to receive international payments in India. However, navigating the complex environment of cross-border or export payments can be daunting, especially when there are various regulations and procedures in place. Whether you are new to international payments or looking to optimise your existing methods, it is important to compare all payment platforms before making your final choice.

Main modes of accepting foreign payments in India

Platform Methods Transaction Fees Foreign Exchange Markup (conversion fees) Time Limitations Swift Transfers Wire Transfers via the SWIFT network Depending on the bank, a fee of $10 to $50 is charged as determined by the bank, usually 3% + GST can take up to 5+ business days PayPal from the sender's PayPal wallet to the recipient's PayPal wallet 4.41 TP3T3-4% may take up to 5 daysPayoneer bank transfer to recipient's foreign virtual account, and card payment gateway bank transfer is 0, card is 3% to 3% close to 2 business daysPingPongX bank transfer to recipient's foreign virtual account Withdrawal fee is 1%0% (using mid-market exchange rate) ) takes up to 3 business daysStripe Card Payment Gateway4.3% + GST2%Payment via rolloverWise Payment Platform ~1%0% (using mid-market exchange rates) within a few hoursRazorpay Card Payment Gateway3%Platform Fee + GST ~1%May take more than 7 daysSalt Pe 1.75%0% of the transaction amount (using mid-market exchange rates) to the recipient's foreign virtual account Nearly 2 business days Refrens bank transfer to the recipient's foreign virtual account and card payment gateway Between 1.5% and 4%, depending on the payment method ~1% Nearly 2 business days Mulya bank transfer Mulya bank transfer to the recipient's foreign virtual account 1% Fixed fee 0% (using the mid-market exchange rate) Approx. 2 working days

Swift Transfer

Wire transfer is the traditional way of sending money to other countries/regions and is done through banks. It is a foolproof and safe way to receive money in India without the need to use a payment platform or wallet.

SWIFT is a banking network. Now, depending on the banks involved in the transaction, the time and costs can vary. Wire transfers can take more than 5 days to process. As far as fees are concerned, the first fee charged is a fixed fee for using the SWIFT network, ranging from USD 10 to USD 50, independent of the amount transferred. Additionally, after receiving the foreign currency through an Indian bank, the user's bank will exchange it, with a foreign exchange markup of around 3% + GST.The downside of wire transfers is that they can be more expensive and time-consuming than other methods.

PayPal

PayPal is a well-known way for freelancers and businesses to receive international payments. However, PayPal has transaction and conversion fees (up to 7%). You need to set up a business account on PayPal to accept merchant payments before using it. A note of caution is to ensure that you do not use your PayPal personal account to make business payments or you may be blocked. To make a payment transfer, the sender transfers money (e.g. USD) from their PayPal wallet to the recipient's PayPal wallet. After that, the USD (or any other currency) is automatically converted toIndian rupeeThe payment will be sent to the payee's associated Indian bank account within 2-3 days.

Payoneer

Digital marketplaces and freelance platforms use Payoneer to pay international vendors and independent contractors. To receive local bank transfers directly to your Payoneer account from businesses and marketplaces in the U.S., U.K., E.U., Japan, Canada, Australia, and Mexico, Payoneer offers multi-currency virtual receiving accounts. Simply create a Payoneer account and get your local receiving account. Then, provide your receiving account details to your customers. As a result, the customer will make a payment to your receiving account using a local bank transfer (e.g. - ACH for USD). Finally, the payment will be made to your Indian bank account. Receiving money in a demo account is free. However, Payoneer charges an exchange markup when settling money in Indian Rupees.

PingPong (Internet slang)

PingPong is an international payment platform that provides you with virtual foreign accounts. To get started with Pingpong, first, make sure to sign up for a free PingPong account. You can then use your PingPong collection account to access funds from different customers and platforms. Once the funds are sent to your PingPong account, it will be withdrawn to your Indian bank account in Indian Rupees. PingPong charges a fixed fee of 1% when funds are transferred from your PingPong account to an Indian bank account. Although PingPong does not specify any transfer restrictions, the marketplace to which you transfer funds may have such restrictions. PingPong has different limits on the amount of money you can send from your account at one time on sites like Amazon, Wish and Upwork.

Stripe

While Stripe's platform is built on a solid technology foundation and has expanded to India, it only allows registered businesses to accept international transactions. You cannot accept international payments as an independent contractor or freelancer. It requires you to have an import/export code (IEC). One of the best things about using Stripe is that customers from all over the world trust the platform and it supports nearly 135 currencies. Cards used outside of India are subject to a processing fee of 4.3%, plus a conversion fee of 2% for overseas transactions.

Wise

Wise uses cutting-edge technology to send money to India and other countries, but your customers must first create an account. It will transfer money directly into your Indian bank account. You do not need to register to become a recipient. Sometimes the transfer can reach the bank account within seconds, but sometimes it can take longer. There will be some transfer fees, but the money will be converted at the mid-market rate. Since Wise uses the real exchange rate, the Google rate, which means there's no markup, you may get more money per transfer.

Razorpay

If you are a registered small business, Razorpay may be the right platform to accept international payments through cards. Credit cards from all major foreign banks are accepted through Razorpay and payments are settled in Indian Rupees in the merchant account. Razorpay's banking partners set the payment exchange rate (around 1%), which can sometimes be expensive for you as a merchant. It also charges a platform fee of 3% and taxes. International payments take about 7 days to clear in your Indian bank account. If your international customers want to pay you using a credit or debit card, Razorpay is a good alternative to Stripe as it charges lower fees.

Salt Pe

Pe provides a transparent and clear way to receive international payments in India.Salt. Pe provides foreign local accounts to receive payments from abroad. In the first stage of the process, complete your KYC or KYB to get a local account to receive international payments. Your customers or clients can use local transfers to make payments to your local Salt. Finally, you can transfer the money to your Indian bank account within 24 hours.

The platform charges only 1.75% per transaction and there are no registration fees. There are no additional fees or subscriptions. In addition, Salt.Pe does not charge any conversion markup; instead, it uses the exchange rate provided by Google for converting US dollars to Indian rupees.

Refrens

Refrens allows you to accept international payments in over 100 different currencies via ACH, wire transfer and credit/debit cards. Your bank account will be credited with these payments in Indian Rupees.

You can open an account on Refrens by signing up via Google or email. You will then need to complete KYC, which is free to open an account. Once this is done, you are free to use Refrens to accept international payments in India.

Refrens takes approximately T+2 days to complete a transaction. The actual fee is 1.5% for ACH or wire transfers or 4% for debit and credit cards, including taxes. Additionally, all foreign transactions through Refrens are not conducted at the exact Google exchange rate (i.e., the mid-market rate).

Mulya Finance

Mulya is one of the best options to start accepting foreign payments in India. It is compatible with over 34 currencies and one of the best parts of Mulya Finance is that it has no hidden fees.

After KYC, Mulya provides you with your own virtual foreign accounts. You can share these accounts with your customers to receive payments. Customers simply go to their banking app and make a local transfer to your virtual account online.

Also, since these are local transfers (e.g. ACH in the US), they are completely free. The funds will then be converted to INR and transferred to your Indian bank account via NEFT with the help of a foreign exchange partner. Within 24 hours, your FIRC will be available. Mulya charges a fixed fee of 1% at the time of settlement and converts at the mid-market rate/Google rate. So, there are no additional forex charges. It doesn't even randomly freeze your funds like PayPal does. You also get 24*7 customer support.

One of the best things about Mulya is that it maintains complete transparency throughout the process through its payment tracking feature. From fees to deposit times, all the important information is available to you. For freelancers and agencies, Mulya is the best option for getting payments from foreign clients. Therefore, any business (big or small) and individual can easily accept international cross-border payments using Mulya's services. Click here to learn more about how to get started with Mulya.

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