Title: A Comprehensive Guide to Receiving International Payments in India
I. Overview of international collections in India
As the global economy continues to grow, international transactions are becoming more frequent. India, being one of the important economies in the world, has a large number of international businesses. Knowing the best way to receive international payments in India is crucial for businesses and individuals. In this article, we will provide you with a detailed overview of the various ways to receive international payments in India.
II. Main modes of accepting foreign payments in India
1. Swift Transfer: Wire transfers via the SWIFT network cost approximately US$10 to US$50 with a mark-up of approximately 3% + GST and may take more than 5 business days to process.
2. PayPal: From the sender's PayPal wallet to the recipient's PayPal wallet at a cost of 4.41 TP3T, with a mark-up of approximately 3-41 TP3T, and a processing time of up to 5 days may be required.
3. Payoneer: Bank transfer to the recipient's foreign virtual account at a cost of 3% with a processing time of close to 2 working days.
4. PingPong: X bank transfer to the recipient's foreign virtual account, with a withdrawal fee of 1% and a processing time of up to 3 working days.
5. Stripe: Card Payment Gateway at a cost of 4.31 TP3T + GST with a markup of 21 TP3T, payable on a rolling basis.
6. Wise: Payment platform with a cost of approximately 1% and a processing time of a few hours.
7. Razorpay: card payment gateway with a fee of 3% platform fee + GST with a markup of around 1%, processing time may take more than 7 days.
8. Salt Pe: Bank transfer to the recipient's foreign virtual account, 1.75% of the transaction amount, processing time close to 2 working days.
9. Refrens: bank transfers to the recipient's foreign virtual account, and card payment gateways, with fees ranging from 1.51 TP3T to 41 TP3T, and processing times approaching 2 working days.
10. Mulya Finance: Bank transfer to the recipient's foreign virtual account at a fixed fee of 1% with a processing time of close to 2 working days.
III. Details of various payment methods
1. Swift Transfer: Wire transfer is the traditional way of international money transfer, done through banks, which is safe and reliable, but with higher fees and longer processing time.
2. PayPal: Suitable for freelancers and businesses to receive international payments, but with higher transaction and conversion fees.
3. Payoneer: for digital marketplaces and freelance platforms, offering multi-currency virtual receipt accounts.
4. PingPong: an international payment platform that provides virtual foreign accounts to facilitate the receipt of funds from different clients and platforms.
5. Stripe: allows only registered businesses to accept international transactions and supports nearly 135 currencies.
6. Wise: uses cutting-edge technology to send money to India and other countries, exchanging funds at mid-market rates.
7. Razorpay: for registered small businesses that accept international payments by card.
8. Salt Pe: Provide a transparent and clear method of receiving international payments from India, converted using Google exchange rates.
9. Refrens: Allows acceptance of international payments in over 100 different currencies via ACH, wire transfers and credit/debit cards.
10. Mulya Finance: Compatible with 34 currencies, no hidden fees, provides payment tracking.
IV. Conclusion
There are a number of ways to receive international payments in India to choose from, each of which has its advantages and disadvantages. Businesses and individuals should choose the payment method that best suits them based on a combination of factors such as their needs, cost and timeliness. At the same time, understanding the details and considerations of the various payment methods will help ensure a smooth international transaction.
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