Compare to International Wallet for Indian Businesses

People who run a business in India want to be able to conveniently make and receive payments from suppliers, partners, and customers all around the world.

Here are some of the advantages and disadvantages of utilising Wise for payments to and from India, as well as some Wise alternatives.

Payoneer

Payoneer's payment platform includes an online bank account that allows you to receive payments in India without incurring expensive currency conversion costs. It was created with businesses in mind, making B2B cross-border payments more seamless and straightforward.

You can accept payments in a variety of currencies, including USD, GBP, EUR, CAD, SGD, and AUD, and then convert the cash to Rupees at a fair exchange rate with low fees before withdrawing them to your bank account.

Payoneer supports a variety of payment methods in India, including ACH bank transfers, credit or debit card payments, local bank transfers, and payments from other Payoneer customers.

Payoneer also provides you with a local receiving account that functions similarly to a local bank account in a variety of countries, including the United States, Europe, Hong Kong, and Singapore, allowing you to receive payments in a variety of currencies as if you had a local bank account there.

Finally, use the Payoneer dashboard to keep track of payments and generate reports fast for bookkeeping and tax purposes. To make compliance with local financial requirements easier, Payoneer offers a free digital FIRC.

PayPal

You're undoubtedly already familiar with PayPal, as it's one of the most well-known payment platforms. PayPal accepts payments from hundreds of countries and can be used for both personal and business purposes. PayPal charges GST to ensure that you comply with these regulations.

You must either use a credit card or link a bank account to make or accept a payment through PayPal. You can only link a bank account or credit card in one currency, thus an account in Indian Rupees and a GBP or USD account, for example, is not possible. You can make and receive payments in dozens of currencies, including Rupees, once you've established your payment option.

PayPal is popular for domestic transactions, but currency conversion and overseas payments have substantial fees. Transfer fees will cost you 4.4 percent and conversion fees will cost you 3%. You'll also have to pay a fee to obtain a FIRC for your Indian payments, which is only available in hard copy rather than digital format.

Wise

Many cross-border business owners appreciate the Wise multi-currency account, which provides local account details in different areas as well as interfaces with simple bookkeeping tools like Xero and Quick-books.

The Wise multi-currency business account is unfortunately not available in India. You can still send and receive payments using your personal Wise account, but you won't be able to use it for business payments, getting local account details in the US, UK, Europe, and elsewhere, or using the Xero and Quick-books interfaces. International GST tax requirements do not apply to payments made to your Wise personal account.

Wise clients in Europe and Asia could use Wise to send payments to your Indian company bank account, but you may have to pay significant conversion fees to receive the payment.