Comparing platforms to receive foreign currency as an individual

calvin1719

calvin1719

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Does anyone have any experience with using platforms like Cashfree, Paypal, Wise, etc. to receive forex payments? I ask this as an individual (not a registered business) expecting to receive some regular amounts for freelance/contract payments.

How do the fees and ease of use and lack of potential hurdles with these platforms compare to directly getting the transfer to my bank account? How does the forex rate compare?
 
PayPal is best and without headaches
They do charge fee but it's pretty nominal.
Once you get a PayPal account after sharing your pan and bank details, that's all.
The amount received will be automatically Transferred to your attaced bank account within 2 to 5 days..
Keep details and receipts handy while filing ITR.

Edit :
Please note that apart from automatic Transfer to your bank account the PayPal funds can't be used for anything at all..
If you attach a credit card or debit card to your PayPal account then purchases can be done online but the transferred funds can never be used for anything other than automatic withdrawal..
 
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JMak said:
PayPal is best and without headaches
They do charge fee but it's pretty nominal.
Once you get a PayPal account after sharing your pan and bank details, that's all.
The amount received will be automatically Transferred to your attaced bank account within 2 to 5 days..
Keep details and receipts handy while filing ITR.

Edit :
Please note that apart from automatic Transfer to your bank account the PayPal funds can't be used for anything at all..
If you attach a credit card or debit card to your PayPal account then purchases can be done online but the transferred funds can never be used for anything other than automatic withdrawal..
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PayPal's fees seem to be far higher than others like Wise though. Paypal is 4.4% + fixed fee while Wise is 1.5%.
 
calvin1719 said:
PayPal's fees seem to be far higher than others like Wise though. Paypal is 4.4% + fixed fee while Wise is 1.5%.
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PayPal charges the MOST among the competition. It has been in the business for a LONG time, and hence, most companies have a PayPal account ready for business.
Usually, it is the SENDER who decides the service they want. If you can suggest a service and ensure the Sender accepts, Great.
Check out Payoneer. They have reliable service and transfers above $100 are free.
 
alap4m said:
PayPal charges the MOST among the competition. It has been in the business for a LONG time, and hence, most companies have a PayPal account ready for business.
Usually, it is the SENDER who decides the service they want. If you can suggest a service and ensure the Sender accepts, Great.
Check out Payoneer. They have reliable service and transfers above $100 are free.
Click to expand...
Yes, I can decide the service, amongst a set number of options. These include Paypal, Payoneer, SWIFT direct transfer, and a couple of others. Payoneer was on my radar to check out. I tried to register for Wise but they don't do USD.
 
calvin1719 said:
Yes, I can decide the service, amongst a set number of options. These include Paypal, Payoneer, SWIFT direct transfer, and a couple of others. Payoneer was on my radar to check out. I tried to register for Wise but they don't do USD.
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SWIFT direct transfer could face troubles from Indian banks, and perhaps even invite scrutiny.
The other services are smoother.
 
JMak said:
PayPal is best and without headaches
They do charge fee but it's pretty nominal.
Once you get a PayPal account after sharing your pan and bank details, that's all.
The amount received will be automatically Transferred to your attaced bank account within 2 to 5 days..
Keep details and receipts handy while filing ITR.
Click to expand...
PayPal is actually the worst among all. On top of eating nearly 10% in fees (5% on remittance via Goods & services + 5% lower on currency conversion than Google rate); your client reserve the right to charge back the transaction for up to 6 months.
If you're getting substantial amount, they can also hold it for 21 days before crediting to your bank
calvin1719 said:
Does anyone have any experience with using platforms like Cashfree, Paypal, Wise, etc. to receive forex payments? I ask this as an individual (not a registered business) expecting to receive some regular amounts for freelance/contract payments.

How do the fees and ease of use and lack of potential hurdles with these platforms compare to directly getting the transfer to my bank account? How does the forex rate compare?
Click to expand...
Wise/Remitly. All you need to do is to send your bank info, client will do the rest. You don't need to sign up on those platforms either
alap4m said:
Check out Payoneer. They have reliable service and transfers above $100 are free.
Click to expand...
Last time I checked payoneer only accepts remittance from companies not individuals. Have they updated their policies lately?
 
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jakehifi said:
If you're getting substantial amount, they can also hold it for 21 days before crediting to your bank
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That should not apply to India where as per RBI rules paypal can't hold any funds received from abroad in foreign currency in a paypal India acc for more than 24 hours before crediting to linked Indian bank acc.
 
guest_999 said:
That should not apply to India where as per RBI rules paypal can't hold any funds received from abroad in foreign currency in a paypal India acc for more than 24 hours before crediting to linked Indian bank acc.
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It applies, technically they curb this rule by not crediting your balance. Once reflected they've 24 hrs to initiate bank transfer as per RBI, however, when they're going to credit remittance to your PayPal balance is in their absolute authority.
 
jakehifi said:
It applies, technically they curb this rule by not crediting your balance. Once reflected they've 24 hrs to initiate bank transfer as per RBI, however, when they're going to credit remittance to your PayPal balance is in their absolute authority.
Click to expand...
Then they are withholding this amt before it reaches Indian jurisdiction as paypal is based abroad just like all other such platforms. In that case nothing can be done & chances of this happening on other platforms is also there even if less. Every platform has more rules when it comes to cross border txns & transfers involving significant amt though definition of "significant" may vary from platform to platform.
 
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