receive international payments in india

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rocking

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what is the best way to receive international payments right now in India? My Stripe account was closed few months back for no reason. I have wise account but that comes with a risk of client kyc. Paypal is good but still cut a large % of fee. any good option available?

I see some good reviews for skydo, anyone using it? just checked their fee, for $100, $19 + 18% of $19 seems higher than paypal which go around 10% after conversion and everything. however seems better option for large payments like for $2000 fee is same $19+gst
 
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rocking said:
what is the best way to receive international payments right now in India? My Stripe account was closed few months back for no reason. I have wise account but that comes with a risk of client kyc. Paypal is good but still cut a large % of fee. any good option available?

I see some good reviews for skydo, anyone using it?
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I am using RazorPay but it needs a current account with a valid company proof.
 
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varunsridharan said:
I am using RazorPay but it needs a current account with a valid company proof.
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have an account with razorpay,what are the charges?
lockhrt999 said:
I have good experience with Wise.

What kind of kyc are they asking to your client? And what country?
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sometime they hold the money, i haven't taken any payment in last 2years so i don't know if this changed as they have added region specific accounts , business accounts. Do you know where to add the indian bank account details to receive money from wise? i am not finding the option.
 
I had a good experience with wise (when it was transfer wise). But beware if you transfer money into an Indian Bank account, any transaction more than 10L is tracked (or 10L in a month I'm not sure), and you might have to pay taxes on it.
 
rocking said:
sometime they hold the money, i haven't taken any payment in last 2years so i don't know if this changed as they have added region specific accounts , business accounts. Do you know where to add the indian bank account details to receive money from wise? i am not finding the option.
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For the first payment, yes, it's slow. But otherwise, in my experience, it's instant like a UPI payment. It also depends upon how your client is sending money to wise like ACH, wire, credit card or debit.

To receive money through Wise from India (as a personal payment), you don't have to do anything. Just tell your UPI to your client. If the amount is bigger than, say, 1L then instead of UPI, give them your account number and IFSC etc. If the client is in US, they can send money through their Google Pay also. It has a tie-up with Wise. Google Pay will set up the client's Wise account for the first time. But subsequent transactions will be instant like UPI. You can also use your Indian gpay registered phone number to receive payment from US.

If your receivables are bigger than 20L in a financial year, use Wise Business account. Chargers are slightly higher (like a percent more). In that case, Wise will give you a bank account in US (or country of your choice). Your client will then send the money to your account as they normally would to any bank account in the US. Once the money lands in that account, Wise instantly transfers it to your linked Indian account. Point of using Wise Business account is that, you get eFIRC for every deposit, so even if your income goes over 20L, you don't have to worry about those hounds sitting in the GST office.
 
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draglord said:
I had a good experience with wise (when it was transfer wise). But beware if you transfer money into an Indian Bank account, any transaction more than 10L is tracked (or 10L in a month I'm not sure), and you might have to pay taxes on it.
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already have a business account with wise. taxes are already there for me as that is the business money. i also have good experience it is just some headache with client kyc verification to verify the source of the payment. i assume this could have changed with business accounts and ach transfers.
 
lockhrt999 said:
once the money lands in that account, Wise instantly transfers it to your linked Indian account.
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i am already aware with the old way of getting money however the UI is different now and i almost forgot how and where the linked indian bank accounts are for personal and business account.
lockhrt999 said:
It's 20L/year now. If you don't get eFIRC, then you'll have to pay 18% GST.
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are you sure it is not 5L? it is like receiving money from your family abroad if using personal wise account. in 2021 i think it was 5L
 
lockhrt999 said:
those hounds sitting in the GST office
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do you know how cruel those hounds are? they play with your mental health, gives trauma, break your motivation to work. they complicate things so much,, ask proofs and ask to pay high taxes for no reason, they send tax notices because they have power to do so. while crores of black money are actively running from here to there. they abuse the honest taxpayers.

varunsridharan said:
2% + 18% GST for transaction based in india
3% + 18% GST for international card transactions

Also razorpay requires Invoice for each transaction they may do some random checks.
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seems like cheaper than stripe while it was charging more with conversion fee. i think this will work for smaller payments as i don't want to use complicated system for $10-$50 invoices.
 
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rocking said:
i am already aware with the old way of getting money however the UI is different now and i almost forgot how and where the linked indian bank accounts are for personal and business account.
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As a constant endeavor of our Govt to make conducting business difficult in India, Wise no longer supports personal accounts for India customers. You can still receive money through by sharing UPI or bank details. But can't create a dedicated personal account as people of other countries can.

rocking said:
are you sure it is not 5L? it is like receiving money from your family abroad if using personal wise account. in 2021 i think it was 5L
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20L is a standard limit to conduct your business without GST. Applicable to all business in India. Talking about Wise Business account, there's no 5L limit on anything. The minimum limit that you may hit is 10L per transaction while sending to India. If the amount is bigger, you'll have to split the transaction amounts into multiples of 10L.
 
lockhrt999 said:
As a constant endeavor of our Govt to make conducting business difficult in India, Wise no longer supports personal accounts for India customers. You can still receive money through by sharing UPI or bank details. But can't create a dedicated personal account as people of other countries can.


20L is a standard limit to conduct your business without GST. Applicable to all business in India. Talking about Wise Business account, there's no 5L limit on anything. The minimum limit that you may hit is 10L per transaction while sending to India. If the amount is bigger, you'll have to split the transaction amounts into multiples of 10L.
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20L limit is stupid, restricted for only people selling within their region. there are rules for intra-state and inter-state selling, even export needed gst even you get Rupee 1.
lockhrt999 said:
conducting business difficult in India
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there is nothing good in this system. not single one i can point at. it is really hard to work here.
 
rocking said:
do you know how cruel those hounds are? they play with your mental health, gives trauma, break your motivation to work.
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One of the reasons my ecommerce business shut down. I had a khujli of doing my own accounting. As a man of science, I had to learn accounting, but I did it anyway. And, I didn't have a problem in VAT era. It was easy. Come GST, I went from filing one return every six months to 4 returns every month. I was like f'me. I had no time left to do any business.

rocking said:
20L limit is stupid, restricted for only people selling within their region. there are rules for intra-state and inter-state selling, even export needed gst even you get Rupee 1
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I'll show you local dealers wholesalers with turnover more than 20 crore per month, who haven't registered for GST. Cash still is the king.
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Talking about imandari ka dhanda, if you manage to get FIRC. You don't have to register GST or pay any tax on it (just the income tax), no matter how much you make from outside.
rocking said:
it is really hard to work here.
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That's why anyone who can is fleeing this country.
 
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lockhrt999 said:
That's why anyone who can is fleeing this country.
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very true. cash is king. we had our ecommerce business LLp open in 2020 and just after covid lockdown started. we faced a huge loss. got a lot of trouble getting started but there was double trouble getting it closed. the business and gst was closed few months back took around 2years just to close it.

i am now using my personal gst to run businesses. it is still difficult to work and get international clients because of the poor reputation, call center scammers.
 
rocking said:
it is still difficult to work and get international clients because of the poor reputation, call center scammers.
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India has left Nigeria in the dust.

If you ever had a chance to visit the US, I'd suggest you to open a bank account over there. Bring only as much money as you need inside India. And, declare only that much as income. Not legal, but anyone who can do this is already doing it.
 
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Paypal fees are 4.4% + $0.30 + gst, which comes to 5.2% + $0.35, I just add this overhead to my invoices.

For larger amounts, I ask that they send through Xoom.

Again, I don't try and make sense of the charges, I just invoice accordingly.
 
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