Global payments
Posted on Apr 10, 2025
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Wise is one of the most popular platforms to receive international payments in India. Your clients can easily send money to your bank account via a wire transfer, even if they don’t use Wise. Plus, Wise automatically generates e-FIRC, so you don’t have to worry about compliance.
However, Wise charges high transaction fees and GST fees, which significantly reduces your overall earnings. If you want to convert $1000 to INR, Wise charges approximately $23. Imagine losing this much each time you receive an international payment. It would result in a huge amount over several months.
If you are looking for a better and more convenient option to receive money transfers from abroad, we’ve got you. In this article, we’ll tell you the best Wise alternatives to receive international payments in India.
What is Wise India?
Wise, formally known as Transferwise, is a cross-border payment platform founded in 2011. It helps individuals and businesses transfer and receive international payments across the world.
Let’s understand the features of Wise and its pricing for receiving international payments in India:
Wise features:
Multicurrency accounts: Wise offers a platform for individuals and businesses to receive international payments in their local accounts in various currencies across the globe. This includes- USD, EUR, AUD and more.
Automatic eFIRC: Wise automatically emails you eFIRC for international payments for compliance and tax purposes.
Mid-market exchange rate: Wise converts foreign currency into INR at mid-market exchange rate.
Quick money transfer: Wise provides the feature of receiving your international payments within 90 minutes of business hours and locking it in the mid market rate.
Wise pricing:
Conversion fees: The conversion fees of wise depends on the currency in which the payment has to be received. For example, if you receive a payment of $10,000, the fees for the wise will be USD 194.09( including eFIRC and GST)
eFIRC: Wise charges an amount of 2.5 USD for every transaction.
GST: Wise charges a total of 18% on Wise fees, so that is 18% of (conversion fees & eFIRC).
What Are the Best Transferwise Alternatives in India?
The most significant problem with Wise is the high transaction cost. You risk losing above 20% of your earnings on each transaction.
If you want to avoid such high costs, let’s look at Wise alternatives in India.
Infinity
Infinity is a modern international payment solution for all the exporters, freelancers, SMBs, e-commerce platforms in India. It is one of the best Wise alternatives if you want to avoid high conversion costs. Infinity charges a flat 0.5% transaction fee on international payments, inclusive of GST.
For example, if you receive $1000 through Infinity, you’ll have to pay ₹430 ($5) approximately. On the contrary, if Wise charges approx. $22 for converting $1000 to INR.
Features of Infinity:
Supports 50+ currencies: Infinity allows all the SMBs, exporters, freelancer, e-commerce platforms etc to receive international payments in 50+ currencies across the globe by opening a multi currency account which hardly takes more than 10 minutes.
Free eFIRC: Infinity provides instant eFIRC at no extra cost.
1-day money transfer: You can receive your international payments in 1 business day in your multi currency account and convert and withdraw your money at your preferred FX rate.
Pricing of Infinity:
Transaction fees: Infinity charges a flat 0.5% as transaction fees( inclusive of all taxes).
FIRA: Infinity provides free-of-cost FIRA for every transaction.
FX markup/conversion fees: You can convert your international payment at love Fx rate without any markup or conversion fees with Infinity.
So, in summary, you just 0.5% of the total amount per transaction with Infinity. This helps you save a lot more money compared to Wise.
PayPal
When it comes to receiving or sending international payments, PayPal India has established a huge name for itself. PayPal allows you to accept international payments by setting up a PayPal business account. You just need to feed in some information about your business, and you will start accepting money using the most popular payment methods.
Features of PayPal:
PayPal allows you to accept international payments in over 80+ currencies across the globe. It provides the feature of accepting international payments through various methods like debit/credit card or subscription based model depending on the organisation size.
Started from february 2021, PayPal has initiated the process of automated monthly FIRA for all the businesses and freelancers using PayPAl for receiving international payments. When your FIRA is ready to download, you get a monthly to download and automate your digital FIRA for free.
PayPal provides strict safety features to its users, including 24x7 customer assistance to ensure the safety of the users.
Pricing of PayPal:
Transaction fees- PayPal charges a fixed transaction fee of 4.4% when receiving payments outside India.
Fixed fees- Other than 4.4% transaction fees is a fixed fee depending upon the currency in which the payment is received. Few examples of fixed fee of some popular currencies are- AUD- 0.30 AUD, EUR- 0.35 EUR, SGD- 0.50 SGD.
You can find the full list of fixed fees here.
Conversion fees: PayPal also charges a conversion fees of 4% on the live exchange rate while receiving your international payment in India.
So, in summary, PayPal charges - 4.4% (transaction fees)+ fixed fees( depending upon the currency)+ 4% (conversion fees) in total.
Stripe
Founded in 2011, Stripe started as a payment processing software for online businesses in the US. Currently, Stripe is serving businesses based in 50 plus countries.
Features of Stripe:
Stripe provides users with 100+ methods of accessing payments and a one-click checkout solution.
Stripe allows access to 135+ currencies worldwide and makes cross-border payments simpler to manage by lowering the management cost.
Stripe offers multiple features to its users, which include fraud detection, managing subscriptions and many more.
Pricing of Stripe:
Transaction fees- Stripe charges 4.3% platform fees from Indian users and an additional charge of 2% as currency conversion fees.
No FIRA- Stripe does not provide FIRA to its users making it hard for businesses to adhere to the compliance policy.
Not available to all- Stripe in India is available only on invite basis and there is no time frame for the approval of requests of businesses.
Payoneer
Payoneer was founded in 2005 in the US. Payoneer has simplified global payments by opening up one Payoneer account that can be used by businesses and freelancers.
Features of Payoneer-
Just like Infinity, Payoneer offers a multi-currency account for receiving international payments.
Payoneer has integrated itself with multiple marketplaces and network platforms like Upwork, Walmart etc making international payments easier for freelancers and businesses.
Pricing of Payoneer-
Steep pricing: Payoneer users can get paid by their international clients by sending a payment request. Payoneer charges a heavy charge of 3.20%+$0.49 for all credit card related payments. It charges 1% for all ACH bank debits( US only) and 3.99%+$0.49 for PayPal.
Free FIRA: Payoneer provides free FIRA for every international transaction.
Why Infinity is a 'wiser' alternative to Wise in India
Wise and Infinity both provide the same solution to one problem: receiving international payments seamlessly. Here is a quick comparison of Wise and Infinity, and why Infinity is a better option.
When comparing the price of Wise and Infinity, Wise charges a steep pricing of around 1.6% excluding GST and FIRA on every transaction. At the same time, Infinity charges a flat 0.5%( inclusive of all) for all international transactions.
Wise charges an additional amount of 2.5USD for FIRA of every transaction. On the other hand, Infinity offers free of cost FIRA for every transaction.
Wise charges 18% GST on Wise fees on platform fees. Infinity does not charge any separate GST or any other taxes.
So, with Infinity, you can receive your international payments at the best rates in the market without worrying about any markup prices. Infinity offers instant FIRA for every transaction with 1 1-day settlement process. Be it freelancers, exporters or SMBs, Infinity provides a one-platform solution to all the international payment needs.
So what are you waiting for? Make a 'wise' decision and sign up with Infinity today!
FAQs on Wise Alternatives
1. Can I receive international payments in India using Wise?
Yes, you can receive international payments in India through Wise. The money is converted to INR and deposited directly into your local bank account. However, you can’t hold funds in Wise account.
2. Does Wise provide FIRC for payments received in India?
Yes, Wise offers eFIRC certificates through a third-party provider. However, it charges a $2.50 fee for each certificate.
3. What is a good alternative to Wise for freelancers in India?
Infinity is a strong alternative to Wise. It offers faster INR payouts, zero hidden fees, and free FIRC support. This makes Infinity ideal for Indian freelancers and businesses working with international clients.
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