Discover infinity
Posted on Apr 10, 2025
When it comes to receiving international payments in India, there are multiple options for a user to receive international payments in India. Wise (formerly Transferwise) is one such choice available for users in India when it comes to accepting global payments. In this blog, we will explore all the options as an alternative with features and pricing for Indian users to accept international payments seamlessly.
What is Wise India?
Wise, formally known as Transferwise, was founded in 2011 with a vision to make international payments seamless, hassle-free and smooth. Wise caters to the needs of individuals and businesses for transferring international payments across the world.
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.
Wise provides a platform for individuals and businesses to receive their international payments seamlessly. This makes Wise suitable to personal and business needs. Although, there is a difference in pricing for both the features.
Wise provides the feature of receiving your international payments within 90 minutes of business hours and locking it in the mid market rate.
Wise provides debit/expense card which can be used for spending money abroad and getting cash out of ATMs.
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), which is around .194%.
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).
Alternatives to Wise in India
As Wise continues to offers the services of receiving international payments for businesses, but what if Wise doesn't exactly provide what you need to fulfil your business needs- of receiving international payments. Or if you want to compare other options available in India for your business to receive global payments, here is a list of alternatives to Wise in India.
After knowing the pricing and feautes of Wise in India, let's have a look at other alternatives of wise that are available in India. And which amongst them is a 'wise' options for businesses in India.
PayPal
When it comes to receiving or sending international payments, PayPal 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.
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, inclusing 24x7 customer assistance to ensure the safety of the users.
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.
Infinity
Infinity is a business banking platform for all the exporters, freelancers, SMBs, e-commerce platform in India who have clients internationally and receive payments in various currencies across the globe.
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.
Infinity provides instant FIRA for every transaction, which is cost-free and easy to download.
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.
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, it's just 0.5% of the total of your international transfer.
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.
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 lowing the cost of management.
Stripe offers multiple features to its users, which include fraud detection, managing subscriptions and many more.
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 request 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.
Just like Infinity, Payoneer offers a multi-currency account for receiving international payments.
Payoneer has intergrated itself with multiple marketplaces and network platforms like Upwork, Walmart etc making international payments easier for freelancers and businesses.
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 transaction.
Wise charges an additional amount of 2.5USD for FIRA of every transaction. On the other hand, Infinity offeres 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!
