Paypal and traditional banks are the major go-to for most Indians managing international payments. Freelancers, business owners, or individuals sending remittances often opt for familiar payment options. However, these options usually come with high fees, unfavourable exchange rates, and lengthy processing times. PayPal, for instance, imposes markups on exchange rates and has high withdrawal charges. Bank transfers (such as SWIFT) can have intermediary bank fees and may take several days to complete the payment process.
Many Indians don’t look beyond these options and often miss out on a range of better alternatives that offer lower costs, faster payment processing, and better exchange rates. This article explores these alternative payment methods, highlighting their features, fees, advantages, and drawbacks, with a focus on how they benefit Indian users in international transactions. By adopting these options, you can optimise your global payment strategy and minimise unnecessary expenses.
Here are some reliable payment options you can consider for managing cross-border payments.
Grey is one of the most underrated payment platforms among Indians. This global payment platform simplifies how Indians receive and manage international payments with multi-currency accounts. It provides USD, GBP, and EUR accounts, making it easy to accept payments directly. Users enjoy transparent transaction fees and mid-market exchange rates. Grey is especially ideal for freelancers, digital nomads, and remote employees who frequently deal with multiple currencies. The platform integrates seamlessly with freelancing platforms, making it easy to access earnings. Its virtual USD debit card allows you to make international purchases with ease.
Also read: How remote workers in India can switch from traditional banks to Grey.
Wise offers multi-currency accounts where users can hold, send, and receive payments. It’s one of the most reliable alternatives to traditional transfers and PayPal, thanks to its fair exchange rate and transparent fee system. Wise is an excellent fit for Indians who want to receive global payments without losing money to hidden conversion costs.
Payoneer is another popular global payment solution among freelancers and small businesses. It integrates with platforms like Upwork, Fiverr, and Amazon, allowing you to receive USD payments directly. Features include free transfers between Payoneer users and automated invoicing tools. Payoneer fees can be a little higher than other alternatives on our list. However, it is still considerably cheaper than traditional banks,
We have a new entry to India’s cross-border payment scene. The global financial app Revolut recently launched its payment platform in India and has begun onboarding. The app combines a prepaid wallet, a domestic prepaid card, and an international multi-currency prepaid Visa card into a single account. Basically, it is a single platform for managing both domestic and international transactions.
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When selecting a payment method, consider the following factors:
Also read: Safe ways to receive international payments in India
For years, PayPal and traditional bank transfers have been favoured by Indian freelancers, remote workers, and small businesses for managing international payments. However, while these options are familiar, they’re not always the most efficient or cost-effective.
On the flip side, Grey offers low-cost transactions with a transparent payment structure. Users can easily access USD, GBP, and EUR accounts, enjoy swift international payments, and withdraw to local Indian bank accounts at competitive rates.
Get started with Grey today to manage international payments with ease.
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