Getting paid from Europe and the US while living in India

Earning in euros or dollars while living in India is a common goal for many remote workers, digital nomads, and expats. This often translates to higher earning potential, especially when converted to rupees. Unfortunately, high fees, payment delays, complex paperwork and forced currency conversions often make getting paid from Europe and the US while living in India very challenging.

However, there are various ways to manage international payments seamlessly while working in India. Here is how professionals in India efficiently receive payments from Europe and the US, and keep more of their earnings.

Why getting paid from Europe and the US can be tricky

Most traditional Indian banks are designed for just domestic transactions rather than foreign payments. When payments arrive via international wire, they may pass through multiple intermediary banks and incur extra charges. On top of that, you are forced to convert from EUR or USD to INR immediately the money lands in your accounts, and the rates are often not that great.

Due to processing and the transaction network, it may take a few days for the payment to reach your account. Lack of control over fees, transaction speed, and conversion can be frustrating for many professionals. The uncertainties make financial planning somewhat difficult.

Also read: Why Bengaluru is India’s unofficial capital for remote work and startups

How to get paid from Europe and the US while living in India

Here are the popular options for managing international payments from Europe and the US while living in India

Bank transfers and SWIFT payments

Many European and US companies opt for international bank transfers via SWIFT because it is reliable. This method is widely trusted and works well for both large payments and regular salaries. However, it has drawbacks. Transfers may take several business days, and fees are deducted before the money even gets to your account. You may also need to provide additional documentation to access your earnings, which can be cumbersome.

While SWIFT transfers are acceptable for occasional payments, they are rarely the most cost-effective option for frequent international income.

Using digital payment platforms

Platforms such as PayPal, Payoneer and Skrill are popular because they are easy for foreign clients to use. Payments arrive quickly, and you can withdraw funds to your Indian bank account.

However, convenience comes at a cost. You need to be mindful of platform fees, withdrawal charges, and currency conversion mark-ups that can significantly reduce your earnings. Some users also experience account limitations or compliance reviews that temporarily restrict access to funds. This is why it is best to compare options before choosing a digital payment solution.

• Payoneer: Ideal if you work through international freelance marketplaces like Upwork or Fiverr. It provides multi-currency accounts and integrates seamlessly with these platforms, making withdrawals straightforward.
• Razorpay: An India-based payment gateway that allows businesses and some freelancers to accept international card payments in over 130 currencies directly into their Indian bank account.
• PayPal: Widely used and trusted by global clients. However, while PayPal supports swift transfers, it comes at a higher cost.

Also read: Payment methods Indians often miss: alternatives beyond PayPal and bank transfers

Multi-currency accounts

For many Indians earning from Europe and the US, multi-currency accounts have become the most efficient payment solution. These payment platforms help you open accounts in various currencies such as USD, EUR, and GBP. This way, clients can pay you as if they were making a local transfer within their country.

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You also don’t have to convert your earnings to INR immediately, as a multi-currency account allows you to hold foreign currency and convert when exchange rates are favourable. You can also spend foreign currencies directly to pay for your subscriptions, trips, and online purchases. This level of control protects your income because fees are typically low, transactions are swift, and there are no hidden fees.

• Grey: Tailored to remote workers in India with international clients. Users can access USD, EUR, and GBP account details for international payments within minutes. Transaction fees are generally low with mid-market exchange rates, and transactions are nearly instant. You can also get a USD debit card for your online payments and automated invoicing to streamline your finances. Grey also integrates seamlessly with global freelancing platforms (like Fiverr and Upwork) and online marketplaces (like Etsy and Amazon), allowing you to access your earnings without delay.
• Wise: Offers local account details (USD, EUR, GBP) so clients can pay you via a local transfer, avoiding SWIFT fees. Funds are converted at the mid-market exchange rate with low, transparent fees, ensuring you keep more of your earnings.
• Winvesta: A fintech company providing cross-border payments and multi-currency accounts for Indians. Users can manage payments in USD, EUR, GBP and other foreign currencies.

Also read: How remote workers in India can switch from traditional banks to Grey.

Managing your global income with Grey

Getting paid from Europe and the US while living in India does not have to be stressful. With the right tools, you can maximise your earnings and streamline your finances. Grey provides multi-currency accounts supporting USD, EUR, and GBP. This allows professionals in India to receive payments from Europe and the US easily. You can hold foreign currency, convert at competitive rates, and withdraw to your Indian bank account when it suits you.

Sign up on Grey today or download the app to get started.

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