Global payments
Posted on Jan 23, 2025
PayPal has been the most trusted name in India when it comes to managing international payments. It is the go-to platform for freelancers or startups who wants to receive their international payments. However, PayPal isn't without its challenges—high transaction fees and steep currency conversion markups can take a big bite out of your earnings.
So, what is the solution?
Fortunately, there are many other alternatives that offer similar services like PayPal and at prices much lower than PayPal. Below is the list of alternatives along with their features and pricing for you to make it easy to compare.
Let's have a look:
1. Stripe: A Robust Payment Platform
Why Stripe Stands Out in India
Stripe India is a powerful alternative for businesses that need a comprehensive platform to handle payments, subscriptions, and even taxes. Stripe supports over 100+ currencies, making it easy to manage global payments seamlessly.
Features You'll Love
A complete toolkit for managing payments, invoicing, and accounting.
Ideal for subscription-based businesses.
Pricing
4.3% transaction fee.
2% currency conversion fee.
Compliance Challenges
Stripe doesn't provide FIRA to its users. This makes it challenging for the users to comply with the law.
The Bottom Line
Pros: More sophisticated payment management tools.
Cons: Higher fees and no FIRA.
2. Infinity: The All-in-One Payment Solution
Why Choose Infinity India?
Infinity is an India-specific platform created for Indian freelancers and companies to make international payments easy. With clear pricing and cutting-edge features, it is a great alternative to PayPal.
Features That Make Infinity Unique
Open a multi-currency account in minutes.
Tools for tracking payments, generating invoices, and more.
Transparent Pricing that is 0.5% (inclusive of all) with no hidden fees.
Live forex rates for clear and fair charges.
Withdraw anytime at the current live exchange rate.
Compliance Made Easy
Infinity provides instant and free FIRA with every transfer, ensuring your transactions are fully compliant with RBI regulations.
What to Keep in Mind
Pros: Transparent pricing, instant FIRA, and excellent customer support.
Cons: Currently supports only inward remittances into India.
3. Payoneer: A Trusted Name for Global Payments
Why Payoneer is a Top Choice
Payoneer India is ideal for freelancers and businesses looking for an easy way to manage international payments. With virtual bank accounts and support for more than 150 currencies, it's a close competitor to PayPal.
Features That Stand Out
Invoicing tools and global payment-receiving accounts.
Support for transactions in 150+ currencies.
Affordable Pricing
0-3.2% for payments.
Up to 3% forex markup.
Compliance Benefits
Payoneer offers digital FIRA for each transaction, so it is a good choice for compliance-aware users.
Pros and Cons
Pros: Cheaper than PayPal, wide range of services.
Cons: Annual fee for inactive accounts.
4. Wise (Formerly TransferWise): Transparent and Easy
Why Choose Wise for International Transfers?
If you want to see transparent fees and actual exchange rates, Wise India is your platform. It's perfect for both individuals and small businesses seeking savings on international payments.
Features You Will Like
Multi-currency accounts for sending, receiving, and holding money around the world.
Actual exchange rates with no additional fees.
Transparency in Pricing
Wise fees are based on currency and transfer amount but are often cheaper than banks' fees.
Compliance Limitations
Just like Stripe, Wise does not offer FORA to its customers.
Pros and Cons in Summary
Pros: Clear pricing and user-friendly interface.
Cons: No FIRA offered, and less business functionality.
5. PingPong: Affordable and Reliable
Why PingPong Works for Freelancers and E-commerce Sellers
PingPong India is designed for freelancers and online sellers who require affordable international payment solutions.
What PingPong Offers
Local receiving accounts in various currencies.
Effortless management of global payments.
Competitive Pricing
The PingPong fees are considerably lower compared to traditional banks.
Compliance Perks
FIRA for the Indian user will be available at PingPong to ensure effortless compliance with the regulations of that specific region.
Is PingPong Right for You?
Pros: Low fee, FIRA provided.
Cons: Presence is limited around the globe.
Conclusion
While PayPal India is still very much in fashion when it comes to international payments, extremely high fees can be a real deal-breaker for freelancers and businesses. Don't worry - great alternatives like Infinity exists, catering to all kinds of needs yet offering value for price.
With its transparent pricing of 0.5% (inclusive of all), no FX markup, instant FIRA, user-friendly features and anytime withdrawal at live Fx rates, makes it the best choice for companies and freelancers.
If you're ready to take control of your international payments, sign up for Infinity today.
