Best Payoneer alternatives in India: Your full guide

Payoneer is a popular service for receiving payments, but there are a number of options for payment getaways or wallets in India. Read on to learn about alternatives to Payoneer that businesses and freelancers in India can consider.

If you have clients outside of India, it is a good idea to shop around and look at what options you have for receiving international payments. Here is a quick list of wallets and payment gateways that can help you accept payments in India (in no particular order):

• PayPal
• PingPong
• Stripe
• Wise
• Instamojo
• Skrill
• Xoom
• Razorpay

A big differentiator between the providers are the type of services they offer, fees, and time it takes to receive funds. Check out the table to quickly compare these alternatives to Payoneer:

Provider	Type of service	Fees	Time taken
PayPal	Payment gateway	4.40% + Fixed Fee	Immediate transfer to Indian bank account
PingPong	Wallet and payment gateway	1% withdrawal fee	3-5 business days
Stripe	Payment gateway	2% for Indian cards 3% for overseas cards	5 rolling business days
Wise	Payment gateway	$4.54 USD + 0.5% of transaction	Immediate transfer to Indian bank account
Instamojo	Payment gateway	5% + ₹3 transaction fee (on free plan)	Deposits 3 business days after transaction
Skrill	Wallet	₹458.31 for SWIFT payments + exchange rate markup	Instant payment but 1-3 business days for deposit to bank account
Xoom	Money transfer	Free with Paypal wallet or bank transfer	Within minutes to bank accounts if below ₹5 lakhs
Razorpay	Payment gateway	3% of international transaction	Instant settlement

PayPal

Free to sign up Only for small, medium and enterprise businesses Receive a payment without a website

PayPal has millions of users around the globe, but the easiest way to use it with clients abroad is if they open or have a PayPal wallet themselves. When you receive payments, PayPal will automatically transfer the funds to your Indian bank account. But watch out for the conversion fees.

PingPong

Works for sellers on Amazon Freelancers can receive payments from Upwork and Udemy Receive payments in USD, EUR, GBP, CAD, JPY and AUD

PingPong is a wallet and payment gateway for Amazon and e-commerce sellers and freelancers. It provides account details to receive payments abroad and the funds are held until you withdraw them to your India account.

Stripe

Supports global Visa, Mastercard and Amex Can be used for domestic and international payments Must be a registered business

Stripe is an American payment gateway that will deposit received funds directly into your Indian account. Stripe does have a transaction limit of $10,000 and if you are selling physical goods, you are required to have an Importer Exporter Code (IEC).

Wise

Always get the real exchange rate Receive money directly in local bank account Transparent and upfront fees

Wise Web/Android/ iOS app is an easy, fast and cost-effective way to receive money in India.

Indian businesses and freelancers can sign up with Wise Business Account to get account details in 8 different currencies to receive payments from abroad. Your clients pay you with a local transfer in their currency, and you receive rupees in your INR bank account — with eFIRC for every transfer.

Get started with a Wise Business Account 🚀 and save with a low-cost transfer fee and mid-market exchange rate - which is the same as the one you see on Google.

And if you are in a currently supported country abroad, check out the Wise Multi Currency Account with a linked debit card. It is a single account where you can hold, send, receive and shop in multiple currencies- including Indian rupees.

Instamojo

Primarily domestic payments Option for creating online storefront Pricing plans depend vary

Instamojo is a popular Indian payments platform for small and medium-sized businesses. It also helps businesses set up their websites and manage their marketing. Instamojo can allow for international payments on a case-by-case basis.

Skrill

4.49% exchange rate markup Receiving money is free to Skrill wallets The Skrill app helps manage on the go

Skrill is an online wallet where other users can send payments to your account. It then requires you to withdraw the funds to your local Indian bank account. However, watch out for the fees with Skrill for payments and when moving the funds to your bank.

Xoom

Track payments on the Xoom app Allows for UPI and cash pickups Transfer fee for debit and credit card payments

Xoom is a money transfer provider that allows for direct deposits to bank accounts and cash pickups. And while transfer fees can be low, keep an eye on the exchange rate you get with Xoom versus competitors.

Razorpay

Real-time exchange rate conversions from abroad Accept over 100 currencies globally Create subscriptions, payment links and buttons

Razorpay offers a payment gateway for domestic and international payments that can be integrated into your website. They offer a flat fee of 3% per transaction for overseas payments but the international service is only for registered businesses in India.

What to consider when choosing your money transfer provider

To choose the right provider for you, it is important to do your research while understanding your own priorities. Here are some parameters to consider when choosing a money transfer provider:

Total cost of transfer (including mid-market rate)

Providers can often sneak in fees or provide an exciting offer to get users but that can take a bite out of your payment. Make sure you understand the full cost of transfers and compare your exchange rate to make sure you are getting the best deal.

Transfer speed

How quickly do you need the funds? And would you prefer the payments straight into your bank account or a digital wallet? Transfer speeds can affect your cost, but often modern tech providers are able to provide cheap costs and speed.

Convenience

Consider how you would like to be informed of payments and transactions. A great app can be easy to use and notify you right on your phone wherever you are, but tricky or complicated apps or websites can hold up your payments.

Currencies supported

Choose a provider that supports the currencies you need now but also in the future as your business grows.

Trust

You and your clients both should feel secure in the provider you are using to transfer money.

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Sources used for this article:

1. Paypal
2. Pingpong
3. Stripe
4. Instamojo
5. Skrill
6. Xoom
7. Razorpay

All sources checked as of 26 May, 2022