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As it stands now, Indian merchants may find that PayPal is an available option for receiving international payments, but for servicing domestic customers, there may be Indian payment gateways that offer more diverse options. Even so, international customers may find the PayPal exchange rates unclear and expensive. If you are a business or freelancer in India looking to receive international payments with transparent pricing and exchange rates, check out Wise Business.
PayPal has been a player in financial services since the late 1990s. The Northern California company has expanded tremendously around the globe to now be available in over 200 markets. They allow consumers and business owners to receive money in more than 100 currencies, withdraw in 56, and hold PayPal balances in 25 currencies¹.
|Want a cheaper option than PayPal that also helps you also manage global teams? Wise can be your partner for all your international business needs.
PayPal Business has made their pricing simple for purchases in the country. There are no setup, cancellation or maintenance charges to get started. There is a per-transaction fee so that you only get charged when there are sales on your site. The fee per transaction for domestic Indian purchases is as 2.5% of the transaction and a fixed fee (₹3).²
Wise offers Indian businesses and freelancers with 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.
PayPal accepts PayPal wallet payments, Visa, MasterCard, and AMEX debit or credit cards. Your customer does not need to have a PayPal account in order to use your website’s PayPal checkout.
Many other local Indian digital payment options are not supported by PayPal, such as e-Wallets, UPI, Bharat QR, BHIM or Netbanking. So while PayPal can be convenient for international transactions, local Indian customers may want a payment gateway with more options for payment.
To note, to receive local and international payments you may need to provide the following documents to PayPal to get started³:
- PAN (Permanent Account Number) of the business owner
- Proof of address
- A Purpose Code
- Proof of bank
PayPal is more apt in accepting international payments. PayPal allows for payments in 26 different currencies from 200 countries. PayPal’s exchange rates are set by the company and its partners and are updated every day⁴. and If you would like multi-currency options on your site, you will need to enable the multi-currency option which can be done by contacting your developer, or contacting PayPal at 1800 121 1001 for help.
The charges for receiving international payments on PayPal payment gateway is as follows⁵:
|International customers (per transaction)
|Up to $3,000 USD
|4.4 % + fixed fee based on the currency
|$3,000.01 USD - $10,000 USD
|3.9% + fixed fee based on the currency
|$10,000.01 USD - $100,000 USD
|3.7% + fixed fee based on the currency
|$100,000.01 USD and over
|3.4 % + fixed fee based on the currency
On top of the fixed fee based on currency, there is also a currency conversion fee that is applicable. Also, when an international customer purchases from your website, the money will appear in your account in the customer’s local currency- not Indian rupee. To bring it into Indian rupees, you will have to pay a conversion charge at the exchange rate that PayPal decides.⁶
|Want to receive money internationally with just one low fee and the exchange rate you see on Google? Wise Business is ready to help you expand globally with only one fee and the real mid-market exchange rate.
All payments received into your PayPal business account in Indian rupees will be deposited to your local bank account on a daily basis. There may be additional processing time depending on your local bank. Any international payments will be held in the originating currency until you convert it into INR.⁷
PayPal customer care is available through multiple different channels. You can use your dashboard to resolve any issues, as well as emailing or calling the help centers. The customer service can be reached by phone at 1-800-419-9833 from 9:00 AM IST to 9:00 PM IST, Monday to Sunday. With email, you can expect to receive a response in 24 hours. There is also a healthy discussion forum within the PayPal community that can help you troubleshoot any questions or issues you may have.
Doing business around the world does not need to be difficult or expensive. With Wise for business, you can receive using the mid-market exchange rate to your account in India. That means that the rate you see on Google is the rate you get when buying inventory, handling payroll or receiving new sales.
You get account details in 8 currencies and can use them to get paid from clients abroad.
Sources used for this article
- PayPal About
- PayPal Fees
- How to Receive PayPal Payments
- PayPal Merchant
- PayPal Seller Fees
- New Currency Balance
- PayPal Manage My Account
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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