Skydo review: Fees, features, safety & alternatives

Expanding your business globally often means navigating complex and expensive international payments. Skydo is a platform dedicated to simplifying this process, providing businesses with the tools to easily receive, manage, and convert payments from overseas customers.

Let's explore Skydo's offerings, features, and how their pricing compares to other alternatives.

What is Skydo?

Skydo offers Indian companies and freelancers foreign currency account details, enabling them to conveniently receive payments from overseas clients. Skydo converts the received payments to INR and transfers them to the recipient's bank account in India, with a free FIRC issued within 24-hours of the transaction.

Additionally, Skydo provides an integrated invoicing, payments and accounting platform for businesses in India.

By partnering with Skydo, Indian companies can ditch the hassles of international wire transfers and access a more efficient way to get paid by their overseas customers and vendors.

Click here for a complete guide to using the Skydo Platform.

How does Skydo work?

Let’s take a look at how Skydo works when an Indian business receives a payment from an overseas client¹.

• Sign up and verify your account
  Create your account on Skydo and verify your email via OTP. Enter your business PAN and the platform fills in your company name, CIN, and GSTIN automatically. Add your personal PAN, verify your Aadhaar, and complete a penny drop to confirm your bank account. The process takes about five minutes.
• Get your virtual account details
  Once verified, Skydo gives you local bank account details across the US, UK, Canada, Australia, Europe, and 10+ other countries.
• Share account details with your client
  You share the local account details with your client, and they make the payment in their own currency. For them, it works much like sending a regular local bank transfer.
• Payment is received and converted
  Skydo receives the payment and converts it at the live mid-market rate with zero FX markup. The equivalent amount reaches your Indian bank account within 24 hours. You can track every step in real time from your dashboard.
• FIRA is generated automatically
  For eligible transfers, a FIRA certificate is generated automatically once the payment is settled. You can access and download it directly from the dashboard whenever you need it.

Features offered by Skydo

Skydo includes a set of tools focused on helping Indian businesses receive international payments and manage related paperwork.

Multi-currency receiving accounts

Skydo gives you local bank account details in countries including the US, UK, Canada, Australia, and parts of Europe. Your client pays into the account for their country using a regular local bank transfer.

Zero FX markup

Currency conversions on Skydo happen at the live mid-market rate, the same rate you would see on Google at the time of conversion. The platform does not add a spread or margin on top of the exchange rate. The flat fee is how Skydo charges, not the conversion rate.

GST-compliant invoicing

Skydo includes a built-in invoicing tool that lets you create GST-compliant invoices directly on the platform.

Automatic FIRA documentation

For eligible transactions, a FIRA certificate generates automatically once the payment settles. It is delivered to your inbox and available to download from your dashboard at any time. You do not need to request it from your bank or follow up separately.

Real-time payment tracking

The dashboard shows the status of every payment from invoice sent through to funds settled. You can also send payment reminders to clients and track whether they have opened the email.

Revenue and invoice insights

Skydo includes a reporting section that shows paid and outstanding invoices.

Amazon Global Selling support

Skydo holds official PSP approval from Amazon, which allows merchants to withdraw Amazon Global Selling payouts across the US, UK, Canada, Spain, and other supported countries directly to their Indian bank account.

Skydo Pricing & Fees: How Much Does It Cost?

Global Bank Account pricing

Skydo gives you local bank account details in the US, UK, Canada, Australia, and 10+ other countries².

InstaLinks

InstaLinks lets clients pay via net banking directly from their US bank account. Supported banks include Citi, Bank of America, Wells Fargo, and Chase Bank.

Note: Amazon Global Selling has separate pricing. Check Skydo's website for current rates.

FX rates

Skydo states that currency conversion happens at the live mid-market exchange rate without added forex markup. This means the platform does not apply an additional spread on top of the exchange rate during conversion.

GST charges

GST is charged separately on the platform fee. For example, an 18% GST charge applies on top of the listed transaction fee. Businesses may want to check with their accountant on how these charges are treated for bookkeeping and tax purposes.

Skydo alternatives in India

Several platforms now compete in the international payments space for Indian businesses.

Is Skydo safe?

Skydo operates under the RBI’s Payment Aggregator - Cross Border (PA-CB) framework for cross-border payments in India. The platform works with banking and payment partners such as HDFC Bank, DBS, Banking Circle, and Currencycloud to process international transactions and settlements.

On the security side, Skydo highlights certifications such as ISO 27001:2022 and SOC 2. The platform also states that inward remittances are purpose-coded and processed in compliance with FEMA requirements.

Wise Business: Alternative for global business payments

Expanding a business globally opens up exciting opportunities, but also new challenges like receiving payments across borders. Hidden foreign transaction fees and hefty markups involved with international payments can eat into your profits and time.

Wise Business addresses this gap by enabling Indian businesses to receive money from abroad using local account details in supported foreign currencies. Conversions are offered mid-market exchange rates with no hidden markups and a transparent upfront fee.

Are you a small business or freelancer receiving payments from overseas? Transform the way you receive global payments with Wise Business:

• Sign up for free to get account details in 23 currencies, including USD, GBP, EUR, and more.
• Leverage the account details to receive payments from global customers or online platforms like Amazon, Upwork, & IndiaMART.
• Receive international payments directly to your INR bank account at the mid-market exchange rate with no hidden fees or markups.
• No recurring fees or subscription charges.
• Get an automated eFIRC (Foreign Inward Remittance Certificate) for every transfer.
• Wise is safe and secure - Trusted by 16 million people and counting.

Sign up for the Wise Business account! 🚀