As a freelancer or an exporter, getting paid on time is the most crucial aspect of your business. Wise is one of the most reliable and popular platforms for receiving international transfers from cross-border clients. But what about affordability? Are Wise transfer charges affordable for your business?

In this blog post, we break down Wise transfer charges using practical examples and provide a clear overview of how Wise works for receiving international money transfers. Our aim is to help you understand the costs and features so you can choose the best option for your needs.

Wise (formerly TransferWise) is a global financial technology company known for facilitating cross-border payments.Unlike traditional banks that often route money through complex networks (SWIFT) with hidden markups, Wise uses a peer-to-peer model to move funds.&nbsp;For Indian freelancers and businesses, it serves as a popular gateway to receive payments from international clients in currencies like USD, EUR, and GBP, converting them to INR to be deposited into local bank accounts

Wise’s pricing for Indian businesses typically involves two main components:

Better for smaller transfers&nbsp;: Wise's percentage-based fee structure works in favour of smaller payments. For transfers under $1,000, Wise can be marginally cheaper than Skydo's flat-fee model.

Multi-currency flexibility&nbsp;: Wise lets businesses hold and manage 40+ currencies in a single account—ideal for companies juggling multiple currency requirements.

Established global presence&nbsp;: With over a decade in operation, Wise has built a trusted reputation worldwide, while Skydo is a newer entrant in the market.

Advanced tools and integrations&nbsp;: Wise offers multi-currency wallets, API integrations, and batch payment tools suited for businesses managing complex global payment flows.

Reliable transfer speeds&nbsp;: Wise typically settles payments within 24–48 hours, with faster processing available on popular currency routes.

While efficient, Wise has specific limitations for Indian users:

If you are looking for other options, here are a few standard alternatives:

Skydo vs. Wise: The Most Sensible Option

When comparing Skydo and Wise, the decision comes down to&nbsp;cost efficiency at scale&nbsp;and&nbsp;compliance ease.

Why Skydo Wins for Indian Exporters:

Wise Fees for Receiving USD 10,000 in India

Common Mistakes&nbsp;(And How to Avoid Them)

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Wise (formerly known as TransferWise) is a global payment service founded in the UK in 2011. It began as a peer-to-peer money transfer company, but now people can send, receive, and store money in multi-currency accounts, all in one location.

Wise excels with its transparency, simplicity, and exchange rates, all presented in a seamless user experience. Some features that Wise offers include:

Multiple currency account: Hold 40+ currencies and receive money via local bank details in major currencies like USD, EUR, and GBP.

Transparent pricing: Uses the real mid-market exchange rate and charges a conversion fee of 1.6%–1.9%. FIRA is available at $2.50 per transaction.

Fast transfers: Most payments land in your bank account within 1–5 business days. Wise handles both B2B and P2P transfers smoothly.

User-friendly interface: Simple, intuitive interface available on web and mobile for easy global transfers.

Secure and regulated: Wise partners with RBI-regulated banks in India and is regulated by the FCA in the UK and FinCEN in the US.

Wise Transfer Charges: What do you need to know about them?

Wise takes pride in its transparency, ensuring no hidden fees are included in its pricing. But what are the different components of its transparent fees? Let's find out:

Mid-market exchange rate + Conversion fee

Wise considers the mid-market exchange rate to convert the value of currency. It is derived as the mid-point of the rate at which bankers are ready to buy and sell a currency. The mid-market exchange rate is real, fair, and helps you get paid without getting stuck in the quagmire of exchange rate movements.

Wise charges 1.6%–1.9% of the transaction amount as conversion fees. The exact percentage varies by currency.

For a payment of $10,000, Wise charges approximately $162 as conversion fees.

e-FIRC charges (varies across currencies)

e-FIRC is an abbreviation for Electronic Foreign Inward Remittance Certificate. With every transfer, Wise sends you a digital FIRA, which they call an e-FIRC. This document is essential for tax compliance and GST claims.

For example, if you receive $1,000 from the US, the e-FIRC charges will be $2.50. If you receive 10 payments per month, that's an additional $25/month or $300/year just for compliance documentation.

Along with the above charges, additional fees could be applied to the total cost. These miscellaneous charges are due to the nature of the transaction or bank fees.

For example, if you receive $1,000 from a client in the US through a Wire transfer, the Wise fees will be $6–$15 more compared to a Wise account transfer. In the wire transfer payment method, the money is credited to your bank account. Because there are more participating financial institutions, the transfer fee increases marginally.

Additionally, 18% GST applies on all Wise fees charged to Indian customers.

You can open an account in Wise free of charge, but all the above charges are applicable while making a transfer.

The duration of a Wise payment transfer depends on several factors. These factors include currency conversion (which usually takes up to two business days), the country you're sending money to and from, payment method, security checks, and public holidays and banking hours. Overall, Wise Transfer can take anywhere between&nbsp;<a href="https://wise.com/help/articles/2978029/how-long-does-it-take-to-receive-money-into-a-balance" rel="nofollow" target="_blank">&nbsp;1-5 business days</a>.&nbsp;

Wise Transfer Charges: How much do I need to pay to receive global payments in India

With Wise, you can accept payment in international currencies. However, Wise money transfer charges are variable fees—they are not fixed and depend on the currency.

Here are practical examples showing how charges differ and the net amount you can expect to receive.

Wise Fees for Receiving USD 5,000 in India

We used Wise's Transfer Fees calculator to determine the total Wise transfer fee for receiving $5,000 in India:

Limitations of Wise for Indian Businesses

While Wise is a reputable platform, it has specific limitations that Indian businesses should consider:

Receiving global payments with Wise vs Skydo: Comparing Wise transfer fees with Skydo

Skydo is a great alternative for receiving payment in international currencies in India. You can create an account for free and all the transfer charges are shared with you upfront—no hidden costs.

Moreover, it offers international virtual accounts meaning your clients can transfer money to your account directly like they're making a local transfer. Skydo also provides free instant FIRA with every transaction.

Let's compare Wise and Skydo for receiving $10,000 in US Dollars:

From the above calculation, it's clear that Skydo offers better value than Wise and is the least expensive option to receive international transfers. You save $168 in total fees which means an extra income of ₹14,000+.

Other Alternatives to Wise for Indian Businesses

Beyond Skydo, here are other platforms worth considering based on your specific needs:

Payoneer is popular among Amazon sellers and marketplace freelancers. It supports 150+ currencies and provides free FIRA. However, it charges up to 3% forex markup on INR withdrawals, making it expensive for direct client payments.

PayPal offers universal brand recognition and buyer/seller protection. Clients worldwide are familiar with it. But the fees are steep—4.4% transaction fee plus 3–4% forex markup means you lose 7–8% on every payment. Best used only when clients insist on it.

Razorpay MoneySaver Export Account works well if you already use Razorpay for domestic payments. It charges 1% flat fee on international collections and includes digital FIRA. Good for businesses wanting unified domestic and international payments.

In Conclusion: Which One Should You Choose?

Choose Wise if: You frequently send/receive under $1,000, need multi-currency wallets, or want to hold balances before converting.

Choose Skydo if: You primarily receive payments above $2,000, need free FIRA, want India-based support, or receive invoices larger than $10,000.

If you want to get the best value for currency exchange and switch to a more modern, transparent platform, create a free account with Skydo or book a demo with us.

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Whether you’re sending money back home or paying a remote employee, you’ll need either an IFSC code or a SWIFT code based on where you’re transferring the funds. Both codes ensure a secure and standardised way to transfer money between accounts, but they’re NOT the same. Let's break down the key differences between SWIFT and IFSC codes.

Difference between SWIFT Code and IFSC Code: Explained

<a href="https://www.skydo.com/blog/swift-money-transfer-ultimate-guide" target="_blank">SWIFT code&nbsp;</a>is a unique 8- or 11 character alphanumeric code that is assigned to banks and financial institutions. The SWIFT code in a standardised format contains essential details about the country, location&nbsp;and branch of a bank.&nbsp;

Here is the breakdown of two SWIFT codes for a better understanding:&nbsp;

SBININBB101: This unique code refers to the State Bank of India’s Mumbai office. "SBIN" is the bank code, "IN" stands for India, "BB" indicates Mumbai, and "101" denotes the branch in a specific locality.&nbsp;&nbsp;

DEUTDEFF500:&nbsp;This SWIFT code belongs to Deutsche Bank's Frankfurt branch in Germany. "DEUT" represents the bank, "DE" is for Germany, "FF" signifies Frankfurt, and "500" indicates the specific location of the bank branch at Bad Homburg, a town in the Frankfurt region.&nbsp;&nbsp;

A SWIFT code (also known as a <a href="https://www.skydo.com/swift-code-finder">BIC</a> code) is a unique identification code used to identify financial institutions worldwide. It plays a critical role in facilitating secure and efficient international money transfers between banks across different countries.

How SWIFT Codes Work in International Transactions

When your overseas client initiates an international payment, they will need your bank's SWIFT code to complete the transaction. Here's how the process works:

To ensure seamless international transactions, always provide your clients with accurate bank details, including the correct SWIFT code and branch information.

Know more about how to do a SWIFT transaction&nbsp;<a href="https://www.skydo.com/blog/swift-money-transfer-ultimate-guide">right here.</a>

You can also find the&nbsp;<a href="https://www.skydo.com/swift-code-finder" target="_blank">SWIFT code for your bank right here.</a>

IFSC, or the Indian Financial System Code, is an 11-digit code with alphanumeric characters, that uniquely identifies each bank branch in India. It's essential for online transfer of funds via NEFT, RTGS, and IMPS, ensuring accurate identification of both the sending and receiving bank branches for smooth transactions.

Each bank branch in India has its own unique IFSC code. Here's what it signifies:

Here is the breakdown of two IFSC codes for a better understanding:&nbsp;

ICIC0000837:&nbsp;This unique code refers to ICICI Bank’s Park Street office in Kolkata. ICIC is the bank code, the fifth character of, 0 is for future use and the last 6 characters, 000837 denote the branch code.&nbsp;

HDFC0000053: This unique code refers to HDFC Bank’s Koramangala office in Bangalore. HDFC is the bank code, the fifth character, 0,&nbsp;is for future use and the last 6 characters, 000053 denote the branch code.&nbsp;

The IFSC code is essential for domestic fund transfers between bank accounts in India through <a href="https://www.skydo.com/blog/differences-between-neft-and-rtgs">RTGS and NEFT systems</a>. Every time you send money to another bank, you'll need the beneficiary's bank name, account number, and IFSC code. It's a simple yet crucial part of making sure your funds reach the right account.

Can I use IFSC instead of SWIFT for international transfers?

No. IFSC is not recognised by foreign banks as a routing code; they need SWIFT/BIC. Some foreign portals optionally ask for IFSC in addition to SWIFT when sending money to India, but SWIFT is the primary international identifier.

ICIC0000837:&nbsp;This unique code refers to ICICI Bank’s Park Street office in Kolkata. "ICIC" is the bank code, the fifth character of, 0 is for future use and the last 6 characters, 000837 denote the branch code.&nbsp;

HDFC0000053: This unique code refers to HDFC Bank’s Koramangala office in Bangalore. "HDFC" is the bank code, the fifth character, 0,&nbsp;is for future use and the last 6 characters, 000053 denote the branch code.&nbsp;

Yes, the BIC (Bank Identifier Code) is the same as the SWIFT code. Both are used interchangeably and are used globally for international transfers.&nbsp;

Receive international payments Swiftly and seamlessly with Skydo

While SWIFT is the standard for cross-border payments, its high fees and slow processing times drive businesses toward better alternatives. Skydo offers a smarter solution with free&nbsp;<a href="https://www.skydo.com/blog/virtual-account-numbers" target="_blank">virtual accounts</a>&nbsp;in key regions like the US, UK, Europe, and more. These accounts allow businesses to receive payments via local transfers, bypassing costly SWIFT fees and delays.

For example, a US client can send a local transfer to your US virtual account, and Skydo consolidates and transfers the funds to India at live forex rates, ensuring full value. The money reaches your Indian bank account within 48 hours—faster, cheaper, and more transparent than SWIFT. Switch to Skydo today!

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Updated on: 19th January 2026&nbsp;

An MT103 is a standardised SWIFT payment message used for international wire transfers. When you send or receive money across borders, the MT103 serves as the official record of the transaction between banks.

Think of it as a digital receipt that travels with your money through the global banking network. It contains all the essential details: who sent the money, who should receive it, how much was transferred, and which banks are involved.

When you send money internationally through the SWIFT network, your bank generates an MT103 message and shares it securely with the recipient's bank. This SWIFT MT103 document contains all the essential transaction details, including:

MT103 and MT202 are both SWIFT messages but serve distinct purposes in international payments.

MT103 is generated when you initiate an international payment and includes all customer transaction details. This document serves as your proof of payment.

MT202 operates behind the scenes between banks to settle or cover MT103 transactions. It contains no customer information.

Key Difference: MT103 provides customer payment proof whereas MT202 handles interbank settlement.

When sending money abroad, you'll receive the MT103. The MT202 processes automatically between financial institutions without customer involvement.

What is MT103&nbsp;SWIFT document used for?

Imagine you’ve paid an overseas supplier, but they claim the funds haven’t arrived. You check with your bank, and they confirm the SWIFT transfer was sent – now you’re stuck in the middle, unsure who to believe. This is where the MT103 comes in. By obtaining the MT103 document, you get a detailed record of the payment showing when and where the money was sent, and through which banks.

You can forward this to the beneficiary as proof of payment, and your bank can use the reference information in the MT103 to help trace the payment’s path and find any bottlenecks in the process. Often, just providing the MT103 to the beneficiary’s bank is enough for them to locate a pending credit in their system.

MT103 Format and Fields (Understanding the Details)

An MT103 includes all the details necessary for processing an international transfer. Here's what a typical MT103 message contains:

For most users, the critical things to check on an MT103 are: transaction reference number (to track it), dates and amount (to confirm timing), beneficiary details (to ensure correct account), and charges field (to see fees deducted).

Optional Fields: Some MT103s include additional tags like Time Indication (:13C:), Transaction Type Code (:26T:), Exchange Rate (:36:), and Sender to Receiver Info (:72:) for extra details when needed.

How to Get MT103 from Your Bank (Step-by-Step)

Getting an MT103 isn't automatic – you usually have to request it. Here's how to get an MT103 from your bank, step by step:

Step 1: Make the Transfer
First : You must have made an international payment via SWIFT. An MT103 is automatically generated in the banking system whenever a SWIFT transfer is initiated, but it remains behind the scenes unless someone retrieves it.

Step 2: Contact Your Bank's Support&nbsp;: Reach out to your bank's customer service via phone or through your online banking message centre and request a copy of the SWIFT MT103. Some banks have a dedicated option to request a "SWIFT payment confirmation" or "SWIFT MT103 copy" in their online banking portal.

Step 3: Provide Necessary Details :
The bank will need to locate the exact transaction. Be ready to provide the date of transfer, amount, currency, and recipient's account details. If you have a transaction reference or confirmation number, that's very helpful.

Step 4: Wait for the MT103 Document&nbsp;: It can take a few hours up to a few days for the bank to retrieve and send you the MT103. Some banks charge a fee for issuing an MT103 copy, typically around $20 to $40 USD.

Step 5: Receiving the MT103 :&nbsp;The bank will usually email you the MT103 as a PDF document. Keep it secure — it contains sensitive information including your name, account number, and beneficiary's details.

Important: If you are the receiver of the payment, you usually cannot request the MT103 directly. Only the sender's bank can issue the MT103. Ask the sender to request it from their bank and share it with you.

Since some banks charge for it and it can take effort to obtain, it’s best to request an MT103 only when you need it. Good scenarios are: a payment is significantly delayed or stuck with an intermediary bank, you need the MT103 for compliance documentation or audits, or the beneficiary is insisting on proof to investigate a missing transfer. If everything went smoothly and the beneficiary already got the money, you typically wouldn’t bother getting an MT103 (your regular bank statement or transfer confirmation would suffice in that case).

Case Study: The True Cost of Chasing MT103s

Generally, the sender of the international payment is the one who can request the MT103 from their bank. The MT103 is generated by the sending bank and is considered that bank's record of the transaction, so they usually release it only to their account holder.

If you are the sender, you have the right to ask your bank for the MT103 as proof of payment. Whether it's a personal transfer or a company transfer — the account holder can obtain it.

If you're the recipient waiting on a payment, you cannot directly get the MT103 from the sender's bank. You'd have to ask the sender to request and share it with you.

This sometimes causes frustration in international deals, because the receiver might want to independently verify a payment. But due to privacy and banking rules, the receiving bank won't issue an MT103 for an incoming payment. So it often becomes part of business workflows: the recipient asks the sender to provide the MT103 for reassurance or tracking.

Tip for businesses: If your company sends wires frequently, set up a process with your bank where they automatically send you the SWIFT confirmation for each transfer. Some banks can email you the MT103 for every outgoing payment — this saves time if proof is often required.

How to Track a SWIFT Payment Using MT103&nbsp;

International wire transfers via SWIFT typically take 1-5 business days. Delays occur when payments route through multiple correspondent banks or undergo compliance checks. If your payment hasn't arrived after a week, the MT103 message becomes your essential tracking tool.

Every MT103 contains a unique transaction reference code (Field 20) and often a UETR (Unique End-to-End Transaction Reference) for SWIFT gpi transfers. These identifiers function as your payment's tracking number.

SWIFT gpi (Global Payments Innovation) provides live status updates for international transfers. Banks participating in SWIFT gpi can show real-time information such as:

Some banks offer customer portals for self-service tracking, while others provide updates through customer support.

MT103 is a payment confirmation message containing transaction details and reference numbers—like a shipping receipt.

SWIFT gpi is the real-time tracking system where you use those reference numbers to monitor payment status—like an online package tracker.

Many banks now embed the UETR from SWIFT gpi directly into MT103 messages, linking both systems together.

Banks can still trace payments using standard MT103 references even without SWIFT gpi. This manual process checks SWIFT logs to locate stuck transfers, though it takes longer than real-time tracking.

Common MT103 Mistakes (And How to Avoid Them)

Skydo vs Traditional SWIFT: Do You Need MT103?

While MT103 is the banking standard, requesting one is slow and costly. Here's how traditional SWIFT compares to modern alternatives like Skydo:

While MT103s are undoubtedly helpful (even essential) when payments go missing, they’re not always the most convenient solution for everyday needs. In 2025, businesses want faster and simpler ways to confirm transactions. Obtaining an MT103 means waiting for the transfer to be sent, then requesting the document, waiting again for it to be issued (and possibly paying for it). If you have multiple international payments a month, that’s a lot of overhead just to get confirmations.

That’s why modern fintech platforms have reimagined the experience of sending and receiving international payments. Instead of relying on SWIFT messages and then chasing documents for tracking, these platforms often provide built-in tracking and local payment routes that bypass some of SWIFT’s limitations.

For example, Skydo (our platform) offers real-time payment tracking in your dashboard. When you receive an international payment through Skydo, you can see the status of that payment in real time – whether it’s been initiated, is in transit, or has been credited to your account – without needing to ask for an MT103. Essentially, the platform provides the transparency that SWIFT gpi does, but directly to you as the user.

Moreover, with solutions like Skydo, you can avoid traditional SWIFT fees and delays altogether. Skydo provides you with local virtual accounts in countries like the US, UK, and EU. So if you’re an exporter in India awaiting payment from a US client, your client can pay into a local US account (ACH transfer) which is faster and cheaper, and Skydo then settles the money to you in INR. No $25-$40 SWIFT wire fee, no multiple correspondent banks holding your funds, and no need to wait days wondering where the money is. This means:

Sometimes, not needing an MT103 is the best-case scenario.&nbsp;If you can skip the uncertainty and the fees associated with SWIFT by using a platform that provides instant confirmation and tracking, it makes life easier for both sender and receiver. Of course, SWIFT isn’t going away – it’s a backbone of international finance – but for many transactions, especially business payments, these new methods are gaining favor.

Updated on: 27th November 2025

GST on International Transactions: Overview

For Indian freelancers and businesses, payments from foreign clients are usually not subject to GST. That’s because most exports of services qualify as zero-rated supplies under GST.

Zero-rated doesn't mean "exempt." It means you pay 0% GST on your export invoice, but you can still claim Input Tax Credit (ITC) on the GST paid for your business expenses, like software, equipment, or rent.

Does Your Service Qualify as an Export? (5 Conditions)

For your service to qualify as a zero-rated export under Section 16 of the IGST Act, all five conditions must be met:

Note that, this blog covers only cross-border service exports,&nbsp; not personal remittances or imports, which are treated differently under GST.

GST on Inward Remittances (Export Service Payments)

If you're an Indian freelancer or business receiving payments from foreign clients for services, you don’t charge GST on those invoices. These are considered zero-rated exports under GST as per <a href="https://taxinformation.cbic.gov.in/content/html/tax_repository/gst/acts/2017_IGST_Act/active/chaptervii/section16_v1.00.html">Section 16 of IGST Act</a>,&nbsp; meaning no GST is applied, but you're still eligible to claim Input Tax Credit. For example, if you build websites and get paid $1,000 from a US client, you simply raise an invoice without GST.

To support this classification, you’ll need proof of foreign inward remittance, such as a <a href="https://www.skydo.com/blog/all-you-need-to-know-about-firc-a-complete-guide">FIRC (Foreign Inward Remittance Certificate)</a> or bank advice. These documents show that the payment was received in foreign currency and help validate your export status during audits.

If you're a registered business, it’s advisable to submit <a href="https://www.skydo.com/blog/all-you-need-to-know-about-lut-for-tech-service-export">a Letter of Undertaking (LUT)</a> to export without paying GST.
If you don’t furnish an LUT, you'll need to pay GST upfront on the export invoice and later claim a refund from the government.

Either way, keep proper documentation to support your zero-rated export claims and stay audit-ready.

GST on Foreign Currency Conversion (Forex Services)

When you convert foreign currency to INR, banks and forex providers charge 18% GST — but here's what most people get wrong:

GST is NOT charged on the full amount you convert.

GST is only charged on the "service value" — a small fee calculated using government-defined slabs.

So even though the GST rate is 18%, in most real-world cases, the effective tax comes out to a very small percentage of the converted amount. This helps ease the burden on exporters and freelancers converting foreign payments.

Also note: This GST only applies to retail customers. Inter-bank forex transactions (say, between banks or authorised dealers) are exempt.

How Much GST Does Skydo Charge on International Payments?

Skydo charges 18% GST on its flat service fee, not on the full amount of your international payment.

For example, if you receive $10,000, Skydo’s fee is $29. The applicable GST would be 18% of $29, which comes to around $5.22.

This makes the GST impact predictable and transparent; you’re only paying tax on the actual service, not on the full remittance amount.

Compare this to banks where forex charges are hidden in exchange rate markups, making the true cost unclear.

GST on Compliance Services like FIRC &amp; BRC

When you receive foreign payments for services, your bank often issues two important documents:

Banks usually charge a small fee for issuing these certificates, and 18% GST is added to that fee, since it's treated as a domestic service.

In most cases, this GST is either built into the bank’s invoice or handled via the reverse charge mechanism, meaning the foreign payer (your client) is technically liable, but you don’t need to worry about collecting GST from them.

You just pay the fee to your bank, and the GST part is already taken care of.

Banks charge ₹500–₹2,000 per FIRC certificate, plus 18% GST on that fee.

If you receive 12 payments per year and need FIRCs for each:

✅ Bonus: Skydo provides FIRA instantly and for free with every payment, saving you both time and money on compliance.

Managing GST on Foreign Transactions: Best Practices

If you're receiving payments from abroad, a few GST best practices can help you stay compliant and avoid surprises:

Common GST Mistakes Exporters Make (And How to Avoid Them)

How to file GST for international income in India?

As we've seen, as an Indian business providing services to clients outside India, your international income is classified as an export of services under GST law. Exports are considered zero-rated supplies, meaning they are taxed at 0%, but must still be reported in your GST returns.

Here’s how to file GST for international income:

You must be registered under GST to report and claim benefits on export income.

3. Choose your export route: with or without payment of IGST

Report your export income in GSTR-1 (Table 6A) and GSTR-3B. If claiming refunds, file RFD-01 after submitting relevant documentation.

Keep records like invoices, FIRA/eBRC, LUT, and shipping bills (for goods), as required by law.

For Indian freelancers and businesses, receiving payments from foreign clients is largely GST-free, thanks to zero-rated export rules. The only GST you usually pay is on forex conversion or compliance services like FIRC, and even then, it’s a small cost.

As long as you use authorised channels, maintain proper records, and stay updated on GST rules, you can manage your global payments confidently and compliantly.

Skydo helps simplify this even further, with live forex rates, clear service fees, and instant access to FIRA.

<a href="https://www.skydo.com/">Learn more</a> or sign up to streamline your international payments.

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