Receiving global payments as an Indian freelancer or business?&nbsp;

Your choice between Payoneer and Wise directly impacts your earnings and overall business experience. On a $10,000 payment, the difference can exceed ₹15,000 in your pocket, but the platforms also differ in crucial areas like user experience, customer support, and compliance features.

Both offer virtual accounts and multi-currency support, but their fixed fee structures, processing times, and service quality mean that not only does the amount landing in your bank account vary significantly, but also how smoothly your international payment operations run. The right choice depends on your business needs for cost efficiency, regulatory compliance, and day-to-day payment management.

This comparison reveals which platform lets you keep more of what you earn and when each makes financial sense for your business situation.

Payoneer vs. Wise: Understanding the Differences&nbsp;

<a href="https://www.skydo.com/blog/payoneer-payment-gateway-features-fees">Payoneer</a> is a global payment platform that helps Indian freelancers and businesses receive international payments through multiple methods. It provides virtual receiving accounts in major currencies (USD, EUR, GBP, etc.), allowing your clients to pay you locally via bank transfers. The platform integrates with significant marketplaces and eCommerce platforms like Fiverr, Upwork, Amazon, and Airbnb and offers additional features like customizable payment requests and invoice creation.

You can get a detailed analysis of <a href="https://www.skydo.com/blog/payoneer-fees-india-guide">Payoneer Fees right here.&nbsp;</a>

<a href="https://www.skydo.com/blog/transferwise-india-features-benefits-pros-cons">Wise (formerly TransferWise)</a> is a global payment platform that enables Indian freelancers and businesses to receive international payments in over 70 currencies. It provides virtual international accounts in major currencies and regions, including the US, EU, UK, and Australia. Wise differentiates itself by offering mid-market exchange rates without markup, instead charging a transparent conversion fee that varies by currency.

Payoneer vs. Wise: A Quick Comparison&nbsp;

Before you commit to either platform, understand precisely how they impact your overall business operations and bottom line. Here's a quick comparison of both platforms to help you make an informed choice:

Skydo: An Affordable Alternative to Both Payoneer and Wise

Indian freelancers and businesses searching for better international payment solutions need to consider Skydo - a platform specifically designed for the Indian market that offers significant cost advantages over Payoneer and Wise.

Skydo is an India-focused international payment platform that provides virtual global bank accounts across 10+ countries, including the US, UK, Canada, and Australia. Built specifically for Indian businesses and freelancers, it enables payment receipt from international clients and marketplaces with transparent pricing and zero forex margin. Skydo emphasizes cost savings while offering complete payment solutions, which include invoicing, tracking, and compliance documentation.

​Skydo integrates seamlessly with marketplaces like Amazon, offering tailored services that empower Indian MSMEs and D2C startups to focus on growth and reach global markets.

With no cap on payment volume per invoice, affordable flat fees, live forex rates without any markup, and an India-based support team, Skydo combines the best features of platforms like Wise and Payoneer, providing a comprehensive solution for Indian businesses managing international payments. ​

By choosing Skydo, you're opting for a platform that simplifies cross-border transactions, enhances efficiency, and ensures you retain more of your earnings. Make the switch to Skydo today and maximize your profits.

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Choosing between Wise vs PayPal for international payments 2025 can significantly impact your bottom line. As an Indian freelancer or business owner receiving money from abroad, every percentage point in fees matters.&nbsp;

While PayPal and Wise offer reliable ways to get paid, they differ dramatically in their approach to fees, exchange rates, and features.&nbsp;

Let's dive into a practical comparison to help you pick the platform that puts more money in your pocket.

Wise vs PayPal: Understanding the Differences

<a href="https://www.skydo.com/blog/transferwise-india-features-benefits-pros-cons">Wise (formerly TransferWise)</a> is a digital financial platform specializing in international money transfers. Wise stands out for using accurate mid-market exchange rates and transparent fee structures. For Indian businesses and freelancers, Wise Account offers multi-currency accounts that let you receive payments from over 50 countries as if you had a local bank account.

It started as a peer-to-peer remittance service allowing individuals to send and receive money without intermediaries like banks. Later, it grew as a business-to-business money transfer service for organizations to receive and make international business payments.&nbsp;&nbsp;In India, Wise Business lets you receive international payments in multiple currencies, but you can’t use it to send business payments abroad. Also,&nbsp; Wise&nbsp; Debit card is not available to businesses in India.&nbsp;

Moving forward, we'll focus on comparing Wise Business and PayPal for receiving international payments, excluding Wise's peer-to-peer service

For r<a href="https://www.skydo.com/blog/wise-transfer-charges-in-india">eceiving payments in India:</a>

🔖<a href="https://www.skydo.com/blog/top_5_wise_alternatives_for_international_payment">Learn about the Wise alternatives</a>

<a href="https://www.skydo.com/blog/paypal-in-india-charges-review-alternatives">PayPal</a> is a payment platform serving over 400 million users worldwide. It functions primarily as an international payment gateway, letting you receive money from clients across 200+ countries. While PayPal offers extensive features globally, its services in India are explicitly focused on cross-border transactions.

<a href="https://www.skydo.com/blog/paypal-transaction-fees-india">For receiving international payments:</a>

🔖<a href="https://www.skydo.com/blog/top-paypal-india-alternatives-for-international-payment">Learn about the PayPal alternatives</a>

Let's examine how Wise vs. PayPal compares when receiving international payments in India. With significant differences in their fee structures and features, choosing between these platforms can directly impact your earnings.&nbsp;

Here's a comprehensive breakdown of PayPal vs Wise to help you make an informed decision:&nbsp;

Skydo: An Affordable Alternative to Wise and PayPal&nbsp;

When comparing Wise vs PayPal, it's worth considering emerging alternatives that offer even better value. Skydo is an India-made solution designed explicitly for receiving international online payments with significantly lower fees than TransferWise and PayPal.

Skydo is a modern payment platform tailored for Indian businesses and freelancers receiving international payments. It provides virtual global bank accounts in 10+ different countries, including the United States, UK, Canada, and Australia. These accounts give you local banking details that clients can use to send payments as domestic transfers - eliminating SWIFT fees and international wire charges that typically cost $20-40 per transaction.

Curious if Skydo is the right fit for your business?<a href="https://www.skydo.com/">&nbsp;Sign up for a free demo&nbsp;</a>to find out.

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When dealing with international clients, you need the right payment partner to ensure timely payment. Skydo and Wise are trustworthy and reputed platforms helping business owners streamline this process. Wise (formerly TransferWise) is known for its global presence and multi-currency accounts while Skydo is popular for its flat fee structure and high-quality support.

But you don't need two platforms; you just need one that fulfils most of the requirements. This blog will help you pick the right one by comparing their pros and cons and fee structures with an example.

Skydo vs Wise: Understanding the Differences

Wise and Skydo enjoy a strong reputation as payment solutions. However, their differences will help you decide which one meets most of your needs

Wise (<a href="https://www.skydo.com/blog/transferwise-india-features-benefits-pros-cons">formerly TransferWis</a>e) was founded in 2011 and soon gained popularity due to its pricing and user-friendly interface. It started as a peer-to-peer remittance service allowing individuals to send and receive money without intermediaries like banks.

Later, it grew as a business-to-business money transfer service for organisations to receive and make international business payments via <a href="https://www.skydo.com/blog/virtual-account-numbers">international virtual accounts</a>. Based on the location, Wise also offers business debit cards to its users, although&nbsp;Wise&nbsp;Debit card is not available to businesses in India.&nbsp;

Moving forward, we'll focus on comparing Wise Business and Skydo for receiving international payments, excluding Wise's peer-to-peer services.&nbsp;&nbsp;

Wise charges a conversion fee in the range of 1.7-1.9% of the transaction amount and it varies depending on the currency.&nbsp; For example, when receiving a payment of USD 1,000, USD 17 will be deducted as Wise fee/conversion fee.&nbsp;

Wise uses mid-market exchange rates to convert payments without levying any markup.&nbsp;

Wise also charges an additional fee for issuing digital FIRA for every transaction. This fee again varies across currency, for USD payments it is USD 2.50 per FIRA

Skydo is an India-based international payment platform offering businesses virtual accounts in key geographies like the US, UK, Europe, Australia and more to receive cross-border payments seamlessly.&nbsp;In addition to facilitating international payments, Skydo offers businesses tools to create professional invoices and monitor payments in real-time, simplifying the process for exporters.

Skydo has a transparent fee structure and converts payments at live forex rates without levying any markup, unlike banks and many other payment platforms.&nbsp; Skydo also offers instant FIRA for every payment you receive automatically at no additional cost.&nbsp;As a homegrown brand, Skydo offers India-based customer support to assist new users throughout the onboarding process and address any queries existing users may have.

Skydo offers a transparent, fee structure for receiving international payments:

Additionally, Skydo converts your funds at live forex rates with no markup, ensuring you receive the most competitive exchange rates.

Receiving USD 10,000 in India with Skydo vs Wise

How much can you expect to receive via Skydo vs Wise if a US-based client transfers USD 10,000? Let's find out:

By choosing Skydo, you can save $165 in fees, resulting in over ₹11,520 more credited to your bank account.

But Skydo offers more than just competitive fees:

Curious if Skydo is the right fit for your business? <a href="https://www.skydo.com/">Sign up for a free demo</a> to find out.

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Since its launch in 2000, PayPal has become a go-to platform for businesses handling international payments. Its strong reputation and global reach make it a popular choice for Indian businesses as well.

If you're exploring <a href="https://www.skydo.com/blog/paypal-in-india-charges-review-alternatives">PayPal for your business </a>and not sure if it’s the right fit for you, then you’ve come to the right place.&nbsp; We have done a quick but detailed analysis of PayPal’s transaction fees and more so you know how much you pay for each transaction. We will also suggest a more cost-effective alternative to PayPal at the end of the blog.

PayPal stands out for its seamless integrations with platforms like Shopify and Magento, along with its robust <a href="https://www.paypal.com/in/webapps/mpp/paypal-buyer-protection?no_follow=true">buyer </a>and <a href="https://www.paypal.com/in/brc/article/what-is-seller-protection#:~:text=Here's%20how%20sellers%20can%20get,delivery%20generally%20within%2010%20days.?no_follow=true">seller protection programs</a>. Buyers are covered if items don’t arrive or match the description, while sellers are protected from unauthorized transactions and lost shipments. Additionally, its built-in invoicing feature and user-friendly interface make it a top choice for both businesses and freelancers

However, it is important to note that a lot of PayPal’s features aren’t available in India. For example, PayPal cannot be used for domestic transactions, and PayPal credit isn’t available to Indian businesses as well. And not to mention, PayPal’s usability comes PayPal’s transaction fees, coupled with its currency conversion charges and fixed fees. In the next section, we will break down Paypal’s transaction fees and all other associated charges.&nbsp;

PayPal Transaction Fees India: A Quick Breakdown

There are three categories of fees: transaction fee, fixed fee, and currency conversion fee

Every time you receive a payment in India from an international client, PayPal charges a 4.4% transaction fee. For example, if a US-based client sends $10,000 for your services, PayPal will deduct<a href="https://www.paypal.com/in/webapps/mpp/merchant-fees"> 4.4%</a> of the amount, which is $440 (4.4% X 10,000) as transaction fees. You can decide to pay this transaction fee by yourself, split it with your client, or ask them to bear it on the basis of your relationship with the client.&nbsp;

In addition to the transaction fees, PayPal charges a<a href="https://www.paypal.com/in/webapps/mpp/merchant-fees"> fixed fee</a> based on the currency. Here are a few examples of fixed fees on different currencies:

Click on<a href="https://www.paypal.com/in/business/paypal-business-fees"> this link</a> to view the fixed fee for the entire range of currencies.

PayPal also adds a 4% markup on the prevailing exchange rate while converting foreign currencies to Indian rupees. For example, If the current exchange rate is USD 1= INR 85, then PayPal will levy a 4% markup on this, making the effective exchange rate INR 81.6.

PayPal Transaction Fees from USA to India: How Much Will You Pay?

So far we covered the different fees PayPal applies to international money transfers. But how does all of that translate in a real-life scenario? Here's an example to help you with that.

Imagine you're a business owner receiving a payment of $5,000 from a client in the USA via PayPal. First, PayPal will deduct a transaction fee of 4.4%.

PayPal will also charge a fixed fee of $0.30 based on the above table of fixed fees for different currencies.

So the total fee applied on the amount is $220 + $0.30 = $220.3. We are left with a balance of $4779.7 which will be converted to Indian rupee.

While converting the currency, PayPal will charge 4% markup on the prevailing exchange rate as currency conversion fee. Considering the current rate to be 1 USD to INR 85, the fee is Rs. 3.4 and the effective exchange rate is Rs. 81.6.

In summary, the balance of $4779.7 will be converted to INR at the exchange rate of Rs. 81.6. The amount that can expect to receive is Rs. 390,023.52

So how much did you end up paying in fees?

The actual value of the transaction amount in INR is Rs. 425,000, however, you received Rs. 390,023.52 resulting in a difference of Rs. 34,976.48 (or $411). This difference is the total fee for receiving the payment through PayPal.

Skydo: An Affordable and Seamless PayPal Alternative to Receive International Payments

PayPal has built a solid global reputation as the right payment partner for emerging businesses. Its user-friendly interface, smart features, and integrations are the biggest reasons behind<a href="https://www.statista.com/statistics/218493/paypals-total-active-registered-accounts-from-2010/#:~:text=PayPal%20in%20general,generate%20revenue%20through%20transaction%20fees."> 435 million</a> active PayPal accounts. However, its charges can make it unaffordablefor many Indian businesses and individuals. Moreover, PayPal India doesn't offer many services to Indian customers, for example, the wallet feature is not available for Indian users and it also doesn't have an India based support team.&nbsp;

If PayPal fees and limited support are concerning factors, exploring Skydo is worth it. Like PayPal, Skydo simplifies accepting payments from international clients. It offers virtual bank accounts with a unique 18-digit number that accepts payments and credits them to your linked bank account. The process is fast and there are no SWIFT charges like in the case of normal bank transfers.

Skydo charges USD 19 for payments under USD 2000, USD 29 for payments between USD 2001-10,000 and 0.3% for payments above USD 10,000. Skydo also offers live forex rate without any forex markup. Meaning if the live exchange rate is 1USD = 85 INR, Skydo will convert your payment at that rate without taking a cut. 

Here’s a quick comparison of how much will you pay to receive USD 5000 with Skydo vs PayPal:

Skydo's live forex rate and transparent fee make it a go-to solution for Indian businesses to receive international payments in India. As you can see in the above table, there is no fixed fee or markup on the market exchange rate meaning, the currency is converted at the current rate. You only have to bear $29 as fees and save Rs. 32,511.48 compared to PayPal’s fee structure. Further, Skydo’s India-based customer support team with a superfast onboarding process makes it a more viable option for businesses to receive international payments. So switch to Skydo today and experience the difference&nbsp;

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If you have been exploring platforms to receive payments from international clients in India recently, you might have come across PingPong Payments. It's a global money transfer service company founded in 2015 in New York with the global headquarters situated in Hangzhou, China.

Should you pick PingPong Payments to receive cross-border payments? We will help you answer this question by analyzing its features, its costs, and our expert opinion about it. At the end, we will also highlight how Skydo can be a better alternative for PingPong Payments.

PingPong Payment's global presence has made it a popular platform for e-commerce sellers and business owners to receive payments from foreign clients effortlessly. We have identified a few key points about PingPong payments that you must know while evaluating the platform.

If you are unaware of virtual accounts, we recommend reading our<a href="https://www.skydo.com/blog/virtual-account-numbers"> virtual bank account</a> blog to get complete details. In short, it's a digital account linked to your bank account and has an 18-digit bank account number that you share with your clients to accept payments. With PingPong payments, you can create virtual accounts in 15 different currencies. You also have the choice to receive payments in the same currency and then convert them into<a href="https://www.international.pingpongx.com/solutions/fintechs"> 25+ currencies</a>.

PingPong Payments is mostly sought after by e-commerce sellers because it integrates with major marketplaces and e-commerce platforms like Amazon, Shopify, Etsy, and Rakuten. That means if you're selling goods online on different platforms, you can manage payments of all these apps in a single place.

Even if you're not an e-commerce seller but pursuing some form of international trade, PingPong Payments could still be a good choice. For example, you can use it for making international payments to your suppliers in<a href="https://www.international.pingpongx.com/smb/ecommerce-sellers"> 195 countries</a> using SWIFT transfer.

PinPong Payments complies with international regulations like Anti Money Laundering (AML), Know Your Customer (KYC), and Payment Service Directive (PSD2). It also holds<a href="https://www.international.pingpongx.com/solutions/fintechs"> 60 financial payment licenses</a> in major economies like China, Hong Kong, Europe, and the US.

PingPong Fees to Receive International Payments in India

While PingPong Payments positions itself as a low-cost solution, the final costs can vary depending on the transaction amount and exchange rates. Here’s a quick breakdown to help you understand the fee structure better.

PingPong charges a 1% transaction fee on each payment you receive. While this may seem low at first glance, it can add up for higher-value transactions. For example, on a payment of USD 10,000, the transaction fee would be USD 100 (approximately INR 8,500, assuming an exchange rate of 1 USD = INR 85).

Additionally, PingPong does not publicly disclose the exact exchange rate applied during currency conversion. In general, platforms may include a markup on the mid-market rate, which is often around 1% to 2%. For instance, if the current mid-market rate is INR 85 per USD and a 2% markup is applied, the effective rate would be around INR 83.3. This means that for a USD 10,000 payment, you would receive approximately INR 8,33,000 instead of INR 8,50,000.

The same fee structure typically applies for Amazon Global Selling users receiving payments through PingPong.

We’ve summarized these examples into an illustration below to give you a clearer picture of what to expect when receiving US dollar payments via PingPong.

Integration with Multiple Marketplaces PingPong Payments’ easy integration with global selling platforms like Amazon, Shopify, and Etsy makes it convenient to expand business across borders without worrying about payment management.

Free VAT and Global Tax Payments The integrated tax management solution helps you pay VAT, GST, and other applicable taxes in 12 countries. This helps you make payments within the protocols and avoid penalties.

Free FIRA on Every Transaction A<a href="https://www.skydo.com/blog/importance-of-fira-for-freelancers"> Foreign Inward Remittance Advice (FIRA)</a> is an essential document as it proves you have received an international payment in India. Banks charge a fee for issuing FIRA every time, but platforms like PingPong Payments provide it for free within the PingPong dashboard.

Unavailability of Local Customer Support Like many other international payments platform, PingPong Payments doesn't have an India based support team, which can make resolution of queries a challenge for Indian customers..&nbsp;

PingPong Payments Review: The Good, Bad and Ugly

We dug into the reviews of PingPong Payments on Trustpilot, a software review website to bring out the good, bad, and ugly sides of it:

Customer Support PingPong Payments receives brownie points in this area. We found two reviews on the website that highlight the professional and helpful nature of the customer support team. One reviewer even goes to the extent of mentioning the names of the customer service executives who helped her<a href="https://www.trustpilot.com/reviews/649282738d146d7288d35aab"> resolve the issue</a>.

Users on review platforms have reported challenges in getting <a href="https://www.trustpilot.com/reviews/678c922cf87236b67d11504f">balance refunds </a>after closing their PingPong accounts. According to their feedback, the process often involved filling out multiple documents and repeated follow-ups, with no clear communication on timelines.

Some users also mentioned experiences where their payments or receivables were temporarily blocked. In<a href="https://www.trustpilot.com/users/6549434d146789001292b71f"> one instance</a>, a user described the difficulty of navigating the situation when access to their funds was restricted.

Please note: These insights are based on user reviews gathered from public platforms and do not reflect Skydo’s opinions.

Skydo: A Viable PingPong Alternative to Receive International Payments in India

PingPong payments have built a strong reputation globally, however, its high fees and low transparency make it an expensive choice for freelancers and exporters. In addition to that, the reviews about restricting refunds and blocking transactions are worrisome.

Skydo is a more affordable and transparent alternative to PingPong Payments. The fee structure is simple and there are no hidden charges. For receiving a payment of under USD 2,000 you pay a fee of USD 19. For amounts between USD 2,001 to USD 10,000, the fee is USD 29 and for USD 10,000+ the fee is 0.3% of the amount. Moreover, there are no markups on the exchange rate, so the conversion is done based on the live forex rate.

Skydo also offers other benefits like a highly secure platform, no additional fees for FIRA, and a responsive local customer support team. With our support team based in India and working during Indian business hours, it’s always easy to get on a call or chat with them in case you get stuck. This is a huge perk if you’re just starting as an exporter or a freelancer. Having a trusted team by your side helps you to scale faster.&nbsp;&nbsp;

If you're open to looking at platforms beyond PingPong payments that are more supportive and cost-effective for your business, Skydo could be the right choice.

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If you've ever waited on an international payment that seemed to vanish into thin air, you’re not alone. Whether you're an exporter, freelancer, or business owner dealing with cross-border transactions, one document that often comes up during these moments of confusion is the SWIFT MT103.

Think of it as the digital receipt for your international wire transfer — a standardised message issued by the sender’s bank that includes key details like the sender, recipient, transfer amount, currency, reference numbers, and even charges applied along the way.

In this guide, we’ll walk you through what a SWIFT MT103 message actually is, why it matters (especially when payments are delayed or under dispute), how to get one from your bank, and how it can help you track down an international transfer.

We’ll also show you how platforms like Skydo make tracking international payments easier, no MT103 needed.

An MT103 is a standardised SWIFT message format used by banks to confirm that an international wire transfer has been sent. It acts as a proof of payment, kind of like a digital receipt that travels with your money.

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 document contains all the essential transaction details, including:

Banks use this message to track and trace international payments, especially when there's a delay or a dispute. You can request a copy of your MT103 document from your bank after the payment is sent.

What is MT103&nbsp;SWIFT document used for?

While not required for every international payment, the MT103 can be incredibly helpful, especially when you're sending or receiving large sums, or if something goes wrong. Here's why it matters:

1. Proof of Payment:&nbsp;Think of MT103 as your official receipt for a SWIFT transfer. If you're the sender, you can share it with your client to confirm the payment has been made. If you're the recipient, it helps verify that a payment is on the way and not just "in process."

2. Easy Tracking: If your money’s stuck or delayed somewhere, especially at an intermediary bank, the MT103 helps your bank trace the transfer. It shows where the payment has reached, which bank is currently holding it, and what step it’s at.

3. Fewer Misunderstandings: Because it follows a global standard, every bank understands the MT103 format. This makes it easier to resolve issues, confirm transactions, and keep communication clear between banks across countries.

Imagine you’ve paid an overseas supplier, but they claim the funds haven’t arrived. You contact your bank, and they confirm the SWIFT transfer went through, but now you’re stuck in the middle. This is where the MT103 comes in.&nbsp; By obtaining the MT103, you get a detailed record of the payment showing when and where the money was sent. You can forward this to the beneficiary as proof, and your bank can use the reference in the MT103 to help trace the payment’s path and find any bottlenecks.

MT103 Format and Fields (Understanding the Details)

An MT103 message contains various coded fields that together provide all the transaction information.&nbsp;

An MT103 SWIFT message contains all the details necessary for processing a transfer. Here’s what a typical MT103 includes:

All this information helps ensure that the transaction flows smoothly and gets where it needs to go.

Every MT103 message will have certain tags using which you can decode the MT103 message. Here we will be describing all the mandatory tags that are present in every MT103 SWIFT message and a few optional ones:

Beyond the mandatory tags, MT103 SWIFT message may also contain a few optional tags including:

You don’t necessarily need to memorise these fields, but if you ever receive an MT103, this breakdown can help you read it. For most users, the key things to check are: reference number, dates, amounts, and that the beneficiary info is correct

If you’ve made a SWIFT transfer and need proof that the payment was sent, the MT103 is what you’re looking for. Here's how to get it—step by step:

1. Make the Transfer:&nbsp;An MT103 is automatically generated every time a SWIFT transfer is made. But here's the catch: banks don’t send it to you by default. You’ll need to specifically request it.

2. Contact Your Bank:&nbsp;&nbsp;Once the payment is sent, reach out to your bank’s customer service. You can usually do this via phone or through online banking. Some banks have a “SWIFT copy request” option on their portal—check if yours does.

3. Provide Transaction Details:&nbsp;
Your bank may ask for information like the date of the transfer, the amount, and the recipient’s details. This helps them pull up the exact transaction.

4. Wait for the Document:&nbsp;
It can take anywhere from a few hours to a couple of days for the MT103 to be issued. Some banks may charge a small fee (typically between $20–$40), and they’ll usually email it to you as a PDF or hand over a physical copy.

Important Tip:
If you’re the receiver of the payment, you can’t request the MT103 directly from the sending bank. Only the sender or the sender’s bank can generate and share it. So if you’re waiting on funds, ask your client to contact their bank and send you the MT103.

In India,
some banks may refer to the MT103 as a “SWIFT Advice” or “SWIFT Copy.” The terminology can vary, so don’t worry if the term isn’t consistent; just ask clearly for proof of the SWIFT transaction.

When should you request it?
Since some banks may charge for it, it’s best to request an MT103 when you actually need it, like if a payment is delayed, stuck with an intermediary bank, or you need documentation for compliance or record-keeping.

The sender of the international payment is usually the only one who can request an MT103 from their bank. That’s because MT103 is generated by the sending bank and often shared only with their account holder, not the recipient, for privacy and compliance reasons.

If you’re the recipient waiting on a payment, you won’t be able to request the MT103 directly from the bank. Instead, you’ll need to ask the sender (or their finance team) to get the MT103 and share it with you.

💡 Note for Businesses:
If you're managing payments on behalf of your company, say, in the finance or accounts team, you can request an MT103 just like an individual, as long as your company is the account holder making the transfer.

How to Track a SWIFT Payment Using MT103&nbsp;

International wire transfers via SWIFT can sometimes take longer than expected, especially if the funds are routed through multiple intermediary banks. If your payment hasn’t arrived within 2–5 business days, it’s natural to want to track where it’s stuck.

That’s where MT103 comes in. It acts like a tracking slip, providing key reference details that allow banks to trace the payment across the SWIFT network.

Using the MT103 Reference to Track Your Payment

Every MT103 document includes a unique reference code, known as the Transaction Reference Number or SWIFT reference (Field 20). Think of it as your payment’s tracking ID.

Once your bank has this code, or the UETR (Unique End-to-End Transaction Reference) found in newer <a href="https://www.swift.com/products/swift-gpi">SWIFT GPI </a>transactions, it can query the SWIFT system and check the status of your payment. This includes identifying where the payment currently is (e.g., still with the sender’s bank, in an intermediary bank, or already credited).

Many major banks now support SWIFT GPI, which updates payment status in real time. Some even offer customer-facing portals, while others can provide updates through support teams.

MT103 vs. SWIFT gpi: What’s the Difference?

MT103 is like your courier receipt; it proves you shipped something and gives you a tracking number.
SWIFT gpi is the live tracking system, showing you exactly where the parcel is on its journey.

Do You Always Need an MT103? (Alternatives and Best Practices)

While MT103s are undoubtedly helpful, especially when payments go missing, they’re not always the most convenient solution. You have to request them from your bank, wait a few hours (or days), and sometimes even pay for access. In 2025, businesses want something simpler.

That’s why modern fintech platforms have reimagined the experience.

Instead of waiting for a SWIFT receipt, platforms like Skydo offer built-in payment tracking. With Skydo, for example, you can see the real-time status of your international payment, whether it’s in transit, credited, or delayed, right from your dashboard. No need to call your bank or dig through emails.

You also avoid SWIFT fees entirely. Skydo gives you local virtual accounts in countries like the US, UK, and Europe, so your clients can pay you like a local via ACH, SEPA, etc. That means no $25-$40 charges, fewer delays, and no need for an MT103 in the first place.

Sometimes, not needing an MT103 is the best-case scenario, and platforms like Skydo are built exactly for that.&nbsp;

MT103 swift message: Format, Fields and How to get it

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As Indian businesses expand globally, managing payments in multiple currencies has become more than just a convenience; it’s a competitive edge.

Whether you're an exporter billing clients in USD or a SaaS company offering subscriptions in EUR and GBP, a multi-currency account can simplify how you receive, hold, and manage your international earnings.

But what exactly is a multi-currency account? And why is it becoming essential for modern Indian businesses?

A multi-currency account (sometimes called a foreign currency account or international account) lets individuals or businesses receive, hold, and send money in multiple currencies from a single platform.

Unlike traditional bank accounts that immediately convert foreign currency to INR (often with heavy fees), multicurrency accounts let you:

For example, if you have received payment from an international client from the US in USD, you can hold the payment in USD in your multi-currency account. If you have to pay a client in USD, you can use the current funds for direct payment without converting your local currency to USD.

Some multi-currency accounts come with additional features which can help in increasing the return potential. For example, some multi-currency accounts may offer interest on the balances held in different currencies, while some may offer access to foreign exchange markets.&nbsp;

Which Currencies Can I Hold in a Multi Currency Account?

The accepted currencies in a multi-currency account range between 30-200, depending on the financial institution. However, a multi-currency account facilitates, at minimum, transacting in the following currencies.

Benefits of Multi-Currency Accounts for Indian Businesses

1. Save More by Converting When It Makes Sense

A big perk of a multi currency account is that you don’t have to convert money right away. You can hold on to your earnings in USD or EUR and convert them when the exchange rate is better. Over time, this can add up, especially compared to traditional bank accounts that charge ₹750–₹1000 per transaction just to convert your money.

2. Lower Fees, Less Money Lost in Conversion

If you’re dealing with international payments regularly, small fees can eat into your income. A multi currency bank account typically charges much less in conversion fees compared to regular methods, and that means you keep more of what you earn.

If you’re getting paid in different currencies, tracking it all can be messy. A multi currency account in India helps you keep everything in one place—whether it's dollars, euros, or pounds. That makes your bookkeeping and accounting a lot less painful.

When payments don’t need to go through currency conversion each time, they move faster. A multi currency bank account can help you get your money sooner, without the usual back and forth or waiting around.

Having a multi-currency account can make your business feel more established, especially to international clients. It shows that you're set up to work globally, which builds trust from the start.

6. A Smoother Experience for Your Clients

Getting paid should be easy, for you and for your clients. A multi currency account lets your clients pay in their own currency, which feels more familiar and hassle-free on their end.

Growing Global

Understanding Global Payments blogs