Wise Transfer Charges in India (2026): Complete Fee Breakdown, Limits & Better Alternatives
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.
TL;DR - Summary
- Skydo's flat fees favour high-value transfers - Pay $19, $29, or just 0.3% on larger amounts—no FX markup, free instant FIRA included.
- Wise works better for smaller payments - Percentage-based pricing (1.6–1.9%) suits transfers under $1,000 with multi-currency flexibility.
- FIRA: Free vs paid - Skydo provides instant FIRA at no cost. Wise charges $2.50 per USD transaction.
- Transaction limits differ significantly - Skydo has no upper cap. Wise restricts Indian accounts to $10,000 per invoice.
- Choose based on payment size - High-value B2B payments favour Skydo. Frequent small transfers suit Wise's global tools.
What is Wise?
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. 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
Key Features of Wise
- Mid-Market Exchange Rates:Wise prides itself on offering the "real" exchange rate (the one you see on Google) without adding a hidden markup spread.
- Multi-Currency Accounts:Users can get local bank account details (like a US routing number or UK sort code) to receive payments like a local in those regions.
- Transparency:They show fees upfront before you initiate a transfer, breaking down exactly how much the recipient will get.
- Speed: Many transfers are completed within 24 hours, significantly faster than traditional wire transfers.
Wise's Pricing Structure
Wise’s pricing for Indian businesses typically involves two main components:
- Conversion Fee: This is a variable fee ranging from 1.7% to 2.5% depending on the currency pair.For most major currencies like USD to INR, it hovers around 1.7%-1.9%.
- FIRC Charges: If you need a Foreign Inward Remittance Certificate (FIRC) for tax compliance in India, Wise charges an additional fee per transaction (approx. $2.50 - $4.00 depending on the currency)
| Particulars | Wise |
|---|---|
| Fees | Typically 1.6% to 1.9%, depending on currency |
| FIRA cost | $2.50 per USD transaction |
| Intermediary bank fees | Possible, especially with SWIFT and local transfers |
| Monthly/Setup fees | None |
| Transfer limit | Max $10,000 per transaction (Indian accounts) |
What Makes Wise Stand Out?
Better for smaller transfers : 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 : Wise lets businesses hold and manage 40+ currencies in a single account—ideal for companies juggling multiple currency requirements.
Established global presence : 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 : Wise offers multi-currency wallets, API integrations, and batch payment tools suited for businesses managing complex global payment flows.
Reliable transfer speeds : Wise typically settles payments within 24–48 hours, with faster processing available on popular currency routes.
Limitations of Wise
While efficient, Wise has specific limitations for Indian users:
- Costly for High Volumes: Since the fee is percentage-based (~1.7%), the cost increases linearly with your revenue. receiving $10,000 costs significantly more than receiving $1,000.
- Paid FIRC:Unlike some competitors that automate FIRCs for free, Wise charges for every single digital FIRC, adding to your compliance costs.
- B2B Limits: There are often caps on how much you can receive per day or per transaction for business purposes (e.g., limit of INR 15 lakhs per day for business transfers to India).
- No Business Card for India:The Wise business debit card is currently not available for Indian businesses, limiting the ability to spend funds directly in foreign currency.
Alternatives to Wise
| Platform | Transaction Fee | FX Markup | FIRA | Other Charges |
|---|---|---|---|---|
| Skydo | $19 (up to $2K), $29 ($2K–$10K), 0.3% (above $10K) | None | Free & instant | No setup or monthly fees |
| Wise | 1.6%–1.9% (varies by currency) | None (mid-market rate) | $2.50 per transaction | $10K limit per invoice (India) |
| Payoneer | $4 (under $400) or 1% (above $400) | Up to 2–3% | Free (within 24–72 hrs) | $29.95/year inactivity fee |
| PayPal | 4.4% + fixed fee ($0.30 for USD) | 3%–4% | Monthly (not instant) | No INR balance; auto-conversion |
| Winvesta | $3 + 0.99% (USD); 1.25% (other currencies) | None | Available | $10 for SWIFT transfers |
| Mulya | Flat 1% | None | Free | Newer platform; limited track record |
If you are looking for other options, here are a few standard alternatives:
- Payoneer:A strong contender for marketplace sellers (Amazon, Upwork) but generally more expensive due to currency conversion markups (often 2% to 3%) and annual maintenance fees.
- PayPal: Extremely popular for ease of use but the most expensive option. You can lose 6-8% of your revenue in transaction fees and poor exchange rates.
- Mulya / Winvesta: Newer players offering multi-currency accounts, though they may have varying support levels and feature maturity compared to global giants.
Skydo vs. Wise: The Most Sensible Option
| Feature | Skydo | Wise |
|---|---|---|
| Target audience | Indian businesses and freelancers | Global businesses & freelancers |
| Pricing | Flat fees: $19 (up to $2,000), $29 ($2,001–$10,000) and 0.3% (above $10,000) | 1.7%–1.9% of the amount + $2.50 per FIRA |
| FIRA/FIRC | Instant and free | Additional cost |
| Exchange rate | Real-time forex rate with no markup | Mid-market rate with no markup |
| Payment limits | No upper limit | Max $10,000 per invoice |
| Settlement time | 24–48 hours | Same day to 48 hours |
| Customer support and dispute resolution | India-based, localized help & onboarding | Global support team, but not India-specific |
| Card and tools | No card support | Multi-currency card (not in India), batch payments, invoicing tools |
| Best for | Indian exporters & freelancers with high-value invoices | Global users needing multi-currency flexibility |
When comparing Skydo and Wise, the decision comes down to cost efficiency at scale and compliance ease.
Why Skydo Wins for Indian Exporters:
- Flat Fee vs. Percentage Fee:Wise charges a percentage (~1.7%). Skydo charges a flat fee ($19 or $29).As soon as your transaction exceeds ~$1,200, Skydo becomes mathematically cheaper. For a $10,000 transfer, Skydo can save you over $150 compared to Wise.
- Zero FX Markup:Skydo offers the live interbank rate with absolutely zero markup, ensuring you get the maximum value for your dollar.
- Free FIRC:Compliance is built-in. Skydo generates automated FIRCs for free, whereas Wise charges you for every single one.
- Local Support: Skydo is built specifically for Indian regulations, offering dedicated local support that understands GST, FIRC, and RBI guidelines better than a global generalist.
Wise Fees for Receiving USD 10,000 in India
| Particulars | Wise | Skydo |
|---|---|---|
| Amount Sent | USD 10,000 | USD 10,000 |
| Fees | USD 197.53 | USD 29 |
| FIRA Cost | $2.50 | Free |
| Balance Before Conversion | USD 9,802.47 | USD 9,971 |
| Exchange Rate (1 USD) | INR 84 | INR 84 |
| You Get | INR 8,23,407 | INR 8,37,564 |
| Your Savings with Skydo | — | INR 14,157 |
Common Mistakes (And How to Avoid Them)
Mistake 1: Choosing based on brand recognition alone
Many users pick Wise simply because it's a well-known global brand, without comparing actual costs for their typical payment size.
Solution
Mistake 2: Ignoring the FX markup impact
Users focus on transaction fees but overlook currency conversion charges. Wise's 1.6%–1.9% conversion fee can significantly reduce your take-home amount on larger payments.
Solution
Mistake 3: Forgetting about FIRA costs
Wise charges $2.50 per USD transaction for eFIRC, which adds up quickly if you receive multiple payments monthly. Many users don't factor this into their cost calculations.
Solution
Mistake 4: Not checking transaction limits
Wise caps Indian accounts at $10,000 per invoice. Users discover this limit only when trying to receive a larger payment, causing delays and split invoices.
Solution
Mistake 5: Overlooking local support availability
Wise offers global support but lacks India-specific assistance. Users struggle with RBI compliance queries or IST-friendly response times.
Solution
Which is cheaper for receiving international payments—Skydo or Wise?
For payments under $1,000, Wise may be marginally cheaper. For amounts above $2,000, Skydo's flat-fee model offers better savings—potentially ₹14,000+ more on a $10,000 invoice.
Does Wise have a transaction limit for Indian users?
Is FIRA free on Wise and Skydo?
Can I hold foreign currency on these platforms?
Which platform is better for Indian freelancers and exporters?
