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
- Wise charges 1.6%–1.9% + extras - Conversion fee varies by currency, plus $2.50 e-FIRC per USD transaction and 18% GST.
- $10,000 payment = ~₹16,500 fees - Includes conversion fee (~$162), e-FIRC ($2.50), and GST ($29).
- Transaction limit: $10,000 - Indian business accounts capped per invoice. Larger payments must split.
- Transfer time: 1–5 days - Depends on currency, payment method (ACH vs SWIFT), and verification.
- Skydo saves ₹14,000+ per transaction - Flat $29 for $10,000 vs Wise's ~$194. Free instant FIRA.
About Wise
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.
The charges for e-FIRC vary by currency:
| Currency | e-FIRC Fee |
|---|---|
| USD | $2.50 |
| EUR | €2.24 |
| GBP | £1.89 |
| AUD | A$3.80 |
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.
Applicable wire or miscellaneous charges
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.
Does Wise charge a transfer fee?
You can open an account in Wise free of charge, but all the above charges are applicable while making a transfer.
How long does a Wise transfer take?
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 1-5 business days.
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:
| Component | Amount |
|---|---|
| Amount Sent from US | $5,000 |
| Wise Transfer Fee | $82.70 |
| e-FIRC | $2.50 |
| GST (18%) | $15.34 |
| Total Fees | $100.54 |
| Amount to be Converted | $4,899.46 |
| Mid-market Exchange Rate | ₹83.51 |
| You Get | ₹4,09,157 |
Limitations of Wise for Indian Businesses
While Wise is a reputable platform, it has specific limitations that Indian businesses should consider:
| Limitation | Impact |
|---|---|
| $10,000 Transaction Limit | Must split larger invoices into multiple payments |
| e-FIRC Fees Add Up | $2.50/transaction = $300/year for 10 monthly payments |
| Percentage-Based Fees | Costs increase with payment size ($10K = ~₹14,000 in fees) |
| No India-Based Support | Response times slower during IST business hours |
| No Integrated Invoicing | Need separate tools for GST-compliant invoices |
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.
Skydo charges a flat fee:
- $19 for payments up to $2,000
- $29 for payments between $2,001 and $10,000
- 0.3% for payments above $10,000
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:
| 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 |
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+.
| Platform | Pros | Cons |
|---|---|---|
| Wise | Mid-market rates, 50+ currencies, multi-currency wallets, global brand | $10K limit, percentage fees, paid FIRA ($2.50), no India support |
| Skydo | Flat fees, free instant FIRA, no transaction limits, India-based support, RBI authorized | Inbound payments only, $19 minimum for small transfers |
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.
| Platform | Fee for $10,000 | FIRA | Best For |
|---|---|---|---|
| Skydo | $29 | Free | Freelancers, agencies, exporters |
| Wise | ~$194 | $2.50 | Multi-currency, small transfers |
| Payoneer | ~$300 | Free | Marketplace sellers |
| PayPal | ~$700 | Free | Client preference only |
| Razorpay MoneySaver | ~$100 | Free | Existing Razorpay users |
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.
