International wire transfers are the backbone of global payments, powering everything from exports and remote freelancing to SaaS subscriptions. As India’s exports hit record highs and more businesses work with international clients, knowing how to send and receive money across borders is now a must.

But how exactly do international wire transfers work? How long do they take, what fees should you expect, and are there safer or cheaper alternatives? In this guide, we’ll break down everything Indian exporters, freelancers, and SaaS businesses need to know, covering step-by-step processes, timelines, costs, and compliance tips so you can move your money with confidence.

An international wire transfer is an electronic transfer of money from one bank account to another across countries. No physical cash changes hands; everything happens digitally, with your bank and the sender’s bank communicating securely.

Most international wire transfers use the<a href="https://www.skydo.com/blog/swift-money-transfer-ultimate-guide"> SWIFT network </a>(Society for Worldwide Interbank Financial Telecommunications). SWIFT acts as the world’s messaging system for banks, allowing them to send payment instructions using unique SWIFT/BIC codes. That’s why international wire transfers are also known as SWIFT transfers or simply bank transfers.

Example:
If a client in the US wants to pay you in India, they’ll instruct their bank to send money to your Indian bank account via SWIFT. The payment travels securely between banks, no physical money ever moves, just electronic records and confirmations.

To receive an international wire transfer in India, you’ll typically need to provide your bank account number and the correct SWIFT code for your branch.

How do International Wire Transfers Work?

Wire transfers operate by sending a secure message from the sender’s bank to the recipient’s bank, instructing them to deposit the specified funds into the recipient’s account. The sender pays for the transaction upfront, and the funds are transferred electronically. 

Upon receiving the message, the recipient’s bank deposits the funds into the recipient’s account. The two banks then settle the payment on the back end, ensuring a secure and efficient transfer process. This method ensures that the funds are transferred quickly and safely, making wire transfers a reliable option for sending money.

What Documents and Information Do You Need for&nbsp; International Wire Transfer?

If you’re receiving an International Wire Transfer, share these details with the sender to ensure your payment reaches you smoothly:

If you’re sending an International Wire Transfer, be ready to provide these details to your bank:

Note:
Banks may ask for additional documentation, like a government ID, PAN card, or paperwork supporting the purpose of transfer (university admission letter, medical bills, etc.), especially for high-value or special-purpose transfers.

How to Make an International Wire Transfer (Step by Step)

You have a few options to send an international wire transfer. Choose what’s easiest based on your bank and needs:

Method 1: Online Banking (Most Convenient)

Method 2: Banking App or Phone Banking

Method 3: In-Person at a Bank Branch

Note: If you’re receiving money, you typically don’t need to do these steps, just provide your bank and account details (see previous section). But knowing the process helps guide your overseas clients.

Yes, international wire transfers are generally considered safe.
They rely on highly regulated networks like SWIFT, which use secure, authenticated messaging and strong encryption to protect every transaction. Banks also carry out strict identity checks (KYC) and monitor for suspicious activity to guard against fraud. Every transfer comes with a unique reference number for traceability and dispute resolution.

What Are the Compliance Regulations Around International Wire Transfers?

International wire transfers in India are <a href="https://skydo.com/blog/compliance-guideline-for-inward-remittance">governed by the Reserve Bank of India</a> (RBI) unde<a href="https://enforcementdirectorate.gov.in/fema">r FEMA (Foreign Exchange Management Act)</a>.
Only Authorised Dealer Category-I (AD Cat-I) banks can process these transfers.

International Wire Transfer Fees (Costs Involved)

International wire transfers come with a mix of visible and hidden costs. Here’s what you need to look out for:

1. Outgoing Wire Fee (Sender’s Bank):
The sender’s bank usually charges a flat fee or percentage (often $30–$50 per transfer for foreign banks; for Indian banks, up to ₹1,500 for outward transfers plus GST). For&nbsp;international payments, clients often pass on the SWIFT fees to the receiver, further reducing the amount you receive.

2. Incoming Fee (Recipient’s Bank):
Indian banks often advertise “free inward remittance,” but what they really do is make their money on the currency conversion (forex markup), not on a direct fee.

3. Intermediary Bank Fees:
If the money passes through intermediary banks (which is common in SWIFT transfers), each can deduct its own fee in transit, meaning you might get less than the amount sent, and this deduction is unpredictable.

4. Forex Conversion Markup:
The <a href="https://www.skydo.com/blog/forex-markup-fee-explained">biggest hidden cost</a>. Banks rarely offer you the real mid-market rate (the one you see on Google or XE.com). Instead, they add a margin (typically 1–3%) to the rate, which can cost you thousands on a large transfer.
Example: If $1 = ₹84 in the market but your bank gives you ₹82, you lose ₹2 per dollar. On $5,000, that’s a ₹10,000 loss, much more than any flat fee.

5. FIRC/FIRA Fees:
For compliance, you’ll need a Foreign Inward Remittance Certificate (FIRC or FIRA). Some banks (e.g., Axis) charge ₹250 per certificate.

6. GST/Tax:
All bank service fees (not the transfer itself) attract 18% GST in India.

7. Cancellation/Amendment Charges:
If a transfer needs to be cancelled or amended, some banks charge an additional fee (e.g., HSBC charges ₹100 + tax for cancellations).

What Are the Fees Charged by Indian Bank to Send a Wire Transfer

<a href="https://www.icicibank.com/personal-banking/online-services/funds-transfer/outward-remittance/branch-transfer/wire-transfer">ICICI</a>

Tip: Traditional banks add a<a href="https://www.skydo.com/blog/forex-markup-fee-explained"> forex spread, </a>but modern platforms like Skydo let you receive at mid-market rates, so you keep more of your money. If you're curious about how much you must pay while receiving a wire transfer, check our<a href="https://fx-calculator.skydo.com/comparison?utm_source=Social%20Media&amp;utm_medium=Skydo&amp;utm_campaign=FX%20Calculator"> FX calculator</a> to easily get accurate information.

How Long Does It Take to Receive an International Wire Transfer?

Most international wire transfers to India take 1 to 5 business days to show up in your account.

Tip:
If you haven’t received your payment after five business days, check first with the sender to confirm everything was sent correctly. Then, reach out to your bank for a status update or tracking help.

How to track an incoming international wire transfer?

Unlike tracking a courier, you can’t watch your wire transfer move in real time, but you do have options if you’re waiting for funds. Every international wire comes with a unique SWIFT reference number (sometimes called a UTR or transaction reference). Ask your sender for this number. You can also request an <a href="https://www.skydo.com/blog/mt103-what-is-it-why-it-matters-and-how-to-get-one">MT103 document</a> from the sender’s bank, it’s a detailed payment confirmation that acts like a “receipt,” showing where your money is in the SWIFT network.

If your payment is delayed, follow these steps:

Your bank can then use this information to investigate, often pinpointing whether the payment is still in transit, held by an intermediary bank, or if there’s a problem. Some banks even offer online tracking portals for SWIFT payments, or you can call customer support and provide the reference for a status update.

Tip: Waiting a few days is normal, but if your transfer is overdue, don’t hesitate to ask both the sender and your bank for help.

If your international payment is taking longer than expected, it’s likely stuck somewhere in the complex banking chain. Here are the most common reasons:

💡 Pro tip: With Skydo, you receive payments in local USD, EUR, or GBP accounts, bypassing intermediary banks, delays, and markup-loaded conversions. That means faster settlements and more money in your account.

How to Reverse or Cancel an International Wire Transfer

If you’re the sender and realize you’ve made a mistake, maybe you entered the wrong amount or sent money to the wrong person, the first step is to contact your bank immediately and request to cancel or recall the transfer. If the payment hasn’t yet left your bank or is still making its way through the SWIFT network, there’s a good chance it can be stopped (although banks may charge a recall fee).

However, once the funds have reached the recipient’s account, your bank usually cannot reverse the transaction on its own. In that case, you’ll need to contact the recipient and ask them to return the money. That’s why acting quickly is crucial; the sooner you notify your bank, the better your chances of a successful reversal.

Tip: Double-check all details before sending an international wire to avoid these headaches.

If you’re the receiver in India and notice an unexpected or incorrect incoming amount, notify your bank right away, and they can coordinate with the sender’s bank if needed to help resolve the issue.

How do I know if my foreign payment is stuck?

It can take upto 7 business days for your foreign payment to hit your bank account via SWIFT. However, if it is taking longer than that, your payment might be stuck. Don't hesitate to reach out to your payer to know more about where the payment is and urge them to check with their banks. You can also reach out to your bank to know your payment status.&nbsp; Alternatively, modern fintech platforms like Skydo let you track your payments, so that you know where your payments are, at every point in time.&nbsp;

Alternatives to International Wire Transfer

Skydo’s Virtual Accounts:&nbsp;Skydo is rapidly becoming the go-to choice for Indian exporters and freelancers looking for a smarter, faster way to receive international payments.

With Skydo, you get international <a href="https://www.skydo.com/blog/virtual-account-numbers">virtual accounts</a> in key markets (US, UK, Europe, Australia, and more), allowing your clients to pay locally and skip the usual SWIFT fees and delays. Funds are transferred to your Indian bank account at the live forex rate with a transparent, flat fee, no hidden markups or intermediary bank charges.

You also get instant FIRC for compliance, and everything is handled digitally for convenience and security. For many, Skydo combines the best of global fintech, speed, savings, and simplicity.

Wise (formerly TransferWise) :&nbsp;<a href="https://www.skydo.com/blog/transferwise-india-features-benefits-pros-cons">Wise</a> is known for its transparent fees and mid-market exchange rates. Senders in over 80 countries can transfer money using local payment methods, which often means faster and cheaper transfers than banks. To maximise savings, both sender and receiver may need Wise accounts, and fees, though generally lower, do scale with larger payments.

Payoneer: Payoneer offers Indian businesses and freelancers virtual US/EU accounts, making it easy to receive payments from marketplaces like Amazon or clients abroad. The platform is popular for its ease of use, but <a href="https://www.skydo.com/blog/payoneer-fees-india-guide">be aware of withdrawal and currency conversion fees</a>, as well as possible monthly inactivity charges.

PayPal:&nbsp;A longstanding favourite for freelancers, <a href="https://www.skydo.com/blog/paypal-in-india-charges-review-alternatives">PayPal </a>enables easy invoicing and payment collection worldwide. However, the convenience comes with currency conversion markups (around 4%) and 4.4% transaction fees.&nbsp;

&nbsp;Other services like Western Union or MoneyGram exist, but are typically used for personal remittances due to higher costs and limited suitability for business transactions. Some companies also use<a href="https://www.selectsoftwarereviews.com/buyer-guide/global-payroll-software"> global payroll providers </a>to streamline their international payments.

Choosing What’s Best for You&nbsp;: Ultimately, the right alternative to international wire transfers depends on your business needs—cost, speed, convenience, and what your clients are comfortable with. Increasingly, Indian exporters and freelancers are choosing fintech solutions like Skydo and Wise, which offer transparency, lower fees, and a more seamless experience compared to traditional bank wires.

Skydo vs Bank Wire Transfer for Exporters

If you're an Indian exporter receiving payments from international clients, your choice between traditional bank wire transfers and a platform like Skydo can directly impact your earnings, speed, and compliance clarity.

💡 Exporters switching from bank wires to Skydo often save ₹2–5 lakhs annually, with fewer delays and more visibility.

Receive Fast and Secure International Payments with Skydo

Traditional international wire transfers can be slow, unpredictable, and expensive, with days of waiting, surprise SWIFT fees, and hidden losses on currency conversion. Skydo solves these pain points for Indian exporters and freelancers by reimagining how you get paid from overseas clients.

Virtual Global Accounts:
With Skydo, you get free virtual accounts in key markets like the US, UK, and Europe, so your clients can pay you as if they’re making a local transfer—bypassing SWIFT fees, intermediary deductions, and settlement delays.

Live Forex, No Markup:
Funds are credited to your Indian bank account at real-time exchange rates with zero markup. That means no more losing money to hidden currency fees—what you see is what you get.

Flat Fee &amp; Quick Settlement:
Every payment comes with a transparent flat fee, and you typically receive your funds in 24–48 hours, much faster than the usual 3–5 day bank wait.

Compliance, Simplified:
Skydo handles all RBI compliance for you. Every transaction comes with a free FIRC, and you can access everything digitally, no paperwork, no follow-ups.

large_International Wire Transfer

medium_International Wire Transfer

small_International Wire Transfer

thumbnail_International Wire Transfer

International Wire Transfer

Picture this: Your customer has filled their cart and is ready to check out. They prefer using UPI, but your site only accepts credit cards.&nbsp;

Frustrating, right? That's a sale you might lose in seconds. In today's world, customers expect to pay how they want, when they want – whether it's through cards, digital wallets, UPI, or buy-now-pay-later options.&nbsp;

This is where payment aggregators step in, transforming complex payment processes into smooth, one-click experiences. Think of them as your business's payment Swiss Army knife – one tool that handles it all, making life easier for you and your customers. 

Remember when setting up online payments meant drowning in paperwork and juggling multiple bank relationships? Payment aggregators have changed all that. They're like your business's payment department, handling everything from cards to digital wallets under one roof.

A payment aggregator is like your friendly neighborhood payment expert who speaks multiple "payment languages." Whether your customer wants to pay with their trusty credit card, split the bill with EMIs, or quickly scan a UPI QR code, the aggregator makes it all possible through a single connection to your business.

But here's the important part – these aren't just any financial companies.&nbsp;

In India, payment aggregators need the Reserve Bank of India's stamp of approval (a special license) to operate. It's like getting a driver's license but for handling people's money. This ensures your business and your customers' cash stays safe and secure.

Leading payment aggregators and what they offer?

You've probably already used payment aggregators without realizing it. Some well-known names include:

These companies have transformed from simple payment processors into complete payment powerhouses, offering everything from instant settlements to detailed business analytics.&nbsp;

Let's break down the journey of a payment aggregator – from welcoming a new business to helping it grow. Imagine you're opening an online handicraft store; here's how a payment aggregator would help you every step of the way:

Getting you started (merchant onboarding)&nbsp;

Remember signing up for your first bank account? Merchant onboarding is similar but smoother. Instead of visiting multiple banks, you just need to:

Setting up your payment system (integration)&nbsp;

It is like a plugging in your store's payment machine but for the digital world. Payment aggregators make it surprisingly simple:

This is where the magic happens. When your customer clicks "Pay":

Getting your money (funds settlement)&nbsp;

Just like a responsible accountant, the aggregator makes sure you get your money on time:

Helping your business grow (extra features)&nbsp;

This is where payment aggregators go beyond just processing payments:

Picture a payment aggregator as your business's financial co-pilot – not just processing payments but helping you understand and grow your business better.

Let's look at what makes payment aggregators a game-changer for businesses, especially if you're just starting or looking to grow:

Gone are the days of endless bank visits and paperwork. With a payment aggregator, you can start accepting payments within days. It's like getting a fully furnished apartment instead of buying furniture piece by piece – everything you need is ready.

Whether your customer loves paying by card, prefers UPI, or wants to split their purchase into EMIs – you're covered. Consider it your universal payment translator. No need to set up each payment method separately.

Payment aggregators have built-in security features to protect you and your customers. They handle all the complex security requirements (like encryption and fraud detection) so you can focus on running your business. Think of it as having a professional security team watching your payments 24/7.

Want to know which payment methods your customers prefer? Or when you make the most sales? Payment aggregators provide detailed analytics that helps you make smarter business decisions. Picture it as having a business advisor who knows exactly how your payments perform.

Are you running into payment issues at midnight? Most payment aggregators offer round-the-clock support to help solve problems quickly. They're like your tech-savvy friend who's always there to help when payments get stuck.

Most aggregators charge only when you process payments, with no heavy upfront costs. This means you can start small and scale up as your business grows – perfect for startups and small companies watching their budget.&nbsp;

Payment Aggregator vs Payment Gateway: What Are The Differences?&nbsp;

If you've been exploring online payment solutions, you've probably come across both these terms and wondered if they're the same. While they help process online payments, they serve different purposes – consider them cousins in the payment family, not twins.

Let's break down the key differences in a way that's easy to understand:

Everything You Need to Know About Payment Aggregators th

large_Everything You Need to Know About Payment Aggregators th

medium_Everything You Need to Know About Payment Aggregators th

small_Everything You Need to Know About Payment Aggregators th

thumbnail_Everything You Need to Know About Payment Aggregators th

Xflow, an India-based payment platform, allows businesses to receive payments from international clients. The platform provides features like next-day settlements and automated digital FIRA generation for international transactions.&nbsp;

In this guide, we'll explore Xflow's features, break down its pricing structure, and compare it with alternatives like Wise and PayPal - helping you decide if it's the right fit for receiving your international payments.&nbsp;

Here's everything you get when receiving payments through Xflow:&nbsp;

When you sign up with Xflow, you get your virtual account numbers to receive international payments. Think of it like having international bank accounts, your international clients can pay you through local transfers. For example, your US clients can pay you via <a href="https://www.skydo.com/blog/everything-about-ach-payments">ACH</a>, and your clients in Europe can pay you via <a href="https://www.skydo.com/blog/what-are-sepa-transfers">SEPA transfers</a>

For example, if you're a freelance developer in India, your client in New York can send $5,000 to your Xflow virtual account using their Chase bank account, just like they'd pay any US-based contractor. They'll save on international wire fees, and you'll receive the payment faster than SWIFT transfers.

Whenever you receive a payment through Xflow, they automatically generate a digital FIRA within 24 hours. No extra charges no follow-ups needed.&nbsp;

Xflow lets you create shareable payment links in seconds. Enter the amount, generate a link, and send it to your client. Your clients can click and pay, making the collection process smoother. Plus, you can track when the link was viewed and when payment was made.

For example, You're a digital marketing consultant who needs to collect $2,500 for a project. Create a payment link in Xflow, share it via email, and track when your client from Australia views and pays it. The link stays active until payment is received.

Create and send professional invoices directly through Xflow. The platform automatically tracks pending and paid invoices, so you know who owes you what. When a client pays, the system matches the payment to the invoice, saving you from manual reconciliation headaches.

Before converting your USD payments to INR, Xflow shows you exactly how much you'll receive. Their live FX rates come with zero markup, and you'll see the precise INR amount that'll land in your bank account.&nbsp;

Xflow charges a flat 1% fee on every transaction while also offering live forex rate.&nbsp;

For example, if you're receiving $10,000, you'll pay $100 in fees. There's a minimum fee of $8 for lower amounts per transaction. Plus, you get free digital FIRA generation with every payment, which typically costs extra with banks.

4 Best Xflow Alternatives to Take Note of&nbsp;

&nbsp;Skydo is an India-focused solution that offers&nbsp;global bank accounts in multiple countries, including the US, UK, Canada, and Australia, which allow you to receive payments in various currencies.&nbsp;

Like Xflow, Skydo also offers live forex rates without any markup. It has a flat and transparent pricing model: USD 19 for payments below USD 2000 and USD 29 for payments between USD 2001 and USD 10,000. For payments above USD 10,000, Skydo charges a 0.3% fee.&nbsp;

 So, with Skydo, receiving $10,000 from your US client would cost you $29.&nbsp;

Skydo's pricing structure makes it more cost-effective for mid to high-value transactions. However, for smaller amounts, particularly under $1,000, percentage-based platforms may sometimes offer lower fees depending on their pricing model.

&nbsp;You also get free and instant FIRA, real-time payment tracking, and GST-compliant invoicing tools. For businesses handling multiple currencies, Skydo's transparent pricing and broader currency support make it a compelling alternative to consider.

Previously <a href="https://www.skydo.com/blog/transferwise-india-features-benefits-pros-cons">TransferWise</a>, this platform offers actual mid-market rates for multiple currencies. You get local bank details for 10+ countries, making it easier for clients to pay you like a local. Their fees are typically lower than traditional banks, and you'll get your digital FIRA automatically with each payment.

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

Despite its<a href="https://www.skydo.com/blog/paypal-in-india-charges-review-alternatives">&nbsp;fees</a>, (around 4.4% transaction fee + fixed fee + 4% conversion fee), PayPal remains a popular way to receive international payments due to its massive user base of 400+ million accounts. It supports multiple currencies and offers instant access to funds, making it convenient for quick transfers, especially from clients already using the platform.

Payoneer is available in 190+ countries and supports 70+ currencies, making it particularly good for collecting marketplace payments. They provide local receiving accounts in major currencies. However, before finalising on Payoneer as your international payments partner, check out our guide on&nbsp;&nbsp;<a href="https://www.skydo.com/blog/payoneer-fees-india-guide">Payoneer's fees</a>.

🎯<a href="https://www.skydo.com/blog/payoneer-payment-gateway-features-fees">Learn more about Payoneer</a>

A Payments Solution can Make or Break your Business: Choose Wisely&nbsp;

Xflow offers a solid solution for businesses focused on USD transactions, with its transparent pricing and automated digital FIRA generation. However, your payment needs might extend beyond a single currency in today's diverse global market.

When choosing a payment platform, consider your transaction volumes, the currencies you deal with, and how often you receive payments. While Xflow's 1% fee structure is straightforward, alternatives like Skydo provide more comprehensive solutions. With Skydo's multi-currency support, zero FX margin, and global bank accounts across the US, UK, Canada, and Australia, you can accept payments from clients worldwide without currency restrictions.

Remember, the right platform should scale with your business growth. As your client base expands internationally, having a payment solution like Skydo that combines competitive pricing with essential features like instant FIRA generation, real-time tracking, and multi-currency support could be crucial for your business' success.

<a href="https://www.skydo.com/">Get started with Skydo today!</a>

large_Xflow: Price, Features and Alternatives

medium_Xflow: Price, Features and Alternatives

small_Xflow: Price, Features and Alternatives

thumbnail_Xflow: Price, Features and Alternatives

Xflow: Price, Features and Alternatives

Doing business globally has never been easier, until it’s time to get paid.

If you're an exporter, freelancer, or SaaS founder in India, you probably know the struggle. You finish a project or ship a product overseas… and then begins the long wait. Between delays, surprise deductions, poor exchange rates, and a ton of paperwork, getting your money from international clients can feel like a second job.

That’s where virtual bank accounts come in,&nbsp; and they’re changing the game.

Think of them as local bank accounts in the countries you do business in, without needing to actually open one abroad. You get paid like a local, skip the heavy banking charges, and see your money land in your Indian account faster and in full.

Let’s make international payments one less thing to worry about.

A virtual bank account is like a digital address for your international payments. It’s not a physical account you walk into, instead, it’s a unique account number (usually 18 digits) linked to your real Indian bank account.

When your overseas client pays you through this virtual account, the money is instantly routed to your actual bank account, without you needing to open a bank account in that country.

Now, here's the key difference:
Virtual accounts don’t hold money; they just receive and forward it. Think of them as smart couriers that collect funds and drop them directly into your home bank, minus the usual chaos of SWIFT delays or form-filling marathons.

So why are exporters and freelancers making the switch?

You don’t have to share your actual bank account details with clients. That’s one less exposure point.&nbsp;

Working with clients across the US, UK, EU, and beyond? You can set up a virtual account for each region. That means payments in different currencies, all tagged to the right client, making reconciliation smooth and stress-free.

At their core, virtual bank accounts are like “mirrors” of real bank accounts. They don’t actually hold funds, but act as smart collection tools designed to receive money, identify where it came from, and route it to your primary bank account.

Let’s break that down with a simple example:

Say you're an Indian freelancer working with clients in the US, UK, and Singapore. Instead of asking them to make an international wire transfer to your Indian bank account (which can take days and involve hefty fees), you generate a virtual account in each client’s region.

So when your US client sends you $1,000 to your US virtual account, they’re doing a local transfer, just like they would to a US-based vendor. That money is received by your virtual USD account, converted into INR, and credited to your Indian bank account, all behind the scenes.

Virtual accounts are especially helpful when working with multiple clients or marketplaces, letting you track payments separately without opening and maintaining multiple physical bank accounts abroad.

They’re not magic, just smart infrastructure layered on top of traditional banking rails.

Why Virtual Bank Accounts Work Better for Global Payments

Whether you're a freelancer, exporter, or SaaS business dealing with overseas clients, virtual bank accounts offer a smoother, faster, and more cost-effective way to get paid. Here’s how:

With traditional bank transfers, your international payments can take anywhere from 3 to 7 days to land in your account, especially if they go through SWIFT. That’s a lot of waiting, and for a business, delays hurt.

Virtual bank accounts cut this down drastically. Platforms like Skydo settle your payments within 24 hours of receipt, helping you maintain liquidity and plan cash flow more confidently.

Traditional methods come with hidden costs:&nbsp; SWIFT charges, poor exchange rates, and service fees that chip away at what you actually receive.

With virtual accounts, you bypass SWIFT entirely. Plus, platforms like Skydo offer live exchange rates with zero markup, so you get the full value of your earnings, not just what’s left after deductions.

Your virtual account is linked to your real bank account, but it doesn’t expose it. That means when you share your virtual account details with clients, your primary bank info stays private.

These accounts also come with features like:

Even if someone gets access to your virtual account number, they can’t use it to touch your funds.

How to Open a Virtual Bank Account in India (Without Any Red Tape)

Setting up a virtual bank account might sound complex, but in reality, it’s much easier than opening a traditional foreign bank account.

Look for an RBI-authorised cross-border payments platform like Skydo that offers virtual account services tailored for Indian exporters, SaaS businesses, and freelancers.

Submit your business details, PAN, GSTIN (if applicable), and bank account information. Platforms like Skydo allow you to complete the entire KYC process online, no branch visits or paperwork required.

Once verified, you'll receive virtual account numbers in key regions like the US, UK, EU, Singapore, Australia, and more. These accounts come with local details like IBANs or routing numbers, making it easy for your clients to pay you like a local.

Share these account details with your clients. When they pay you, the funds are automatically routed to your linked Indian account. With Skydo's virtual bank account, you usually receive your payments within 24 hours, with live exchange rates and no hidden markups.

Virtual bank accounts aren’t just for big businesses or finance pros — they’re built for anyone who earns across borders. Here’s how different types of users benefit:

If you're a freelancer working with international clients on platforms like Upwork, Fiverr, or through direct gigs, a virtual bank account makes it easy to get paid like a local. Instead of high PayPal fees or long wait times, you can receive payments faster, with better exchange rates, and even get FIRA for tax compliance.

Example: A designer in Jaipur can now receive USD from a US client into a virtual US account and get INR in their bank within 24-48 hours, without worrying about SWIFT delays or high forex markup.

For small and medium exporters, especially from Tier 2 and Tier 3 cities, virtual accounts simplify what used to be a paperwork-heavy process. You get global virtual collection accounts (like a US routing number or a UK IBAN), and your clients can pay like they’re making a local transfer.

It’s faster, cheaper, and you get the compliance documents like FIRA automatically.

SaaS companies billing international customers often struggle with reconciling multi-currency payments or managing multiple accounts. Virtual accounts let you:

It’s ideal for businesses scaling globally without opening foreign bank accounts or paying unnecessary overhead.

Virtual Bank Accounts by Skydo: Built for Indian Freelancers &amp; Exporters

Skydo makes it easy for Indian businesses and freelancers to receive international payments without the usual headaches of high fees, hidden markups, or long settlement times.

You get virtual accounts in key markets like the US, UK, Europe, Australia, and Singapore all set up in minutes, fully compliant with RBI norms.

Live exchange rates: You get paid at the actual mid-market rate (yes, the one on Google) with zero markup.

$29 for payments between $2,001–$10,000

No hidden fees: No SWIFT charges, no surprise deductions.

Instant FIRA: GST-compliant FIRA is auto-generated after each transaction, no chasing banks, no manual forms.

Get paid on time: Send clean, professional invoices and set up reminders with just a few clicks.

Thousands of Indian freelancers and MSMEs already use Skydo to manage their global payments.
You can get started <a href="https://www.skydo.com">for free in 5 minutes</a> — no paperwork, no waiting.

Leveraging Virtual Bank Account to maximise international payments

large_Leveraging Virtual Account Numbers To Reduce Compliance Requirements th

medium_Leveraging Virtual Account Numbers To Reduce Compliance Requirements th

small_Leveraging Virtual Account Numbers To Reduce Compliance Requirements th

thumbnail_Leveraging Virtual Account Numbers To Reduce Compliance Requirements th

&nbsp;If you’re an Indian business owner, freelancer, or exporter dealing with international clients, chances are you’ve considered using PayPal to receive payments. 

PayPal’s global reach and ease of use have made it a popular choice worldwide. But how well does PayPal work in India, and is it the best option for you in 2025? In this comprehensive guide, we’ll answer key questions like “Does PayPal work in India?”, “What are PayPal’s fees in India?”, and “What are the alternatives to PayPal in India?”. 

We’ll also delve into PayPal’s safety, pros &amp; cons, and latest updates, all in a conversational, reader-friendly tone. Let’s dive in!

Growing Global

Understanding Global Payments blogs