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.

7. Helps You Pay International Partners More Easily

Whether you’re working with vendors, freelancers, or service providers abroad, being able to pay them quickly, in their own currency, goes a long way. A multi currency account in India makes this part of the job feel a lot less complicated.

How Can You Get a Multi Currency Account in India?

Most leading banks in India, including HDFC, DBS, HSBC, and others, offer multi currency accounts. However, today, fintech platforms are truly leading the way with multi currency accounts right now. Platforms like Skydo, Wise, Stripe offer mutli currency accounts, enabling businesses to manage their income and payments in multiple currencies. Here's why FinTech-led multi-currency accounts have an edge over multi currency accounts offered by traditional banks:

When deciding where to open your account, carefully assess factors like fees, services, and customer support from each institution. Additionally, ensure that the chosen account supports the currencies relevant to your usage.

Who Is Qualified for a Multicurrency Account?

You must be 18 and above to open a multicurrency account, and certain accounts are restricted to residents of specific countries. Meeting minimum balance requirements may also be necessary. Some multi-currency accounts cater to businesses or high-net-worth individuals, imposing relatively high minimum balance criteria.

Potential beneficiaries of multicurrency accounts include the following.

Final Thoughts: Why a Multi-Currency Account Isn’t Optional Anymore

If you work with international clients—whether you're a growing exporter, a SaaS founder, or a freelancer—sticking to traditional bank transfers or high-fee platforms like PayPal or SWIFT is holding you back.

A multi-currency account in India isn’t just a nice-to-have anymore—it’s a core tool for doing global business right.

In short: A good multicurrency bank account puts you in control of your money, your timelines, and your global growth.

Looking to switch? Skydo offers multi-currency accounts tailored to Indian businesses and freelancers, with no forex markup and fast settlements.

The Benefits of Multi-Currency Accounts for International Payments TH

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Updated: 14th November 2025 Foreign Inward Remittance Certificate (FIRC) is a key term for anyone in India receiving payments from abroad,&nbsp; be it exporters shipping goods overseas or freelancers offering services to international clients.

Are you dealing with international payments and confused by terms like FIRC? If you’ve ever received money from abroad for your business or freelance work, you might have been told to get a FIRC. Don’t worry – you’re not alone in finding this acronym puzzling. In this conversational guide, we’ll demystify Foreign Inward Remittance Certificates (FIRC) – explaining what they are (including the full form and meaning), why they’re important, who needs them, and how to obtain one. By the end, you’ll know exactly why FIRC matters for Indian exporters, freelancers, small businesses, and even accountants handling cross-border transactions. Plus, we’ll share tips on making the whole process much easier (hint: there are modern solutions that do the heavy lifting for you). Let’s dive in!

Let’s start with the basics: FIRC stands for Foreign Inward Remittance Certificate. It’s essentially an official document from an Indian bank that confirms you’ve received a payment from abroad. Think of it as a receipt or proof of an inward remittance (foreign money transfer) into your Indian bank account.

In practical terms, a FIRC contains details of the foreign payment you received – such as the amount in foreign currency and INR, who sent the money (the sender’s name and country), who received it (your name/business name), the date, and the purpose of the payment. It’s issued by your bank (specifically, banks authorized to deal in foreign exchange, known as AD Category I banks) whenever you receive money from overseas.

In simpler words: if a client overseas wires you funds for an export or a freelance project, the FIRC is the document from your bank saying “Yes, we’ve got the money from abroad, and here are the details.” It’s an official proof that foreign funds landed in India into your account.

Quick note: Sometimes people use “FIRC” loosely to also refer to similar documents like a foreign inward remittance advice (FIRA).&nbsp; Essentially, all these serve the same purpose – proving that an international payment was received. We’ll explain the differences in a bit, but generally if someone asks for a FIRC, they mean the proof of a foreign payment credit.

Whether you are an Indian exporter, a freelancer providing services globally, or a small business owner, obtaining a FIRC (or its equivalent advice) for your foreign earnings is very important. Here are the key reasons why a FIRC matters so much:

In summary, a FIRC is more than just a piece of paper. It’s crucial for compliance, unlocking financial benefits, and keeping clean records of your foreign income. In India’s regulated foreign exchange environment, this certificate (or its digital equivalent) becomes a cornerstone for anyone transacting internationally.

Now that we know why it’s important, you might wonder: “Do I actually need a FIRC?” If you fall into any of the following categories, the answer is likely yes:

In a nutshell, any Indian individual or business receiving money from outside India should obtain a FIRC for each such inward payment. This spans everyone from large export firms to freelance graphic designers paid via PayPal. It’s a best practice even if not mandatory in every case, because it’s your safety net and proof if questions arise later.

FIRC in India: RBI Guidelines and the Switch to FIRA

It’s important to understand how FIRCs are handled in India today, because there have been regulatory changes in the past decade. Historically, banks issued a physical FIRC on security paper for every foreign inward remittance received against exports. However, since 2016, the RBI changed the process for most cases. Let’s break down what that means:

You might also have seen the term e-FIRC. This is a bit tricky because e-FIRC isn’t a separate document you receive in hand – it’s more of a concept/number in the background banking systems.

For most small businesses or freelancers who use a single bank (or a single platform) to both receive funds and handle paperwork, you may not need to worry much about the term “e-FIRC” – your bank’s advice and the automated systems take care of it. Just know that it refers to the electronic trail of your remittance in RBI’s systems.

Two acronyms that often come up together in export finance are FIRC and BRC. They are related but serve different purposes, and it’s important not to confuse them:

In simpler terms, think of it as a two-step chain: First, you get the FIRC/FIRA when money comes in. Then, that leads to a BRC which connects the money to a specific export transaction.

For example, suppose you shipped 100 units of a product on a certain date (your shipping bill records this) and later you got USD 1,000 for that shipment. When the $1,000 arrives, your bank gives you a FIRA confirming receipt. You then inform the bank (or it knows via systems) that this $1,000 corresponds to that shipping bill. The bank updates the records and an e-BRC is generated which you can download from the DGFT portal as proof that the export transaction is closed with payment received. Why is BRC needed? Because to claim many export incentives or to fulfill export obligations, you have to show BRCs to the government – it proves you not only exported but also got paid for it.

Bottom line: FIRC (or FIRA) confirms money received; BRC confirms that money was tied to an export. Both are important for exporters of goods (first you get FIRC, then BRC to claim benefits). Freelancers and pure service exporters mostly just handle FIRCs unless they are in scenarios that require reporting exports formally.

&nbsp;You can use this decision tree to decide which one do you need.&nbsp;

FIRC Certificate Format:&nbsp; What Information Does it Include?

This is a sample FIRC document. All crucial remittance details have been masked for security purposes. Now let’s break the content of a FIRC down: 

If you’ve never seen a FIRC or FIRA document, you might wonder what it looks like and what details it carries. While formats can vary slightly from bank to bank, a typical FIRC/FIRA document (usually a PDF or letter these days) will include the following key information:

A modern FIRA might not have the word “Certificate” on it, but it contains the same info as the old FIRC. Some banks still title it “Certificate of Foreign Inward Remittance” even if it’s a PDF. In any case, all the above details are what make it valuable – ensure everything matches your expectations when you receive one (more on that in a moment).

How to Obtain a FIRC (Procedure to Get the Certificate)

Obtaining a FIRC or FIRA for a foreign payment is not always automatic – often, you’ll need to request it from your bank. The process can vary slightly by bank, but here’s a general step-by-step guide for Indian businesses or freelancers:

1. Receive the Foreign Payment: This might sound obvious, but you can only get a FIRC after the money from abroad has credited to your bank account in India. So, first step – make sure the funds have arrived. Note down the transaction details like the date of credit, the amount in foreign currency and INR, and any reference number (UTR) if available. This info will be needed for the request.

2. Contact Your Bank to Request the FIRC/FIRA: Reach out to your bank’s branch or your relationship manager and let them know you need a FIRC (Foreign Inward Remittance Certificate) or advice for a particular transaction. Many banks have a specific form or format for this request. Depending on the bank, you might do one of the following:

In your request, you’ll generally need to provide:

Tip: If your bank has a mobile app or online banking, search for terms like “FIRC request” or “Remittance Certificate” – some banks have digitized this. Otherwise, a quick email to your branch manager with the details might do the trick.

3. Provide Supporting Documents (if required): Banks might ask for some documents to ensure the request is legit and to attach as proof of the transaction’s purpose. Common ones include:

Not every bank will ask for all of these – often if the transaction was straightforward and coded correctly, a FIRC request might go through with just the form. But don’t be surprised if they ask for an invoice copy or such, especially for higher amounts or the first time you’re requesting.

4. Pay the Bank’s Fee (if any): Here’s the part not everyone realizes: many banks charge a small processing fee for issuing a FIRC/FIRA. The fee varies by bank but is typically in the range of ₹200 to ₹500 per certificate, plus GST. For example, one bank might charge ₹300 + taxes for each FIRC. Some banks waive it for premium account holders or in special cases, but generally expect a fee. Usually, the bank will deduct this fee from your account or ask you to pay it upfront. When you fill the request form, it might mention the fee or your branch will inform you. (As a rough timeline, after you request, it often takes around 1–2 weeks for the bank to issue the FIRC. Some get it done in just a few days, but don’t bank on it – pun intended!)

Good News: If this process sounds a bit old-fashioned, you’re right – it can be tedious. But lately, some fintech platforms and modern banking services offer FIRA certificates for free and instantly as a perk. (We’ll talk more about that in a moment when discussing easier ways.)

5. Wait for the Certificate to be Issued: Once you’ve submitted the request (and any docs and fees), the bank’s forex operations team will verify the details. They’ll match the info you gave with the actual inward remittance record. If everything checks out, they will generate the FIRC (or FIRA). Nowadays, this is usually a PDF document on the bank’s letterhead with a digital signature, which they might email to you or make available for download (some still might print it for collection at the branch if you specifically need a hard copy). The time frame can vary:

Keep an eye on the email you provided (and check the spam folder just in case, since it’s often an automated email with a PDF attachment).

6. Verify the Details on the FIRC: When you finally receive the certificate/advice, do not skip this step! Carefully check all the details:

If you spot any error (typos in your name, wrong amount, incorrect purpose code, etc.), contact the bank immediately to correct it. It’s important the FIRC reflects the truth of the transaction. Banks can issue an amended FIRC if needed, but you may have to give proof of the correct info (for instance, if your name was spelled wrong, you might send a copy of your PAN or passport; if the amount in INR is off, maybe a statement copy). It’s best to catch errors early and have them fixed, so you don’t run into problems later when using the FIRC for official purposes.

7. Use the FIRC for Your Needs: Once you have the FIRC/FIRA in hand (or in email):

In short, use the FIRC anywhere you need to prove “I got paid from abroad for X purpose.” It’s your golden ticket for compliance and benefits.

8. Remember: One FIRC = One Transaction: If you receive multiple foreign payments, you will generally need to request separate FIRCs for each. Say you’re a freelancer who got five different payments from five clients – you’d have five FIRC documents (and possibly five fees…). Some payment aggregators or services might give a consolidated statement for multiple small payments, but banks usually treat each inward remittance as a separate record and issue individual certificates.

Getting FIRC the Easy Way (Automatic FIRC with Modern Platforms)

At this point, you might be thinking, “Wow, that’s a lot of steps and wait time just to get a certificate!” 🤯 Indeed, dealing directly with banks for FIRCs can be slow and involve charges. Here’s where fintech solutions come to the rescue.

Platforms like Skydo offer a much smoother experience for handling foreign payments. For instance, when you receive an export payment through Skydo, the FIRC (or FIRA) is generated for you automatically – and at no extra cost. It’s basically built into the process. You don’t have to file separate requests or wait weeks. As soon as the payment is received and processed, you can log into your Skydo dashboard and download the remittance advice instantly. All the details (amount, purpose, etc.) are neatly recorded, compliant with RBI rules, without you lifting a finger to request it.

This kind of solution is a game-changer for freelancers and small businesses: you get paid faster (since such platforms often streamline the transfer) and you get the FIRC document instantly for each transaction. No bank queues, no follow-ups, no fees per certificate. If you’re frequently dealing with international clients, using a modern global payments platform can save you a lot of headaches when it comes to compliance paperwork like FIRCs.

Is FIRC Mandatory for GST Refunds and Other Purposes?

One common question that arises is whether having a FIRC is mandatory for certain claims, especially the GST refunds on exports. The short answer: Yes, if you’re claiming a refund or benefit on the basis of an export, you’ll need proof of foreign inward remittance – usually in the form of FIRC/FIRA.

When you export goods or services from India, those exports are considered “zero-rated” for GST, meaning you don’t have to pay GST on the sale. However, you might have paid GST on inputs (input tax credit) and you’d want to get that refunded since your output was zero-rated. To process this refund, the tax authorities require evidence that you indeed received payment in convertible foreign exchange for that zero-rated supply. FIRC is that evidence. It authenticates that the money entered India’s banking system against your export.

Here’s how it typically works for a GST refund on exports:

If you don’t have a FIRC to show and try to claim a GST refund, the claim likely won’t be accepted because you haven’t furnished proof of realization of export proceeds. It’s a critical document for this purpose.

Similarly, for other schemes like certain subsidies or duty credits for exporters, the requirement is often to show the BRC or FIRC to prove that the export was completed monetarily.

For freelancers or service exporters who may not deal with GST refunds (if, say, you’re below GST threshold or exports of services under LUT), it might not feel “mandatory” day-to-day. But consider that under income tax or any scrutiny, you’d still want that FIRC as proof of earnings. Also, tomorrow if you do register for GST and want to claim something, having FIRCs from the past means you’re prepared.

In summary: For compliance and benefits, having FIRCs is effectively mandatory. It’s part of the paperwork you should maintain if you earn in foreign currency. And specifically for claiming GST refunds on exports, a FIRC is usually non-negotiable.

Conclusion:&nbsp; Making FIRC Hassle-Free

Dealing with cross-border payments can seem daunting at first – there’s compliance to consider and extra paperwork like FIRCs to manage. But understanding the ins and outs of FIRC means you’re now equipped to ensure every dollar, euro, or pound you earn overseas is properly documented without stress.

The good news is that you don’t have to wrestle with these processes alone. As the world of international business is evolving, so are the tools to manage it. Your focus should be on growing your business or honing your craft – not on chasing bank certificates. That’s exactly why platforms like Skydo exist: to simplify global payments and the red tape that comes with them.

With Skydo, for example, you can enjoy seamless international payments with no hidden fees, and every time you receive a cross-border payment, an auto-generated FIRC (remittance advice) is instantly available for you. No special requests, no fees per certificate, no delays – it’s just there, ready to download when you need it. This means you remain fully compliant with RBI rules effortlessly, and you can devote your energy to what truly matters: delivering great products or services and scaling your venture.

In conclusion, a Foreign Inward Remittance Certificate is a vital piece in the jigsaw puzzle of doing business globally from India. It ensures your hard-earned foreign revenues are officially recognized and securely in your pocket (or rather, your bank account). By staying informed and leveraging modern solutions, you can turn what used to be a cumbersome process into a minor footnote in your workflow. Happy exporting (or freelancing), and may all your international payments come with an easy FIRC! 🚀

Foreign Inward Remittance Certificate (FIRC): Full form, meaning and RBI guidelines

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Selling globally on Amazon is a game-changer for Indian businesses, but it comes at a cost. From Amazon’s referral commissions to hefty currency conversion markups, fees can eat into your profits. In this guide, we break down every Amazon seller fee you must know for 2025 and share practical tips to reduce these fees. Whether you’re new to Amazon Global Selling or looking to boost your margins, read on to ensure you’re not leaving money on the table.

Overview: What Does It Cost to Sell on Amazon Globally?

Here's a quick snapshot of what you have to pay to sell on Amazon globally:

Some Amazon fees are non-negotiable; they’re the cost of doing business on the platform. But many others, like fulfillment, storage, and conversion charges, can be reduced with smarter planning, better tools, and the right partners. The key is knowing which ones you can control and how.

&nbsp;Amazon Seller Fees Breakdown (2025) – Detailed Fees Explanation

In this section, we will give a detailed breakdown of each of these fees and see if there's a way to optimize those.&nbsp;&nbsp;

Amazon offers two types of selling plans depending on the size of your business:

Tips to reduce fees: Choose the right selling plan based on your volume. If you sell fewer than 40 items a month, the Individual plan (with a per-item fee) keeps costs low. But if you're scaling or consistently selling more, the Professional plan waives per-item charges and unlocks bulk listing tools, saving you more in the long run.&nbsp;

In addition to the selling plan, Amazon charges a referral fee on the item price for every product sold. Think of it as Amazon seller commission. This fee is a percentage of the total sale price or a minimum flat amount, whichever is higher, and these fees vary based on product categories.&nbsp;

Tip to reduce fees:&nbsp;Factor Amazon’s referral fees into your pricing from day one. Since these fees vary by category (some go as high as 45%), avoid low-margin products in high-fee categories unless you’re confident about volume. Also, watch for fee jumps at certain price points.&nbsp; For example, if watches above ₹5,000 have an extra 3% fee, pricing just under that can save you more than you’d expect

Other Amazon Fees (Closing Fee, High-Volume Listing, etc.)

Media items are charged a closing fee for each unit sold in addition to other fees. These items include: Books, DVD, Music, Software &amp; Computer/Video Games, Video Game Consoles, and Video Game Accessories. The closing fee is <a href="https://sellercentral.amazon.com/help/hub/reference/external/GKD9U5REK5DKB38Y?initialSessionID=142-6432681-1885860&amp;ld=NSGoogle&amp;ldStackingCodes=AGSSEMkenshoo_525X19824_e_c_718783564496_asret_%3ENSGoogle%3EAGSSEMkenshoo_525X19824_e_c_718783564496_asret_%3ENSGoogle#wjz_cjc_jcb-3" target="_blank">$1.80 per unit </a>sold for products in these categories.&nbsp;

If you offer textbook rentals on Amazon, you’ll have to pay a rental book service fee of $5.00 for each rental as part of Amazon Seller fees.

If you have a large number of active, non-media listings that haven’t sold in 12 months, Amazon charges a monthly fee of $0.005 per eligible listing to cover cataloguing costs. The first 100,000 listings are, however, exempt from this fee.&nbsp;

Tips to Reduce Fees: Regularly clean up your listings. Remove inactive SKUs that aren’t moving to prevent high-volume listing fees and keep your account healthy.

While these Amazon seller fees apply to all sellers, there are additional charges for optional services. One such service is Fulfillment by Amazon (FBA), which many exporters use to streamline shipping and logistics. Understanding these optional fees is just as important. Here’s a breakdown,

Logistics is a critical part of ensuring your products reach customers on time and in top quality. As an Amazon Global Seller, you have two options for shipping:

If you don’t have a robust logistics setup and looking for an easy ship option, FBA can be a great option to save time and reduce the stress of managing export logistics. Here’s a breakdown of FBA fees:

This Amazon seller fees covers picking, packing, shipping, handling, customer service, and returns. The costs depend on your product's volumetric weight, dimensions, and category (e.g., apparel vs. non-apparel).

You can get the complete list of FBA fulfilment fees as per product sizes<a href="https://sellercentral.amazon.com/help/hub/reference/external/GPDC3KPYAGDTVDJP" target="_blank"> right here</a>.

Tips to reduce fees:&nbsp;Be strategic with fulfillment. If a product has low margins or sells slowly, use self-fulfillment (MFN) to avoid FBA fees. Save FBA for fast-moving, high-margin items where Prime boosts sales. Also, optimising your packaging, reducing product size or bundling smartly, can keep you in a lower weight tier and cut fees significantly.

To promote your products on Amazon, you can leverage their advertising services. This program allows you to run impactful campaigns directly in the Amazon store, with the flexibility to set your own bids and budgets.

Amazon offers a range of ad formats, including video, audio, and display ads, tailored to fit different marketing needs. Most Amazon ads operate on a Cost Per Click (CPC) model, meaning you only pay when someone clicks on your ad. <a href="https://sell.amazon.com/advertising" target="_blank">Learn more about it here</a>.&nbsp;

Tips to reduce fees:&nbsp;Use promotions strategically. Do not rely solely on fee-based promos; sometimes investing in Amazon PPC ads (which at least directly drive sales) might yield better ROI than spending on a coupon that now also incurs a percentage fee.&nbsp;

Amazon also offers a range of additional services like Buy with Prime and Amazon Customer Service. The Amazon seller fees for these services vary based on the specific options you choose and your business needs.

Hidden Fee:&nbsp; Withdrawing Your Amazon Earnings (Forex &amp; Conversion Costs)

Once Amazon pays you (after all the above fees), there’s another cost many sellers overlook: Getting your money back to India. There are primarily two ways through which you can withdraw your Amazon earnings:

Let’s break down the costs of withdrawing your earnings through each platform.

As an Indian exporter on Amazon, you can use Amazon’s Currency Converter for Sellers (ACCS) to withdraw your earnings. Amazon automatically converts your payments into INR and deposits them into your bank account within 1-5 business days.

You can receive payments in 20+ currencies without needing a foreign bank account. However, the conversion comes at a cost. Amazon uses a volume-based pricing model, which means the higher your earnings, the lower the conversion fee. Also, note that the volume-based pricing is based on your total cross-currency net proceeds during the past 12 months. Here’s how the pricing works:

Let’s break this down with a real example.

Say you earned $200,000 last year after deducting all applicable fees. If you choose to withdraw using Amazon’s Currency Converter, here’s what happens:

Total Cost of Using Amazon’s Currency Converter:

₹2,59,500 (conversion fee) + ₹2,95,500 (forex loss) = ₹5,55,000 lost

5.5 lakh (over $7,000) is lost to conversion when using Amazon’s default method. That’s money the seller could have kept

Payoneer and PingPong are well-known platforms for cross-border payments, helping exporters worldwide withdraw their Amazon Global Selling earnings directly into their bank accounts. But how much does it really cost?

Let’s break this down with the same $200,000 earnings example:

So, you have to pay 2000 dollars or INR&nbsp;1,73,000 in fees&nbsp;while withdrawing your&nbsp;earnings&nbsp;via Payoneer or PingPong.

Skydo is an Indian-origin, RBI authorised cross-border payments platform designed to help Indian exporters maximize their international earnings. With <a href="https://www.skydo.com/amazon-global-sellers" target="_blank">direct integration with Amazon Global Selling</a>, Skydo allows you to withdraw funds at live forex rates with minimal fees—ensuring you keep more of your hard-earned money. Find out how&nbsp;

Unlike Amazon and other third-party platforms, Skydo applies zero forex markup. This means if the live exchange rate is ₹86.5 per USD, your funds are converted at that exact rate—without any deductions.

With Skydo, you only pay a flat $600 (₹51,900) and don’t lose a single rupee to hidden forex markups—making it the most transparent and cost-effective way to withdraw your Amazon earnings. ​​

Tip to Reduce Fees:&nbsp;To save 50% or more on your Amazon payout fees, consider using Skydo or a similar RBI-authorized platform instead of Amazon’s default. Skydo users get live forex rates, zero markup, and only a tiny transaction fee, as the example shows. Sign up now to retain more of your earnings.

Tips to Reduce Amazon Seller Fees and Boost Profit&nbsp;

Save on Amazon Seller Fees with Skydo&nbsp;

Amazon and third-party platforms like PingPong and Payoneer eat into your earnings with hidden forex markups and hefty withdrawal fees. Skydo changes that. With live forex rates and transparent pricing, you keep more of what you earn.

Plus, every global payment comes with free, instant FIRA, and if you ever need help, our India-based support team has your back.

Why let unnecessary fees eat into your profits? Switch to Skydo today and maximize your Amazon Global Selling earnings.

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Amazon Seller Fees

Banks dominated the traditional banking system in India for decades. You might recollect visiting the closest bank branch to open an account or for money transfers. But visits to physical branches were often frustrating due to long queues and slow processing time.

However, in the last 5 years, the banking sector saw the rise of Neobanks, fully digital banking platforms. These banks have emerged as a popular alternative to traditional banks – about <a href="https://www.marketsandata.com/industry-reports/india-neobanking-market">26%</a> of the Indian population were using Neobanks in 2023 – especially among millennials and Gen Zs.

In this blog, we will tell you every essential detail about Neobanks you must know like the definition of Neobanks, their features, and advantages and disadvantages.

Neobanks have brought in a new wave of banking services in India. The biggest differentiator with a traditional bank is the absence of physical branches. They operate entirely online and provide the usual banking services digitally without a single brick-and-mortar branch.

The term Neobank is made of two words "Neo" and "bank". The word "Neo" means New, however, they cannot be technically called as a "bank" because they cannot apply for a banking license from the Reserve Bank of India (RBI). The RBI doesn't allow 100% digital banking operations in banks. However, these Neobanks can tie up with traditional banks like IDFC and ICICI to provide banking services.

The lack of a banking license doesn't restrict Neobanks from offering a range of financial services similar to conventional banks. You can open bank accounts, avail credit, and engage in online investment options from a single digital interface. The Neobank's model cuts through the frustrations of traditional banking processes like lengthy documentation and offers a seamless experience - one of the prime drivers for tech-savvy customers to prefer Neobanks

What Are the Unique Features of NeoBanks in India?

Here's a list of five features that make Neobank popular:

Neobanks provide their services through digital banking that's why there are no traditional physical branch networks. This benefits customers as they can access any banking service from anywhere and anytime mostly using a mobile app.

One of the biggest reasons behind the rise of Neobanks in India is its technology-led banking services. These services are designed in a way that they match the digital lifestyle of the younger generation. For example, mobile apps are simple and have a clean interface similar to any other app. The learning curve is low, so the customer quickly learns how to open a savings account or transfer money from the app. Additionally, Neobank apps are secure with biometric authentication and offer integration with other digital platforms.

Neobanks leverage AI and data analytics to analyze customer behaviour and offer personalized banking experiences like tailored saving plans or budgeting strategies. For example, the Neobank app might highlight the specific category in which you made frequent purchases last month so you can optimize the spending going ahead.

Neobanks have a low-cost operational model because there is zero spending on maintaining physical branch location. This allows them to pass on the benefits to account holders like lower fees and competitive interest rates.

Most Neobanks have a built-in spending analytics feature that categorizes your expenses into different categories like groceries, entertainment, and travel. This allows you to visualize the spending patterns and take active steps to use money more effectively.

Short-Term Goal-Specific Investment

Neobanks cater to their clientele by providing an option to save money for short-term goals like a vacation or buying a new mobile phone and earning interest on the savings. Customers can create buckets for goals, track progress, and stay motivated. This savings mechanism inculcates a proactive approach to saving and financial discipline.

Cashback and rewards programs incentivize customers to use their services. For example, a customer earns cashback using the Neobank virtual payment cards on certain purchases. Instead of a cashback, they might receive reward points which they can redeem later as discounts on future transactions. Such services enhance the banking experience and encourage customers to use the Neobank for more purchases.

Neobanking is one of the fastest-growing markets in India. It is expected to grow at a three-year compound annual Growth Rate (CAGR) of<a href="https://fintechnews.sg/72636/fintech-india/india-neobanking-sector-poised-for-50-5-annual-growth-through-2025/#:~:text=India%20Neobanking%20Sector%20Poised%20for,Growth%20Through%202025%20%2D%20Fintech%20Singapore"> 50.5%</a> in the fiscal 2025 and to reach<a href="https://inc42.com/features/decoding-indian-neobanking-funding-landscape/"> $183 billion</a> in valuation by 2030. The future of Neobanks is promising and you might expect to see more of them in the coming days, but here's a list of the biggest Neobanks presently operating in India:

Niyo targets travellers and blue-collar workers offering them specialized services like travel cards and salary accounts with attractive benefits. Niyo's goal is financial inclusion by providing access to users unfamiliar with formal banking services.

Founded in 2019, Jupiter attracted more than<a href="https://www.thearcweb.com/article/nbfc-jupiter-revenue-jitendra-gupta-neobank-sequoia-O8Icbunk7NbkYJ5Z"> 2 million users</a> soon after its launch. It offers digital savings accounts in partnership with Federal Bank and provides debit cards and personalized spending insights.

Founded by ex-Googlers, Fi Money offers unique features like group saving goals and peer-to-peer payments

Freo is a credit-led Neobank that serves as a single place for customers to pay with UPI, buy insurance, invest in FDs, and take loans. It offers Freo card, a credit card in partnership with Yes Bank which has no joining or renewal fees and offers generous rewards and fuel surcharge waivers. Freo Pay is another product that lets you shop with UPI transactions, but pay the amount 30 days later.

With the growth of SME founders, Open fills in the gap for modern banking solutions tailored to their requirements. Open allows business owners to connect multiple business accounts and track payments in one place seamlessly. It also allows them to create GST-compliant invoices to get paid on time.

Here are the four benefits of Neobanks that might convince you to give their services a try:

Convenience is the prime reason why many opt for Neobanks over traditional banks. Imagine no long queues or visits to the bank to avail of a loan. Neobanks gives you access to the core banking services right from your home with a stellar customer experience.

Fast services like quick account opening and fast online transfers provide the freedom to concentrate on other important aspects. This is especially true if you are an entrepreneur. Using digital bank services, you can spend more time on growing your business than spending hours on simple banking operations

Neobanks don't have to spend on traditional banking infrastructure keeping their overhead costs low. This gives them the leeway to offer banking services at comparatively lower fees. Zero balance facilities and minimal transaction fees are the most popular ways Neobanks keep its services cost-effective.

Unique Features by Leveraging Technology

Neobanks uses Artificial Intelligence (AI) to study spending habits and offer financial insights. With a rewards program, they incentivize users to spend responsibly. This makes banking more engaging and effective for modern consumers.

Neobanks also have disadvantages, here are the four most common:

While a 100% digital banking experience is convenient for many users, it can be a major disadvantage for other customers. This group of customers prefer face-to-face interactions especially when need assistance with complex banking financial transactions.

Neobanks do not have banking licenses issued by the RBI. This might concern a few users as Neobanks do not fall under the strict radar of financial regulations.&nbsp; A sudden RBI regulation to oversee Neobanks might raise many questions about their operations.

Limited Services Compared to Traditional Banks

In terms of services, most Neobanks are behind traditional banks. A wide range of loan products, wealth management services, and investment advisory are a few services that might leave some customer needs unmet.

As Neobanks operate only as a digital platform, they are more susceptible to cybersecurity threats. However, Neobanks take various security measures to protect customers from fraud. As a customer, you must remain vigilant while completing financial transactions online.

Receive 100% Safe and Compliant International Payments with Skydo

While Neobanks has shifted traditional banking towards digital, tech-savvy experience, they are not the only ones. Virtual banking account platforms like Skydo, offer digital platforms to business owners, exporters, and freelancers to receive international payment. Compared to traditional banks, Skydo is quick, affordable, and transparent.

Once your client pays in an international currency, it's converted to Indian Rupee (INR) based on real-time rates and credited to your bank account in 24-48 hours. Skydo also keeps your business compliant with regulatory norms by offering free Foreign Inward Remittance Advice (FIRA) for every transaction.

Sign up for Skydo in less than 5 minutes and start accepting international payments.

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If you plan to expand your freelancing or export business to Canada, you will probably wonder: How will my clients transfer money from Canada to India?

Deciding on how your Canada-based clients pay you is not an easy decision. There are multiple ways through which your clients can transfer money from Canada to India and each has a different fee structure and settlement duration. Most of your confusion will be cleared after you read this blog.&nbsp; We have covered all the essential details about each payment method like fees, payment duration, and documentation.&nbsp;

By the end of this blog, you will be much closer to choosing the right payment partner. Note that in this blog, we will mostly be focussing on business payments and no&nbsp;

What Are the Ways to Transfer Money from Canada to India?

Here are the most popular ways for your clients to transfer money from Canada to India:

Banks use international wire transfers to transfer money from Canada to India. It is definitely the most popular way to transfer across borders, but it comes with its own caveats which we will look. into later in the blog.&nbsp;

This method allows businesses to make payments and transfer money from Canada to India through credit or debit cards. PayPal is a popular example of a payment gateway.

Growing Global

Understanding Global Payments blogs