Receive Payments in India via Wise Without any Fees
Receiving international payments can often involve hidden charges and unfavorable exchange rates. However, by using Wise (formerly TransferWise) smartly, you can receive payments in India without paying any fees and enjoy competitive exchange rates. Here’s how you can do it.
Step 1: Open a Wise Account
- If you don’t already have a Wise account, sign up here to create one.
- Log in and upgrade to a business account by providing some additional details about your business.
Step 2: Add a Recipient on Wise
- Navigate to Wise Recipients and add your payment destination.
- Options include:
- UPI details for instant deposits.
- Indian bank account details for direct transfers.
UPI is highly recommended for instant payments, even outside banking hours.
Step 3: Share Your Wise Details with Clients or Platforms
- If you work with clients directly, provide them with the email address linked to your Wise account. They can send payments to this email, selecting the currency and amount.
- If you use platforms like Freelancer, Fiverr, or others, look for payout options that allow bank transfers or Wise integrations. Most platforms allow you to enter your Wise account as a bank account alternative.
Optional: Using Wise with Specific Platforms
If you work with a platform like Hubstaff or Upwork, here’s how you can connect Wise:
- Log in to the platform and navigate to Payment Settings.
- Choose Wise or add your Wise-linked bank account details.
- Set the currency to INR to avoid double conversion fees.
This step ensures payments are directly routed to Wise, where you can benefit from lower fees and better rates.
Step 4: Receive Payments
- When your client or platform sends you payment, Wise will notify you via email.
- Log in to Wise, select where to deposit the funds (your UPI or bank account), and confirm.
Why This Method Works
- No hidden fees: You get the exact exchange rate displayed on Google.
- Low conversion costs: Wise charges minimal fees for currency conversion compared to traditional banks or PayPal.
- Faster processing: Payments sent via UPI are processed instantly, even outside banking hours.
Things to Keep in Mind
- e-FIRC Requirement:
If you need an e-FIRC (Foreign Inward Remittance Certificate) for legal or tax purposes, Wise does not issue it automatically.- Contact the bank that processed the transfer to request it.
- Alternatively, choose an Indian bank like IDFC First Bank which gives you a comparatively better rate for forex like 0.6INR per dollar, and automatically issues e-FIRCs for international transfers.
- Currency Selection:
Always ensure payments are sent to you in INR Wise. This ensures you get the best exchange rates.
Conclusion
Using Wise is a game-changer for anyone receiving international payments in India. It eliminates excessive fees, offers better exchange rates, and ensures quick processing. Whether you’re a freelancer, entrepreneur, or remote worker, this method helps you retain more of your hard-earned money.
Start saving on fees today and maximize your earnings with Wise!