Best Ways to Receive International Payments in India

Sending and receiving international payments in India has become easier thanks to multiple global payment options available for individuals and businesses. This is especially true for digital payment or online businesses that work with international clients. If you provide services to overseas customers, you’ll want to understand your best options for receiving payments via online banking or bank transfers.

We will cover these international payment methods and show you how to conveniently receive your payments from any part of the world in India.

How to Receive International Payments in India from Any Country

The traditional route for receiving international payments was through Indian banks. However, this often came with higher fees and longer processing times, making it less convenient. Fortunately, modern fintech and global payment solutions now allow faster and cheaper transfers. For many, the main factors are speed and lower transaction fees. Having a secure and compliant payment setup is critical for businesses operating globally from India. International payment gateways like Paykassma have made this process more efficient and accessible. Here’s how to start accepting international payments in India from anywhere in the world.

PayPal

PayPal is one of the most reliable international payment services worldwide. It operates in over 200 markets, supporting more than 100 currencies for payments and withdrawals in 56 currencies. Although widely used and convenient, its fees in India (≈4.4% + currency conversion charges) mean it may not always be the cheapest option. You’ll need to sign up on their platform to get a PayPal wallet. PayPal offers a mobile app and web access to your account. When you receive money via PayPal, you can withdraw it directly to your Indian bank account for a small fee.

Xoom

Xoom is another global payment service owned by PayPal. It differs from the PayPal wallet system by allowing users to send and receive money directly to their Indian bank account. You need to sign up with Xoom to use the service. Transaction fees apply to each transfer, and the sender’s bank or intermediary banks can affect the final amount received. Minor delays are possible depending on processing times.

Payoneer

Payoneer is widely used by businesses in India and supports receiving international payments in multiple currencies including USD, GBP, EUR, AUD, CAD, JPY, CNY, and others. The platform provides virtual multi-currency accounts, allowing users to receive payments from clients worldwide. This setup enables a form of A2A payments, where funds are routed directly between bank accounts across borders. When money is received, you can withdraw it to your local currency account in India. When withdrawing funds to your local bank from Payoneer, you may incur withdrawal and currency conversion fees; some users report around 2% above the mid-market rate.

If you’re working with clients in East Africa – especially Kenya – consider using a dedicated payment gateway in Kenya. Paykassma enables seamless M-Pesa integration, multi-currency support, and real-time tracking for cross-border transactions.

SBI Bank Wire Transfer

There are three ways to receive foreign inward remittance with SBI Bank: via a SWIFT transfer, by requesting a draft, or through Express Remit. However, the Express Remit option is designed for individuals, not businesses. When you receive money through SBI, the sender usually bears the costs or charges. The exchange rate, intermediary banks, and purpose codes may affect the final amount you receive.

Wise (TransferWise)

Formerly known as TransferWise, Wise makes it easy to accept payments from international clients. Wise uses modern technology that makes cross-border payments faster and cheaper. It uses a mid-market exchange rate with no hidden transaction fees. Wise supports sending money from over 70 countries and receiving in more than 50, including India, making it a convenient global payment platform.

Instamojo Payment Gateway

Instamojo offers a payment gateway in India for sending and receiving online payments domestically. Their service is easy to use and offers a seamless experience for local transactions. There are no hidden fees, annual charges, or maintenance costs attached to their local payment solution.

However, Instamojo primarily focuses on INR payments and does not currently support direct international multi-currency transactions for most users. If you’re looking to start accepting international payments, explore partner integrations or contact their support for specific use cases.

ICICI Bank International Transactions

ICICI Bank is another option for receiving international payments via SWIFT transfer. Customers can transfer money directly to your business or personal Indian bank account. Provide your client with your SWIFT and account details for the transfer. Typically, it takes about 2–3 business days to receive funds. The bank may require compliance documentation under RBI and FEMA guidelines, especially for business remittances. Once the payment is credited, you can request a Foreign Inward Remittance Certificate (FIRC) from your bank for recordkeeping.

HDFC Bank International Payments

HDFC supports receiving international payments to India in up to 22 currencies, helping you get paid quickly from any part of the world. HDFC offers demand draft and cheque collection for foreign currency. The bank does not have hidden charges for receiving funds. However, the sender will incur transfer costs, and processing may take 1–3 business days depending on intermediary banks.

Axis Bank International Transfers

You can receive international funds directly into your Indian bank account with Axis Bank. The bank offers SWIFT transfers, inward remittances, or wire transfers, supporting up to 14 currencies. Axis Bank may request additional documents detailing the nature and purpose codes of the transaction. A Foreign Inward Remittance Advice (FIRA) is also available upon request to confirm payment details.

Are International Payments to India Taxable?

International payments received in India for export of goods or services may be subject to income tax on net profit; exports are typically zero-rated for GST when foreign currency is received. Instead, you’ll be taxed on your business profits under income tax laws.

Depending on your tax residency status and the nature of payment, individuals may have to declare foreign remittances – consult a tax advisor for applicable thresholds. If the money received is from your family, it is not taxable.

Final Thoughts on Accepting International Payments in India

Now that you know the best ways to receive and accept international payments in India, you can use any of these methods. These payment gateways and bank wire options are reliable and convenient. Whether you’re receiving payment from clients abroad or money from family, you can easily get it in your account. For better cash flow, choose providers with faster processing and lower transaction fees.