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Let’s Talk Payments: Payoneer Best Choice for Indians to Receive X-border Payments

Richard Clayton

July 28, 2016

Cross-border payments are one of the biggest challenges professionals and SMEs face. Direct transfers can take time and rake up high fees to the recipient, especially when a currency exchange is made in the process.

However, not all payment solutions were created equal; in fact, there can be vast differences in the time and money required to transfer sums from one country to the other.

A recent analysis conducted by Let’s Talk Payments (LTP), an international FinTech content and research firm, compared the differing methods and costs of transferring B2B payments from the US to India. India was chosen for this analysis, as it is one of the fastest-growing nations in cross-border business today. In 2015 alone, Indian B2B payments reached $20 billion.

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Methodology

The report analyzed two scenarios for receiving payments in India: directly from an international client and via a freelancer marketplace.

1) Direct Transfer

LTP tested transferring the same sum of money from a US business to an Indian business or professional via the 3 most popular options:

US Bank > IN Bank
PayPal
US Bank > Payoneer

LTP compared the costs, processing time, fees, conversion costs and ease of use of each of the three options.

2) Freelance Marketplace

As before, LTP investigated the 3 most popular methods for withdrawing earnings from a freelance marketplace:

Freelancer Marketplace > IN Bank
Freelancer Marketplace > PayPal
Freelancer Marketplace > Payoneer

In each case, LTP compared the landing fees and conversion costs to reveal which option provided the Indian business with the most INR.

Findings

In both scenarios, Payoneer was found to offer the lowest payment fees, reducing costs for international business by up to 71%.

LTP found the Payoneer platform to have:

Lowest fees
Lowest conversion rates
Low total processing time
Market-standard ease of payment flow

As a result, the final amount received was much higher when using Payoneer, compared to PayPal and bank transfers.

To learn more, download the full report.

The content provided in this article including any information relating to pricing, fees, and other charges is accurate and valid only as of the date it was published. In addition, changes in applicable regulations, policies, market conditions, or other relevant factors may impact the accuracy of the mentioned pricing and fees and other associated details. Accordingly, it is further clarified that any information regarding pricing, fees and other charges is subject to changes, and it is your responsibility to ensure you are viewing the most up to date content applicable to you. Payoneer will provide the most up to date and accurate information relating to pricing and fees as part of the account registration process. Registered customers can view this information via their online account.