Are you a tax consultant providing services to clients in foreign countries and receiving payments in USD? You have various options available to receive your USD payments. But, if you aim to invest more in your tax consultancy instead of paying hefty transfer charges, you have arrived at the perfect destination. In this blog, we will explore all the available payment methods for international payments from US clients. Keep reading to discover the most suitable way for your tax consultancy business.
Wire transfer through SWIFT has been the go-to method for transferring international payments and converting USD to INR for decades. It’s a trusted but expensive method. Transaction fees are 1-2%. And additional fixed fees can be thousands of rupees per transaction. Plus, hidden banking fees may increase the cost, and the process takes several days.
Despite these drawbacks, many Indian firms choose wire transfers for their security and reliability. To know more about how SWIFT works, read our blog.
Consulting firms now rely on platforms like PayPal to receive their international payments and convert USD to INR. PayPal is convenient because you don’t need to visit a bank or deal with paperwork. You can easily open an account online by submitting the required documents.
Remember, PayPal’s support for different currencies may vary. Also, transaction fees, usually 3-5%, can affect your earnings. So, compare the fees and supported currencies before choosing PayPal.
To learn more about PayPal, check out our blog.
Marketing agencies now opt for global collection accounts to receive international payments, including USD to INR. These accounts help manage funds in different currencies, which is helpful for global businesses.
Compared to traditional banks, virtual accounts offer faster and cost-effective alternatives.
These accounts can also act as Online Payment Gateway Service Providers (OPGSP), collecting international payments and converting them to INR. This ensures better exchange rates and saves exporting businesses money.
With Winvesta, businesses and individuals can open multi-currency accounts with a local US, UK, Canadian and European bank account number. Receive payments from 180 countries in 30+ currencies and withdraw your funds to INR in as less as 1 day at charges starting at $3 + 0.99%
| Winvesta MCA | PayPal | SWIFT | |
| Payer Fee | 0% | 0% | $30-$50 |
| Receipt Fee | $3 + 0.99% | 4.4% + $30 | $20-$40 |
| FX spread | 0% | 3% | 3%-5% |
| Withdrawal to India | $0 | $0 | $0 |
| Total | $3 + 0.99% | 7.4% + $30 | upto 5%+$90 |
| Speed | In as less as 1 day | 2 to 5 business days | 2 to 7 business days |
| Rejection Rate | Low | Low | Low |
When expanding your consulting firms’s reach globally, choosing the right payment method for receiving international transfers is vital. Once you have the appropriate payment method in place, you can focus on growing your business and achieving greater financial success.
1. Wire transfer via SWIFT is reliable but expensive and time-consuming.
2. PayPal is popular but charges fees and has currency limitations.
3. Virtual multi-currency accounts, such as Winvesta’s, offer cost-effective solutions with faster transactions. By considering fees, speed, and convenience, you can optimize international payments and focus on delivering excellent digital marketing services.
Open your Winvesta account today!
Disclaimer: The article references PayPal, which owns its own trademark.