Questions

What are the alternatives besides Wire Transfer or Paypal for transfer to overseas accounts?

Some clients prefer to send "check" or "direct bank transfers". However, I'm not sure how that can work in our situation. Our company bank account is with Indian bank (who has intermediary account at JP Morgan - NY). Any other recommended channels to receive invoice payments overseas (especially India)?

4answers

Probably the cheapest answer would be bitcoin.


Answered 6 years ago

Check out what Vio.ca is doing in this space - truly innovative.

Also look at WeTransfer and Xoom - not sure if they will specifically work for you, but there are quite a few companies offering similar services and hopefully one of them will handle transfers to Indian accounts. Where are you sending money from? If it's the US, you'll have more options.


Answered 5 years ago

Best to use PayPal.

If you use an alternative, that means your clients must pay you via the alternative method too.

This means a long conversation/pitch to inspire them to use your alternative.

When I send big chunks of money to people overseas, I only send via PayPal.

If they don't use PayPal, I don't do business with them.

If you pick an alternative, make sure you factor in the extra expense of time required to pitch your clients + also time required to resolve problems with alternative payment system when problems occur...

Like can you reach a human? Do they speak your language? What happens when money's lost? What happens when client requests a chargeback/refund?

PayPal is big because they have worked out many kinks related to the above questions + many other edge conditions, that alternatives have challenges processing.


Answered 5 years ago

I 100% recommend TransferWise....

Used them for years. Paying contractors, being paid, and paying myself while I work abroad.

Fees are great. It's fast and reliable.

Here's my invite link: https://transferwise.com/i/stefanp60

There are competitors out there but TransferWise are probably the most well respected and backed.


Answered 5 years ago

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