As a freelancer, you don’t need to wait for month end to get a credit in your bank account. Ways for Indian freelancers to receive payments
The best part of being a freelancer is, you don’t need to wait for the month end to get a credit to your bank account, but as a freelancer when you have so many payment options available, it can be tough to decide the best ones. I will share 9 ways for Indian freelancers to receive payments in India.
So if you are India freelancers looking to receive payments, here are the nine payment options I use or has used them in the past.
Everyone knows about PayPal. Undoubtedly, it is the most widely accepted payment method by the US clients. So PayPal is the most popular payment options among Indian freelancers to receive payments. The simplicity of use of PayPal that anybody with an email address can accept payments in India.
Setting up an Indian PayPal account requires PAN Card as well as a verified bank account, but it does not take more than a couple of days to get everything up and running including bank verification.
PayPal charges a fee of close to 5% but has an excellent buyer and seller protection to prevent any fraudulent or suspicious transactions.
I did use Payoneer long time back. Back then it provided a debit card for its account, and you could withdraw money directly from ATM. Now it works in India with a bank account. Link your bank account to your Payoneer account. Funds received in Payoneer account will be deposited into the bank account directly.
You can request payments from clients via Payoneer and clients can pay you via their bank account. As soon as the amount is credited into your Payoneer account, it is transferred to your bank. The forex rates for Payoneer are much better than PayPal and have much fewer fees than PayPal as well. I have reactivated my Payoneer account, and I ask all my clients to pay with Payoneer.
TransferWise is one of my favorite payment methods. The reason being it has very low or no fees, excellent forex rate, and processing very fast.
A client of mine used to pay me using TransferWise at around 2 PM Indian time and many times I saw the funds hitting my bank account at 5 PM the same day and if not latest by next morning.
The charges are so low, and forex conversion rate is so good that you can offer an excellent discount to your clients. A complete win-win situation for everyone.
Back then Xoom was similar to TransferWise but with an exception that US clients could fund the transaction with their PayPal account.
It has now been part of the PayPal family now, and it promises much better rates.
I use Instamojo for selling digital products as they have comparatively low fees than ClickBank.
The best part of Instamojo is you can create a payment link which you can share with your clients, and they can pay any amount they want. As an example I share imojo.in/@shabbirbhimani. Clients can make the payment to me.
I have few Indian clients who cannot pay me in PayPal due to restrictions of India to India PayPal payment, and they can use Instamojo if they prefer paying using a credit card.
It’s a payment solution for digital products as well as client services.
Upwork has a direct bank payment option to transfer the available account balance directly to the bank account. I prefer to use the bank as payment method instead of using PayPal or Skrill or Payoneer on Upwork. It saves me double fees – once by Upwork and then by PayPal.
Though I don’t use freelancer.com, one of my company where I am a partner receives payments from Freelancer.com. As with Upwork, it is always preferred to use the bank transfer option to save on the second transaction fees.
Freelancer offers a weekly transfer of payment to the bank account. Request your payout latest by Sunday and they process the payment every Monday.
Skrill (formerly Moneybookers) is the second most widely accepted payment solution.
Skrill has an advantage where an Indian account can send money to other Indian Skrill account which is a limitation in PayPal. The limitation is through RBI and not sure why it is not a limitation in Skrill and could be because they do not process the payment in Indian rupees.
PPH, similar to Upwork has an option of direct fund transfer to an Indian bank account. It is always preferred to use the bank as payment method instead of using an intermediate payment processor like PayPal or Payoneer to avoid double fees being charged, once by PPH and then by the intermediate payment processor.
10. Western Union
WU is not a bonus payment option because WU is not a payment option for Indian freelancers. It only allows personal payments to India and that too only 12 payments in a calendar year.
It is for payments from abroad to friends and family only.
Further Reading …