A Guide to Receiving International Wire Transfers in 2026
Receiving money from international clients is essential for Indian businesses and freelancers operating in the global economy. Whether you're getting paid for software services, consulting work, or closing an export deal, understanding how international wire transfers work can save you thousands in fees annually. Start with understanding what bank transfers are and how they work.
The international payments landscape has evolved significantly. SWIFT gpi now delivers 90% of cross-border payments to beneficiary banks within one hour. Yet many Indian businesses still lose 4-6% of their revenue to hidden fees and unfavorable exchange rates. This guide explains how wire transfers work, what they cost, and how you can reduce expenses when receiving money from abroad.
Understanding international wire transfers
What is an international wire transfer?
An international wire transfer is an electronic method of sending money from one country to another. It uses the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network, which connects over 11,500 financial institutions across 224 countries and territories.
SWIFT doesn't actually move money—it transmits secure payment instructions between banks. Each bank in the network has a unique SWIFT code (also called BIC code) that identifies it globally. In 2024, SWIFT processed 13.4 billion messages, averaging 53.3 million daily with a record 59.5 million messages on December 20, 2024.
How international wire transfers work
The wire transfer process involves several steps. You start by providing your bank details to the sender, including your account number, bank name, and SWIFT code. The sender's bank creates payment instructions and transmits them through the SWIFT network to your bank.
Depending on the payment route, intermediary (correspondent) banks may be involved. These banks facilitate transfers between institutions that don't have direct relationships. Approximately 75% of international transfers pass through at least one intermediary bank, each potentially deducting fees.
If the transfer involves currency conversion, the receiving bank converts funds at their exchange rate—which typically includes a markup of 2-5% above the mid-market rate. Once processed, funds are credited to your account and your bank issues an e-FIRC for compliance purposes.
SWIFT gpi has transformed transfer speeds
SWIFT gpi (Global Payments Innovation) has dramatically improved cross-border payment speeds. According to SWIFT's 2024 data, 90% of gpi payments reach the beneficiary bank within one hour, with approximately 60% arriving within 30 minutes. Some 41% are credited within just five minutes.
Every gpi payment includes a UETR (Unique End-to-End Transaction Reference)—a 36-character identifier that functions like a parcel tracking number. This reference, mandatory since 2020, enables real-time tracking throughout the payment journey. The ISO 20022 migration, completed in November 2025, has further improved straight-through processing by standardizing payment message formats globally.
Information required for receiving wire transfers
To receive an international wire transfer in India, you need to provide specific details to your sender.
Your personal/business information: Full legal name as registered with your bank, complete address including city and PIN code.
Your bank account details: Account number, account type (savings or current), and IFSC code for domestic routing.
Your bank's information: Bank name, branch name and address, and SWIFT/BIC code. Major Indian bank SWIFT codes include HDFCINBB (HDFC), ICICINBB (ICICI), SBININBB (SBI), and AXISINBB (Axis Bank).
For business payments: RBI purpose code indicating the nature of the transaction. Common codes include P0802 for software consultancy, P0807 for off-site software exports, and P1006 for business consulting services.
Double-check all information before sharing—wire transfers are generally not reversible, and incorrect details can result in delays or lost funds.
Fees and exchange rate considerations
Sending bank fees
The sender's bank typically charges $25-50 for international wire transfers. US banks like Chase charge $40-50, Bank of America charges $45, and Wells Fargo charges $25-40. UK banks vary from £4 (HSBC online) to £25 (Barclays non-SEPA). Online transfers generally cost less than branch-initiated ones.
Intermediary bank fees
When transfers pass through correspondent banks, each may deduct $10-30 from the payment amount. Total intermediary costs typically range from $15-50. The fee allocation—OUR (sender pays all), SHA (shared), or BEN (beneficiary pays all)—determines who absorbs these charges. With SHA or BEN options, you may receive less than the sender intended.
Indian bank receiving fees and FX markup
Most Indian banks advertise minimal or zero receiving fees, but the real cost lies in exchange rate margins.
HDFC Bank charges no processing fee but applies 2-3.5% FX markup. e-FIRC costs ₹200.
ICICI Bank has no separate inbound fee but approximately 3.5% FX markup on conversions.
SBI charges ₹50-100 per remittance with more competitive 1-2.5% FX margins. SWIFT message charges run ₹500.
Axis Bank offers tiered pricing—nil for Burgundy customers, ₹25-300 for others—with 1.5-2% FX margins.
The hidden cost reality
On a ₹10 lakh ($12,000) transfer, here's how costs add up with traditional banking:
| Cost Component | Amount |
|---|---|
| Sending fee | $40 (~₹3,400) |
| Intermediary deduction | $25 (~₹2,100) |
| Receiving fee | ₹100-500 |
| FX markup (3%) | ₹30,000 |
| Total cost | ₹35,500-36,000 (~4.3%) |
This means you receive approximately ₹9.64 lakh instead of ₹10 lakh—a significant impact on business margins.
How to receive international payments in India
Step 1: Gather and share your banking details
Collect your complete bank information including SWIFT code and IFSC. Share these details with your client or payer through secure channels. For recurring payments, consider creating a standardized payment instruction document.
Step 2: Notify your bank
Inform your bank about expected international transfers, especially for large amounts. This helps avoid processing delays and ensures your bank is prepared to handle the incoming funds. Some banks require advance documentation for transfers above certain thresholds.
Step 3: Track the transfer
Once initiated, track your payment using the UETR reference. Ask your sender to provide this along with the MT103 document—the standardized SWIFT payment confirmation containing transaction details. If there's a delay beyond 3-5 business days, request a wire trace through your bank.
Step 4: Obtain your e-FIRC
After funds are credited, your bank will report the transaction to RBI's EDPMS (Export Data Processing and Monitoring System) and issue an e-FIRC within 2-5 working days. This electronic certificate is mandatory for GST compliance, claiming export incentives, and tax filings. Verify that the purpose code matches your actual business activity.
RBI compliance requirements
All foreign inward remittances to India must comply with FEMA (Foreign Exchange Management Act) regulations. For detailed Indian exporter requirements, see our complete SWIFT transfers guide for Indian exporters. Key requirements include using correct purpose codes from RBI's Annexure II, routing payments through AD Category-I banks, and maintaining proper documentation.
For service exporters, common purpose codes include P0802 (software implementation), P0803 (database services), P0807 (off-site software exports under SOFTEX), and P1006 (business consulting). Using incorrect codes can trigger compliance issues and potential FEMA penalties.
The RBI's PA-CB (Payment Aggregator Cross-Border) framework, effective since October 2023, regulates entities facilitating cross-border payments with a ₹25 lakh per transaction limit.
Smarter alternatives to traditional wire transfers
Traditional bank wires cost 4-6% in combined fees and markups. Fintech platforms have dramatically reduced these costs.
Wise uses mid-market exchange rates with zero markup, charging only transparent conversion fees starting at 0.33%. Transfers to India can complete within 90 minutes. Wise holds RBI PA-CB authorization as of June 2025, adding regulatory credibility.
Razorpay MoneySaver offers virtual bank accounts in multiple countries with 1% fees, zero FX markup, and T+1 settlement to Indian accounts. The platform provides automated e-FIRC generation within 24 hours.
Winvesta provides multi-currency accounts with local collection details in the US, UK, Europe, Canada, and Australia. Fees are $3 + 0.99% with zero FX markup on USD. Payments arrive in as little as one day with automated compliance documentation.
Cost comparison: Wire transfer vs. alternatives
| Method | Payer Fee | Receipt Fee | FX Spread | Total Cost | Speed |
|---|---|---|---|---|---|
| Traditional SWIFT | $30-50 | ₹0-500 | 2-5% | 4-6% | 1-5 days |
| Wise | $0 | ~2% total | 0% | ~2% | Same day |
| Razorpay MoneySaver | $0 | 1% | 0% | ~1% | T+1 |
| Winvesta | $0 | $3 + 0.99% | 0% | ~2% | 1-3 days |
For a business receiving $100,000 annually, switching from traditional wires to fintech alternatives saves ₹2-4 lakhs per year.
Tracking and security best practices
Using MT103 for payment verification
The MT103 is the global standard for single customer credit transfers on SWIFT. It contains the transaction reference, value date, currency and amount, ordering customer details, beneficiary information, and charge allocation. Request this document from your sender as proof of payment initiation.
Note: From November 2025, MT103 messages are being replaced by pacs.008 (ISO 20022 format) for cross-border payments, though banks continue to support both during transition.
Protecting against wire fraud
Business email compromise (BEC) remains the primary fraud vector, with $55.4 billion in global losses from 2013-2023. Protect yourself by verifying payment instructions via phone callback to known numbers, being wary of last-minute banking detail changes, and never using contact information from suspicious emails. SWIFT's Customer Security Programme mandates 32 security controls across member institutions.
Disclaimer: The information provided in this blog is for general informational purposes only and does not constitute financial or legal advice. Winvesta makes no representations or warranties about the accuracy or suitability of the content and recommends consulting a professional before making any financial decisions.
Get paid globally. Keep more of it.
No FX markups. No GST. Funds in 1 day.
Table of Contents
Receiving money from international clients is essential for Indian businesses and freelancers operating in the global economy. Whether you're getting paid for software services, consulting work, or closing an export deal, understanding how international wire transfers work can save you thousands in fees annually. Start with understanding what bank transfers are and how they work.
The international payments landscape has evolved significantly. SWIFT gpi now delivers 90% of cross-border payments to beneficiary banks within one hour. Yet many Indian businesses still lose 4-6% of their revenue to hidden fees and unfavorable exchange rates. This guide explains how wire transfers work, what they cost, and how you can reduce expenses when receiving money from abroad.
Understanding international wire transfers
What is an international wire transfer?
An international wire transfer is an electronic method of sending money from one country to another. It uses the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network, which connects over 11,500 financial institutions across 224 countries and territories.
SWIFT doesn't actually move money—it transmits secure payment instructions between banks. Each bank in the network has a unique SWIFT code (also called BIC code) that identifies it globally. In 2024, SWIFT processed 13.4 billion messages, averaging 53.3 million daily with a record 59.5 million messages on December 20, 2024.
How international wire transfers work
The wire transfer process involves several steps. You start by providing your bank details to the sender, including your account number, bank name, and SWIFT code. The sender's bank creates payment instructions and transmits them through the SWIFT network to your bank.
Depending on the payment route, intermediary (correspondent) banks may be involved. These banks facilitate transfers between institutions that don't have direct relationships. Approximately 75% of international transfers pass through at least one intermediary bank, each potentially deducting fees.
If the transfer involves currency conversion, the receiving bank converts funds at their exchange rate—which typically includes a markup of 2-5% above the mid-market rate. Once processed, funds are credited to your account and your bank issues an e-FIRC for compliance purposes.
SWIFT gpi has transformed transfer speeds
SWIFT gpi (Global Payments Innovation) has dramatically improved cross-border payment speeds. According to SWIFT's 2024 data, 90% of gpi payments reach the beneficiary bank within one hour, with approximately 60% arriving within 30 minutes. Some 41% are credited within just five minutes.
Every gpi payment includes a UETR (Unique End-to-End Transaction Reference)—a 36-character identifier that functions like a parcel tracking number. This reference, mandatory since 2020, enables real-time tracking throughout the payment journey. The ISO 20022 migration, completed in November 2025, has further improved straight-through processing by standardizing payment message formats globally.
Information required for receiving wire transfers
To receive an international wire transfer in India, you need to provide specific details to your sender.
Your personal/business information: Full legal name as registered with your bank, complete address including city and PIN code.
Your bank account details: Account number, account type (savings or current), and IFSC code for domestic routing.
Your bank's information: Bank name, branch name and address, and SWIFT/BIC code. Major Indian bank SWIFT codes include HDFCINBB (HDFC), ICICINBB (ICICI), SBININBB (SBI), and AXISINBB (Axis Bank).
For business payments: RBI purpose code indicating the nature of the transaction. Common codes include P0802 for software consultancy, P0807 for off-site software exports, and P1006 for business consulting services.
Double-check all information before sharing—wire transfers are generally not reversible, and incorrect details can result in delays or lost funds.
Fees and exchange rate considerations
Sending bank fees
The sender's bank typically charges $25-50 for international wire transfers. US banks like Chase charge $40-50, Bank of America charges $45, and Wells Fargo charges $25-40. UK banks vary from £4 (HSBC online) to £25 (Barclays non-SEPA). Online transfers generally cost less than branch-initiated ones.
Intermediary bank fees
When transfers pass through correspondent banks, each may deduct $10-30 from the payment amount. Total intermediary costs typically range from $15-50. The fee allocation—OUR (sender pays all), SHA (shared), or BEN (beneficiary pays all)—determines who absorbs these charges. With SHA or BEN options, you may receive less than the sender intended.
Indian bank receiving fees and FX markup
Most Indian banks advertise minimal or zero receiving fees, but the real cost lies in exchange rate margins.
HDFC Bank charges no processing fee but applies 2-3.5% FX markup. e-FIRC costs ₹200.
ICICI Bank has no separate inbound fee but approximately 3.5% FX markup on conversions.
SBI charges ₹50-100 per remittance with more competitive 1-2.5% FX margins. SWIFT message charges run ₹500.
Axis Bank offers tiered pricing—nil for Burgundy customers, ₹25-300 for others—with 1.5-2% FX margins.
The hidden cost reality
On a ₹10 lakh ($12,000) transfer, here's how costs add up with traditional banking:
| Cost Component | Amount |
|---|---|
| Sending fee | $40 (~₹3,400) |
| Intermediary deduction | $25 (~₹2,100) |
| Receiving fee | ₹100-500 |
| FX markup (3%) | ₹30,000 |
| Total cost | ₹35,500-36,000 (~4.3%) |
This means you receive approximately ₹9.64 lakh instead of ₹10 lakh—a significant impact on business margins.
How to receive international payments in India
Step 1: Gather and share your banking details
Collect your complete bank information including SWIFT code and IFSC. Share these details with your client or payer through secure channels. For recurring payments, consider creating a standardized payment instruction document.
Step 2: Notify your bank
Inform your bank about expected international transfers, especially for large amounts. This helps avoid processing delays and ensures your bank is prepared to handle the incoming funds. Some banks require advance documentation for transfers above certain thresholds.
Step 3: Track the transfer
Once initiated, track your payment using the UETR reference. Ask your sender to provide this along with the MT103 document—the standardized SWIFT payment confirmation containing transaction details. If there's a delay beyond 3-5 business days, request a wire trace through your bank.
Step 4: Obtain your e-FIRC
After funds are credited, your bank will report the transaction to RBI's EDPMS (Export Data Processing and Monitoring System) and issue an e-FIRC within 2-5 working days. This electronic certificate is mandatory for GST compliance, claiming export incentives, and tax filings. Verify that the purpose code matches your actual business activity.
RBI compliance requirements
All foreign inward remittances to India must comply with FEMA (Foreign Exchange Management Act) regulations. For detailed Indian exporter requirements, see our complete SWIFT transfers guide for Indian exporters. Key requirements include using correct purpose codes from RBI's Annexure II, routing payments through AD Category-I banks, and maintaining proper documentation.
For service exporters, common purpose codes include P0802 (software implementation), P0803 (database services), P0807 (off-site software exports under SOFTEX), and P1006 (business consulting). Using incorrect codes can trigger compliance issues and potential FEMA penalties.
The RBI's PA-CB (Payment Aggregator Cross-Border) framework, effective since October 2023, regulates entities facilitating cross-border payments with a ₹25 lakh per transaction limit.
Smarter alternatives to traditional wire transfers
Traditional bank wires cost 4-6% in combined fees and markups. Fintech platforms have dramatically reduced these costs.
Wise uses mid-market exchange rates with zero markup, charging only transparent conversion fees starting at 0.33%. Transfers to India can complete within 90 minutes. Wise holds RBI PA-CB authorization as of June 2025, adding regulatory credibility.
Razorpay MoneySaver offers virtual bank accounts in multiple countries with 1% fees, zero FX markup, and T+1 settlement to Indian accounts. The platform provides automated e-FIRC generation within 24 hours.
Winvesta provides multi-currency accounts with local collection details in the US, UK, Europe, Canada, and Australia. Fees are $3 + 0.99% with zero FX markup on USD. Payments arrive in as little as one day with automated compliance documentation.
Cost comparison: Wire transfer vs. alternatives
| Method | Payer Fee | Receipt Fee | FX Spread | Total Cost | Speed |
|---|---|---|---|---|---|
| Traditional SWIFT | $30-50 | ₹0-500 | 2-5% | 4-6% | 1-5 days |
| Wise | $0 | ~2% total | 0% | ~2% | Same day |
| Razorpay MoneySaver | $0 | 1% | 0% | ~1% | T+1 |
| Winvesta | $0 | $3 + 0.99% | 0% | ~2% | 1-3 days |
For a business receiving $100,000 annually, switching from traditional wires to fintech alternatives saves ₹2-4 lakhs per year.
Tracking and security best practices
Using MT103 for payment verification
The MT103 is the global standard for single customer credit transfers on SWIFT. It contains the transaction reference, value date, currency and amount, ordering customer details, beneficiary information, and charge allocation. Request this document from your sender as proof of payment initiation.
Note: From November 2025, MT103 messages are being replaced by pacs.008 (ISO 20022 format) for cross-border payments, though banks continue to support both during transition.
Protecting against wire fraud
Business email compromise (BEC) remains the primary fraud vector, with $55.4 billion in global losses from 2013-2023. Protect yourself by verifying payment instructions via phone callback to known numbers, being wary of last-minute banking detail changes, and never using contact information from suspicious emails. SWIFT's Customer Security Programme mandates 32 security controls across member institutions.
Disclaimer: The information provided in this blog is for general informational purposes only and does not constitute financial or legal advice. Winvesta makes no representations or warranties about the accuracy or suitability of the content and recommends consulting a professional before making any financial decisions.
Get paid globally. Keep more of it.
No FX markups. No GST. Funds in 1 day.