As an Indian business, you don’t have to worry about extra charges for local collections and payments. Transactions in USD, GBP, EUR, CAD only require a 0.99% ($3 minimum) fee, while other currencies require a slightly higher fee of 1.25%.
However, certain situations may result in additional fees:
- If someone sends you money through SWIFT or FEDWIRE, there is a $10 fee.
- For withdrawals exceeding $10,000 or non-INR withdrawals through SWIFT, there is a $30 fee plus a 0.20% payment fee.
- Non-INR transfers will have a 0.2% payment fee for payments in other currencies.
- If you convert between currencies (non-INR), a 1.50% FX markup will be charged.
By considering these fees, you can make informed decisions and ensure that your transactions are as cost-effective as possible.