The 7 Best PayPal Alternatives For Indian Freelancers
Best PayPal Alternatives For Indian Freelancers :- I assume that almost all of you have heard of PayPal and RBI fiasco. All Indian PayPal users received mails last night stating. “In order to comply with the RBI Guidelines, our user agreement in India will be amended for the following services as follows:
Any balance in and all future payments into your PayPal account may not be used to buy goods or services and must be transferred to your bank account in India within 7 days from the receipt of confirmation from the buyer in respect of the goods or services; and
Export-related payments for goods and services into your PayPal account may not exceed US$500 per transaction.”
Read Also:- How to change country in paypal account?
Well all this had to happen one day as PayPal was not complying with RBI guidelines that :
Any company keeping money for more than 7 days have to pay interest and should be treated like a bank.
Any transaction which bring money more than $500 at one go, should be reported to RBI.
To learn more on this issue you can read this: PayPal Team Shocked Indian Freelancers with New Rules
Well I do not really think that PayPal and RBI would come out with a solution to this issue and it is better for us to start looking for some alternatives to PayPal rather then waiting for things to turn out good some day.
I searched on internet on some alternatives of PayPal and this is what I found. Do let me know your views on this issue and also the services that I am listing below :-
Read Also:- How to link a paypal account to ebay?
Here is a List of the 7 Best PayPal Alternatives For Indian Freelancers:-
- 1. Payoneer
- 2. Stripe
- 3. TransferWise
- 4. 2Checkout
- 5. Google Pay
- 6. Remitly
- 7. Coinbase Commerce
The very first PayPal alternative that we have is Payoneer which is almost similar to PayPal and has a strong presence with 4M customers in more than 200 countries and territories including India.
Payoneer was founded back in 2005 in New York City. Now they have 21 offices with 1500 employees that enables millions of businesses and professionals to connect with each other and grow globally.
Like PayPal, Payoneer also offers two types of accounts, Individual and Business. You can sign up for free, withdraw your funds to your local bank account, and you will be charged based on the services you use.
Moreover, Payoneer also facilitates you send payment requests and make payments from your Payoneer account.
But the best thing about using Payoneer over PayPal is that the transaction fees are comparatively lower and you will end up saving a lot of money.
Stripe is the best PayPal alternative for online payment processing for internet businesses, used by millions of businesses of all sizes from startups to large enterprises.
It is a complete suite of payment products that power payments for e-commerce, subscriptions, SaaS platforms, marketplaces, and everything in between.
Stripe was launched in 2011 having dual-headquartered in San Francisco and Dublin, with 14 global offices in London, Paris, Singapore, Tokyo, and more.
It can be considered as the one stop solution for accepting payment for your online store as it supports 135+ currencies and accepts payment from the majority of debit/credit cards from 140+ countries.
Moreover, you can also accept Bitcoins by using Stripe payment processor.
All you need to register on the Stripe and integrate with developer-friendly APIs or choose low-code or pre-built solutions.
Stripe accepts applications all over the world. Even if Stripe is not providing services in your country you can take advantage of their Atlas program that helps you to form a company in the USA that further helps you start accepting payments from customers in 100+ currencies.
TransferWise is a London-based company that offers a cheaper and faster way to transfer money abroad.
It could be another great alternative to PayPal because of its low transaction fees & currency conversion charges.
TransferWise was founded in January 2011 to build a new banking system without borders.
10 million customers, 14 offices around the world, and $6 billion sent every month, all these stats make TransferWise a trusted name all over the world
To transfer money abroad, all you need to do is register for free, choose an amount to send, add the recipient’s bank details, verify your identity (in some cases), and pay for your transfer
with a bank debit (ACH), wire transfer, or a debit or credit card.
But this is not all. TransferWise also allows you to open an international business account in minutes that lets you send, spend, and receive in over 50 currencies — for way cheaper than PayPal.
2Checkout is the leading all-in-one monetization platform that allows businesses to quickly expand internationally and maximizes your revenues by simplifying modern commerce.
It was founded in 2006 now acquired by Verifone has 20,000+ active clients, 4 global
Offices, and 400+ employees.
2Checkout or 2CO is considered as a great alternative to Paypal because it has a lot of positive reviews all over the world.
You can get an idea about its popularity from the fact that over 20,000 companies (from Startups to Fortune 500 companies) in over 180 countries use 2Checkout.
Their Avangate Monetization Platform is enough to tackle the complexities of digital commerce, globally.
Furthermore, their products, 2Sell, 2Subscribe, 2Monetize, and addons are there that will help you to accept mobile and online payments from buyers worldwide, run a subscription-based business, and grow your business.
5. Google Pay
Google Pay is another fantastic online payment system available for everyone to integrate it with their websites, e-commerce stores, apps and more.
Basically, it is a digital wallet platform developed by Google to power in-app and tap-to-pay purchases on mobile devices, tablets or watches.
One can implement Google Pay with any kind of website or service with ease and also enjoy ready-made integration for services like Shopify, WooCommerce, Stripe, Square, etc.
You can use credit card, debit card, bank transfer, and UPI as payment methods on Google Pay.
Google Pay is a free mobile app and there is zero fee on using debit cards and bank transfers while for credit cards you will have to pay 2.9% of transaction fees.
Withdrawing funds to the linked bank account is free that generally takes 1-3 days. That being said, instant transfer will add the 1.5% fee. However, these charges and fees are specific to the US and do not apply to the users in India.
Remitly is a Money Services Business registered with the US Department of Treasury trusted by hundreds of thousands of NRIs.
They facilitate you sending or transferring money from the United States to 130+ banks (including SBI, HDFC, Citi Bank, Axis Bank, and many more) across India.
Remitly is authorized to do business in all 50 states and also partner with the largest banks in India and the USA.
It was founded in 2011 having headquarters in Seattle, Washington, United States.
Remitly is completely free to join and the thing we liked the most about them is that they offer great exchange rates.
You can send up to $30,000 in a single transfer and there are two ways you can send money – Express (within 4 hours) and Economy (3 to 5 business days).
Coinbase Commerce is the world’s leading cryptocurrency company that lets you receive payments from anyone in the world and 8000+ merchants already accepting cryptocurrency via this open financial system.
So, if your business allows you to accept Cryptocurrencies like Bitcoin, Ethereum, Litecoin, USD coin then you should definitely use Coinbase Commerce.
Furthermore, it facilitates you sell your crypto for cash or USD Coin.
Getting started with Coinbase Commerce is free and one can go live in minutes, not days. Their team will help you with hosted checkout pages, payment buttons, invoicing, and multiple ecommerce integrations including WooCommerce and Shopify.
The best thing about using Coinbase Commerce is that there are no fees to accept crypto.