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What is the best mode of withdrawl for indians?

Weekender II

I Personally used

1. Direct bank withdrawls using HDFC.
  Pros: Nothing compared to others
 * Have to wait to provide inward remittance details for get the money debited. Can take 24-upward of few days sometimes on various reasons.
 * Conversion rate hasn't been great either.
 * Have to pay for FIRC(technically it is not firc as bank cannot provide that)

2. Wise
   * Free FIRC
   * Fast remittances, less than few hours
    * It cost 140$ for me now.

3. Payoneer
   * Free FIRC
   * Fast remittances, less than few hours
     Provider Fee of 1% + lower usd conversion rate, effectively got as much as deel

4. Coinbase:
      * Fast remittances, less than few hours.
    Cons: Indian taxes around crypto are a mess

PS: still looking for a better solution on withdrwals


Weekender II

Have you/anyone tried Paypal in India?

Weekender II

Hi Sudheer, 


Thanks for starting this topic. This is very helpful and would help a lot of people including me.


I would like to add the below for Local Bank withdrawals. This is only my opinion from personal experience 



Good exchange rate

Fixed charges and you know the amount that will reach beforehand



Exchange fees ranges from 1-2% of the transaction amount

You will get only an NOC and most likely Your bank will refuse to provide you an FIRC because it's just an INR transfer at their end

Weekender II

PSA: Payoneer takes 50$ as provider Fee on top when used as payment method

Weekender II

I am currently using Skydo - (referral link - get one transaction free)

* Fixed and flat fee from Skydo with live Forex rates
* Free and automated FIRC

Other providers here 


Hi @dhanvi 

how can I integrate with Skydo on deel? I do not see Skydo in the available withdrawal methods.

Hi @shrutim, Skydo provides US local account which can be added as a local payment method in Deel. 

Weekender II

@shrutim Skydo gives you a Virtual bank account in USD/EURO etc.. and you add them as a bank transfer in Deel. You will also save the SWIFT fee of 5$

@dhanvi - Skydo takes additional $19/$29 as transaction fee. Are there any similar fees if we do a direct SWIFT transfer to say HDFC Bank. Because as I see, a direct transfer to HDFC only has a $5 Provider fee. 

Also, did you select bank account type as personal or business? Given Skydo account is Business checking account.

I too am trying to find out what does the bank charge usually. No one has shared this detail uptil now, so hoping for the same.


Though one think to look out is that skydo says it offers market rate, while HDFC seems to offer atleast 1 INR less than market rate which can get quite much based on the amount.

Though one can negotiate with the bank, and they can get ~30p less than market rate, maybe less if one can try more.

with HDFC Bank you pay a $5 provider fee / SWIFT fee and then 30paisa to 2rs less than the market rate for forex conversion rate.

Skydo gives you live USD to INR rates, doesn't have a $5 provider fee from Deel and takes flat $29+GST from you.

Banks may have hidden charges which is not always known and FIRC might show issue.

Based on the info @dhanvi provided as I am not aware of charges by banks to full extent, below is the comparison for skydo and IOB (offers best forex ).

Assuming $5000 transaction value.


Skydo showing around 83.41 at the 5:45 4/4/2024
5000*83.41 = 417050.00

29*83.41 = 2417.89
2,417.89*0.18 = 435.22
435.22 + 2,417.89 = 2853.11

Diff = 417050.00 - 2853.11 = 414196.89

Bank (IOB) 4/4/2024 TT Buying Rate = 83.22

5000*83.22 = 416100.00

5*83.22 = 416.10
416.10*0.18 = 74.90
74.90 + 416.10 + 250 (eFIRC) = 741.00

Diff = 416100.00 - 741.00 = 415359.00

Total Saving using IOB = 414196.89 - 415359.00 = -1162.11


So IOB can be beneficial?
Can someone confirm this and also any charges hidden or unknown ?

Skydo is a virtual bank, can you store usd directly there and spend like any other bank?

and the calculation which you showed, is that when you transfer money from skydo to your bank?


>Skydo is a virtual bank, can you store usd directly there and spend like any other bank?

Nope, you can't do that, amount will always be converted to INR automatically.

If you want to hold the amount in USD maybe consider an EEFC account / starting a US entity.

Deel charges 5$ for SWIFT fees which will be required for IOB and not for Skydo.

for 10,000$ skydo makes more sense.

Skydo UX is better and doesn't have any manual steps. 

But there is nothing wrong with a bank and feel free to use it 🙂

you should also consider the charges for FIRC. Skydo is giving for free. HDFC used to charge some money.

You are also getting a very decent conversion rate. HDFC used to give me about Rs 1.6 - Rs 1.9 lower than the market rate.

with HDFC, money used to hit my account in 2-3 days while with skydo, it comes the next day.

Weekender II

Hi, I am really struggling to get an FIRC which I would need for tax purposes. What do you think can be done? Has anyone succeeded here to get an FIRC via a bank transfer? 

If I do SWIFT transfer, the money is again coming from an intermediary bank in india and not directly into USD

Consider Skydo (referral link)

They automatically give you FIRA which is equivalent to FIRC (check with your CA)


Mulya is better option than Skydo. They charge flat 1%. (referral link)
If you have small remittance, Skydo's charge of USD 19 per transaction will be costly for you.

Weekender II

Recently I started using Xflow to withdrawal my salary, it's good give a try guys🙂


If we withdraw in bank account using the non-SWIFT method, do we have to pay GST on it? I read a post by someone that said we would need to pay 18% GST for each invoice during tax filing. 

Based on what I see right now, a local bank withdrawal seems to be the best but I'm worried about the GST etc. I'm under the 20L/year limit. Can someone help please?



Hi @sudheer , I am fairly new to the deel platform and recieving my money from outside India. Could you please elaborate on how one can go about recieving FIRC for HDFC withdrawals? Also where exactly is the FIRC needed?

Weekender II

I just started using Xflow, give it a try.
They charge around 1% for my withdrawals.
Try using the referral code "Scott" when sign up with them to get this offer.