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What is the best mode of withdrawl for indians?

sudheer
Weekender II

I Personally used

1. Direct bank withdrawls using HDFC.
  Pros: Nothing compared to others
  Cons:
 * 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
   Pros:
   * Free FIRC
   * Fast remittances, less than few hours
   Cons:
    * It cost 140$ for me now.

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

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

PS: still looking for a better solution on withdrwals


7 REPLIES 7

vg
Weekender II

Have you/anyone tried Paypal in India?

AmanAnsari
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 

 

Pros:

Good exchange rate

Fixed charges and you know the amount that will reach beforehand

 

Cons:

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

sudheer
Weekender II

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

dhanvi
Weekender II

I am currently using Skydo https://skd.ai/NZ8 - (referral link - get one transaction free)

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

Other providers here https://twitter.com/Tummala_Dhanvi/status/1712801083574399118 

shrutim
Weekender

Hi @dhanvi 

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

dhanvi
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$

MCG
Weekender

Hi. Is deel better or upwork for usd to inr using local bank transfer?