Razorpay has been a go-to name for payment gateways and payroll in India for years. Now, they’ve ventured into international payments so that exporters can accept global payments via virtual accounts and legacy gateways.

But is Razorpay the best fit for your international business?

This blog takes a quick glance at Razorpay’s global service. We’ll also discuss the best alternatives that may provide better rates, quicker settlements, or more individualized support. This will assist you in selecting the platform that actually suits your cross-border requirements.

What is Razorpay?

Razorpay is an Indian payment gateway established in 2014. It offers financial services for businesses, such as payment processing, banking solutions, lending, and business operation tools.

For international payments, Razorpay has two primary options:

• Standard Payment Gateway: Facilitates payments from most countries through credit/debit cards, bank transfer, SWIFT, and PayPal. The funds are exchanged into Indian Rupees (INR).
• MoneySaver Export Account: Offers virtual international bank accounts. Customers can make payments via local bank transfers in various currencies.

When transacting internationally using Razorpay, take transaction charges (3%+ forex charge for cards, 1% for Export Account), exchange rates, and the documents needed for compliance into account.

Important Features of Razorpay International Payments

Default payment gateway

Razorpay gateway processes international payments through credit cards and debit cards, bank transfers, SWIFT, and PayPal. It processes payments from more than 100 countries and automatically converts foreign exchange into INR. The system takes care of payment processing and simple reconciliation for international transactions.

Pricing: 3% transaction charge + forex markup for card payments. PayPal payments involve PayPal’s regular fees (approximately 4.4% transaction charge + $0.30 fixed charge + 4% forex markup).

MoneySaver export account

This plan offers you virtual business bank accounts for companies that receive regular foreign payments. Customers can pay by local bank transfer in different currencies. The system generates digital FIRA automatically and applies existing exchange rates for currency exchange.

Price: 1% of transaction value without any additional forex markup.

Advantages of Razorpay

• Provides a single gateway for domestic and international payments with simple configuration.
• The dashboard assists you in monitoring transactions and generating reports.
• Supports multiple payment methods to accommodate various client preferences.
• The export account gives virtual international accounts for more immediate payments.

Disadvantages of Razorpay

• Charges comparatively high transaction fees (3%) for ordinary international card payments.
• Response times for customer support can be sluggish.
• New clients might have limits on some features.
• The regular payment gateway doesn’t automatically deliver digital FIRA documentation (provided with the MoneySaver Export Account).
• May not be the most economical for businesses with a high volume of transactions.

Razorpay Alternatives Worth Considering

Skydo: A Domestic Alternative to Razorpay

Skydo is an overseas payment platform meant for Indian freelancers and businesses. They provide virtual overseas bank accounts, enabling clients to pay you like a local company in their own country. They have accounts in the US, UK, Canada, Australia, and other leading markets.

Skydo exchanges payments at real-time exchange rates with no additional fees. You receive the precise rate that you view on Google. They also provide invoice-building tools, payment tracking, and a review of your international income.

Advantages of Skydo

• Clear fee system: $19 for payments of up to $2,000, $29 for $2,001 to $10,000, and 0.3% above $10,000.

Disadvantages of Skydo

• Only supports receiving money from abroad, not sending.
• Might not be the cheapest for small transfers under $1,000.

Wise Business: A Good Option for Freelancers and Small Businesses

Wise (formerly TransferWise) offers multi-currency accounts for businesses of all sizes receiving international payments. They started as a peer-to-peer money transfer service but now offer accounts that can hold and convert multiple currencies.

Advantages of Wise Business

• Employs the mid-market exchange rate without concealed charges, giving a transparent conversion of currencies.
• Has multi-currency accounts in which funds may be kept in other currencies to convert later.

Disadvantages of Wise

• Asks a conversion fee around 1.6-1.8% depending on currencies.
• Asks an additional cost for FIRC documentation (approx. $2.50 per USD payment).
• Some customers experience sluggish customer support for complicated problems.
• You can get a maximum of $10,000 per invoice.

Payoneer: A Reliable Choice for Marketplace Integrations

Payoneer has been around since 2005 and is a trusted marketplace for international payments, particularly well-liked among freelancers and marketplace sellers.

Advantages of Payoneer

• Offers free transfer between Payoneer accounts.
• Comes with integrations for top marketplaces such as Amazon Pay and Fiverr.
• Includes free digital FIRA documentation for Indian customers.

Drawbacks of Payoneer

• Fee model comes with a range of charges: up to 1% for USD virtual account payments, up to 3% for local bank account withdrawals, and a 3% forex mark-up.
• Assesses an annual fee of $29.95 if you have less than $2,000 in yearly inflows.
• Others complain about the responsiveness of customer support.

The Most sensible option BRISKPE for Fast International Payments

If getting your international payments quickly is a high priority, BRISKPE is a choice to be thought about. With its emphasis on making payments within 24 hours, it is known for its speed.

Receiving International Payments: Razorpay Vs Skydo Vs BRISKPE – A Quick Comparison

When selecting a Razorpay alternative, price and speed matter. Let’s compare receiving a $10,000 payment using Razorpay, Skydo, and BRISKPE with a 24-hour settlement period.

Feature	Razorpay (MoneySaver Export Account)	Skydo	BRISKPE
Transaction Fee	1% of the transfer value	$29 flat rate for $2,001 – $10,000	<1% Fees
You Receive	$9,900 (₹849,420)	$9,971 (₹856,112)	$9,990+
Settlement Time	Usually longer (Not specifically 24 hours)	Differs (Not specifically stated as 24 hours)	Within 24 Hours

Final Thoughts on Selecting Your International Payment Partner

Choosing the right platform for international payments is crucial to the success of your business. It’s important to consider what matters most: Are you looking for the lowest fees, fastest settlement times, a comprehensive suite of features, or exceptional customer support?

If speed is your top priority when receiving international payments in India, BRISKPE’s 24-hour transfer guarantee offers a significant advantage. With its commitment to fast, reliable settlements, BRISKPE helps ensure your business maintains steady cash flow and meets operational demands without delay.