Wire Transfer
A direct bank-to-bank electronic transfer of funds. The traditional method for sending international payments, often with high fees.
What is a Wire Transfer?
A wire transfer is an electronic transfer of funds directly between banks. For international transfers, wire transfers typically use the SWIFT network to route payments across borders.
Types of Wire Transfers
- Domestic wire - within the same country (e.g., NEFT/RTGS in India, Fedwire in the US)
- International wire - cross-border, usually via SWIFT
Cost of International Wire Transfers to India
Indian freelancers receiving wire transfers from abroad face multiple fees:
| Fee | Amount |
|---|---|
| Sending bank fee | $25-50 |
| Correspondent bank fee | $10-25 |
| Receiving bank fee | ₹500-1,500 |
| FX markup | 1.5-3% of amount |
| Processing time | 3-5 business days |
The FaiirPe Alternative
Instead of receiving a traditional wire transfer with unpredictable fees, FaiirPe offers 0.3% pricing with a minimum fee of $9 and zero FX markup from FaiirPe. Your client can pay via ACH or wire, and you receive the maximum amount in INR.
Related Terms
- SWIFT Transfer - the network international wires use
- ACH Payment - a cheaper alternative for US clients
- Mid-Market Rate - the fair exchange rate
Tired of losing money on every international payment?
FaiirPe charges 0.3% per invoice with a $9 minimum and no FX markup. Get started today.
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