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 a flat $19 fee with 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 a flat $19 per invoice with no FX markup. Get in touch for early access.
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