Loading...
Answers
MenuWhat are the alternatives besides Wire Transfer or Paypal for transfer to overseas accounts?
Some clients prefer to send "check" or "direct bank transfers". However, I'm not sure how that can work in our situation. Our company bank account is with Indian bank (who has intermediary account at JP Morgan - NY).
Any other recommended channels to receive invoice payments overseas (especially India)?
Answers
Probably the cheapest answer would be bitcoin.
Check out what Vio.ca is doing in this space - truly innovative.
Also look at WeTransfer and Xoom - not sure if they will specifically work for you, but there are quite a few companies offering similar services and hopefully one of them will handle transfers to Indian accounts. Where are you sending money from? If it's the US, you'll have more options.
Best to use PayPal.
If you use an alternative, that means your clients must pay you via the alternative method too.
This means a long conversation/pitch to inspire them to use your alternative.
When I send big chunks of money to people overseas, I only send via PayPal.
If they don't use PayPal, I don't do business with them.
If you pick an alternative, make sure you factor in the extra expense of time required to pitch your clients + also time required to resolve problems with alternative payment system when problems occur...
Like can you reach a human? Do they speak your language? What happens when money's lost? What happens when client requests a chargeback/refund?
PayPal is big because they have worked out many kinks related to the above questions + many other edge conditions, that alternatives have challenges processing.
I 100% recommend TransferWise....
Used them for years. Paying contractors, being paid, and paying myself while I work abroad.
Fees are great. It's fast and reliable.
Here's my invite link: https://transferwise.com/i/stefanp60
There are competitors out there but TransferWise are probably the most well respected and backed.
Related Questions
-
Holding funds in a 2-sided marketplace?
Check out https://www.balancedpayments.com/ They are made for marketplaces. Airbnb CEO among others invested in them and they have some of the best pricing/payout fees. Also some good info on http://www.collaborativeconsumption.com/2013/10/08/online-marketplaces-are-hard/ One of Balanced Payments co-founders is writing this blog series on marketplaces.MA
-
What type of regulation do apps like Cash App and Venmo have abide by?
They have to be PCI Compliant. https://www.investopedia.com/terms/p/pci-compliance.aspMG
-
What could be a good credibility building strategy for a new bank trying to attracts deposits?
You have asked the golden question. As a business banker, we all struggle with getting deposits. Going after key industries (escrow companies, property management, HOA's, etc) will help in this. However, there are many options to help get deposits. I'd be happy to hop on a call and talk about this. I just signed up with Clarity yesterday. So I'm still learning the platform.JK
-
What is a good bank for an high tech start-up?
Silicon Valley Bank. Tell them I sent you and they'll take care of you ;-)PP
-
How can I open a US bank account for an LLC without traveling to the USA?
I am based in Canada and ended up opening a US bank account with Harris Bank in Chicago without physically visiting their office. This was about 4 years ago. So maybe contact them and see if they could help you.AC
the startups.com platform
Copyright © 2025 Startups.com. All rights reserved.