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Why Indian businesses outgrow Remitly and Payoneer for B2B invoicing ?
The wrong payment platform drains your margins on every invoice. Most users don't notice until you add up the hidden costs.
Cost Stack on Remitly
Remitly is a one-way send service built for personal remittances. Indian businesses cannot use it to receive client invoices at all, and since Remitly does not issue FIRA, every inward payment requires a separate manual request from your Indian bank.
Cost Stack on Payoneer
Payoneer charges 1 to 3% on receiving plus around 2% on FX markup, and withdrawals to your Indian bank add another fee on top. The all-in cost often touches 3 to 4% before the funds land in your account, which adds up quickly on larger invoices.
Slow Settlement to Indian Banks
Remitly settles to INR in minutes (Express) to 3 to 5 days (Economy) and Payoneer in 2 to 5 business days. For businesses managing payroll or vendor payments, the unpredictability of when funds actually arrive makes financial planning harder than it needs to be.
FIRA and Compliance Friction
Remitly does not issue FIRA at all. Payoneer's FIRA process is slow and manual. Both create real friction for Indian service exporters filing GST refund claims and freelancers preparing quarterly ITR, where per-transaction compliance documents are needed every cycle.
Invoice Limits and Business-Type Restrictions
Remitly has per-transaction limits that vary by verification level and Payoneer has account-dependent limits. Neither platform is built for the kind of high-value, recurring direct invoicing that IT exporters, SaaS companies, and funded startups send every month. Pvt. Ltd., LLP, and OPC structures often run into eligibility or limit blocks on both.
Remitly vs Payoneer vs Xflow: Complete breakdown
Personal remittances only
Strong for personal remittances sent from the US, UK, Canada, and Australia to India. Not built for business receivables, freelance invoicing, or cross-border B2B at any scale. No FIRA issued, no receiving accounts, and no multi-currency holding.
Not for business receiving
Strong for marketplace withdrawals
Strong for marketplace withdrawals from Upwork, Fiverr, Amazon, and Airbnb. Reasonable fees compared to PayPal and widely accepted across global platforms. Still loses 1 to 2% on FX at withdrawal and fees stack on larger or card-based payments. Not the best fit for high-value direct client invoices.
Best for marketplace platforms
Best for Indian exporters
Best for Indian businesses receiving international payments. Lowest cost on larger invoices, free eFIRA on every transaction, 1-day INR settlement, and no invoice limits. India-native compliance for every entity type from solo freelancers to funded startups.
Recommended for IT exporters
Feature | Remitly | Payoneer | Xflow |
|---|---|---|---|
FX Markup | ~1 to 2% above mid-market | ~2% on INR withdrawal | 0% (mid-market) |
Transaction / Receiving fee | Variable; Express higher, Economy lower | 1 to 3%, varies by payment method | 0.6% flat, min $12 |
FIRA / eFIRC | Not issued; request from your bank | ~Slow, manual process | Free, auto-issued within 24 hours |
Settlement Speed | Minutes (Express) to 3 to 5 days (Economy) | 2 to 5 business days | 1 business day |
Per-Invoice Limit | ~Per-transaction limits by verification level | ~Account-dependent | No limit |
Currencies Supported | Many send corridors; receive currencies limited | USD, EUR, GBP, JPY, AUD, CAD and more | 25+ incl. AED, SGD, HKD, CHF |
Local Payment Rails | Send-only model, no receiving accounts | ~Multi-currency receiving accounts | ACH (US), SEPA (EU), CHAPS/BACS (UK) |
Zoho Books Integration | No | ~Third-party tools only | Native |
FX AI Analyst | Not available | Not available | Available |
RBI / FEMA Compliance | ~Operates via local partners | ~Through bank partner | RBI-authorized bank partner, auto eFIRA |
API / White-Label | ~Limited, no India-specific use case | ~Available | Full API and webhooks |
India-Based Support | ~India receive market only | ~Limited India presence | Dedicated India onboarding team |
Choose the plan that fits your business
Compare percentage-based pricing across invoice sizes and see how Xflow stacks up.
Personal Remittance Service
Remitly
Variable; Express higher, Economy lower
Variable fees by tier; 1–2% FX markup above mid-market, shown upfront. Send-only — no receiving accounts for Indian businesses. Fast cash pickup and bank deposit available for personal recipients. Best for personal remittances from the US, UK, Canada, and Australia.
| Invoice value | Fees |
|---|---|
| Express under $1,000 | $3.99 flat + 1-2% FX markup |
| Express above $1,000 | No flat fee + 1-2% FX markup |
| Economy tier | Lower or zero flat fee + slightly narrower FX spread |
Marketplace-Friendly Mid-Range
Payoneer
1 to 3% receiving fee + ~2% FX markup
1–3% receiving fee plus ~2% FX markup. Native integrations with Upwork, Fiverr, Amazon, and Airbnb; multi-currency accounts in USD, EUR, GBP, and more. FIRA available but slow and manual. Best for freelancers withdrawing from global marketplaces.
| Invoice value | Fees |
|---|---|
| Receiving fee | 1 to 3% (varies by payment method) |
| FX markup at INR withdrawal | ~2% |
| Annual fee | $29.95 if under $2,000 received per year |
Flat-Tier + Percentage Model
Ideal for invoices from
$500 – $500,000+
Mid-market rate guaranteed for 3 hours, free eFIRA within 24 hours, EEFC account support, no invoice limits, native Zoho Books integration, white-label API, ISO 27001 and SOC 2 certified.
| Invoice value | Fees |
|---|---|
| Upto $2000 | $12 flat + Free eFIRA |
| Above $2,000 | 0.6% + Free eFIRA |
| Above $100,000 | Custom rate + Free eFIRA |
What our users say
Xflow’s product has added tremendous value to our customers by simplifying cross border payments and helping save costs. The integ
Tej Mulgaonkar
Director
Xflow helps me collect payments from customers across multiple countries. With Xflow, global payments are simplified and reconcile
Varun
Co-founder
Xflow has helped us improve collections by making it easy for my customers to pay using their local payment methods
Hemant Kumar
WeWork India
I manage my forex operations and hence it was important for me to find a payments partner who could settle into my EEFC account. X
Dhruv
Founder
Xflow has made it super simple for us to go live with Inkle’s specific cross-border payment use case (intercompany transfer pricin
Anand Krishna
CEO & Founder
Xflowpay has built very powerful, robust, and flexible APIs that any organisation can easily consume to launch cross border paymen
Pranav
Head of Forex
I am able to collect payments for invoices to overseas customers seamlessly using Xflow. My customers in US are also able to pay m
Binu
Founder
Xflow's cross-border payment solution complements our core neobank offering. We love the white-labelled nature of the product. We
Saurabh
Founder
Getting started on Xflow was easy - KYC was simple and I could start transacting in less than 24 hours. Now that we have used Xflo
Sandeep
Founder
We leverage Xflow to help our customers collect >$10,000 invoices. We draw a lot of comfort from the fact that Xflow has partnered
Saurabh
Founder
With Xflow, we found a convenient, compliant, cost-effective payment provider to bring funds into India under transfer pricing. Th
Sunil
Founder
Xflow’s product has added tremendous value to our customers by simplifying cross border payments and helping save costs. The integ
Tej Mulgaonkar
Director
Xflow helps me collect payments from customers across multiple countries. With Xflow, global payments are simplified and reconcile
Varun
Co-founder
Xflow has helped us improve collections by making it easy for my customers to pay using their local payment methods
Hemant Kumar
WeWork India
I manage my forex operations and hence it was important for me to find a payments partner who could settle into my EEFC account. X
Dhruv
Founder
Xflow has made it super simple for us to go live with Inkle’s specific cross-border payment use case (intercompany transfer pricin
Anand Krishna
CEO & Founder
Xflowpay has built very powerful, robust, and flexible APIs that any organisation can easily consume to launch cross border paymen
Pranav
Head of Forex
I am able to collect payments for invoices to overseas customers seamlessly using Xflow. My customers in US are also able to pay m
Binu
Founder
Xflow's cross-border payment solution complements our core neobank offering. We love the white-labelled nature of the product. We
Saurabh
Founder
Getting started on Xflow was easy - KYC was simple and I could start transacting in less than 24 hours. Now that we have used Xflo
Sandeep
Founder
We leverage Xflow to help our customers collect >$10,000 invoices. We draw a lot of comfort from the fact that Xflow has partnered
Saurabh
Founder
With Xflow, we found a convenient, compliant, cost-effective payment provider to bring funds into India under transfer pricing. Th
Sunil
Founder
Xflow is built for India and engineered for growth
Features other platforms don't offer - Xflow is built for Indian businesses from day one.
Guaranteed Live FX Rate
Unique to Xflow Your rate is locked for 3 hours after your client pays. You know the exact INR before you convert.
FX AI Analyst
Unique to Xflow, An AI-powered assistant that helps you decide when to convert based on market conditions.
Ability to hold funds
Unique to Xflow Hold your foreign earnings in USD, GBP, or EUR. Convert when the rate works in your favour.
Local payment rails
Your overseas clients pay like a local bank transfer, ACH in the US, SEPA in Europe, CHAPS/BACS in the UK. Faster, cheaper, without the SWIFT friction.
Fully compliant infrastructure
ISO 27001 + SOC 2 certified. Zero upper limit on transfer size. Enterprise-grade security without enterprise complexity.
Free FIRA
Auto-generated within 24 hours for every transaction. No follow-up calls, no extra charges, no delays before your audit.
- 01Exchange rate markups Banks add a 2-4% markup over the mid-market rate; fintech platforms typically charge 0.5-1%. On large or recurring transfers, this gap has a real impact on how much the recipient receives. Look beyond the advertised fee and compare the actual exchange rate on offer.
- 02Transfer fees Per-transfer fees vary widely across providers, from nothing to $30 or more. A zero-fee provider isn't always cheaper as the cost is often built into a less competitive exchange rate. Compare the full picture: fee and FX spread combined.
- 03Processing time Bank wires take 2-5 business days. Fintech platforms usually settle within 1-2 business days, and some offer same-day delivery for Canada to India transfers. Check the estimated delivery window before you send.
- 04Tax rules for senders and receivers Tax rules vary on both ends of a transfer. Canada does not tax outward transfers at source, but cross-border payments may have GST/HST implications depending on the nature of the transaction. On the receiving end, inward remittances into India are not taxable as income and recipients are not subject to TCS.
- 05Sending limits and KYC Canada has no hard cap on outward international transfers, but transactions above CAD 10,000 must be reported to FINTRAC under Canada's anti-money laundering rules. All regulated platforms require identity verification before processing. Have a government-issued ID and proof of address ready.
- 06Banks vs fintech platforms Canadian banks charge high FX markups on top of wire fees, and additional deductions from correspondent banks can further reduce what arrives in India. Fintech platforms offer tighter spreads and transparent fees, so more money reaches the recipient.
Who Is Xflow Built For?
Feature | Other Platforms | Xflow |
|---|---|---|
IT / IT Service Exporters | ||
Remitly is a personal remittance service - IT exporters billing $10,000 to $50,000 invoices to enterprise clients cannot use it for receiving business payments. | 0.6% flat fee with no FX markup and no upper invoice limit. | |
Payoneer's combined receiving fee and FX markup touches 3 to 4% all-in - on a $20,000 invoice that is $600 to $800 in platform costs every single cycle. | 1-day INR settlement and EEFC account support to hold USD, GBP, or EUR and convert on your timeline. | |
Neither platform has transfer pricing compliance built in - a non-negotiable requirement for ITES companies with a global HQ structure. | Transfer pricing compliance built in - no separate documentation workflow or CA overhead on intercompany transfers. | |
Payoneer has no native Zoho Books integration - finance teams managing high invoice volumes are always reconciling manually. | Free eFIRA within 24 hours + native Zoho Books integration + ISO 27001 + SOC 2 + JP Morgan infrastructure. | |
SaaS & Startups | ||
Remitly has no support for receiving subscription payments, recurring invoices, or any form of business collections. | 0.6% flat fee per invoice - proportional and predictable as monthly recurring revenue scales. | |
Payoneer fees compound fast across monthly recurring invoices - a SaaS company collecting from 40 clients at $1,000 each loses around $1,200 per month in Payoneer fees and FX markup. | EEFC account support to hold multi-currency receivables across billing cycles and convert when the rate is favourable. | |
Neither platform handles transfer pricing compliance for funded startups with a global HQ structure - a legal requirement, not an optional extra. | Transfer pricing compliance built in for entities managing capital between a global parent and an Indian subsidiary. | |
Multi-currency receivables convert to INR immediately on Payoneer with no EEFC option - no ability to time conversion around favourable rates. | ACH, SEPA, CHAPS/BACS local payment rails + native Zoho Books integration + free per-transaction eFIRA within 24 hours. | |
Freelancers & Agencies | ||
Remitly cannot be used to receive client payments at all - it is send-only, so freelancers directed to Remitly by overseas clients are already on the wrong platform. | 0.6% flat fee with no FX markup on every invoice. | |
Payoneer charges 1 to 3% on receiving plus 2% FX markup - a $2,000 invoice can cost $80 to $100 in platform fees before it reaches your account. | 1-day INR settlement directly to your registered Indian bank account. | |
Remitly does not issue FIRA; Payoneer's FIRA is slow and manual - a compliance headache every quarter for ITR and GST refund claims. | Free eFIRA auto-issued within 24 hours of every payment, automatically. | |
Payoneer's $29.95 annual fee applies if you receive less than $2,000 in a year - hits part-time or early-stage freelancers directly. | EEFC account support + no invoice limits + all entity types: freelancers, sole proprietors, Pvt. Ltd., LLP, OPC. | |
Platforms & Marketplaces | ||
Remitly has no API or white-label product for platforms - it cannot be embedded into a marketplace to power vendor payouts at any scale. | Full white-label API with webhooks and programmatic vendor onboarding, built for compliance at the vendor level from day one. | |
Payoneer's API is available but not designed for programmatic onboarding of Indian vendors at volume, and its fee structure erodes platform margins as transaction counts grow. | Per-vendor eFIRA auto-generated within 24 hours on every inward remittance, with no manual steps required. | |
Frequently asked questions
We're making the headlines
"Xflow, an Indian fintech startup, has secured backing from both Stripe and PayPal Ventures in a $16.6 million funding round. The investment comes as the company works to carve out a position in cross-border B2B payments, a market still dominated by banks and manual processes.
"Xflow, a leading cross-border payments fintech, today announced the launch of its new flexible, flat-fee pricing plans designed specifically for India's small and mid-sized exporters. "
"Indian exporters can now focus on growth while Xflow handles complex payment documentation Bengaluru, Karnataka, India (NewsVoir) Xflow today announced the launch of Compliance Desk, a managed service that allows Indian exporters to outsource the complex compliance requirements tied to cross-border payments.
“Xflow, a Bangalore-based fintech specialising in cross-border payments, has received in-principle approval from the Reserve Bank of India (RBI) to operate as an online Payment Aggregator for Cross-Border transactions. ”
"Xflow, a financial services and infrastructure company, simplifies the cross-border payments experience for businesses.
"Xflow has made it super simple for us, it handled our needs, volumes and edge cases quickly, seamlessly and compliantly," said Anand Krishna, CEO and Founder of Inkle
"Xflow is designed to help businesses send and receive cross-border payments in a compliant and regulatory manner - from freelancers to small and medium enterprises all the way