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Why businesses are switching?
The wrong payment platform drains your margins on every invoice. Most users don't notice until you add up the hidden costs.
Remitly is a send-only service
Remitly operates as a one-way personal remittance platform. Indian businesses cannot use it to receive client invoices, issue FIRA, or maintain an export receivables record. Payments received through it fall outside the compliant AD bank framework required under FEMA for export income.
Western Union's FX markup adds up fast
Western Union applies a 2 to 4% markup above the mid-market rate on USD to INR transfers, plus transfer fees ranging from $0 for online bank-funded transfers to over $30 for in-person cash transactions. On a $5,000 invoice-sized transfer, the FX gap alone can cost $100 to $200 before any fee is counted.
Slow settlement for bank-to-bank transfers
Remitly Express delivers cash pickup in minutes, but bank deposits take same day to a few hours on major corridors. Western Union bank-to-bank transfers take 1 to 3 working days. For Indian businesses managing vendor payments, salaries, or GST deadlines tied to receipt dates, that unpredictability creates a recurring planning problem.
FIRA and compliance gaps
Remitly does not issue FIRA for business-use payments since commercial receiving falls outside its permitted scope under RBI's LRS framework. Western Union's FIRA support for business accounts is manual and limited. Neither platform auto-generates the per-transaction eFIRA that Indian exporters need for GST refund claims and EDPMS compliance.
No rate certainty
Both platforms are designed primarily for personal remittances. Pvt Ltd companies, LLPs, and OPCs have no supported receiving path on either platform. Send limits vary by verification level on Remitly and by region on Western Union, making neither a reliable foundation for businesses with growing or variable invoice volumes.
Remitly vs Western Union vs Xflow: complete breakdown
Personal remittances only
A strong personal remittance platform for individuals sending money to family in India, with competitive rates, a clean app experience, and Express delivery in minutes. Commercial invoice receiving is prohibited under its own terms and the RBI's LRS framework, making it entirely unsuitable for business use.
Commercial receiving prohibited
Cash network, high FX cost
A legacy remittance network with genuine reach, covering 200+ countries and 500,000+ agent locations for cash pickup. A 2 to 4% FX markup and variable transfer fees make it the most expensive option here, and its infrastructure is built entirely around personal remittances rather than business invoice collection.
Built for personal cash transfers
Best for Indian exporters
EEFC support, no limits, guaranteed FX rate, transfer pricing compliance, and a white-label platform API.
Recommended for IT exporters
Feature | Remitly | Western Union | Xflow |
|---|---|---|---|
FX Markup | 0.4 to 1.4% above mid-market | 2 to 4% above mid-market | 0% (mid-market rate) |
Transaction / Receiving fee | $3.99 Express (under $1K); no flat fee above $1K; Economy lower | $0 online to $30+ in-person, varies by method | 0.6% flat (min $12) |
FIRA / eFIRC | Not issued; outside permitted use for business | Manual, limited for business accounts | Free, auto-issued within 24 hrs |
Settlement Speed | Minutes (Express cash) to same day (bank) | Minutes (cash pickup) to 3 days (bank) | 1 business day, often same day |
Per-Invoice Limit | Per-transaction limits by verification level | Send limits vary by region and method | No limit, enterprise-ready |
Currencies Supported | Many send corridors; receive currencies limited | 200+ countries, 130+ currencies | 25+ incl. AED, SGD, HKD, CHF |
Local Payment Rails | No; one-way send model only | Cash agent network; limited digital rails | ACH (US), SEPA (EU), CHAPS/BACS (UK) |
Zoho Books Integration | Not Available | Not available | Native integration (launched 2025) |
FX AI Analyst | Not available | Not available | Yes, rate-lock up to 45 days |
RBI / FEMA Compliance | Operates via partners; LRS personal use only | Operates via banking partners | RBI-authorised bank partner, eFIRA auto |
EEFC Account Support | No | No | Yes, withdraw directly to EEFC |
India-Based Support | India receive market only | India receive market only | Dedicated India onboarding team |
Choose the plan that fits your business
Compare percentage-based pricing across invoice sizes and see how Xflow stacks up.
Remitly
0.4 to 1.4% FX markup + flat fee
Flat $3.99 fee for Express transfers under $1K; FX markup of 0.4–1.4% built into the rate. Express delivery in minutes, Economy in 3–5 days. Send-only - commercial receiving isn't permitted under LRS, and no FIRA issued. Best suited for personal transfers from the US, UK, Canada, and Australia.
| Invoice value | Fees |
|---|---|
| Under $1,000 (Express) | $3.99 flat + 0.4-1.4% FX markup |
| Above $1,000 (Express) | No flat fee + 0.4-1.4% FX markup |
| Economy tier | Lower flat fee + slightly narrower FX spread |
| Commercial receiving | Prohibited under LRS |
Western Union
2 to 4% FX markup + transfer fee
Variable fee plus 2–4% FX markup built into the rate. Cash pickup across 500,000+ agent locations in 200+ countries; bank transfers take 1–3 working days. No FIRA support and not designed for invoice-based collections by Indian exporters.
| Invoice value | Fees |
|---|---|
| Online bank-funded transfer | $0 flat + 2-4% FX markup |
| In-person cash transaction | Up to $30+ flat + 2-4% FX markup |
| Bank-to-bank delivery | 1 to 3 working days |
Flat-Tier + Percentage Model
Ideal for invoices from
$500 – $500,000+
Mid-market rate locked for 3 hours, free eFIRA within 24 hours per transaction, and EEFC account support to hold and time conversions. No invoice limits, native Zoho Books integration, white-label API, and JP Morgan-backed infrastructure with ISO 27001 and SOC 2 certification.
| Invoice value | Fees |
|---|---|
| Upto $2000 | $12 flat + Free eFIRA |
| Above $2,000 | 0.6% + Free eFIRA |
| Above $100,000 | Custom rate + Free eFIRA |
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's LRS restriction means IT firms routing export income through it are outside the compliant AD bank channel required under FEMA, with regulatory exposure that grows with invoice volume. | 0.6% flat fee on every invoice regardless of size, with no upper limit and no tier changes. | |
Western Union's FX markup of 2 to 4% on USD to INR costs an IT firm billing $30,000 monthly between $600 and $1,200 every month in hidden conversion losses before any transfer fee. | EEFC account support to hold USD, GBP, or EUR and convert at a point that suits your treasury position. | |
Neither platform supports EEFC accounts, so every dollar received converts to INR immediately at the platform's rate with no treasury flexibility. | Transfer pricing compliance built in, reducing the CA coordination and legal overhead on every intercompany transfer. | |
Transfer pricing compliance for IT companies managing capital between a global entity and their Indian delivery subsidiary is absent on both platforms entirely. | Free eFIRA within 24 hours + ISO 27001 + SOC 2 + JP Morgan infrastructure + dedicated India onboarding team with FEMA expertise. | |
SaaS & Startups | ||
Remitly's send-only model and LRS restriction make it entirely unsuitable as a receivables platform for any SaaS company registered as a Pvt Ltd or LLP in India. | 0.6% flat fee per invoice that stays proportional and predictable as monthly recurring revenue scales. | |
Western Union's variable FX markup and unpredictable fee structure make it impossible to model the true cost of incoming subscription revenue as ARR grows. | EEFC account support to hold USD, EUR, or GBP receivables across billing cycles and convert when the rate is favourable. | |
Neither platform supports EEFC account holding, meaning multi-currency receivables from US, EU, and UK subscribers convert immediately with no flexibility over timing or rate. | Transfer pricing compliance built in for entities managing capital flows between a global parent and an Indian subsidiary. | |
Funded startups making intercompany transfers between a global HQ and an Indian subsidiary have no transfer pricing infrastructure on either platform. | ACH, SEPA, and CHAPS/BACS rails + native Zoho Books integration + free per-transaction eFIRA within 24 hours. | |
Freelancers & Agencies | ||
Remitly prohibits commercial receiving under LRS - any export invoice received through it creates a FEMA compliance gap. | 0.6% flat fee with 0% FX markup, so the rate on your invoice is the rate you convert at. | |
Western Union's 2 to 4% FX markup on USD to INR makes it one of the most expensive ways for a freelancer to convert an invoice payment to rupees. | 1-day INR settlement directly to your registered Indian bank account. | |
Neither platform issues FIRA for business income - ITR filing and GST refund claims both require manual bank coordination that can take weeks. | Free per-transaction eFIRA within 24 hours, generated automatically on every payment. | |
Both platforms auto-convert to INR on their own timeline with no option to hold foreign currency, removing any ability to time the conversion. | EEFC account support + no invoice limits + available to freelancers, sole proprietors, Pvt Ltd, and LLP from day one. | |
Platforms & Marketplaces | ||
Remitly has no receiving infrastructure for Indian businesses at any account level, making it fundamentally unsuitable as a vendor payment collection layer for any marketplace. | Full white-label API with webhooks and programmatic vendor onboarding, built for compliance at the vendor level from day one. | |
Western Union's variable fee structure and FX markup compound across hundreds of vendor transactions, making platform economics impossible to model accurately at scale. | 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