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Wise vs Remitly vs Xflow: Complete breakdown
Good for small transfers only
$10K cap and sole-proprietor-only restriction makes it unsuitable for growing Indian businesses.
$10K cap · Pvt Ltd not supported
Personal remittances only
Commercial and export-related receiving is prohibited under both Remitly's terms and RBI's LRS framework, making it unsuitable for any B2B use case.
Commercial receiving prohibited
Best for Indian exporters
Zero FX markup, 0.6% flat fee, free eFIRA within 24 hours, no invoice cap, EEFC support, and India-native compliance from the first payment received.
Recommended for IT exporters
Feature | |||
|---|---|---|---|
FX Markup | 0%, mid-market rate | ~0.4 to 1.4% above mid-market | 0%, mid-market rate |
Transaction / Receiving fee | 1.6% to 1.9% + $2 per FIRA | Variable; Express higher, Economy lower | 0.6% flat (min $12) |
Per-Invoice Limit | Up to ₹25 lakh per transaction | ~$30,000 per transfer; personal use only | No limit, enterprise-ready |
Settlement Speed | Same day to 48 hours | Personal use only; not applicable for B2B | 1 business day, often same day |
Guaranteed FX Rate | No; auto-converts at receipt | ~Rate locked at send time only | Yes, 3-hour lock at withdrawal |
Currencies Supported | 40+; receive in 8 currencies (India accounts) | ~Many send corridors; limited receive currencies | 25+ incl. AED, SGD, HKD, CHF |
Local Payment Rails | ACH, SEPA, Faster Payments | ~No; one-way send model | ACH (US), SEPA (EU), CHAPS/BACS (UK) |
Zoho Books Integration | ~Third-party only | No | Native integration (launched 2025) |
FX AI Analyst | Not available | Not available | Yes, rate-lock up to 45 days |
RBI / FEMA Compliance | RBI PA-CB in-principle approval, June 2025; FCA UK | ~Operates under LRS for personal remittances only | RBI-authorised bank partner, eFIRA auto |
FIRA / eFIRC | ~$2 per FIRA; up to 3 business days | ~Not issued; outside permitted use | Free, auto-issued within 24 hrs |
India-Based Support | ~Global; Hyderabad office opened 2025 | ~India receive market only | Dedicated India onboarding team |
Wise vs Remitly - Pricing at a glance
Compare Wise vs Remitly pricing across invoice sizes and see how Xflow stacks up.
Percentage-Based
Ideal for invoices from
Under $1,000
1.6-1.9% fee, zero FX markup, but a $10,000 cap for Indian accounts.
| Invoice value | Fees |
|---|---|
| Upto $10,000 | 1.6-1.9% |
| Above $10,000 | Not supported |
| Per FIRA | + $2 |
Tiered Send Model
Ideal for
Personal use only
Send-only for individuals; commercial invoice receiving isn't permitted.
| Tier | Cost |
|---|---|
| Express | Higher fee |
| Economy | Lower fee |
| FX markup | 0.4-1.4% |
Flat-Tier + Percentage Model
Ideal for invoices from
$500 – $500,000+
Any invoice size, any Indian entity type — no caps, no restrictions.
| Invoice value | Fees |
|---|---|
| Upto $2000 | $12 flat |
| Above $2,000 | 0.6% |
| Above $100,000 | Custom rate |
Who Is Xflow Built For?
Feature | Other Platforms | |
|---|---|---|
IT / IT Service Exporters | ||
Wise's forced INR conversion prevents IT firms from holding USD between billing cycles to manage currency exposure. | 0.6% flat fee on every invoice with no size ceiling. | |
FIRA documentation across five or more monthly client payments means up to 15 business days of waiting and $10 in certificate fees. | EEFC account support to hold USD, GBP, or EUR and convert on your treasury timeline. | |
Transfer pricing compliance for intercompany flows between a global HQ and an Indian subsidiary is absent on both platforms. | Transfer pricing compliance built in, reducing CA overhead on every intercompany payment. | |
Remitly is a personal remittance service with no infrastructure for B2B invoice collection of any kind. | Free eFIRA within 24 hours + ISO 27001 + SOC 2 + JP Morgan infrastructure + dedicated India team with FEMA knowledge. | |
SaaS & Startups | ||
Wise's sole-proprietor restriction excludes most registered SaaS companies from onboarding as Indian business accounts. | 0.6% flat fee per invoice that stays predictable as ARR scales. | |
All Wise inward payments convert to INR immediately, making it impossible to hold multi-currency receivables across billing cycles. | EEFC account support to hold USD or EUR receivables across billing cycles. | |
Neither platform supports transfer pricing for funded startups moving capital between a global HQ and an Indian subsidiary. | Transfer pricing compliance built in for funded entities with intercompany structures. | |
Remitly has no subscription or recurring payment receiving capability for Indian businesses under any account type. | ACH, SEPA, CHAPS/BACS rails + native Zoho Books integration + free per-transaction eFIRA within 24 hours. | |
Freelancers & Agencies | ||
Wise auto-converts all inward payments to INR at receipt, removing any ability to hold foreign currency and time a better conversion. | 0.6% flat fee with 0% FX markup on every invoice received. | |
Wise's $2 per-FIRA with a 3-business-day wait creates a documentation lag across multiple client payments each month. | 1-day INR settlement to your registered Indian bank account. | |
Wise restricts Indian accounts to freelancers and sole proprietors, so incorporating your business means losing access. | Free per-transaction eFIRA within 24 hours, automatically on every payment. | |
Remitly prohibits commercial receiving under its own terms and RBI's LRS framework, making any invoice payment through it a regulatory risk. | EEFC account support + no invoice limits + open to freelancers, sole proprietors, Pvt Ltd, and LLP entities. | |
Platforms & Marketplaces | ||
Wise's invoice restrictions and entity limits make it unworkable as a receiving layer for platforms with diverse Indian vendor bases. | Full white-label API with webhooks and programmatic onboarding for vendor-level compliance. | |
Remitly is a send-only service with no API infrastructure for embedding into a platform product as a receiving channel. | Per-vendor eFIRA auto-generated within 24 hours at the infrastructure level. | |
Why neither is the right tool if you're receiving B2B invoices in India ?
Wise and Remitly are designed to send personal transfers, not to receive business invoices. Neither auto-issues FIRA or handles RBI purpose-code compliance, so Indian exporters are left with manual paperwork and no audit-ready documentation.
Cost stack on Wise
Wise received RBI PA-CB in-principle approval in June 2025, raising inbound limits to ₹25 lakh per transaction. Despite that, the 1.6 to 1.9% receiving fee still applies, FIRA costs $2 and takes up to 3 business days, and all inward payments auto-convert to INR with no option to hold foreign currency.
Cost stack on Remitly
Remitly's own terms prohibit commercial transactions including freelance payments and service exports. Under the RBI's Liberalised Remittance Scheme through which it operates, Remitly is designated for personal remittances only and Indian exporters are outside both its regulatory framework.
Slow Settlement to Indian Banks
Wise settles to INR in same day to 48 hours depending on the corridor. Remitly's Express tier moves funds in minutes for personal transfers, but its Economy option takes 3 to 5 days. Neither timeline is built around a business owner's billing cycle, vendor payment schedule, or payroll deadline.
FIRA and Compliance Friction
Wise issues FIRA per transaction but charges $2 per certificate and delivers it within up to 3 business days, not instantly. Remitly does not issue FIRA for payments received through its platform because such payments are not classified as export remittances under Indian regulations, leaving exporters to approach their AD bank separately.
Invoice Limits and Business-Type Restrictions
Despite Wise's post-approval limit of ₹25 lakh per transaction, Indian accounts are still restricted to freelancers and sole proprietors. Pvt Ltd companies, LLPs, and OPCs have no supported onboarding path. Remitly's $30,000 per-transfer cap is irrelevant since commercial receiving is not permitted on the platform at all.
Xflow is built for India and engineered for growth
Auto-issued FIRA on every payment, RBI-compliant purpose codes, foreign-currency holding and one-day INR settlement, built for how Indian freelancers, agencies, exporters and platforms actually receive and scale.
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.
EEFC Account Support
Hold foreign currency and convert when market timing suits your business. Wise auto-converts all inward payments to INR for Indian accounts, and Remitly has no receiving account for Indian businesses at all.
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.
Wise vs Remitly: Key Differences That Matter
Wise gives you the mid-market exchange rate with a low upfront fee and suits multi-currency transfers and holding, while Remitly focuses on fast consumer remittances with fees and FX margin that vary by delivery speed. Neither is designed for Indian businesses receiving B2B payments, where Xflow offers 0% FX markup, a 0.6% flat fee and auto-issued FIRA.
- 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.
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
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