Your full guide to the best international payment methods

When you need to make international payments, there are often multiple options you can choose from to complete the transaction. But each differs based on cost, time, and ease.

Learn more about international payment methods with this guide, so you can make the best decision for you.

Here is a quick table looking at the best international payment methods and how they compare on fees, time, and convenience.

The exchange rate markup fee is a hidden fee that is tucked into the exchange rate you get on international transactions. Banks, card companies, and some transfer providers will weaken the exchange rate you get when you are making a payment.

This difference between the real exchange rate- which you can find on Google - and the one you get on a transaction is a hidden fee that can make a purchase more expensive.

Payment gateways

Payment gateways are a third party company that helps the buyer and seller with payments online. They can be inputted into a website or online store and then allow customers to use their service to make purchases.

The payment gateways take a cut of every transaction and may charge an extra fee for international payments. Payment gateways are ideal when they offer relevant payment options for your consumer audience and there is an online store, digital invoices or website.

SWIFT payments

SWIFT payments is a traditional global payment system between banks. It allows for direct transfers from one bank account to another. To complete a SWIFT payment, both banks must be part of the SWIFT system and have a unique SWIFT code. SWIFT transfer can be done at your local bank or typically through your bank’s online banking system. While fees may be low, it is often not the fastest option out there.

Debit cards

A debit card is a card with swipe or a chip that links to a bank account for direct debit for purchases. Debit cards are usually used via Visa, Mastercard or associated processing companies that link it to the bank and bank account to deduct from.

When a debit card is used, a PIN may be required and the funds must be in the bank account. It is a simple way to pay online or at a point of sale, but can carry transaction fees, currency conversion fees, and an exchange rate markup when used internationally.

Credit cards

Credit cards are linked to an account with a credit line where users pay back for usage, often with interest. Credit card companies like Visa, Mastercard, and American Express make payments smooth without a bank and are typically accepted everywhere- often without a PIN required.

The ease of use and availability to be used in most places for international payments however does often come with multiple fees and markups on top of the interest rate.

International transfer providers

Modern international transfer providers often use tech to make international payments easier than other options. Popular providers like Wise, Western Union, or Moneygram let users transfer money using their bank account or debit/credit cards either online or through a convenient mobile app.

And the funds can arrive directly into a bank account locally, or even be picked up as cash. But keep an eye out for unnecessary fees and make sure to shop around for a trusted provider.

Let Wise take care of your international payments

Wise offers Indian businesses and freelancers with account details in 8 different currencies to receive payments from abroad. You can use these account details to receive payments from platforms like Upwork or your clients pay you with a local transfer in their currency, and you receive rupees in your INR bank account — with eFIRC for every transfer.

Get started with a Wise Business Account 🚀 and save with a low-cost transfer fee and mid-market exchange rate - which is the same as the one you see on Google.

And if you are in a currently supported country abroad, check out the Wise Multi Currency Account with a linked debit card. It is a single account where you can hold, send, receive and shop with multiple currencies- including Indian rupees.