Dealing with payment in India to Brazil
Thread poster: Paulinho Fonseca

Paulinho Fonseca  Identity Verified
Brazil
Local time: 16:57
Member (2011)
English to Portuguese
+ ...
Jun 3, 2015

Dear colleagues,

I will really appreciate your help regarding taxes/fees when dealing with payment in India.
I am currently living in Brazil and next month I will start a six-month project in India. In Brazil, I receive payment from overseas clients via Papal and Skrill.
Can you tell me the best legal way to get paid? I mean, using bank wire does not seem to be the best and besides I am still learning about India's bank/government fees/taxes and what I know is that PayPal charges 4.2%.

I want to get the best and fairest deal concerning my money.


Thank you for you time.

Paulinho Fonseca


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Balasubramaniam L.  Identity Verified
India
Local time: 01:27
Member (2006)
English to Hindi
+ ...
Bank transfer should be ok Jun 3, 2015

India has an efficient and well-regulated banking system and it shouldn't be any trouble sending or receiving payments through bank transfers to or from India.

I have done both and can confirm that the system works without any hitch. Indian banks will charge about Rs. 1000 per wire transfer and there will be minor additional charges as taxes (not exceeding Rs. 100 in all), so, one bank transfer should not cost more than Rs. 1100 at the most (for comparison, this is equal to about 17 USD, much cheaper than what some American and European banks charge).

The money gets send in a couple of days. SWIFT Codes of the receiving bank and Account No of the receiver would be required.

Receiving payment into Indian banks is equally easy and takes about the same amount of time. The charges would depend on the sending party and it could be up to 40 USD.

So bank transfer (for receiving payment in India) should be considered only for larger amount (say more than 500 USD).

Other options are Paypal, Skrill and Western Union.

As you have mentioned, Paypal is turns out to be very costly for large amounts both because of their high rate (4-5% of the amount sent) and also because of the poor exchange rate they give for currency conversions (it is usually 1% less than what banks offer).


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Sheila Wilson  Identity Verified
Spain
Local time: 20:57
Member (2007)
English
+ ...
'Project'? Jun 3, 2015

Paulinho Fonseca wrote:
I am currently living in Brazil and next month I will start a six-month project in India. In Brazil, I receive payment from overseas clients via Papal and Skrill

Ignore this if you're already well-informed, Paulinho. It's quite likely that I've misunderstood your situation.

I'm just wondering why you're expecting current clients to switch to paying you in India. Are you thinking of linking your PayPal account to an Indian bank? I think you'd need to set up a separate PayPal account for that as they're firmly based in one country only. Then there are the currency hassles. You wouldn't be invoicing in local currency would you? If not, you'll lose a lot getting individual payments exchanged.

I'd have thought that current clients could be unaffected, apart from time-zone changes. Your business address will still be in Brazil, won't it? Won't it be simpler and/or more cost-effective to receive the money into Brazil and then arrange for transfers of largish amounts so you have money to live on? There are many ways to transfer your own funds, not just via the banks.


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Paulinho Fonseca  Identity Verified
Brazil
Local time: 16:57
Member (2011)
English to Portuguese
+ ...
TOPIC STARTER
Thank you and I will take a thorough look at it. Jun 3, 2015

Balasubramaniam L. wrote:

India has an efficient and well-regulated banking system and it shouldn't be any trouble sending or receiving payments through bank transfers to or from India.

I have done both and can confirm that the system works without any hitch. Indian banks will charge about Rs. 1000 per wire transfer and there will be minor additional charges as taxes (not exceeding Rs. 100 in all), so, one bank transfer should not cost more than Rs. 1100 at the most (for comparison, this is equal to about 17 USD, much cheaper than what some American and European banks charge).

The money gets send in a couple of days. SWIFT Codes of the receiving bank and Account No of the receiver would be required.

Receiving payment into Indian banks is equally easy and takes about the same amount of time. The charges would depend on the sending party and it could be up to 40 USD.

So bank transfer (for receiving payment in India) should be considered only for larger amount (say more than 500 USD).

Other options are Paypal, Skrill and Western Union.

As you have mentioned, Paypal is turns out to be very costly for large amounts both because of their high rate (4-5% of the amount sent) and also because of the poor exchange rate they give for currency conversions (it is usually 1% less than what banks offer).


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Paulinho Fonseca  Identity Verified
Brazil
Local time: 16:57
Member (2011)
English to Portuguese
+ ...
TOPIC STARTER
Change of payment Jun 3, 2015

Sheila Wilson wrote:

Paulinho Fonseca wrote:
I am currently living in Brazil and next month I will start a six-month project in India. In Brazil, I receive payment from overseas clients via Papal and Skrill

Ignore this if you're already well-informed, Paulinho. It's quite likely that I've misunderstood your situation.

I'm just wondering why you're expecting current clients to switch to paying you in India. Are you thinking of linking your PayPal account to an Indian bank? I think you'd need to set up a separate PayPal account for that as they're firmly based in one country only. Then there are the currency hassles. You wouldn't be invoicing in local currency would you? If not, you'll lose a lot getting individual payments exchanged.

I'd have thought that current clients could be unaffected, apart from time-zone changes. Your business address will still be in Brazil, won't it? Won't it be simpler and/or more cost-effective to receive the money into Brazil and then arrange for transfers of largish amounts so you have money to live on? There are many ways to transfer your own funds, not just via the banks.



Hi Sheila,

Many thanks for your comments. My existing clients will keep the same Payment system and I might end up opening a Paypal account in India. The issue is regarding my client in India as they want o pay me locally, using dollars and they don't use paypal. It means they will make bank wire.

My concern is related to dealing with money in india (fees/taxes) and then sending money to Brasil (fees/taxes).

Thank you.


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Sheila Wilson  Identity Verified
Spain
Local time: 20:57
Member (2007)
English
+ ...
Dollars? Jun 3, 2015

Right. I had misunderstood.

I can't see why a client based in India would want to pay in US dollars. More to the point, I can't imagine why a service provider, who also lives there (albeit temporarily), would want to accept dollars. But that's none of my business and off topic anyway.


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Paulinho Fonseca  Identity Verified
Brazil
Local time: 16:57
Member (2011)
English to Portuguese
+ ...
TOPIC STARTER
Well, client proposed and... Jun 3, 2015

Sheila Wilson wrote:

Right. I had misunderstood.

I can't see why a client based in India would want to pay in US dollars. More to the point, I can't imagine why a service provider, who also lives there (albeit temporarily), would want to accept dollars. But that's none of my business and off topic anyway.



...it will safe the exchange process. Rupees - Reals/Dollars. Once payment is in Dollars, that's a great deal for me.

Thank you.


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Dealing with payment in India to Brazil

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