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Best payoneer alternatives 2024

Your banks are taking too much time to process payments. 

You are searching for a payoneer alternative now that you want to give up on banks and private fintechs.

You have submitted an endless number of documents and still nothing seems to move forward. 

Your payments are stuck and your international vendor has trust issues with you. 

Your business is likely to face the brunt of this bank hassle. 

Sounds all too familiar?

Then this is where Karbon Forex comes in. 

No bank hassle. Karbon team takes care of all forms and filings - 15CA, 15CB, A2, for outward remittance from India and acknowledgment receipts and such others for inward remittance. 

AND to top it all, your payment gets processed in 24 hrs or 5 days tops. 

Don't believe us? 

Read on to find out how we do it.

#1 Karbon Business 

Karbon has established a connection with JP Morgan in the US, enabling the creation of virtual accounts within a few hours. With these virtual accounts, transactions can be initiated faster compared to other methods, ensuring that the due amount reaches any current account of any bank in India where your business requires it to be received. 

What do you gain? 

A simpler cheaper process. 

Here’s how:- 

  • Simple and Convenient: No more bank visits. Karbon Forex offers a user-friendly online platform for seamless transactions. You can easily initiate and manage your remittances from the comfort of your own home or office.

  • Competitive Rates: With Karbon Forex, you can enjoy competitive rates that are among the best in the market. The best part? You have the option to lock in your exchange rates in advance, giving you more flexibility. 

  • Online KYC and Minimal Documentation: Karbon Forex simplifies the Know Your Customer (KYC) process by allowing you to complete it online. 

  • Inward remittance from US to Indian Bank Account: Whether you hold an account with a large national bank or a local community bank in the US, Karbon Forex enables you to transfer money from any US bank to any Indian bank account. 

  • Recurring Transfers: Karbon Forex allows you to set up automatic transfers with no repeated questions for documentation. Unlike banks, which steal your time, all we need is your approval for every payment. 

#2 Paypal

PayPal is a prominent financial company that provides options for businesses to handle international payments. With the widespread use of PayPal accounts globally, it can be a convenient choice. However, it's essential to be aware of PayPal's fees.

PayPal's business services vary by country and include a range of solutions from payment processing to invoicing. When dealing with international transfers, it's crucial to understand the specifics. Costs associated with a business account can differ from personal payments. Although opening an account is free, there may be various charges, including currency conversion fees and recipient fees.

Despite these potential costs, the extensive features of PayPal's business packages and the company's strong reputation make it a viable option for businesses. Ensure you are fully informed about the expenses involved for your business.

#3 Kodo 

Kodo offers several features tailored to streamline business remittances from India and can be considered a Payoneer alternative:

  1. Versatile Payment Methods: Kodo, as a Payoneer alternative, supports multiple payment methods, such as wire transfers and online banking, providing flexibility for businesses to send money internationally with ease.
  2. Regulatory Compliance: Kodo adheres to the RBI's Liberalized Remittance Scheme (LRS) guidelines, ensuring that all transactions meet the necessary legal and compliance standards, including comprehensive documentation and KYC processes. This makes Kodo a robust Payoneer alternative in terms of regulatory compliance.
  3. Competitive Exchange Rates: The platform provides favorable exchange rates, helping businesses minimize costs when converting Indian Rupees (INR) to foreign currencies. As a Payoneer alternative, Kodo ensures competitive rates for international transactions.
  4. Cost-Effective Transactions: Kodo aims to keep transaction fees low, making it an economical choice for businesses conducting international payments. This cost-effectiveness makes it a strong Payoneer alternative.
  5. User-Friendly Platform: Kodo offers a seamless, digital process for managing remittances, reducing the administrative burden and saving time for businesses. Its user-friendly nature positions it as a viable Payoneer alternative.
  6. Secure Transactions: With a strong emphasis on security, Kodo employs robust measures to protect financial data and ensure safe transfers, making it a secure Payoneer alternative.

Disadvantages of Using Kodo for Business Remittances

Despite its advantages, Kodo, as a Payoneer alternative, has some potential drawbacks:

  1. Transaction Limits: Under the LRS, there is a $250,000 annual cap per financial year, which may be restrictive for businesses with larger international payment requirements. This is a consideration when comparing Kodo as a Payoneer alternative​. 
  2. Complex Compliance Requirements: The need for extensive documentation and adherence to stringent regulations can make the remittance process time-consuming and cumbersome, which is a factor to consider for those seeking a Payoneer alternative​ . 
  3. Intermediary Bank Fees: Additional charges from intermediary banks can increase the overall cost of remittances, and these fees might not always be transparent upfront. This potential for hidden costs is a drawback when evaluating Kodo as a Payoneer alternative​. 
  4. Exchange Rate Volatility: Although Kodo offers competitive rates, fluctuations in exchange rates can still impact the amount received by the beneficiary, necessitating careful planning of transfer timings to mitigate this risk. This is an important consideration for businesses looking for a Payoneer alternative​. 
  5. Limited Physical Support: As a primarily digital platform, Kodo may lack physical branches or in-person support, which some businesses might prefer for handling complex transactions or addressing specific issues. This limitation is notable when considering Kodo as a Payoneer alternative​. 

Overall, Kodo provides a range of features that make it a strong Payoneer alternative for business remittances, offering convenience and cost-effectiveness. However, businesses should also consider the potential disadvantages to ensure smooth international transactions.

Payoneer alternatives for freelancers

To overcome the limitations of traditional banking remittances, you can explore alternative options like Karbon, a neo-banking solution that offers a hassle-free and borderless approach to banking. 

Karbon forex caters to freelancers for inward remittances to India. We charge a transparent flat fee of 2% on all transactions with no other hidden charges. 

Contact us today to know more! 

Last Word

Before you sign up for a Payoneer alternative, there are a few things to consider.

Check for different potential costs: Does it cost to put money into a virtual account with a Payoneer alternative or to take it out? 

If you’re using a Payoneer alternative service to pay suppliers or freelancers, what will they need to do to get their money? Will they have to sign up for a service they don’t want to use and then pay a fee to access their money through the Payoneer alternative?

The views expressed in the blogs on this page are solely the opinions of the authors and do not constitute expert advice. While we strive to provide accurate and up-to-date information, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk. We disclaim any liability for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.

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