Payment methods to receive payments from foreign clients in a bank account in India.

Please note that the information provided below is from personal experience and may not same as what is listed on the website of the methods. This would help to decide which method is better in different scenarios.

TransferwisePayoneerPaypal
How is fund deposited?Deposited directly to an Indian Bank AcountDeposited to the Payoneer account and auto-withdrawn daily to an Indian Bank AccountDeposited to the Paypal account and auto-withdrawn daily to an Indian Bank Account
How much time is taken to get the fund in the bank account?Within a day, sometimes within few hours1 to 2 Days2 to 15 days (There were instances where the fund was put on hold for verification and took around 15 days to get deposited)
How much transaction fee is charged?Dynamic fee based on the amount to be transferred but the fee is shown upfront and lowest compared to other methods DetailsUpto 2% as currency conversion fee when withdrawing to a bank Details4.40% + Fixed Fee when receiving the payment and 4% as currency conversion fee when withdrawing to a bank Details
How is the exchange rate to INR?Best (Mid-market rate)Better compared to Paypal as conversion fee is lowerBad as conversion fee is higher
How much of a hassle is it for the client?High as they have to create an account with Transferwise and add a payee. Clients with a low-value project might not agree to this.Low if they have a Payoneer AccountLow if they have a Paypal account
Can a client pay without signing up for an account?NoYes, a client can send the funds as a bank transfer to Payoneer local receiving accounts DetailsNo
What information to share with the client?Full Name, Postal Address with Pincode, Bank Account with IFSCPayoneer Email AddressPaypal Email Address
Which is recommended?Highly recommended for best conversion rate and upfront fees. Few clients would cover the fees while making the payment.Recommended for business transaction for better conversion rates than PaypalRecommended when no other method is feasible
Sign UpOnly the client needs an account, Create an AccountCreate an AccountCreate an Account