Payments · Offshore

Payments to vendors in India

Rob G

January 30th, 2014

Has anyone in the community found a reasonable and cost efficient way to pay vendors in India?  We have a development team in India.  Not an ideal arrangement, but helping to move the ball forward each day. we have been doing wire transfers, but it is ridiculously expensive ($35/wire plus they hose us on the exchange rate).  Xoom is for 'friends and family' only - made the mistake of answering their questions truthfully. Odesk? Guru.com? PayPal? thanks in advance. 
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Scott Sanchez Director & Lead Cloud Evangelist at Rackspace // Business Strategy // Product // Marketing // OpenStack

January 30th, 2014

Bitcoin?

Fred Hawkins

January 30th, 2014

Some use PayPal. We used to send a wire ($25 ea). I just heard about someone paying by Bitcoin, which was a bit of a stunner to me. But it seemed to work for him. There is another way, a bit old fashioned... Send a check. Some Indian engineering companies can deposit a US check in India (or even have US bank accounts), which can take longer, but can work well if speed is not an issue and they can deposit it into their bank. Fred Hawkins 415-308-1816 (m) fredhawkins@gmail.com

Devon Read Founder & CEO of Blockchain Technology Group

January 30th, 2014

Bitcoin.

http://buysellbitco.in

Stas Oskin

January 30th, 2014

Same idea about using Bitcoin (provided the rate doesn't swing too much).

Steven Zeiler Software Architect at Ripple Labs

January 30th, 2014

Ripple allows you to pay anyone in the world with Dollars, Rupees, or any currency: http://ripple.com

Rob G

January 30th, 2014

currently sending 4 separate wire transfers to 4 different banks. the $35 fee isn't that bad, but B of A hoses us on the exchange rate.  If i send $1k it costs us $145 or so in exchange and fee. just wondering if there is a more cost effective rout.  @Darlo, My brief look at paypal indicated that India was not a country to which they send funds...? 

Vijay MD Founder Chefalytics, Co-owner Bite Catering Couture, Independent consultant (ex-McKinsey)

January 30th, 2014

Odesk is a 10% markup...likely worse than you have now.  Paypal is about 4% + exchange rate, which is what I've used if it's not enough money for ACH/bank wire.  

If you're doing a meaningful amount of spend, the $35 should be a rounding error and exchange rate should determine the answer.

What level of spend are you talking about?

Devon Read Founder & CEO of Blockchain Technology Group

January 30th, 2014

Bitcoin is free(ish) to convert into, free to send, and then usually about 1% or so to convert into a local fiat currency. The bank of India has issued some legal concerns about it, which i believe caused one of their largest exchanges to shut down, but its still the best option you've got, I believe.

Dario Antonioni

January 30th, 2014

We use paypal. Regards, Dario Antonioni | Founder Orange22 Design Lab LLC

Saul Dekel Founder at Brand Gauge

January 31st, 2014

Try to avoid the Indian banks as much as possible. Odesk and paypal are good solutions, you will loose 10% to odesk and another 4% to paypal. However the security odesk gives - at least at the beginning of an outsourcing relationship is good.