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. 

Scott Sanchez Director & Lead Cloud Evangelist at Rackspace // Business Strategy // Product // Marketing // OpenStack

January 30th, 2014

Bitcoin?

Devon Read Founder & CEO of Blockchain Technology Group

January 30th, 2014

Bitcoin.

http://buysellbitco.in

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

Stas Oskin

January 30th, 2014

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

Dario Antonioni

January 30th, 2014

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

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?

Anonymous

January 30th, 2014

Do just 1 monthly wire to all team. $35 should sound be pretty low in this case.
If your arrangement doesn't allow you monthly payments (eg u do weekly, etc), then PayPal or Payonner are ur best options.

Dave Shefferman Founder/President at MadeMoments

January 30th, 2014

Check out www.usforex.com/.  I haven't used them, but I know some people over there.  They are doing some interesting stuff, and supposedly offer much more favorable exchange rates and much lower fees. 



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

Steve Birnhak CEO at Inwindow

January 30th, 2014

We use our bank's foreign exchange desk. There are no fees (although they make their money on the spread).