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Payments to vendors in India

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.

20 Replies

Dario Antonioni
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Dario Antonioni Entrepreneur • Advisor
Design Innovation & Strategy Consultant
We use paypal. Regards, Dario Antonioni | Founder Orange22 Design Lab LLC
Vijay Goel, MD
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Vijay Goel, MD Entrepreneur • Advisor
Founder Chefalytics, Co-owner Bite Catering Couture, Independent consultant (ex-McKinsey)
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
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Devon Read Entrepreneur
Founder & CEO of Blockchain Technology Group
Bitcoin.

http://buysellbitco.in
Alex Potérya
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Alex Potérya Entrepreneur
Technologist and entrepreneur.
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.
Fred Hawkins
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Fred Hawkins Entrepreneur
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 [removed to protect privacy] (m) [removed to protect privacy]
Dave Shefferman
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Dave Shefferman Entrepreneur
Founder/President at MadeMoments

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
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Steven Zeiler Entrepreneur
Software Architect at Ripple Labs
Ripple allows you to pay anyone in the world with Dollars, Rupees, or any currency: http://ripple.com
Steve Birnhak
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Steve Birnhak Entrepreneur
CEO at Inwindow
We use our bank's foreign exchange desk. There are no fees (although they make their money on the spread).
Rob Gropper
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Rob Gropper Entrepreneur
Director at PetHero, SPC - Member at Eastside Incubator - Principal at Tuxedo Technologies Group
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...?
Stas Oskin
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Stas Oskin Entrepreneur
CTO at eyecam
Same idea about using Bitcoin (provided the rate doesn't swing too much).
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