In this article, you'll discover whether Stripe operates in India, explore some potential drawbacks if it does, and consider the possibilities for businesses. Stay tuned to find out more.
Does Stripe Work In India?
Stripe is available in India, offering a range of functionalities similar to its global offerings. Businesses in India can utilize Stripe for online payments, in-person payments, and fraud prevention. Additionally, Stripe provides services like financial accounts, customer financing, and issuing physical and virtual cards.
Stripe also supports subscriptions and usage-based billing, accounting automation, and sales tax & VAT automation in India. Businesses can benefit from online invoices, custom reports, and data synchronization. However, starting in May 2024, new Stripe accounts in India will be available by invite only, requiring businesses to request an invite to sign up.
Fees and Charges for Using Stripe in India
Here are some general costs that users might encounter:
- Transaction fees: Stripe typically charges a percentage of each transaction, along with a fixed fee per transaction.
- Currency conversion fees: When dealing with international transactions, Stripe may apply a fee for converting currencies.
- Withdrawal fees: Fees may be charged when transferring funds from your Stripe account to your bank account.
Is Stripe the Best Option in India?
Even though Stripe is available in India, it might not be the best option for users due to certain limitations and restrictions. These constraints could impact the ease of use and accessibility for businesses.
- Invite-only access: Starting May 2024, new accounts require an invite, limiting accessibility.
- Regulatory complexity: International transactions need an IEC code and RBI Transaction Purpose Code.
- Export limitations: Stripe does not support exporters shipping from warehouses outside India.
- Account immutability: Once created, an account's country cannot be changed to or from India.
- Compliance requirements: Businesses must adhere to DGFT and RBI regulations, adding administrative burden.
Alternatives to Stripe in India
1) OneSafe
OneSafe is a leading alternative payment solution in India, offering simple onboarding, lower fees, and superior customer support. Its features include global payments, corporate cards, and multi-currency support, making it an ideal choice for businesses seeking efficient and flexible financial services.
OneSafe Reviews
Users appreciate the comprehensive banking features offered by OneSafe, including ACH, Crypto, Wire deposits, and Virtual cards. The company supports a wide range of businesses, which is positively noted by users. OneSafe is also marked as a "VERIFIED COMPANY" on Trustpilot, adding to its credibility.
2) Wise
Wise offers a multi-currency account, enabling users to send and receive money globally with competitive exchange rates and low fees. It supports over 40 currencies, including Indian Rupees, and provides a secure platform regulated by the FCA. Users benefit from transparent fees, high customer satisfaction, and robust security measures.
Wise Reviews
Wise has an average rating of 4.3 out of 5 on Trustpilot. Users generally mention issues with transfer speeds and concerns about ethical implications. Check out more Wise reviews here.
3) Paypal
PayPal offers a secure and convenient payment solution for individuals and businesses in India. Key features include secure payments, global transactions, and 24/7 fraud monitoring. Users can link multiple cards, enjoy Buyer and Seller Protection, and benefit from easy invoicing, making it a reliable option for diverse financial needs.
Paypal Reviews
PayPal has an overall rating of 4.4 out of 5 stars based on 2,117 reviews. Users generally mention high transaction fees and occasional issues with customer support and billing. Check out more PayPal reviews here.
Frequently Asked Questions about Stripe in India
Is Stripe available for all businesses in India?
Stripe is available, but new accounts will require an invite starting May 2024.
What are the fees for using Stripe in India?
Stripe charges transaction fees, currency conversion fees, and withdrawal fees for Indian users.
Can I change my Stripe account's country to or from India?
No, once created, an account's country cannot be changed to or from India.
Does Stripe support international transactions in India?
Yes, but businesses need an IEC code and RBI Transaction Purpose Code for international transactions.
What compliance requirements must Indian businesses meet?
Businesses must adhere to DGFT and RBI regulations, adding an administrative burden.
Begin Your Journey with OneSafe Today!
Choosing the right payment solution in India is crucial for business success. While Stripe offers robust features, its limitations may hinder some users. Exploring alternatives like OneSafe can provide more flexibility and lower fees. Start your journey with OneSafe today and experience seamless financial services. Sign up now.
