Using a Wise Business Account was a solid option until they increased their fees from 0.91% to approximately 2.5%–3% in total. Wise’s fee structure is straightforward but can be quite substantial.
Let’s compare a $1,000 transaction with Wise versus Mulya:
Total Fees with Wise: $22.95 (~2.3%)
- e-FIRC Fees: $2.50 USD (fixed)
- GST: $3.50 (18% of the Wise fee + e-FIRC fee)
- Wise Fees: $16.95
(Note: The fee details were captured on September 25, 2024, at 11:20 AM IST.)
For a detailed fee breakdown, you can explore Wise’s calculator here: Wise Calculator.
But I See Different Fees on Wise; It’s Around 0.8%
Wise offers two products: personal remittance and business payments. The personal remittance fee is approximately 0.8%, but it does not provide an e-FIRC, which can lead to compliance issues in the future.
To summarize, for a $1,000 transaction with Wise, you would end up paying about $23 in fees.
Let’s Talk About Mulya
At Mulya, our main vision is to keep transactions simple and compliant with forex regulations. We charge an all-inclusive fee of only 1% on the total transaction amount.
- No Forex Markup: All conversions are done at the Google rate.
- No Additional GST
- Free FIRS
In conclusion, for a $1,000 transaction with Mulya, you would only pay $10 in total fees—$20 less than what Wise charges.
You can use the calculator here: Mulya calculator
Additional Features of Mulya
Mulya allows you to hold funds in virtual accounts and convert them to INR only when you choose. This gives you better control over foreign exchange (FX) rates and allows you to optimize your conversion based on market conditions.
Make a “wise” decision accordingly.