Skydo Review: How It Works, Costs & Best Alternatives

When Indian companies receive cross-border payments, it may feel like a tightrope walk - exchange rates fluctuate, hidden fees can be costly, and international trade compliance is complex.

Many Indian exporters and SMEs lose 3-5% of their international revenue to exchange-rate markups and transaction fees when using the traditional banking system.  

In comes Skydo. A system exclusively designed for Indian businesses managing global business operations and multi-currency transactions.

We will discuss what Skydo is, the benefits, the Skydo review, its drawbacks, competitors, and more.

1. Skydo is a fintech SaaS platform that helps Indian businesses with cross-border payments. The platform offers multi-currency accounts, enabling Indian companies to receive international payments seamlessly without incurring any SWIFT fees. Currency conversion from multiple currencies to INR is performed using the live interbank exchange rate.

1. Skydo provides a consolidated payment platform, tackling real-time payment tracking and regulatory compliance management. The real-time payment update helps improve cash flow. The seamless integration aids exporters and early-stage startups to focus on faster and compliant international trade operations. 

1. Structured Flat-Fees - $19 for payment amounts up to $2,000; and 0.3% for amounts above $10,000 ensures no hidden fees. FIRAs are generated automatically within 24 hours, ensuring RBI compliance. Easier for Indian businesses engaged in foreign remittances to navigate export documentation. 

1. Relative to competitors such as PayPal and Payoneer, Skydo focuses on Indian exporters and provides better forex rates. While Skydo has limitations, it is the most cost-effective solution for Indian businesses seeking to make global business payments. 

Skydo is a fintech SaaS platform that simplifies international payments for Indian businesses. Whether you work in an export business or as a freelancer, Skydo helps you receive cross-border payments transparently. The platform provides foreign currency account details in USD, EUR, GBP, and CAD, converts the funds to INR, and sends them directly to your applicant's Indian bank account, with a free FIRC (Foreign Inward Remittance Certificate) that is issued within 24 hours. The platform is a unified space that enables merchants to create invoices, track payments, and manage compliance. It is an innovative, cost-effective alternative to complicated wire transfers, as it is a fully integrated invoicing and accounting platform. 

Managing international payments shouldn't be a headache. Skydo's real-time payment tracking, combined with built-in export invoicing software, helps companies get paid quicker and stay compliant.

1. Global Bank Accounts - Skydo provides merchants with virtual bank account numbers in different currencies. This allows for easy receipt of international payments in currencies such as USD, GBP, EUR, CAD, and AUD. This builds trust with global clients, mitigating the friction typically associated with cross-border transactions and streamlining international trade compliance.

2. Automatic FIRA Generation - Skydo produces an automatic Foreign Inward Remittance Advice (FIRA) within 24 hours of every incoming transaction, so you're always compliant with RBI requirements.

3. Real-time Payment Status Updates - Skydo enables you to get live updates on the status of your incoming funds. From initiation to settlement of funds, the platform helps you reduce follow-up delays and payment anxieties so you remain in control and informed every step of the way.

4. Simple, Flat Pricing - Skydo offers simple, flat-fee pricing with a zero markup fee. You receive live, bank-to-bank exchange rates with no hidden fees or deductions. You know precisely what you are paying every time.

Managing cross-border transactions can be a daunting task for Indian companies operating internationally. Skydo helps facilitate multi-currency transactions, leveraging live interbank rates and flat-fee pricing. Here’s how Skydo works: 

1. Sign up on Skydo

Create your Skydo account and complete a quick KYC process to get up and running!

2. Receive virtual foreign-currency bank accounts.

Skydo opens a virtual bank account for you, in all key currencies like USD, EUR, GBP, CAD, AUD, AED, and SGD so your clients can send payments as if it were a local transfer.

3. Clients pay you locally, and you avoid swift transfer costs.

From the payer's perspective, it will be treated as a local transfer, thereby avoiding SWIFT transfer costs and any intermediary bank fees. Skydo collects, converts, and settles the funds.

4. Live interbank rates

When the funds are received, Skydo uses live mid-market rates to convert the funds to INR with no forex margin or hidden markups, ensuring you get the most value for your funds.

5. Transparent flat-fee pricing.

Skydo offers flat pricing, which is:

• USD 19 for payments up to USD 2,000
• USD 29 for payments from USD 2,001-10,000
• 0.3% for amounts over USD 10,000

6. Instant FIRA

Skydo auto-generates your Foreign Inward Remittance Advice (FIRA), making compliance and tax filing easier for both you and your partner or supplier, all provided at no additional cost or follow-up!

7. Track payments in real time.

Track your complete payment lifecycle from invoicing to settlement using Skydo's dashboard.

Skydo's global payment solution is cost-effective for managing multi-currency transactions, making it an excellent alternative to SWIFT transfers and traditional banking channels. Let's have a look at the benefits of using Skydo.

1. Quick INR settlements - Funds are converted and settled in your Indian bank account in typically 24 to 48 hours, which guarantees faster cash flow than traditional SWIFT transfers.

2. Regulated and Compliant - Skydo has received in-principle RBI authorization as a Payment Aggregator-Cross Border (PA-CB) and works with major banks to comply and operate securely.

3. Zero Forex Markup - Skydo provides you with live interbank exchange rates free of any forex markup before any risk transfer. While banks and other platforms such as PayPal or Wise typically offer a 1–3% forex markup.

Skydo's transparent, flat-fee approach is ideal for small and mid-sized Indian businesses to easily and predictably manage international payment costs and prevent complex or hidden deductions. 

The fee structure is simple:

1. Up to USD 2000 - $19

2. USD 2001 to 10,000 - $29

3. Above USD 10,000 - 0.30% of the payment amount

18% GST will be charged on the transaction fee.

The critical point to note is that there are no hidden charges or foreign exchange fees, as live interbank exchange rates are used.

Choosing the right international payment platform can impact your international trade compliance. Here is a quick comparison of Skydo with competitors like PayPal, Payoneer, and Stripe.

As a fintech SaaS platform, Skydo has received solid feedback from exporters and freelancers from India as one of the few fintech platforms simplifying cross-border payments. On G2 and Trustpilot, several verified users have provided positive reviews about Skydo's ease of use, transaction fees, and swift foreign currency payments. Let’s see some Skydo reviews-  

As one reviewer on G2, Suraj S. notes: "There will always be the best platform to receive international payments - hassle-free 100% with automatic settlement, the best conversion rates, and on top of all that - easy onboarding." 

Another reviewer on Trustpilot, Nikhil, writes, "Seamless experience from client invoicing to receiving funds. Their customer support is amazing, and onboarding was super quick." 

Shared by Nitika B. "Skydo's flat-fee structure and real-time tracking are a distinct advantage for growing businesses like ours. Automatic FIRA generation saves so much back-end work". 

Users also highlight Skydo's efficiency in international trade compliance and its ability to speed up global business operations.

As a growing Fintech SaaS platform streamlining cross-border payments for Indian businesses, Skydo delivers simplicity and transparency. However, like any evolving solution, it comes with a few limitations-

1. No mobile app currently - Users have noted that there is no mobile app, making it less convenient to manage real-time payments on the go.

2. KYC/compliance is slow at first - The slowest part of the transaction process will likely be the KYC or compliance verification for first-time users, which may delay your first transaction.

3. Limited integrations with accounting packages - Skydo does not yet provide built-in or deep integrations (e.g., with Zoho Books or QuickBooks) with some of the more common accounting tools, meaning you will have to reconcile manually.

Skydo is tailored for Indian businesses, freelancers, and SMEs that regularly engage in cross-border payments and need a more straightforward and cost-effective alternative. If your company manages multi-currency transactions or requires Foreign Inward Remittance Certificates (FIRCs) to comply with tax regulations, then Skydo is designed for you.

1. Service Exporters: Those businesses that sell services to clients overseas (like those in IT, marketing, design, finance, or consulting).

2. Startups and SaaS Companies: Companies selling services or having international clients or investors, where organization in one place, does save time and money compared to having to manage SWIFT transfers, forex rates, and compliance with regulations.

3. Product Exporters: Especially exporters requiring a faster, transparent payment process that also has invoicing and built-in FIRC documentation.

4. Freelancers / Consultants: These include those freelancers and consultants who provide services to international clients on global platforms like Upwork, Fiverr, or directly with global agencies.

If you're an Indian freelancer, service exporter, or small business owner conducting cross-border payments, Skydo is a new fintech SaaS platform for businesses operating globally. It offers multi-currency virtual accounts, transparent flat fees, instant issuance of Foreign Inward Remittance Certificates (FIRCs), and complete simplifying the hassle of SWIFT transfers and export requirements.

Although it does not yet provide full export invoicing software, Skydo has developed a seamless relationship between payment and compliance, making it perfect for Indian exporters who want a faster way to receive money abroad while also being responsible and compliant with business norms.