Storspay vs Wise Business for paying India: rate, fees, batches and who can actually sign up

Short answer. On a single payment to India, Wise Business and Storspay land within a fraction of a per cent of each other — both use a mid-market rate and both charge around 1% — so the choice is not about the rate. It is about whether you can open the account (platforms, agencies and anyone paying third parties are often refused), whether you can pay a whole team in one batch from one balance, whether that balance also pays Nigeria, Kenya, Ghana and Mexico, and whether every payment produces a receipt with your invoice reference.

Where they are the same

Both convert close to the mid-market rate, both show the fee before you confirm, both deliver rupees to HDFC Bank, ICICI Bank, State Bank of India fast. If you are one company paying one developer in India once a month, either will do the job and you will pay about the same.

Where they differ

Wise is a good product and for a one-to-one payment it is a fair comparison. Storspay is built for the business that pays a team, a supplier list or a marketplace's sellers in India and in Africa or Latin America, from one balance, with the paperwork a finance team needs.

What is different about India

India is the largest market for remote professional services on earth and a bank-first corridor: every salaried professional and every registered company has an IFSC-coded bank account, and domestic rails (IMPS, NEFT) clear in minutes. What matters to an Indian recipient is the rupee amount that actually lands, because wires from the US or Europe routinely arrive short after correspondent-bank charges and a hidden FX spread. Storspay converts once at the mid-market rate and shows the 1% separately, so the rupee figure in the notification is the figure in the account.

How a payment to India works on Storspay

1. Fund your balance in USD (ACH or wire), CAD (Interac e-Transfer or EFT), GBP (UK bank transfer) or EUR (SEPA) — to account details in your own business name. Funding is free.
2. Add the recipient once: their name as it appears on the account, the bank (HDFC Bank, ICICI Bank, State Bank of India, Axis Bank, Kotak Mahindra and every other IFSC-coded bank) and the account number. Storspay checks the account name before you confirm.
3. Type the amount in either box. Enter what you want to send and see the rupees that land, or type the rupees figure on the invoice and see what it costs you. The rate is the mid-market rate; the 1% is on its own line.
4. Confirm. The money goes over IMPS or NEFT and usually lands within minutes — the same business day at most. The recipient gets a notification with the exact amount, and you get a receipt with the invoice reference.

Nobody in India has to sign up, install an app or touch anything other than their own bank account. Everything on the recipient side looks like an ordinary domestic transfer.

What it costs

Storspay charges 1% all-in on payments to India, with a minimum of US$2, at the mid-market rate. That one line covers conversion, settlement and delivery; there is no FX markup, no intermediary-bank charge and nothing deducted on the recipient side.

Rates in this guide are the mid-market rate on the day of writing (1 USD = 96.9643 INR); the calculator on the homepage shows today's. Payments above ₹1,500,000 are split automatically under the local cap, under one reference and one fee.

See what your team in India receives →

Questions businesses ask before the first payment to India

Is Storspay cheaper than Wise for India?

On most amounts they are within a few dollars of each other. Storspay's advantage is not the rate on one payment; it is one balance, one batch and one receipt format across 30 countries.

Can a platform or agency use Storspay to pay its workers in India?

Yes — that is what it is for. Platforms integrate the API; agencies use Run Payroll.

Can I move from Wise to Storspay without changing what my team does?

Yes. Your team still receives rupees to the same bank accounts; only the sender changes.

Can I pay a UPI ID instead of an account number?

Not yet. Storspay pays Indian bank accounts by account number and IFSC code; UPI handles are on the roadmap. Every UPI-linked account has an ordinary account number you can use today.

Is there a limit per payment to India?

Payments above ₹1,500,000 are split automatically under the local cap, under one reference and one fee — a large invoice never becomes several trips to the bank.

Does the recipient pay anything?

No. Storspay charges you 1% all-in (minimum US$2); the recipient receives the rupee amount shown. Their bank may apply its own inward-remittance charge for issuing an FIRC — ask them, it is usually a few hundred rupees.

Who this is for — and who it is not for

Storspay is for businesses and organisations: companies, agencies, schools, hospitals, facilitators, foundations and sole traders paying other businesses and professionals for work, goods and services. A sole trader counts as a business and signs up in their own name.

What Storspay is not is a personal money-transfer service. We do not open personal accounts, and every payment has to be a business transaction: an invoice, a contract, a fee note, work delivered. Money to family and personal transfers are not what this is, and we would rather say so now than at verification.