We bloggers and freelancers keep on getting payments from our clients across the world. While PayPal is the most popular and convenient way of receiving international payments, their transaction charges are a bit on the higher side. I continue to use PayPal for their trustworthiness and global acceptance, but I always wanted a cheaper solution that ensures I get the best conversion rates as well.
Recently, I came across a platform PingPongX, that helps Indian freelancers and business owners to receive payments globally. It gained a lot of popularity as it works differently than other payment gateways. In PayPal or Payoneer or others, both the parties need to be registered with the respective platform and then send the money. This incurs additional charges.
PingPongX offers you local bank accounts of USD, EUR, GBP, CAD, JPY, and AUD currencies. For example. If you want to receive payments from the USA, you can use your USD account for that. The sender needs to transfer money from his bank account to that local USA bank account. PingPongX will automatically convert that into INR and credit into your local bank account.
Regarding exchange rates, it offers one of the best competitive market rates and is much better than PayPal or other alternatives. Try it out and see if this suits your business in the long run.
In today’s post, I will discuss the step by step method to apply for a PingPongX India account, and start receiving payments. So, let’s get started.
Features of PingPongX India:
Here’s why you should look forward to trying PingPongX.
- No Joining Fees or Monthly Fees: PingPongX is entirely free to join and maintain. It only charges you on the payments you receive via the platform.
- Global E-Commerce Payments Support: If you are a seller on ecom websites such as Amazon or Shopify, you can get better payment conversion rates with PingPongX. The supported platforms are Amazon, CDiscount, Shopify, Shopee, and Rakuten.
- Freelance Solution: PingPongX supports payments from Freelance platforms like Freelancer, UpWork, 99Designs, Fiverr, Envato, Udemy, and Chegg. If you are associated with any of these, then you can accept payments with better rates.
- Supported Currencies: PingPongX supports USD, EUR, GBP, CAD, JPY, AED. Your payments will automatically get credited to your Indian Bank Account within 1-2 working days.
- Lowest Transaction Fee: PingPongX transaction fees are among the lowest in the world. It offers a flat 1% rate, which is all-inclusive. There are no hidden charges.
- Automatic FIRC: Your digital FIRC (Foreign Inward Remittance Certificate) will be generated automatically against each transaction.
- Offices across the World: PingPongX has offices in New York, Bengaluru, San Mateo, Luxembourg, Tokyo, Hong Kong, Shanghai, and Hangzhou. Additionally, you can contact them online.
Well, let’s now quickly find out how you can receive International Payments with PingPongX. But before that, you need to open a USD Bank Account inside PingPongX. Here’s how you can do it.
How to open a USD Bank Account in India with PingPongX?
Here’s the step by step guide to open a USD Bank Account in India. At first, you need to create your PingPongX account.
Click on Get a Free Account Now.
You will be taken to the Sign Up page. It will ask for your email and phone number, and you will be asked to create your password. You also need to confirm your phone number via OTP.
Once you create your account, you will be asked to verify your email address. Check your email first. You will get an email similar to this. Click on Activate Now.
Once you sign in, you might need to create a verification code, which adds a second layer of security to your account. You will get this option sooner or later. In case you don’t find it now, skip it.
At first, it will ask for your location. Choose India if you are applying for India. If you are from any other country, choose accordingly.
Next, choose your account type. If you are a freelancer working solo, then Apply for a PingPong Personal Account. If you are a registered business, then Apply for a PingPong Business Account.
On the next page, you will be asked to fill in your business details.
Enter your Name (or Legal Business Name), and upload any ID Card. PAN Card, Passport, and Aadhar Card are supported. Also, enter your business phone number.
If you have a GST Certificate, Choose Yes and Add it below. If you don’t have, choose I don’t have any. Enter your Date of Birth and Address below and click on Next.
Next, it will ask for your local Bank Account details. This is where you will receive your payments. Choose your account type: Personal or Company Account. Enter your Bank Account details, including Account Type, Bank Name, Account Number, and IFSC Code.
Click on Submit when you are done. Your initial details will be submitted to PingPongX for review, and you will get the following message.
Now, most likely, you will be asked for additional details, once your id is verified. Keep a check on your email.
I received the following mail within a day. They asked for my Bank Statement or Cancelled Cheque mentioning my Bank Name, Account Holder Name, Account Number, and IFSC Code.
Once you login to your PingPong Dashboard, you will get a notification about uploading the necessary details. You will also find a ToDo tab on the top left. Click to visit the Pending Actions page.
I uploaded my last month’s bank statement from there. Next, they also asked me to provide a screenshot of the Freelancer Platform I work on.
Well, I had a Fiverr Account for the last five years, since 2015. I submitted it. Below is the exact screenshot of what I sent them. I just added the HiTricks watermark here.
Again you need to wait till they review your submitted information. After two days, I got the Account Approval Mail from PingPongX.
How to Receive International Payments with PingPongX?
Once your account is approved, you can receive International Payments quickly. You need to apply for USD Receiving Account to get payments from the USA.
Go to PingPongX Dashboard and click on the Receive tab. Apply for USD Receiving account from there.
You need to select a Purpose Code for receiving my payments. This should be chosen as per your business needs.
You will find a dropdown with all the Purpose Code options available to you. If you are unsure which one to choose, check out this article about PayPal Purpose Codes for Indian Freelancers. It should give you some insights.
I chose the Purpose Code (P0802): Software Consultancy as it suits my purpose the best.
Once this is done, you will find your USA Bank Account details over there, including Bank Name, Location, Bank Account Number, and Bank Routing Number.
Congratulations! You successfully got a USA Bank Account for Free that you can use to receive payments in USD. You need to share the account details with the platform you will get paid from. That’s it.
Your payments will be automatically transferred to your local bank account within 1-2 business days. PingPong is that fast!
So, what are you waiting for? Go try out PingPongX.
Day by day, our payment structure is improving, and I am happy to see that we don’t have a market monopoly over this. PayPal is an excellent option for bigger businesses as it is a trusted platform, but it’s fees are on the higher end, which affects small freelancers and sellers.
The advent of a local bank account solves this issue to a great extent. PingPong tries to bridge that gap only.
That’s all about PingPongX India. I hope this post will help you reduce transaction charges whenever you get an inward remittance. Try it out and let me know how it goes.
If you have further queries regarding this platform, then do comment below. I will be happy to help. If you like reading our articles, then spread the word, please. Use the social share buttons below. I will be back soon with another exciting update. Keep reading HiTricks.