If you’re an Indian freelancer, SMB/SaaS founder, exporter, or agency getting paid by overseas clients, chances are you’ve received money through a SWIFT wire.

SWIFT is still the most common route banks use for international transfers.
But for many businesses in India, it comes with the headache of slow settlement, high bank charges, and deductions that are discovered only after the money is deposited in your account.

What should have been a straightforward payment is becoming a process due to delays from the intermediary bank, ambiguous deadlines, and the additional work required to obtain compliance documents.

The good news is you now have better options.
Newer payment rails are faster, clearer on fees, and easier to manage, especially for Indian freelancers, startups, exporters, and small businesses.

In this guide, we’ll quickly cover what SWIFT is, why Indian businesses are moving away from it, and the best SWIFT alternatives you can use today, as well as why Infinity is built for Indian freelancers, founders, agencies, and exporters getting paid from abroad.

What is SWIFT (Society for Worldwide Interbank Financial Telecommunication)?

SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. SWIFT is a global network that banks use to exchange payment messages securely.
Its function is to give banks instructions on where the money should go; it does not store or transfer money itself.

Due to its widespread compatibility and ability to handle high-value payments, it continues to be the standard for many international bank transfers.
But it still falls short of what modern businesses want the most, that is, faster settlement and transparent, trackable fees, because it relies on multiple intermediary banks and multi-layered procedures.

Why consider alternatives beyond SWIFT transfer?

When you rely on SWIFT for international transfers, a few common pain points tend to show up:

• Multiple fees: Banks deduct various fees, including processing fees and currency conversion charges. This can reduce the total amount you will receive.

• Slow processing: Usually, it can take 3–7 days for the beneficiary to actually receive the money, but holidays/intermediary banks can delay it further. Errors in bank account details, public holidays, or involvement of intermediary banks can further slow down the payment process.

• Complexity: Different countries have different banking regulations and requirements.

• Currency fluctuations: Exchange rates can shift between when you send the payment and when it settles, so the final amount you receive may change.

• Limited Customer Support: Traditional banks may offer limited customer support for international issues, and it’s also hard to track delays or missing transfers.

• Expensive: Cross-border payments pass through different systems and rules in each country, making the process complicated.

So even if your client sends the full amount, you might still receive less, and later than expected. Here’s how SWIFT pain points usually show up in real life:

The SWIFT network is best for large-value business transactions with international clients who prefer SWIFT bank-to-bank transfer.

Top 5 SWIFT alternatives to consider in 2026

1. Infinity

If your goal is to get paid by an overseas client and receive the money in India, Infinity is a great SWIFT alternative.
Infinity is designed with one clear objective: to help Indian freelancers, startups, agencies, and exporters receive international payments faster with minimal deductions.

Here’s what you get:

• Fee: ~0.5% flat per incoming payment

• FX: live market rate, no hidden markup

• FIRA: auto-generated for every successful transaction

• Settlement: 24-hour settlement to your Indian bank account

On the product side, Infinity is also designed to be easy to use: share payment links with clients, track payments in the dashboard, and use multi-currency options, with no complicated setups.

If you’re a freelancer, small business owner, or exporter, you probably want to avoid large cuts and keep more of what you earn.
Infinity’s transparent market exchange rates, flat fees, and compliance support make it a suitable choice in India.

Know how much you will receive in INR with Infinity's currency converter.

2. Wise Business

Wise Business is a great SWIFT alternative if your main priorities are transparent exchange rates and clearly displayed fees.
As it uses the mid-market rate, preventing you from being hit by an inflated FX rate, it is popular mainly among sole proprietors/freelancers in India (limited entity support)

However, Wise has certain practical limitations for Indian users that become important when your invoices increase or you require additional documentation

Here’s what you get:

• FX fees: typically ~1.6%–1.8% (shown upfront, no hidden markup)

• FIRA: ~$2.5 per transaction (paid, not free)

• Invoice limit: up to $10,000 per invoice for Indian users

Therefore, Wise is most effective for small businesses and non-price-conscious freelancers who want straightforward transfers and transparent foreign exchange rates, and who don't require compliance support and much invoice flexibility.

Read more: Top Wise alternatives in India 2026