How can I process INR payments through a US bank account using Stripe, Wise, or PayPal?

Below is a summary of considerations and options when using a US bank account to accept payments in INR for your webapp:

Stripe

• Multicurrency Payments:
  Stripe allows you to accept payments in multiple currencies—even if your bank account is in USD. When you accept an INR payment, Stripe will process it in INR and automatically convert it to USD before depositing it into your US bank account.

• Conversion Fees:
  Because the deposit occurs in USD, you will incur currency conversion fees on the INR transaction. These fees are built into the exchange rate provided by Stripe.

• Native INR Settlement:
  To receive funds in INR without conversion, you would generally need to have an INR-denominated (local) bank account. With only a US account available, Stripe does not provide an option to hold funds in an INR virtual wallet for payout in native currency.

Wise

• Multi-Currency Account Feature:
  Wise offers multi-currency accounts that can sometimes allow you to receive payments in several currencies, including INR. You might be able to hold a balance in INR and then decide when to convert those funds. However, Wise’s model is different from an integrated payment gateway like Stripe.

• Integration Complexity:
  Wise would likely require additional integration to accept payments in INR within your webapp and then manage subsequent payouts (in INR or converted to USD). It may be suitable if you’re looking for a specialized multi-currency solution alongside your core payment processing.

PayPal

• Multicurrency and Conversion:
  PayPal supports multiple currencies. If you accept a payment in INR, the funds will be credited in that currency to your PayPal account, but transferring them to a US bank account will involve a conversion to USD along with conversion fees.

• Native Currency Limitations:
  Like Stripe, if your payout account is in USD, you cannot directly receive local INR payments without exchanging the currency.

Recommendations Given Your Constraints

• Using Your US Bank Account:
  With your current US bank account setup, Stripe and PayPal will both convert INR payments to USD automatically—so expect conversion fees on each transaction.

• Avoiding Conversion Losses:
  If your business model revolves around receiving and disbursing cash gifts in INR, one strategy could be to work with a partner that supports holding INR funds (such as Wise’s multi-currency accounts) but note that this typically involves setting up additional accounts or integrations. Another long‐term option is to consider opening a local INR bank account once available; this would allow you to receive INR payments natively, avoiding conversion fees.

• Choosing Your Payment Gateway:
  In your specific case—accepting INR payments while using a US bank account—you need to be aware that both Stripe and PayPal will involve currency conversion fees. Wise might offer more flexibility on holding multiple currencies but may require a separate flow or additional integration effort. Evaluate:

  • Stripe if you prefer an integrated solution with robust API support and are willing to handle the conversion fees.
  • Wise as a complementary solution if you want more control over when to convert funds or hold balances in INR.
  • PayPal if you already have established relationships with it and value its ecosystem, keeping in mind that similar currency conversion fees apply.

Ultimately, given that you currently cannot open a local INR account, using a payment gateway like Stripe or PayPal will work but with the trade-off of conversion fees when processing INR payments. Consider whether these fees are acceptable within your business model or if exploring a multi-currency solution like Wise could offer a better fit for receiving and later disbursing INR amounts.

Feel free to ask if you need more detailed information on any of these integration aspects!