The effective charge comes out to be 1.8% (ACH or wire transfer) or 4% (Debit and Credit card) including taxes.
Breakdown of the charges:
You receive a Payment of $100. At that point of time, USD to INR conversion rate is USD 1= 70 INR.
That means $100 = 7000 INR (Gross amount).
Assuming that your client paid via ACH or wire transfer, then we charge 1.8% which includes taxes as well.
1.8% Refrens total charge = INR 7000*1.8/100 = 126
= INR 7000-126= 6874
You will receive INR 6874
Now, assuming your client paid via Credit or Debit card then we charge 4% which includes tax
4% Refrens total charge = INR 7000*4/100 = 280
= INR 7000-280= 6720
You will receive INR 6720
The platform fee and taxes are charged from the receiver and not from the payer. The payer doesn't have to pay any amount.
The amount is transferred to your verified bank account in 2 business transaction days.
Read This to Know: KYC Documents required to collect international payments
Read This to Know: How to Receive International Payments in India through Refrens?
Read This to Know: How to verify bank account on Refrens