Yes — if the sender is also a Payvio user, they can send directly to your wallet in that currency, which settles faster than a cross-border bank transfer because no new conversion is needed.
Share your wallet's local account details (shown under Wallets → account details) with anyone who wants to send to it, whether or not they use Payvio, depending on the currency.
Funds received into a wallet are available to spend or convert immediately — there's no holding period.