Fintech & Ecommerce

Wise & IndusInd Bank to Bring Low-Cost Remittance to India

IndusInd Bank’s customers can access Wise international money transfers directly through the Indus Fast Remit platform: what benefits does it bring?

Wise & IndusInd Bank to Bring Low-Cost Remittance to India

A global payment firm Wise announced its partnership with Indian financial services provider IndusInd Bank. It is the first bank integration in India of the Wise Platform – the firm’s B2B API offering for banks, large businesses and other major enterprises.

The partnership will enable IndusInd to offer online inward remittance services to Non-Resident Indians (NRIs) residing in the United States and Singapore. The transfers will utilize various currency pairs, all embedded into the functionality of IndusInd Bank’s multi-partner remittance service platform – Indus Fast Remit (IFR).

As with other Wise services, NRIs shall enjoy highly competitive foreign exchange (forex) rates which are close to the midmarket ones. Besides, they can compare rates and know the exact credit amount without any markup levied.

Throughout the whole transaction process, customers will have visibility over their transfer status and estimated arrival time. Additionally, the remittance can be initiated online without redundant paperwork or scheduling the bank branch visit. Moreover, international transfers with Wise are fast, with about 55% of transactions reaching the recipient instantly (in less than 20 seconds).

The users of IFR will be able to choose from multiple exchange houses or money transfer companies within a single sign on and an end-to-end digital journey. Credits to beneficiaries will be routed under the Rupee Drawing Arrangement (RDA) scheme of RBI through Wise’s RDA partners in India.

Apart from remittances, Indus Fast Remit platform will also enable NRI customers to open Non-Resident External (NRE) / Non-Resident Ordinary (NRO) accounts with IndusInd Bank.

Earlier this year, Wise rebranded as customer numbers reached 16 million.

Nina Bobro

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Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.