IndusInd Bank, Wise to offer low-cost and online inward remittance services

IndusInd Bank, on Friday, announced its partnership with Wise, the global technology company specialising in moving and managing money around the world, to offer online inward remittance services to Non-Resident Indians (NRIs) residing in US and Singapore.

IndusInd Bank’s multi-partner remittance service platform - Indus Fast Remit (IFR) and Wise Platform have integrated to offer multi-currency inward remittance service to NRIs.

 “At IndusInd Bank, it’s been our constant endeavor to bring forth path-breaking propositions that provide customers with a seamless banking and remittance experience,” said Soumitra Sen, head - consumer banking and marketing, IndusInd Bank.

“In keeping with this approach, we are proud to partner with Wise for our revamped Indus Fast Remit platform which enables NRIs to send money to a beneficiary in India at a lower cost and at competitive conversion rates from 2 countries globally. We believe that this proposition will witness substantial traction amongst the NRIs, providing them with a comprehensive solution for seamless transfers to India,” Sen added.

Shares of IndusInd Bank, on Friday, rose over 1 per cent at Rs 1,314.45 on BSE.

The integration of IFR and Wise Platform also marks the launch of Wise Platform, Wise’s infrastructure offering for banks and non-banks, in India. The announcement also comes as the world observes the International Day of Family Remittances today.

This partnership will enable customers of ‘IndusInd Bank – Indus Fast Remit’ to transfer money from 2 global markets namely the US and Singapore at highly competitive forex rates where they will be able to compare rates and know the exact credit amount without any mark-up being levied.

The conventional way of cross-border money movement through traditional financial institutions typically involves high charges and hidden fees.

“At Wise, our mission is to make moving money faster, cheaper and more transparent for everyone, everywhere. Having launched transfers from India in 2021, today we are thrilled to double down on our commitment here and bring Wise Platform to India with IndusInd Bank onboard as our first partner,” said Rashmi Satpute, country manager, Wise India.

“IndusInd Bank and Wise share a common vision of modernising the global financial system, and we’re delighted to team up to enable inexpensive, fast and transparent transfers to India for millions of NRIs abroad,” she added.

IndusInd Bank’s customers can access Wise’s lightning-fast and low-cost international money transfers directly through the Bank’s Indus Fast Remit platform or its Internet banking platform.

Customers will have visibility over their transfer status and estimated arrival time. Additionally, transfers are fast — about 55 per cent of transfers sent through Wise are instant (less than 20 seconds). Furthermore, the process to initiate a transfer can be done online without visiting bank branches or going through the hassle of any paperwork.