IndusInd Bank collaborates with Wise to Enable Online Inward Remittance to India
IndusInd Bank, a leading financial institution, has entered into a strategic partnership with Wise, a global technology company specializing in secure money transfers. This collaboration aims to provide a seamless and efficient online inward remittance service specifically designed for Non-Resident Indians (NRIs) residing in the United States and Singapore.
The partnership enables IndusInd Bank customers to conveniently transfer funds from these two key global markets. The remittance service, known as Indus Fast Remit (IFR), will integrate with the Wise Platform, offering NRIs a comprehensive multi-currency inward remittance solution.
Notably, this collaboration introduces the Wise Platform to the Indian market, opening up new possibilities for secure and cost-effective money transfers.
IndusInd Bank emphasizes that one of the primary advantages of utilizing the “Indus Fast Remit – Wise” service is the ability to access highly competitive forex rates. In a recent filing, the bank highlighted this feature as a major benefit for customers.
Under this collaboration, NRIs can easily book remittance transactions on IndusInd Bank’s Indus Fast Remit platform. The funds will be routed through Wise’s Rupee Drawing Arrangement (RDA) partners in India, following the guidelines of the Reserve Bank of India (RBI). Additionally, the Indus Fast Remit platform will also facilitate the opening of Non-Resident External (NRE) / Non-Resident Ordinary (NRO) accounts for NRI customers at IndusInd Bank, further enhancing the convenience of their banking experience.
Unlike traditional cross-border transactions that often involve high charges and undisclosed fees, this partnership ensures transparency by eliminating markup fees. Customers can compare rates and accurately determine the credit amount, empowering them to make informed decisions.
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A recent study conducted by Capital Economics shed light on the significant expenses incurred by individuals sending money into India from abroad in 2020. The study revealed that foreign exchange fees accounted for over Rs 1900 crores, with approximately Rs 7900 crores hidden as exchange rate markups on currency conversions. Additionally, transaction fees amounted to Rs 14000 crores, emphasizing the need for a more cost-effective remittance solution.
With the collaboration between IndusInd Bank and Wise, NRIs can look forward to a seamless and transparent inward remittance process, while enjoying competitive forex rates and avoiding unnecessary charges. This partnership signifies a significant step forward in facilitating convenient and secure money transfers for NRIs residing in the United States and Singapore, and sets the stage for further innovations in the financial sector.
About IndusInd Bank:
Mumbai is the home of the Indian financial institution IndusInd Bank Limited. Manmohan Singh, who was the Union Finance Minister at the time, formally opened IndusInd Bank in April 1994.
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