The partnership will enable NRI customers living abroad to easily send money from the US, and Singapore markets to their beneficiaries in India, at the mid-market exchange rate without hidden fees and rate markups
The partnership enables low-cost online remittance to India. (Credit: rupixen.com on Unsplash)
India-based IndusInd Bank has teamed up with UK-based financial technology company Wise to provide online inward remittance services to Non-Resident Indians (NRIs) living in the US and Singapore.
Under the partnership, the bank will integrate its remittance service platform, Indus Fast Remit (IFR) with Wise Platform, to provide multi-currency inward remittance services.
The integration signifies the introduction of Wise Platform, the financial technology company’s infrastructure offering for banks and non-banks, in India.
The partnership will enable IndusInd Bank customers, using Indus Fast Remit, to transfer money from the US and Singapore markets, at highly competitive forex rates.
Also, its customers can compare the forex rates and know the exact credit amount without any markup being levied, said the IndusInd Bank.
IndusInd Bank consumer banking and marketing head Soumitra Sen said: “At IndusInd Bank, it’s been our constant endeavour to bring forth path-breaking propositions that provide customers with a seamless banking and remittance experience.
“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 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.”
According to the Indian lender, conventional cross-border transfers through traditional financial institutions typically involve high charges and hidden fees.
IndusInd Bank said that its customers can access Wise’s rapid and low-cost international money transfers directly through the Indus Fast Remit platform or Internet banking portal.
They can digitally initiate a transfer, without needing to visit a bank branch or handling the paperwork, and can track their transfer status and estimated arrival time.
The bank’s Indus Fast Remit platform allows NRIs to book remittance transactions.
IndusInd Bank will credit the amount to the beneficiary, routed under RBI’s Rupee Drawing Arrangement (RDA) scheme, through Wise’s RDA partners in India.
In addition to remittance, the Indus Fast Remit platform also helps NRI customers to open Non-Resident External (NRE)/Non-Resident Ordinary (NRO) accounts with IndusInd Bank.
Wise India country manager Rashmi Satpute said: “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.
“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.”