IndusInd Bank has integrated Wise to enable efficient and low-cost payments and transfers.
IndusInd Bank reports a customer base in India of around 34 million, with 2606 Branches/Banking Outlets and 2878 ATMs spread across geographical locations of the country.
Wise is a stealth bank that operates globally with a focus on low-cost movement of money. The integration with IndusInd is the first for Wise in the country.
IndusInd Bank customers may now send money from USD and SGD, to their recipients in India. Around 55% of payments through Wise are instant.
Wise points to a study that states people sending money into India from abroad paid over ₹21900 crores on foreign exchange fees in 2020, of which roughly ₹7900 crores were hidden as exchange rate markups on currency conversions. The remaining ₹14000 crores were spent on transaction fees.
Soumitra Sen, Head of Consumer Banking and Marketing at IndusInd Bank, said it is their goal to bring “path-breaking” services to their customers.
“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 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.”
Wise shares that it is currently live with more than 60 banks and businesses across the world, allowing them to leverage Wise’s technology and embed the ability to send, receive and manage money internationally.
