IndusInd Bank joins forces with Wise to streamline inward remittances from NRIs
In a major development aimed at facilitating easy and cost-effective money transfers, IndusInd Bank, an Indian private sector bank, has announced a collaboration with global tech company Wise.
The partnership is intended to offer online inward remittance services to Non-Resident Indians (NRIs) residing in the US and Singapore. This move integrates IndusInd Bank’s remittance service platform, Indus Fast Remit (IFR), with Wise’s infrastructure, marking the launch of Wise’s platform in India.
The partnership announcement aligns with the global observance of the International Day of Family Remittances. Customers of ‘IndusInd Bank – Indus Fast Remit’ can now transfer money from the US and Singapore at highly competitive forex rates, comparing rates and knowing the exact credit amount without any markup being levied. This move aims to address the problem of high charges and hidden fees typically associated with traditional financial institutions, as highlighted by a previous study by Capital Economics.
Access to Wise’s rapid, low-cost international money transfers is now available directly through IndusInd Bank’s IFR or Internet banking platform. This process provides customers with complete visibility over their transfer status and estimated arrival time. Notably, about 55% of transfers sent through Wise are instant (less than 20 seconds), and the transfer initiation process can be executed online, eliminating the need for in-person bank visits or paperwork.
The collaboration will allow NRIs to book remittance transactions on the IndusInd Bank IFR platform. The credits to beneficiaries will be routed under the Rupee Drawing Arrangement (RDA) scheme of RBI through Wise’s RDA partners in India. In addition to remittance services, the IFR platform will also facilitate NRI customers to open Non-Resident External (NRE) / Non-Resident Ordinary (NRO) accounts with IndusInd Bank.