Wise Brings Pioneering International Money Transfer Service to India
- Money Transfers
- 01.06.2021 09:10 am
Wise, a global technology company building the best way to move and manage money internationally, announced the launch of its low-cost and fast international money transfers from India today. With this launch, Indians will be able to send money from the country to 44 countries globally, including the UK, US, Singapore, Malaysia, UAE, and countries in the Eurozone. The service is available across Android, iOS, and the web.
At launch, Wise’s service is:
Cheaper 一 on average 2x cheaper compared to banks and other providers like PayPal
Faster 一 38% of all transfers globally are completed instantly (in less than 20 seconds)
Easier 一 100% online experience from verification to the setting up and completion of transfers, with no need for customers to leave their homes
Transparent 一 the service uses the real, mid-market exchange rate seen on Reuters
Independent analysis conducted by research firm Alderson Consulting shows that Wise’s prices for international money transfers are on average 2x cheaper than banks and other providers like PayPal. For example, sending INR 50,000 to the US costs just ₹1,038.08 with Wise, but costs ₹1,909 on average with banks.
Prices for sending ₹50,000 to other popular routes are:
AUD - ₹966.18
CAD - ₹984.53
EUR - ₹935.02
GBP - ₹1,012.23
SGD - ₹965.03
Transfers to INR were first made available in 2013, and the company most recently enabled Google Pay users in the US to send INR to Google Pay users in India.
RBI data shows that remittances under the Liberalised Remittance Scheme (LRS) have been growing over the years 一 totaling USD 18.75B in the financial year ending March 2020, with travel and paying for studies abroad accounting for over 60 percent of the transfers in that period.
Kristo Käärmann, CEO and co-founder of Wise said:
“Bringing Wise to India is a big step forward in our mission to build money without borders 一 instant, convenient, transparent and, eventually free. The data shows that Indians are more international than ever, with an increasing need to send money abroad as quickly, easily and cost-effectively as possible. With this launch we hope to make these transactions simpler and more pleasant for all Indians.”
Venkatesh Saha, Head of APAC and Middle East Expansion at Wise said:
“Sending money from India has been one of our most-requested routes globally and we’re delighted to be able to bring our fully digital and transparent money transfer service to the country today. With Wise, you know exactly what you’re paying for a transfer, how much money your recipient is going to receive and how long it will take to complete a transfer, all from your phone or computer at home.”
Profitable since 2017, Wise recently renamed from TransferWise to reflect its decade long growth and expansion into a global cross-border payments network. Today Wise is helping to make moving money internationally cheaper, faster and more convenient for its 10 million customers worldwide. A trusted global service, Wise has a Trustpilot rating of 4.6 out of 5 from over 100,000 reviews.
The company also announced the opening of its India office in Mumbai and the appointment of payments industry veteran Rashmi Satpute as the expansion lead for the company in India.
Wise has RBI approval to offer the service in conjunction with a local bank partner.