IndusInd Bank has joined forces with Wise, a global fintech company specializing in instant cross-border payments, to offer convenient online inward remittance services to Non-Resident Indians (NRIs) residing in the United States and Singapore. This strategic partnership integrates IndusInd Bank’s multi-partner remittance service platform, Indus Fast Remit (IFR), with the Wise Platform, providing NRIs with a seamless and efficient multi-currency inward remittance service. The collaboration also marks the launch of Wise Platform, Wise’s infrastructure offering designed for banks and non-banks in India. The announcement coincides with the International Day of Family Remittances, highlighting the significance of the partnership for NRI families.
Through this partnership, customers of ‘IndusInd Bank – Indus Fast Remit’ can now transfer money from the United States and Singapore at highly competitive forex rates, ensuring transparency in rates and exact credit amounts without any markup. Traditional cross-border money transfers through financial institutions often come with high charges and hidden fees. In fact, a study conducted by Capital Economics revealed that in 2020, individuals sending money to India from abroad paid over Rs 21,900 crores in foreign exchange fees, which included hidden fees and transaction charges. With this collaboration, IndusInd Bank aims to provide its customers with a cost-effective and transparent remittance solution.
IndusInd Bank customers can conveniently access Wise’s fast and reliable international money transfer services directly through the bank’s Indus Fast Remit platform or its internet banking platforms. One of the key advantages of utilizing Wise’s services is the speed of transactions, as approximately 55% of transfers sent through Wise are instant, taking less than 20 seconds to complete. This quick turnaround time ensures that NRIs can efficiently transfer funds to their loved ones in India without any delays.
The partnership between IndusInd Bank and Wise represents a significant step forward in streamlining the remittance process for NRIs, especially those residing in the United States and Singapore. By leveraging Wise’s expertise in cross-border payments and IndusInd Bank’s robust remittance platform, NRIs can now benefit from a simplified, secure, and cost-effective solution for their inward remittances.
Furthermore, this collaboration serves as a milestone for Wise, as it marks the introduction of its infrastructure offering, Wise Platform, to the Indian market. The Wise Platform aims to cater to the specific requirements of banks and non-banking financial institutions in India, providing them with enhanced capabilities to facilitate seamless and efficient international transactions.
This collaboration comes at a time when the significance of remittances is widely recognized, especially on the International Day of Family Remittances. Remittances play a vital role in supporting families and driving economic growth in recipient countries like India. With a large number of NRIs residing in the United States and Singapore, the partnership between IndusInd Bank and Wise aims to make the process of sending money back home more convenient and cost-effective.
By integrating Indus Fast Remit with the Wise Platform, IndusInd Bank can leverage Wise’s robust infrastructure and technology to enhance its remittance services. This collaboration allows NRIs to transfer funds directly from their accounts in the United States and Singapore to India, ensuring that their loved ones receive the funds quickly and securely.
The transparency offered by the partnership is a significant advantage for customers. With complete visibility of exchange rates and exact credit amounts, customers can make informed decisions and have a clear understanding of the costs associated with their remittance transactions. By eliminating hidden fees and unnecessary markups, IndusInd Bank and Wise aim to provide a fair and transparent remittance experience for NRIs.
In summary, the partnership between IndusInd Bank and Wise brings together the strengths of both entities to offer NRIs residing in the United States and Singapore a streamlined and efficient inward remittance service. With competitive forex rates, transparent pricing, and quick transfer speeds, this collaboration aims to simplify the process of sending money to India for NRIs while reducing costs and eliminating hidden fees. As the demand for fast and reliable cross-border remittances continues to grow, collaborations such as this play a crucial role in meeting the evolving needs of customers in the digital age.
