The global technology company Wise has announced the launch of its fast, low-cost international money transfer service, which will allow the citizens of India to send money to 44 countries globally, including the UK, US, Singapore, Malaysia, UAE, and other countries in the Eurozone. The service is compatible across Android, iOS, and desktop.
From its launch, the Wise international transfer service will prove to be, on average, twice as cheap as similar services offered by banks and other providers such as PayPal; whilst utilising mid-market exchange rates provided by Reuters. The speed of transfers has also demonstrated its competitive ability, with 38% of all international transfers being completed in less than 20 seconds. The notoriously complex process of sending money overseas has also been simplified by Wise, with the tailoring of a 100% online experience, from verification straight through to the setting up and completion of transfers, with no need for customers to leave the comfort of their own homes.
Independent analysis conducted by research firm Alderson Consulting solidified these claims,.shows that Wise’s prices for international money transfers are on average two-times cheaper than similar services offered by competitors. In a practical sense, for example, sending INR 50,000 to the US with this latest service by Wise will cost just ₹1,038.08; a transfer that would typically cost ₹1,909 on average if provided by other institutions.
Transfers to the Indian rupee (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.
Data supplied by the Reserve Bank of India (RBI) shows that remittances under the Liberalised Remittance Scheme (LRS) have been growing over the years 一 totaling $18.75 billion in the financial year ending March 2020, with travel and paying for studies abroad accounting for over 60% of the transfers in that period.
“Bringing Wise to India is a big step forward in our mission to build money without borders 一 instant, convenient, transparent, and eventually free,” comments the CEO and co-founder of Wise Kristo Käärmann. “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 added “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. With its new name, 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.