Wise launches Instant Money Transfer from India

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Mumbai: Wise (formerly TransferWise) a global group delivery The company has launched its fast and low-cost international money transfer service in India. The launch will allow Indians to send money to 44 countries including UK, US, Singapore, Malaysia, UAE and Eurozone countries. The service is available through a mobile app and web browsers.
The company cited a report by Alderson Consulting claiming that Wise’s rates for international money transfers are half those of banks and other providers. The company charges an upfront fee and transfers money at the interbank exchange rate. As a result, the transfer fee of Rs 50,000 to the United States costs Rs 1,038 with Wise compared to Rs 1,909 with banks after taking into account the markup in the exchange rate.
The company is targeting the $18.8 billion remittance market out of India in FY20, of which overseas travel and study accounted for 60% of transfers. Speaking to YOU, Kristo Käärmann, CEO and co-founder of Wise, said: “Globally, 38% of transfers made on Wise take less than 20 seconds to arrive. It’s not universal yet, but 60% of the time it happens in less than an hour, we get a bigger share of moment transfers”. He added that the existence of instant transfers in the local market was positive for the Indian market.
Wise first enabled transfers to India in 2013, and the company recently enabled Google Pay users in the United States to send rupees to Google Pay users in India. In India, Wise has partnered with RBL Bank to facilitate remittances. The company serves more than 10 million customers worldwide and processes approximately $6 billion in cross-border transactions per month.
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