Biznextindia : IndusInd Bank and Wise, a global technology company specializing in moving and managing money around the world, have announced a partnership to offer online inward remittance services to Non-Resident Indians (NRIs) residing in the United States and Singapore.
Under the partnership, IndusInd Bank’s multi-partner remittance service platform, Indus Fast Remit (IFR), will be integrated with Wise’s platform. This will allow NRIs to send money to their loved ones in India in multiple currencies, including USD, SGD, EUR, GBP, and AUD.
The integration of IFR and Wise’s platform also marks the launch of Wise Platform in India. Wise Platform is a white-label solution that allows banks and other financial institutions to offer their customers international money transfer services.
The announcement of the partnership comes as the world observes the International Day of Family Remittances on June 16. The day is an opportunity to celebrate the contributions of NRIs to their home countries and to raise awareness of the importance of international remittances.
Benefits of the Partnership
The partnership between IndusInd Bank and Wise will offer a number of benefits to NRIs, including:
- Convenience: NRIs will be able to send money to their loved ones in India quickly and easily through Indus Fast Remit.
- Transparency: NRIs will be able to see the exchange rate and fees upfront before they send money.
- Competitive pricing: NRIs can expect to pay competitive fees for their remittances.
- Security: Wise is a trusted provider of international money transfer services, and its platform is designed to protect customer data.
Speaking about the partnership, Mr. Soumitra Sen, Head – Consumer Banking and Marketing, IndusInd Bank, said, “At IndusInd Bank, it’s been our constant endeavor to bring forth path-breaking propositions that provide customers with a seamless banking and remittance experience. In keeping with this approach, we are proud to partner with Wise for our revamped Indus Fast Remit platform which enables NRIs to send money to a beneficiary in India at lower cost and at competitive conversion rates from 2 countries globally. We believe that this proposition will witness substantial traction amongst the NRIs, providing them with a comprehensive solution for seamless transfers to India.”