IndusInd Bank partners with Wise Platform to bring low-cost and quick international payments to India

We’re very excited to announce our first Wise Platform bank integration in India with IndusInd Bank! The partnership will give non-resident Indians (NRI) living abroad faster, cheaper and more convenient international transfers to India, available directly in the Indus Fast Remit platform.

Powered by Wise Platform's easy-to-use APIs, IndusInd Bank NRI customers can seamlessly send money from USD and SGD, to their recipients in India with no exchange rate markups or hidden fees. Customers gain access to Wise’s lightning fast transactions where around 55% of payments through Wise are instant and get full visibility over their payment status and estimated arrival time — all entirely online without needing to visit a physical branch.

The conventional way of moving money abroad through traditional financial institutions typically involves high charges and hidden fees. An earlier study¹ found that people sending money into India from abroad paid over ₹21900 crores on foreign exchange fees in 2020, of which roughly ₹7900 crores were hidden as exchange rate markups on currency conversions. The remaining ₹14000 crores were spent on transaction fees.

With this in mind and a strong focus on delighting customers, our dedicated Wise Platform team supported IndusInd Bank through all stages of the build to ensure a seamless experience for their banking platform.

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.”

Rashmi Satpute, Country Manager, Wise India said:

“At Wise, our mission is to make moving money faster, cheaper and more transparent for everyone, everywhere. Having launched transfers from India in 2021, today we are thrilled to double down on our commitment here and bring Wise Platform to India with IndusInd Bank onboard as our first partner. IndusInd Bank and Wise share a common vision of modernising the global financial system, and we’re delighted to team up to enable inexpensive, fast and transparent transfers to India for millions of NRIs abroad.”

She further added,

“By leveraging Wise’s API, partners like IndusInd Bank gain access to Wise’s infrastructure, including our market-leading cross-border payments, extensive licence network, and operational capabilities.”

Wise Platform is live with more than 60 banks and businesses across the world, allowing them to leverage Wise’s technology and embed the best way to send, receive and manage money internationally.

About Wise Platform

Wise is a global technology company, building the best way to move money around the world. Over the last decade, Wise has built an entirely new cross-border payments network that will one day power money without borders for everyone, everywhere.

Thanks to Wise Platform, large companies and banks can leverage Wise’s technology and embed the best way to send, receive, and manage money internationally into their existing infrastructure. With over 60 partners worldwide, Wise Platform saves banks and businesses time and money by allowing them to seamlessly bring fast, cheap, transparent and convenient cross-border payments to their customers.

About IndusInd Bank

IndusInd Bank Limited commenced its operations in 1994 catering to the needs of consumer and corporate customers. Since its inception, the Bank has redefined the banking experience for its customers including various government entities, PSUs and large corporations. As on March 31, 2023, IndusInd Bank has a customer base of approx. 34 million, with 2606 Branches/Banking Outlets and 2878 ATMs spread across geographical locations of the country and covering 1,37,000 villages. The Bank has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology that supports multi-channel delivery capabilities. It enjoys clearing bank status for both major stock exchanges BSE and NSE and settlement bank status for NCDEX. It is also an empaneled banker for MCX. IndusInd Bank was included in the NIFTY 50 benchmark index on April 1, 2013.

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Sources used:

1. Independent research carried out by Capital Economics in 2021, commissioned by Wise.