Wise partners with its first Indian bank -IndusInd Bank

Wise has entered into its first partnership with an Indian bank in the form of IndusInd Bank. The collaboration is set to facilitate digital inward remittance services tailormade for non-resident indians residing in Singapore and the US. This involves the transfer of funds in a fast, cheaper, and transparent manner.

Wise- IndusInd Bank deal

Wise Platform -Wise’s infrastructure offering for banks and non-banks alike - has partnered with Indus Fast Remit (IFR). The latter is IndusInd Bank’s multi-partner remittance service platform that facilitates remittances to India particularly by the non-resident Indians. With IFR, customers can transfer funds from Singapore or the US while comparing forex rates. This way, one is able to know the actual credit amount without the levying of any mark-up.

With the Wise Platform collaboration, non-resident Indians can now send funds on IFR to loved ones via Wise’s Rupee Drawing Arrangement (RDA) partners within India. Besides, this group of customers will be able to open a non-resident external (NRE) or non-resident ordinary (NRO) account with IndusInd Bank.

Wise’s India Country Manager, Rashmi Satpute indicated, “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”.

Wise’s first partnership with an Indian bank comes about two weeks after signing its first Japanese client. Late in May, Wise Platform entered a deal with GMO Aozora Net Bank. The collaboration seeks to avail fast, affordable, and convenient international payment services to the over 80,000 corporate customers linked to the Japanese bank.