Wise, a London-based online money transfer service formerly known as TransferWise, announced the launch of its low-cost and fast international money transfers from India.
With this launch, Indians will be able to send money from the country to 44 countries globally, including the UK, US, Singapore, Malaysia, UAE and countries in the Eurozone.
Additionally, 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 received Reserve Bank of India’s approval to offer the service in conjunction with a local bank partner.
This move comes on the heels of Wise’s announcement that the firm has enabled Google Pay users in the US to send INR to Google Pay users in India.
According to a statement by Wise, their services are on average twice as cheap compared to banks and other providers like PayPal and is also 38% faster as all transfers globally are completed instantly in less than 20 seconds.
The firm had recently been renamed from TransferWise to reflect its expansion into a global cross-border payments network which has 10 million customers worldwide.
Kristo Käärmann, CEO and Co-Founder of Wise said,
“Bringing Wise to India is a big step forward in our mission to build money without borders 一 instant, convenient, transparent and, eventually free. 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 said,
“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.”
Featured image: Credited from Unsplash