Wise Platform has secured its first bank integration in India with IndusInd Bank, enabling non-residents living abroad to make international payments into the country.
Powered by Wise Platform's APIs, IndusInd Bank non-resident Indian (NRI) customers can send money from USD and SGD, to recipients in India with no exchange rate markups.
Customers, says Wise, get "lightning fast" transactions and full visibility over their payment status and estimated arrival time — all entirely online.
Remittances to India hit $100 billion in 2020 and there is an NRI population of 13.4 million -including 1.28 million in the US.
Soumitra Sen, head, consumer banking and marketing, IndusInd, says: "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, India, Wise, adds: "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."