IndusInd Bank, Wise offer remittance services to US, Singapore

Internationally-based Indian citizens can remit from Singapore and the US.

IndusInd Bank has partnered with Wise, a technology company specialising in global money transfer, to provide online inward remittance services to non-resident Indians (NRI) in the US and Singapore.

Through their integrated platforms, Indus Fast Remit (IFR) and Wise, NRIs can use multi-currency inward remittance services with competitive foreign exchange rates.

This collaboration also marks the introduction of Wise Platform in India, which offers infrastructure support for banks and non-banks. The announcement coincides with the International Day of Family Remittances.

Customers of 'IndusInd Bank - Indus Fast Remit' can compare rates and know the exact credit amount without any mark-up charges. 

This collaboration aims to address the high charges and hidden fees associated with traditional cross-border money transfers through conventional financial institutions, both parties told in a press release.

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NRIs would also have direct access to Wise's international money transfers through the bank's Indus Fast Remit platform or its Internet banking platform and have the ability to track their transfer status and estimate the arrival time. 

The funds will be credited to the beneficiary through Wise's Rupee Drawing Arrangement (RDA) partners in India, in compliance with the RBI's guidelines. Additionally, the Indus Fast Remit platform enables NRI customers to open non-resident external (NRE) / non-resident ordinary (NRO) accounts with IndusInd Bank and avail of the remittance services.