IndusInd Bank collaborates with Wise for Indus Fast Remit platform

16 Jun 2023 , 02:06 PM

IndusInd Bank has announced a partnership with Wise, a global technology company that specializes in moving and administering money around the world, to provide online inward remittance services to Non-Resident Indians (NRIs) in the United States and Singapore.

IndusInd Bank’s multipartner remittance service platform – Indus Fast Remit (IFR) and Wise Platform collaborated to provide NRIs with multicurrency inward remittance service.

Wise Platform, Wise’s infrastructure offering for banks and non-banks, is also being launched in India as a result of the integration of IFR and Wise Platform. The announcement also coincides with today’s International Day of Family Remittances.

Customers of ‘IndusInd Bank – Indus Fast Remit’ will be able to transfer money from two global markets, namely the US and Singapore, at highly competitive forex rates, allowing them to compare rates and know the exact credit amount without any markup.

As part of this collaboration, NRIs can perform remittance transactions on the IndusInd Bank Indus Fast Remit platform, and credit to beneficiaries will be routed through Wise’s RDA partners in India under the RBI’s Rupee Drawing Arrangement (RDA) scheme.

Wise’s lightning-fast and low-cost international money transfers will be available to IndusInd Bank customers directly through the bank’s Indus Fast Remit platform or its Internet banking platform. Customers will be able to view their transfer status and expected arrival time.

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