Wise lets Indian residents transfer money abroad

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Wise lets Indian residents transfer money abroad

Wise, Financial technology company, stated that users in India could now send money abroad to 44 countries worldwide. 

That includes Singapore, the United Kingdom, the United States, the United Arab Emirates, and countries in the eurozone.

According to the Reserve Bank of India data, India’s outward remittances in 2019-2020 were about $18.75 billion. Under a liberalized remittance scheme, the central bank allows citizens to send up to $250,000 abroad to fund personal expenses or education per financial year. It begins in April and ends in March the following year. 

About the company

Wise, formerly Transferwise, is an innovative application that connects people who need to exchange two opposing currencies, saving you up to 90% of the cost of doing so with the other existing alternatives.

The first Skype employee has created this system. Skype has already revolutionized communications in the past, which is a good sign that we are talking about an innovative company.

In addition, the company has won the Financial Times ArcelorMittal Boldness in Business Awards. In previous editions, this award has been won by important companies such as Twitter and GoPro. 

Use Wise to transfer money to India

Using Wise couldn’t be easier. To begin, register using this link: https://wise.com/. 

You will be able to make your first free transfer in 4 simple steps:

  1. Once registered, you have to access your account. On the right side appears a space where you indicate how many EUR, USD, GDP you want to send. Also, you must point out to RECEIVE INR so that Indian Rupees are received. Enter the currencies you want to work with and the amount you want to send.
  2. Next, you will be taken to the page to indicate your personal data and go to the next page.
  3. Indicate to who you are sending the money to. If you know the bank account, you can enter it directly. If you prefer that the recipient enter it, Wise will send an email to fill in the data. In the case of the BANK ACCOUNT option, you will have to enter the DESTINATION account data.
  4. Finally, choose how to get the money to Wise: by bank transfer, debit card, credit card (the fastest), or Sofort Banking. Using the debit is simple as if it were an online purchase. If it is a credit card, it may not work or have a small surcharge (0.3%). The card must also comply with security measures. A bank transfer will be made within the next 12 hours. 
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