Uk-based fintech firm Wise enters India mkt

Wise, a London-based financial technology company, has launched its low cost and fast international money transfers from India. With this launch, Indians will be able to send money to 44 countries, including the UK, the US, Singapore, Malaysia, the UAE and countries in the Eurozone. The service is available across Android, IOS and the web.

The firm is backed by investors such as Andreessen Horowitz, Peter Thiel’s Valar Ventures, billionaire Virgin Group founder Richard Branson and Paypal cofounder Max Levchin.

Wise said that its service is on average 2x cheaper compared to banks and other providers like Paypal. About 38 per cent of all transfers globally are completed instantly (under 20 seconds). The firm said it is 100 per cent online, from verification to the setting up and completion of transfers. Also, the service uses the real, midmarket exchange rate seen on Reuters. “Bringing Wise to India is a big step forward in our mission to build money without borders — instant, convenient, transparent and, eventually free,” said Kristo Käärmann, CEO and cofounder of Wise.

The RBI data shows that remittances under the Liberalised Remittance Scheme have been growing over the years 一 totalling $18.75 billion in FY20, with travel and paying for studies abroad accounting for over 60 per cent of the transfers.

“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,” said Käärmann. “With this launch, we hope to make these transactions simpler and more pleasant.”

Venkatesh Saha, head of APAC and Middle East expansion at Wise said sending money from India has been one of the firm’s most requested routes globally.

“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.”