IndusInd Bank has announced its collaborative move with Wise to enable online inward remittance services to Non Resident Indians (NRIs) residing in US and Singapore, as per company statement.
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Indus Fast Remit (IFR), bank’s own multi-partner remittance service platform, and Wise Platform have partnered to offer multi-currency inward remittance service to NRIs.
Indus Fast Remit is a multi-partner digital platform facilitating remittances to India especially by NRIs. Customers can opt from multiple Exchange Houses or Money Transfer Companies offering competitive rates with a single sign on and an end-to-end digital solution.
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Customers of ‘IndusInd Bank – Indus Fast Remit’ can transfer money from two global markets at forex rates where they will be able to compare rates and know the exact credit amount without any mark-up being levied.
NRIs can now book remittance transactions on the IFR and credit to their family, which will be in-line with the Rupee Drawing Arrangement (RDA) scheme of RBI (Reserve Bank of India) through Wise’s RDA partners in India. Indus Fast Remit will also encourage customers to open Non Resident External (NRE)/Non Resident Ordinary (NRO) accounts with IndusInd Bank.