‘Wise’ paves the way for India to send money abroad

Wise has tied up with RBL (formerly Ratnakar Bank) under the Liberalised Remittance Scheme (LRS) to send money abroad. “Transfers to Indian Rupees (INR) were first made available in 2013, and the company recently enabled Google Pay users in the United States to send INR to Google Pay users in India,” a press release issued by the firm said.

Wise specializes in cross-currency money transfers, which can entirely be done online. The firm claims that its service is faster and cheaper than other fintech players and traditional banks, which serve a large cut and offer unfavorable exchange rates. According to Wise, the research firm Alderson Consulting conducted an independent analysis that showed the company’s prices for international money transfers are on average twice cheaper than banks and other providers. For example, sending `50,000 to the United States costs `1,909 on average with other banks, but only costs `1,038.08 with Wise.