Induslnd Bank's multi-partner remittance service platform - Indus Fast Remit (IFR) and Wise Platform have integrated to offer multi-currency inward remittance service to NRis. The integration of IFR and Wise Platform also marks the launch of Wise Platform, Wise's infrastructure offering for banks and non-banks, in India. The announcement also comes as the world observes the International Day of Family Remittances today.

This partnership will enable customers of 'Indusind Bank - Indus Fast Remit' to transfer money from 2 global markets namely the US and Singapore at highly competitive forex rates where they will be able to compare rates and know the exact credit amount without any markup being levied. The conventional way of cross-border money movement through traditional financial institutions typically involves high charges and hidden fees. Indeed, an earlier study conducted by Capital Economics1 found that people sending money into India from abroad paid over n 1900 crores on foreign exchange fees in 2020, of which roughly Rs 7900 crores were hidden as exchange rate markups on currency conversions. The remaining Rs 14000 crores were spent on transaction fees.