Wise brings remittance services to India as part of global expansion

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Valentina Vitali
Valentina Vitali
Research Analyst
Valentina is a Research Analyst and passionate about payments and fintech. Valentin enjoys analysing money transfer companies and the market. In her work, Valentina analyses payments data… Read more
  • Wise, which was formerly known as TransferWise, will now set up remittance services to India as part of its push to expand around the world – and is also set to open an office in Mumbai.
  • The company now has 10 million users across the globe – and this move, which was much requested by customers, will add more to its total.
  • A senior figure at the company said that the firm was excited about the new move, and that it was also part of an ultimate strategic push to make online money transfers free of charge in the future.

Financial technology company Wise has confirmed that it will open up its remittance services in the major market of India.

The company said that it will be opening up an office in the major city of Mumbai as part of a push to work in a number of new markets around the world.

The online money transfer firm said that it was able to process transactions almost two-fifths more quickly than a number of competitors in the money transfer industry.

The move comes after a busy period for Wise in the last few months and years.

It recently rebranded away from its previous name, TransferWise.

It also recently opened up a service for users in the US that allows Indian rupees to be sent via Google Pay to Indian users.

Overall, the company has around 10 million users across the globe at the present time.

Speaking on the Indian expansion, the firm’s chief executive officer Kristo Käärmann said that the expansion was a key move for the firm as it continues to pursue strong growth.

Käärmann, who is also the firm’s co-founder, added that the ultimate goal of Wise was to make money transfers totally free of charge – which is one of the company’s distinctive potential value propositions.

“Bringing Wise to India is a big step forward in our mission to build money without borders – instant, convenient, transparent and, eventually free,” he said.

He added that the international money transfer market in India was booming – especially when it came to demands for making fast 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,” he said.

“With this launch we hope to make these transactions simpler and more pleasant for all Indians.”

Venkatesh Saha, who is head of the Asia Pacific and Middle East Expansion programme at Wise, added that the outward India corridor had been asked for by customers.

“Sending money from India has been one of our most-requested routes globally and we’re delighted to be able to bring our fully digital and transparent money transfer service to the country today,” he revealed.

To learn more about what this leading international money transfers company can offer, why not check out some of the reviews published about it at our reviews section? It’s available here.


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