MUMBAI: Wise (formerly TransferWise ), a London based fintech firm, built on the principle of peer-to-peer forex transfers has announced its entry into India. Wise has tied up with RBL Bank enabling Indians to send money abroad through the Liberalised Remittance Scheme (LRS). The company serves over 10 million customers worldwide, processing GBP 5 billion in cross-border transactions per month, a spokesperson for Wise added. “Bringing Wise to India is a big step forward in our mission to build money without borders 一 instant, convenient, transparent and, eventually free," Kristo Käärmann, CEO and co-founder of Wise said. For example, sending INR 50,000 to the US costs just ₹1,038.08 with Wise, but costs ₹1,909 on average with banks.

Source: Mint June 01, 2021 04:18 UTC