IndusInd Bank Partners with Wise to offer Online Remittance

On Friday, the shares of IndusInd Bank closed at Rs 1313.10, up by 1.24% from its previous closing of Rs 1297.05 on the BSE. 

IndusInd Bank has entered into a partnership with Wise, the global technology company specializing in moving and managing money around the world, to offer online inward remittance services to Non-Resident Indians (NRIs) residing in US and Singapore. IndusInd 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 mark-up 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 Economics found that people sending money into India from abroad paid over Rs 21900 crore on foreign exchange fees in 2020, of which roughly Rs 7900 crore were hidden as exchange rate markups on currency conversions. The remaining Rs 14000 crore was spent on transaction fees. 

Through this collaboration, NRIs can book remittance transactions on the IndusInd Bank Indus Fast Remit platform and credit to beneficiary will be routed under the Rupee Drawing Arrangement (RDA) scheme of RBI through Wise’s RDA partners in India. Indus Fast Remit platform will also facilitate NRI customers to open Non-Resident External (NRE) / Non-Resident Ordinary (NRO) accounts with IndusInd Bank, apart from using the remittance services. 

Today, the scrip opened at Rs 1290.10 and touched a high and low of Rs 1318.35 and Rs 1290.10 respectively.  

The BSE group ‘A’ stock of face value of Rs 10 has touched a 52-week high and low of Rs 1342.65 and Rs 763.75, respectively. 

Last one week high and low of the scrip stood at Rs 1342.65 and Rs 1288.00 respectively. The current market cap of the company is Rs 1,01,894.23 crore. 

The promoters holding in the company stood at 16.50%, while Institutions and Non-Institutions held 69.06% and 14.45%, respectively.