Wise Money Transfer in India

Wise, formerly known as TransferWise, is a low-cost international money transfer service. With Wise, users in India can send money abroad to over 160 countries, including the UK, the US, Australia, Canada, Germany, Singapore, Malaysia, and the UAE. On the other hand, Wise also facilitates the process of receiving money from abroad in India. Individuals from overseas can send INR directly to bank accounts in India, including NRE and NRO accounts, as well as UPI IDs. Furthermore, Wise’s integration with Google Pay allows users in the US to send money to their family and friends in India.

Money transfers to and from India through Wise serve various purposes, such as paying college fees, bills, covering visa fees, financing medical treatments, and more.

Sending money to or from India with Wise is easy and fast. Sign up for a free account on the Wise app or Wise website with an email address or with your Google, Facebook, or Apple account. Set up your transfer by specifying the amount and providing the recipient’s account details. Review and confirm the transfer, then choose your payment method.

Advantages of Using Wise to Transfer Money

Users prefer to use Wise to send money abroad from India or to India for the following reasons:

• An easy registration process. You can sign up online or through the Wise app in minutes. Money transfers are also fast.
• Cheap. Wise is up to 3.9 times cheaper than most Indian banks and 3 times cheaper than PayPal.
• Wise transfers cover a wide range of countries. You can use Wise to transfer money from over 160 countries.
• It is transparent. There are no hidden fees since the exchange rate is exactly like what is seen on Google.

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Sending Money to India Through Wise

When using Wise to send money to India, you can choose to send Indian Rupees (INR) to someone’s bank account in India, including NRE and NRO accounts, or to a UPI ID.

For bank account transfers, you will need the recipient’s full name (in Latin characters), account number (5-20 digits), and their 11-character IFSC code, usually starting with 4 letters. Selecting the correct purpose of the payment from the provided list is crucial for accurate processing. When sending to a UPI ID, provide the recipient’s full name (in Latin characters) and their UPI ID, which typically incorporates their bank name or initials in the email address format. Additionally, for transfers to India, you may need a Foreign Inward Remittance Certificate (FIRC) depending on specific circumstances.

Transfer limits allow you to send up to the equivalent of 1 million GBP per transfer to private individuals. For businesses, the limit is up to 1.5 million INR per working day. It is advisable to wait until the day after your transfer completes before initiating another one. The duration of the transfer usually involves 1 working day for Wise to receive and convert your money, with an additional 1-2 working days for the conversion process.

Wise Money Transfers from India

When using Wise to send money from India, keep in mind that you can only send INR from personal bank accounts within India through payment networks like IMPS, NEFT, or RTGS. Sending from business bank accounts or NRE accounts is not permitted.

Transfer limits vary based on the purpose of the transfer. For educational purposes, the limit is up to 750,000 INR per transfer, while for other purposes, it is up to 375,000 INR per transfer. The minimum transfer amount is 5,000 INR, and the maximum limit is 250,000 USD per financial year.

To send money from INR, you must meet specific criteria. This includes being an Indian tax resident, completing the verification process with Indian identification, having an Indian address on your Wise account, and linking an Indian phone number to your Wise account.

Wise allows you to transfer INR to various currencies, including AED, AUD, BDT, BGN, CAD, CHF, CLP, CZK, DKK, EUR, GBP, GEL, HUF, IDR, MYR, NOK, NZD, PHP, PLN, RON, SEK, SGD, TRY, and local USD.

How much does Wise charge for India transfer?

Wise fees depend on the currency and transfer type you choose. The company by displays the total cost upfront, and there are no hidden fees. For instance, when using Wise to send money from abroad in USD to India, there is a small, flat fee of 4.25 USD plus 0.61% of the converted amount. For instance, if you are sending 1000 GBP from Wise UK to India, you will incur a fee of 4.77 GBP plus 0.61% of the converted amount.

Wise Limits

Wise has limits for how much you can send to and from India. The limits depend on which currencies you send to and from and the payment method you use. Wise notifies you if you try to send above the limits. However, it is possible to send above the limit by setting up several transfers that are below the limits.

Wise Customer Reviews

Wise has earned a strong customer reputation, with a 4.3-star Trustpilot rating based on over 190,000 reviews. Customers appreciate Wise for its cost-saving benefits, user-friendly interface, and secure platform. However, fees for international transfers and currency conversions should be considered, although these fees tend to be lower than those imposed by traditional banks. Furthermore, transfers may take up to 24 hours to process, and the recipient may experience a delay of 1-2 business days before receiving the funds.

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Transferwise Alternatives in India

Although Wise has way more positive reviews, some customers have complained about poor customer service and delayed transfers. If you find the need for an alternative money transfer service, the following are some good Transferwise alternatives:

• WorlRemit
• WorldFirst (ideal for business transfers)
• Western Union
• Currencies Direct
• MoneyGram
• Skrill
• PayPal

Final Verdict: Wise India Money Transfer Review

Wise proves to be a reliable and efficient option for money transfers in India. With its transparent fee structure, competitive exchange rates, and user-friendly platform, Wise offers significant cost savings compared to traditional banks. The integration with popular payment systems like UPI and Google Pay further enhances its convenience and accessibility.

Customers appreciate the security measures implemented by Wise, as it is authorized and regulated by the Reserve Bank of India (RBI). The positive customer feedback and high Trustpilot rating reflect the satisfaction of users who have found value in Wise’s services.

However, it’s important to note the limitations and restrictions in place when using Wise for transfers in India, such as the specific transfer types, maximum limits, and eligibility criteria.

Further Readings

• Wise vs PayPal
• Wise vs WorldRemit
• WorldRemit vs Wise vs PayPal