TransferWise India Review

Wise, formerly Transferwise, is a London-based low cost, international money transfer service. Wise money transfer services to India started in 2013 and in June 2021, Wise allowed users in India to send money to 44 countries around the world. Besides, Wise’s recent integration to Google Pay enables users in the US to send Indian Rupees (INR) to Google Pay users in India.

Money transfers to and from India are for different purposes such as payment of college fees, foreign investments, Visa fees, medical treatment, etc.

Wise Transfers to India

Transferwise, rebranded to Wise, first rolled out support for money transfers to India in 2013 and many Indians are now using this service.

How to Send Money to India

Sending money with Wise to India is easy and fast. Wise offers the real exchange rates and transparent transaction fees. To get started, you will need to sign up for an account on Wise app for Android or iOS and the web free of charge. You will need a valid email address, a Facebook account, or Google account to sign up. Next is to set up your first transfer where you’ll indicate how much you want to send. Then, you’ll need to say if you are sending the money as an individual or business and provide personal details such as full name, phone number, address, and date of birth. Next is to pick your recipient and provide their bank details. Cross-check the details of your transfer and click “Confirm” if everything is good. Finally, pay for your transfer using your preferred payment method.

Wise Transfers from India

Previously, you could not use Wise to send money abroad. Instead, you could use banks, Western Union, and other service providers which was quite expensive. As such, sending money from India became one of the most requested features by Wise customers. On 1st June 2021, Wise announced its entry into India through its partnership with RBL Bank, enabling Indian residents to send money internationally. You can now send money from India to 44 countries through the Liberalized Remittance Scheme (LRS). These countries include the United Arab Emirates, Singapore, Canada, the United States, Australia, the United Kingdom, and countries in the Eurozone at lower transparent fees.

How to do an International Money Transfer with Wise from India

First, you will need to sign up online or in the Wise app for free with your email address, Google Account, or Facebook account. Then choose the amount you want to send. Next is to fill in the recipient’s bank account details and then verify your own identity (provide a photo of your ID). Wise offers several payment methods and you’ll need to choose the method you prefer. Then, check the details of your transfer and click confirm if everything is correct. Finally, pay for your transfer using your preferred payment method.

Wise Payment Methods

Wise allows you to send money to and from India using various payment methods. They include bank transfers, Payment Initiation Service Provider (PISP), Swift, debit or credit cards.

Wise Fees

The cost of transferring money depends on the value of the transaction and amount of money you want the recipient to receive. Wise does not hide extra fees and charges in the exchange rate. It uses the exchange rate provided by Refinitiv, formerly Reuters. When sending money with Wise, you usually pay a small flat fee + a fixed percentage of the transfer amount.

For example, sending money with Transferwise US to India in USD to India, you will pay a flat fee of 6.28 USD + 0.53% of the amount that’s converted. Sending 1000 GBP using Transferwise UK to India, you will pay 4.77 GBP. Wise will always show you the total cost upfront. Some payment methods also have a small added fee.

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.

Is it Safe to Send Money to and from India with Wise?

Is Transferwise legal in India? Yes, it is is legal. Wise services are approved by the Reserve Bank of India for facilitating remittances to and from India.

It is safe to use Wise for sending money. The company is regulated by the Financial Conduct Authority (FCA) in the UK. This means that your money is safe since it is stored in a low-risk financial institution.

Wise Customer Reviews

Wise customer reviews are mostly positive (94%) since most customers are satisfied with its easy sign-up process, fast transfers and cheap transaction fees. It has a 4.6 out of 5 rating on Trustpilot.

Advantages of Using Wise to Transfer Money

Indians prefer to use Wise to send money abroad from 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 India to over 40 countries.
  • It is transparent. There are no hidden fees since the exchange rate is exactly like what is seen on Google.

Reserve Bank of India (RBI) data shows that outward remittances under the Liberalised Remittance Scheme (LRS) totalled $18.75 billion in the fiscal year 2019-2020. Travel ($6.94 billion) and Education ($4.99 billion) accounts for over 60% of these transfers. These were closely followed by maintenance of close relatives ($3.4 billion) and gifts ($1.9 billion). Indian residents are allowed to freely send up to $250,000 abroad per financial year.

Wise Alternatives

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:

Final Thoughts on Wise India Money Transfer Review

Wise is one of the cheapest and fastest money transfer company that Indians prefer to many other companies. Your money is always safe when you decide to use Wise to do your transfers.

Further Readings

 

Daisy Neema is a graduate of Chuka University. She is a prolific writer and researcher and has an interest in finance. She also loves writing about businesses and startups.