Forex services firm Wise cuts charges by up to 25 pc to transfer money from India to 11 countries
Forex services provider Wise on Thursday said it has reduced its charges on an average by up to 25 per cent for money transfer from India to 11 countries, including the US, Canada, Malaysia, and Turkey.
The drop in charges is mainly driven by a spike in volume flowing through its channel.
The LSE listed global technology company said: ''From today, Wise's Indian customers will see cheaper and faster transfers because of an increase in volume flowing through Wise as more consumers switch from using their banks and other providers, as well as better management of FX rate fluctuation.'' Since the beginning of COVID, there has been extreme volatility in foreign exchange markets, peaking in March and April 2020, and gradually returning to pre-COVID levels in May 2021, said Wise (formerly TransferWise).
During this period, banks increased their rate markups to help cover the cost of the risk by up to 5 times more, while Wise continued to offer a guaranteed fixed, mid-market rate with no markup, it added.
As markets stabilised, Wise's risk-related costs dropped 15 per cent lower than before the volatility began thanks to improvements with the savings being passed on to customers, it said.
''A few months ago, Wise was launched in India bringing our mission of making international transfers instant, convenient, transparent and eventually free to this part of the world,'' said Rashmi Satpute, Wise India Country Manager.
She said Wise India will keep on passing the benefit to its customers as and when cost comes down for the company. The company is just getting started in India and it looks forward to continuing to make services even cheaper and faster.
Founded in 2011, UK based Wise allows customers to exchange in 56 currencies.
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