Wise is also launching its international account details feature that will allow freelancers and businesses to get paid from abroad in eight currencies, including GBP, EUR, USD, AUD, and SGD, at the mid-market exchange rate. This solution aims to help businesses save on fees, and enables them to get an eFRIC for every transaction and get payments in under 90 minutes.
India is a key market in global money movement and an integral part of Wise’s growth since it first started offering payments for India’s diaspora. In 2021, the fintech launched faster transfers from India at the mid-market rate and today its customers can spend up to USD 250,000 abroad, the maximum amount allowed under the Liberalised Remittance Scheme (LRS).
According to independent research from Benori Knowledge, high transaction fees, non-transparent pricing, and complicated processes were the top challenges for businesses in India who receive payments from abroad. The new capability from Wise simplifies the process as businesses get free international account details in multiple currencies, and clients can pay using these details like they would any local account. Additionally, Wise automatically converts foreign currency in INR at the mid-market rate and sends it to the linked business’ account in India.
This hub will start with regional teams across product, engineering, and servicing operations, with plans to expand to host global product development and operation. This is a part of Wise’s broader mission to transform the 32 trillion-pound international money movement market and accelerate its ability to make money movement faster, more cost-efficient, and convenient for its customers globally, reflecting Wise’s commitment to becoming a bigger player in the industry.
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