Indians will be able to send money to 44 nations around the world, including the United Kingdom, the United States, Singapore, Malaysia, the United Arab Emirates, and European Union countries.
Wise (previously TransferWise), a London-based fintech company founded on the peer-to-peer FX transfer idea, has announced its debut in India. Indians will be able to send money to 44 countries globally, including the UK, US, Singapore, Malaysia, UAE and countries in the Eurozone.
Wise has partnered with RBL Bank to allow Indians to send money overseas via the Liberalised Remittance Scheme (LRS).
How to Transfer money abroad through Internet Banking?
Step 1: Log into RBL Bank's Internet Banking.
Step 2: Click on the 'Payments' tab and Select the "International Money Transfer" option.
Step 3: Click on "Manage Payee"
Step 4: Add details such as Payee Country, Currency, Swift code & Payee Details, and click on "Continue".
Step 5: After which enter "OTP" received
Step 6: Click on 'Send Money' option, then enter amount and click on "Confirm
Step 7: Verify your payment details, 'Confirm Booking'.
After you've successfully submitted your request, you'll see a success message with the payment's reference number. RBL Bank will also send you a success message to the phone number and email address you provided.
You can send funds for any of the following reasons or more!
- Family Maintenance to loved ones
- Medical Treatment
- Opening a foreign currency with a bank abroad
- Indian Portfolio Investment Abroad in equity shares
You can transfer funds in 15 currencies such as USD, EUR, GBP, CAD, AUD, CHF, AED, SGD, HKD, NZD, CNY, ZAR, NOK, SEK, DKK.