Forex Wise service company cuts fees up to 25pc to transfer money from India to 11 countries


Forex service provider Wise said Thursday it has reduced its fees on average by up to 25% for money transfers from India to 11 countries, including the United States, Canada, Malaysia and Turkey.

The decrease in loads is mainly due to a peak in volume circulating in its channel.

Building the best way to move money around the world, the company has lowered prices by up to 25 percent on average, on international transfers from India to 11 countries, Wise said in a statement.

Other destinations for which fares have been reduced are: Bangladesh, Poland, Hungary, Romania, Bulgaria, Croatia and Chile.

The LSE-listed global technology company said: “As of today, Indian customers of Wise will see cheaper and faster transfers due to an increase in volume passing through Wise as more and more people move through Wise. more consumers no longer use their banks and other vendors, as well as better currency management. rate fluctuation. ” Since the onset of COVID, there has been extreme volatility in the forex markets, peaking in March and April 2020, and gradually returning to pre-COVID levels in May 2021, Wise (formerly TransferWise) said.

During this period, banks increased their rate mark-ups to help cover the cost of risk up to 5 times as much, while Wise continued to offer a guaranteed fixed and mid-market rate with no mark-up, a- he added.

As markets stabilized, Wise’s risk costs fell 15% from before the volatility started thanks to the improvements as the savings were passed on to clients, he said.

“A few months ago, Wise was launched in India, bringing our mission to make international transfers instant, convenient, transparent and possibly free in this part of the world,” said Rashmi Satpute, Country Director of Wise India.

She said Wise India will continue to pass the benefits on to its clients as the costs decrease for the company. The company has just started in India and looks forward to continuing to make services even cheaper and faster.

Founded in 2011, UK-based Wise allows clients to trade in 56 currencies.

(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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