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UK-based fintech firm Wise launches service that lets Indian users send money abroad

Mount Equity Group Tokyo, Japan > News > Tech > UK-based fintech firm Wise launches service that lets Indian users send money abroad

In this photo illustration, the TransferWise logo is seen displayed on an Android mobile phone.Omar Marques | SOPA Images | LightRocket | Getty Images

Financial technology firm Wise said Tuesday that users in India would now be able to send money abroad to 44 countries around the world.

That includes places like Singapore, the U.K., the United States, the United Arab Emirates as well as countries in the euro zone.

India’s outward remittances in the fiscal year 2019-2020 was around $18.75 billion, with more than 60% of it categorized under travel and paying for studying abroad, according to data from the Reserve Bank of India. Under a liberalized remittance scheme, the central bank allows residents to freely send up to $250,000 abroad to fund personal expenses or education per financial year — which begins in April and ends in March the following year.

Typically, the inward remittance market is comparatively larger as many Indians working abroad send money back to their families in the country. World Bank data for 2019 showed personal remittances received in India exceeded $83 billion.

Kristo Kaarmann, CEO and co-founder of Wise, which was previously called TransferWise, told CNBC that the ability to send money out of India was one of