Users in India would now be able to send money abroad to 44 countries around the world using Wise's service.
Financial technology firm Wise said Tuesday that users in India would now be able to send money abroad to 44 countries around the world.
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.Omar Marques | SOPA Images | LightRocket | Getty Images That includes places like Singapore, the U.K., the United States, the United Arab Emirates as well as countries in the euro zone.
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 IndiaKristo 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 the most heavily requested services the company received from users.
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