Can I open Wise account in India

Question

Accepted Answer

Yes, you can open a Wise account in India as an individual, but RBI regulations place strict limits on what an India-based account can do.

A Wise overview for Indian residents comes down to this: sending money out of India is supported for approved purposes, while holding foreign currency is not.

Sending money abroad: An India-based Wise account can send money from India for approved personal purposes such as education, travel or medical treatment.
Who can send from INR: Sending from INR on Wise is limited to Indian tax residents who are based in India.
Identity verification: To send money from INR through Wise, you need an Indian phone number, a PAN card, Aadhaar and a video verification.
Foreign currency balances: An India-based Wise account cannot hold USD, EUR or other foreign currency balances long-term.
Receiving from abroad: Money sent from overseas to an India-based Wise account is converted to INR automatically and paid into your Indian bank account, so it cannot work as a multi-currency wallet for storing foreign funds.