How does Wise work in India

Wise works in India in three main ways: receiving international payments into an Indian bank account, receiving transfers sent to India from abroad, and a travel card for Indians spending overseas.

Any Wise overview for Indian users starts with the fact that the service is regulated and has a dedicated team in India, and that the setup and rules differ by use.

• Receiving payments as a freelancer or exporter: International payments can be received and paid out directly to your local Indian bank account. Funds are converted to INR at the mid-market rate and usually reach the bank account within 1 to 2 business days.
• Verification: Indian users verify their identity with PAN and Aadhaar, and the process may include a video KYC call.
• Foreign currency balances: Because of RBI rules, users in India cannot keep foreign currency balances on Wise over the long term, so incoming money is converted and settled to the bank.
• Money sent to India from abroad: A sender outside India can pay into an Indian bank account using the account number and IFSC code, or send to a UPI ID.
• Transfer limits into India: Transfers to private individuals can go up to 100 million INR each, while instant routes such as UPI and IMPS have lower caps, for example 200,000 INR over UPI.
• Wise Travel Card for Indian residents: Residents going abroad can order the card after showing proof of travel, such as a passport, visa and flight tickets.
• Travel card restrictions: The card cannot hold INR and does not work for payments inside India, Nepal or Bhutan, as it is meant only for spending overseas.

To get started, decide whether you mainly need to receive client payments, get money sent to you from abroad, or spend while travelling, then keep your PAN and Aadhaar ready for verification.