India Price Comparison Research
A dedicated comparison research team in Wise compared Wise to four India bank accounts. They found that we’re on average 3x cheaper to send ₹9,000 abroad. This is based on the prices offered by Wise Payments India Private Limited during the research period.
Research methodology
The competitor research was collected in June 2023 during a 5 day period (26/06/2023 - 30/06/2023).
They looked at data across multiple countries, currencies, and price points to make sure any price claims we make are fair and accurate. The data was collected by simulating a transfer using live accounts on the providers website, during standard trading hours and at the same time every day, whenever possible, to ensure consistency across the comparison.
The research scope looked at the following, across GBP, EUR and USD using ₹9000 as the transaction value:
- The cost to send money abroad from an account
The costs collected for sending money abroad are made up of both the foreign transaction fee and any exchange rate markup. The exchange rate markup is a percentage added to the mid-market exchange rate by a provider when they sell you a currency.
The research and results
Total cost to send ₹9,000. Overall, Wise is 3x cheaper.
INR > GBP: Wise is 3x cheaper
- Wise: ₹306.15
- Axis Bank: ₹1843.56
- ICICI Bank: ₹1109.92
- HDFC Bank: ₹758.48
- State Bank of India (SBI): ₹140.65
INR > EUR: Wise is 3x cheaper
- Wise: ₹304.50
- Axis Bank: ₹2710.65
- ICICI Bank: ₹1126.57
- HDFC Bank: ₹754.56
- State Bank of India (SBI): ₹142.38
INR > USD: Wise is 2x cheaper
- Wise: ₹309.95
- Axis Bank: ₹1277.68
- ICICI Bank: ₹1091.23
- HDFC Bank: ₹742.86
- State Bank of India (SBI): ₹81.21
*Assuming that waiver criteria has not been met.
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
