Wise vs Remitly for Repatriation
Transferring rental income from your Indian NRO account to your overseas bank? Compare the two most popular options for NRI money transfers.
Option A
Wise (formerly TransferWise)
Option B
Remitly
Pros & Cons Breakdown
Wise (formerly TransferWise)
Advantages
- Mid-market exchange rate with no hidden markup
- Transparent fee structure — shown upfront before confirmation
- Supports INR to 50+ currencies worldwide
- Multi-currency account for holding and converting funds
- Excellent mobile app with real-time tracking
- Regulated by RBI for outward remittance from India
Disadvantages
- Transfer limit of ₹7 lakh per transaction (can do multiple)
- Requires LRS (Liberalized Remittance Scheme) compliance for large amounts
- Not all Indian banks support direct Wise integration for NRO accounts
- Processing can take 1–3 business days for INR transfers
Remitly
Advantages
- Fast transfer speed — some corridors offer instant delivery
- Strong customer support for first-time NRI users
- Promotional exchange rates for new customers
- Simple, straightforward user interface
Disadvantages
- Exchange rate includes a markup (less transparent than Wise)
- Higher overall cost for larger amounts (₹5 lakh+)
- Limited to fewer destination countries compared to Wise
- No multi-currency account feature
- Primarily designed for sending TO India, not FROM India (outward remittance limited)
Side-by-Side Comparison
Our Verdict
For NRI rental income repatriation (India → abroad), Wise is the clear winner. Its mid-market exchange rate, transparent fees, and full LRS compliance make it the most cost-effective option for regular rent transfers. Remitly is better for sending money TO India (e.g., for family support) but is less suited for outward remittance of rental income.
Key Takeaways
Wise offers mid-market rates — saving NRIs ₹2,000–₹5,000 per ₹5 lakh transfer vs Remitly
Remitly excels at inward remittance (to India) but has limited outward remittance support
Both require Form 15CA/15CB compliance for NRO account repatriation
For regular monthly rent repatriation, Wise's multi-currency account adds convenience
Always compare rates on the day of transfer — both platforms offer rate guarantees
Frequently Asked Questions
Can I use Wise to transfer rental income from my NRO account?
Yes, Wise supports outward remittance from India under the Liberalized Remittance Scheme (LRS). You'll need to complete Form 15CA/15CB compliance for NRO account transfers. The per-transaction limit is ₹7 lakh, but you can make multiple transfers.
Which is cheaper for large rental income transfers — Wise or Remitly?
Wise is consistently cheaper for amounts above ₹2 lakh due to its mid-market exchange rate with no markup. On a ₹5 lakh transfer, you typically save ₹3,000–₹5,000 compared to Remitly.
Do I still need Form 15CA/15CB if I use Wise or Remitly?
Yes. Regardless of the transfer platform, Indian tax regulations require Form 15CA (self-declaration) and Form 15CB (CA certificate) for outward remittance from NRO accounts. This is a tax compliance requirement, not a platform requirement.
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