WSFx SecuSmart REMIT App

WSFx

SecuSmart REMIT App

The secure and smart app for your personal remittances

Under the RBI Sandbox Testing Digital Initiative

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WSFx SecuSmart REMIT App Terms & Conditions
Whatever the purpose,

We have got you covered

WSFx is an Authorized Dealer (Category 2), permitted by the Reserve Bank of India (RBI) to send money abroad for a wide variety of purposes. From international university fee transfers, to the maintenance of close relatives and gifting your loved ones, there are a series of purposes where the WSFx SecuSmart REMIT App can assist you digitally from the comfort of your home.

Here is an extensive list of money transfer objectives we can help you accomplish.

  • International University Fee Payments
  • Study Abroad Personal
  • Family Maintenance
  • Gift
  • Travel & Accommodating
  • Medical Expenses
  • Emigration
  • Debt & Equity

Digital Advantage

The secure and smart app for your personal remittances

End to End Digital Process
One App Many Possibilities
Multiple Workflows
Digital Onboarding and Processing
Audit & Compliant Synchronized
Transparent Pricing
Hi-Visibility of Transaction
Quality Security Measures
Easy Reconciliation
24x7 Customer Support
Real Time Rate Integration
Pay in INR via Net Banking

Know more

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FAQ

The WSFx SecuSmart REMIT App is a fully integrated mobile application which enables you to conduct your personal outward remittances seamlessly though a complete digital process of onboarding and transaction processing.

The WSFx SecuSmart REMIT App has been shortlisted earlier this year, amongst several contenders for testing in the Reserve Bank of India (RBI) Regulatory Sandbox Digital Initiative for cross-border remittances. Thus, the app is currently in its testing phase. The app promises to deliver trusted transfers from India at best rates for cross-border transactions for a number of purposes.

There are guidelines governing the usage of the WSFx SecuSmart REMIT App.
(https://s3.ap-south-1.amazonaws.com/files.wsfx.in/SecuSmartRemit/TnCSecuSmart.pdf)
An App user can send the following types of personal remittances under Liberalized Remittance Scheme (LRS) as permitted by RBI, to over 150+ countries worldwide using WSFx SecuSmart REMIT App.

Study Abroad
a)International University Fee Payment
b)University Fee Payment – Self

Other Purposes under LRS
c)Family Maintenance
d)Gift
e)Travel & Accommodation
f)Medical Expenses
g)Emigration
h)Portfolio Investment in Debt & Equity
The WSFx SecuSmart REMIT App support the following currencies for conducting an outward remittance worldwide.
  • o United States dollar - USD
  • o Canadian Dollar - CAD
  • o European euro- EUR
  • o Pound Sterling – GBP
  • o Australian Dollar - AUD
  • o Arab Emirates Dirham – AED
  • o Singapore Dollar – SGD
  • o New Zealand Dollar – NZD
  • o Thai Bhatt - TBH
  • o Norwegian Krone -NOK
  • o Saudi Riyal - SAR
In general, an app user can transfer up to their LRS limit which is currently USD 2,50,000/- or equivalent in a financial year as per RBI guidelines. An app user can conduct a LRS remittance as per the above limit to the beneficiary situated outside the country except for Nepal, Bhutan, North Korea and Iran.
Using the WSFx SecuSmart REMIT App one can conduct a personal outward remittance for the purposes mentioned in point 2. Since the product is under RBI Regulatory Sandbox Testing there are per transaction and per user limits applicable for each purpose which are in point 7.
To know more about LRS remittance and guidelines, please visit
https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10192
Yes, it is mandatory for the resident individual to provide his/her Permanent Account Number (PAN) for all transactions under LRS made through Authorized Persons.
Resident Individual will have to successfully complete their profile, including their one-time video-KYC on the WSFx SecuSmart REMIT App in order to undertake transactions through the app.
An app user can conduct multiple remittances subject to the following transaction limits and total limits set after having completed their profile and one-time video-KYC successfully.

Purpose Minimum per transaction value Maximum per transaction value
Study Abroad 100 USD equivalent 7500 USD equivalent
Other Purposes 100 USD equivalent 1000 USD equivalent
Total remittance value per app user for the testing period is here below:

Purpose Total transaction value per app user
Study Abroad 7500 USD equivalent
Other Purposes 2000 USD equivalent
The WSFx SecuSmart REMIT App can be downloaded from Google’s Play Store or Apple’s App Store. In order to enroll oneself or sign up on the app, the app user will need to update their profile and complete their one-time video-KYC. After successfully verifying the information shared along with the details of the video-KYC, the app user can conduct a transaction on the WSFx SecuSmart REMIT App.

Since the app is under the Reserve Bank of India (RBI) Regulatory Sandbox Initiative, there’s a cap on the number of registrations and limits prescribed on transaction.
Completing one’s video-KYC successfully is a mandatory requirement when the app user is situated in India and wishes to conduct an outward remittance or engage in sending a sum of money overseas. Video-KYC can be conducted from Monday to Sunday anytime between 10AM to 6PM.

The app user's details are securely stored after a successful video-KYC to aid future transactions smoothly.
When an app user wishes to initiate the completion of his profile and one-time video-KYC, they must have the below documents in place. The validation of these documents and account details are validated digitally at this on-boarding stage and an app user’s account is created and updated.
  • PAN Copy
  • Proof of Identity (Passport/Driving License Copy)
  • Proof of Address (Electricity Bill/Passport/Bank Statement/Bank Passbook Copy)
  • Aadhaar card for Aadhaar offline verification
An app user who currently resides in India must to complete their one-time video-KYC before they can transact on the WSFx SecuSmart REMIT App.
Here are the steps to initiate and complete a video-KYC:
1.User must successfully register on the WSFx SecuSmart REMIT App
2.User needs to click on the "profile" tab to begin the Video-KYC process
3.User must complete offline Aadhaar verification and download the ZIP/XML file of the same
4.The Video-KYC link will be shared via SMS & Email
5.Click on the “Start” button to initiate the Video-KYC
6.You will need to upload the ZIP/XML file and enter the secret share code. Click on the extract button to continue 
7.Auto-populated information will appear. Then click the next step after accepting the terms and conditions
8.Enter your PAN number and proceed to the next step. Accept the declaration and start with your Video-KYC
9.To get a quick understanding about the Video-KYC process, please browse through the introduction.
10.To begin your Video-KYC, you must enable video, audio, Wi-Fi, and location
11.You will see an estimated wait time displayed, and the Video-KYC will be started once an executive is available.
12.Two-way video conferencing with image capture will take place between the User and the WSFx Staff.
As soon as the Video-KYC is approved by the compliance team, the user can place an order through the WSFx SecuSmart REMIT App. The user will receive an SMS/Email confirming the status of their Video-KYC.
Please note that Video-KYC can be conducted from Monday to Sunday anytime between 10AM to 6PM.
It is essential that you download the WSFx SecuSmart REMIT App from Google’s Play Store or Apple’s App Store and complete your profile along with your one-time video-KYC to be able to conduct a transaction on the app with ease.

Once you have successfully completed your profile and Video KYC, you can start transacting through the WSFx SecuSmart REMIT App for the various remittance purposes. The transaction can be completed through a fully digitalized process in just a few easy steps
-Select the value and purpose of remittance and proceed
-Add beneficiary and relationship
-Digitally upload your documents
-Digitally sign Form A2 cum declaration
-Make Payment through Payment Gateway

The funds will be transferred on T+1 working day, and you will receive a notification in your app.
An app user must successfully complete their profile and one-time video-KYC to conduct a personal remittance through the app for any of the purposes he wishes to transact in.

Each purpose will have an additional transaction document related to the purpose as mentioned below:

Study Abroad - University -University Offer letter or I 20 letter from the university
-Student Passport copy
-Address Proof if different from passport
Study Abroad - Personal -University Offer letter or I 20 letter from the university
-Student Passport copy
-Address Proof if different from passport
Family Maintenance -Relationship Proof (Passport/ Pan Card/Marriage Certificate)
-Address proof if different from passport
-Beneficiary KYC (Any Government issued ID)
Travel & Accommodation -Invoice Copy
-Passport
-VISA (if applicable)
-Air ticket for travel purpose
Gift -Beneficiary KYC (Any Government issued ID)
Medical Expenses -Medical Expenses Proforma Invoice OR estimation from Doctor either local or overseas
-Passports and current residence address proof of patient and attendant
Emigration -Immigration Letter
-Passport copy
-Visa copy with Emigration Visa stamped
-Air ticket
Portfolio Investment in Debt & Equity -One year bank statement
-Debt Application Form or any supporting document (Beneficiary Invoice )
-Remitter PAN & Address Proof (Bank statement (scheduled / nationalised bank )
App users do not need to submit any physical documents to anyone. The WSFx SecuSmart REMIT App supports a seamless digital onboarding and transaction process where documents can not only be digitally uploaded and signed by Aadhaar e-sign, but also verified and stored securely with WSFx.
Besides the rate of exchange, which is updated periodically, there is a handling fee of ₹1,000 for each transaction (which include Nostro Bank charges).
The WSFx SecuSmart REMIT App supports the payment for an outward remittance from India in INR from the bank account of the remitter or its close relative. o Bank Account Transfer (RTGS/NEFT/IMPS) o Net Banking
Once an app user receives a payment confirmation towards the amount he wishes to remit, the remitter can expect the amount to be sent to the beneficiary within T+1 business days. Once the amount is transferred, the app user will be getting a notification on the app and on their registered e-mail address. In addition to that, the app user will also receive a SWIFT copy as confirmation for transfer of funds.

The SWIFT copy is a document that confirms the payment made from your bank and informs the beneficiary of the value date of the transaction. Upon successful completion of the remittance, a copy of the SWIFT/ Debit Advice will be available to download from the "My Orders" section on the WSFx SecuSmart REMIT App.

a. To whom I can remit money to under Family Maintenance?
One can conduct an outward remittance or remit money overseas under the Family Maintenance category for the below relations directly -
b.Self
c.Spouse
d.Father or Step Father
e.Mother or Step Mother
f.Son and step son
g.Son's Wife
h.Daughter
i.Daughter's husband
j.Brother or Step brother
k.Sister or Step Sister
Payments from a tourist or Indian traveler towards their hotel accommodation or tour arrangements and the likes can be sent via the WSFx SecuSmart REMIT App to an entity across the globe.
You can transfer funds for permitted portfolio investment in equity and debt and the funds cannot be used for any other investments.
An app user will need to furnish their last 12 months’ bank account statement to conduct a remittance under this purpose.
You may choose to stop using the WSFx SecuSmart REMIT App at any time by closing your account. Upon opting for the "Exit Testing Program" on the App, the app users account will be deactivated. Once an app user has exited the Testing the customer will not have access to the application.
An app user can reach out to the support team directly at secusmartremit@wsfx.in or by calling +91 72088 21166 for any queries or assistance. An app user can also raise a service ticket on the WSFx SecuSmart REMIT App itself.