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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The WSFx SecuSmart REMIT App Program's Testing has been completed.
The app is now closed for transactions as on 7th February, 2022 in accordance to the RBI Regulatory Sandbox guidelines

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

Leave us with your contact details and we will reach out to you at the earliest.

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
c)GIC Payments

Other Purposes under LRS
d)Family Maintenance
e)Gift
f)Travel & Accommodation
g)Medical Expenses
h)Emigration
i)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 a resident Indian to provide his/her Permanent Account Number (PAN) for all transactions under LRS made through Authorized Persons.
Resident Indians 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.
Yes, a minor can conduct an outward remittance transaction under LRS. All resident Indians including minors are allowed to freely remit up to USD 2,50,000 per financial year (April-March) for any permissible remittance on the WSFx SecuSmart REMIT App. A minor must have a valid PAN card, address proof and form A2 countersigned by the guardian to conduct the remittance.
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 & GIC payments 100 USD equivalent 8500 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 & GIC payments 8500 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 7PM.

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 can proceed with the “Digi locker” feature or can 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.
  1. User can select Aadhaar with OTP (Digi locker) option in the proof of identity tab. After selecting the Digi locker option, user is requested to key in the Aadhaar number and continue after entering the OTP received on their registered mobile number. Please note, you must tap on "Allow" to access Digi locker and close the tab.
  2. The user can select the Aadhaar Offline option from the proof of identity tab. After selecting the Aadhaar offline option, upload the ZIP/XML file that was downloaded and enter the secret share code. Press the "Extract" button to begin.
7.Auto-populated information will appear based on your Aadhaar. After accepting the terms, click on the next step.
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/allow access to video, audio, Wi-Fi, and location.
11.There will be a wait time estimate displayed, and once an executive is available, Video-KYC will start.
12.A two-way video conferencing session will occur between the User and WSFx Staff.
13.WSFx SecuSmart REMIT App will allow the user to place an order as soon as the Video-KYC is approved by the WSFx team.
Please note that Video-KYC can be conducted from Monday to Sunday anytime between 10AM to 7PM.
When you download the Aadhaar e-sign XML or Zip file, it will be stored in the "downloads" section of your phone. Once the file has been downloaded, you can click to open it and check its location.
On the Aadhaar offline details page:
1.Click on choose a file to upload option
2.Choose the file manager folder
3.Open Downloads
4.Select the offline Aadhaar file and upload the same.
Enter the share code and extract the document.
Digi Locker aims at ‘Digital Empowerment’ of citizen by providing access to authentic digital documents to citizen’s digital document wallet.

As part of the Video KYC process, user can choose Aadhaar with OTP (Digi locker) option as a proof of identity. Once the user selects the Digi locker option, they will have to enter their Aadhaar number and continue after entering the OTP they’ve received on their registered mobile number.

Click "Allow" to access Digi locker and close the tab. Based on your Aadhaar, details will be automatically populated. After accepting the terms, the user clicks on the next step to complete their Video-KYC.

* Users' Digi locker accounts are automatically created, regardless of whether they have used the service before.
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.
-Long press on the app icon
-Click on App Info
-Click on the Storage & Cache option
-Clear Storage and cache

Once cache and storage is cleared, request you to login to the app again and try transacting.
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
GIC Payments -GIC letter
-Student Passport Copy
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.
WSFx SecuSmart REMIT App's Visa Debit Card transfer mode allows you to send money directly to the beneficiary's bank account linked to their Visa Debit Card in a jiffy, a fast and convenient way to send money overseas compared to other traditional methods.
WSFx SecuSmart REMIT App works with a number of secured and listed banks in accordance with VISA recommendations. Visa direct network, which has built a reputation for providing safe and secure overseas money transfers, has its own level of due diligence and is thus regarded as a safe channel for money transfers.
Using the WSFx SecuSmart REMIT App, it is possible to send money to any non institutional or personal remittance requirement using the Visa Debit Card option. Users will need the beneficiary's Visa Debit Card number and their mobile number in order to use this feature. The beneficiary's details will be identified and the money will be deposited directly within T+1 day from the time of transfer.
The user can navigate to the beneficiary section of the App and select a non-institutional or personal remittance purpose, then select one of the countries that support Visa Debit Card transfers. Furthermore, the user needs to choose the “Visa Debit Card” option and proceed to fill out basic information about their beneficiary, followed by providing the beneficiary’s “Visa Debit Card Number” on the next page. Upon successful validation of the beneficiary’s VISA Debit Card number, the user will receive a confirmation of successful addition of the beneficiary, and he can proceed with the transaction flow to complete the transfer.
Country Bank Name
1. INDONESIA PT BANK MANDIRI (PERSERO)
PT. BANK TABUNGAN NEGARA
PT. BANK TABUNGAN PENSIUNAN NASIONAL
BANK BALI (BANK PERMATA)
PT BANK MEGA TBK
DBS BANK LTD
PT BANK KEB HANA INDONESIA
PT.BANK SYARIAH MUAMALAT INDON
UNITED OVERSEAS BANK LIMITED
HSBC BANK
BANK SUMSEL
PT BANK NISP TBK
PT. BANK SHINTA INDONESIA
PT BANK JAGO TBK
PTBANK SYARIAH MUAMALAT INDON
PT BANK SHINTA INDONESIA
BANK PEMBANGUNAN DJB & B
BANK BUKOPIN
2. MALAYSIA MALAYAN BANKING BERHAD
BANK OF SIMPANAN NASIONAL
BANK ISLAM MALAYSIA BHD
PUBLIC BANK BERHAD)
RHB BANK BERHAD
HONG LEONG BANK BERHAD
BANK PERTANIAN (AGROBANK)
HSBC BANK
AFFIN BANK BERHAD
AL RAJHI BANKING & INVESTMENT
KUWAIT FINANCE HOUSE (M) BHD
MBSB BANK BERHAD
STANDARD CHARTERED BANK
3. SINGAPORE DBS BANK LTD
OVERSEA - CHINESE BANKING CORP
UNITED OVERSEAS BANK LIMITED
HSBC BANK
REVOLUT TECHNOLOGIES SINGAPORE PTE LTD.
ICBC
SINGAPORE LIFE PTE. LTD.
MAYBANK SINGAPORE LIMITED
PAYRNET PTE LTD
INSTAREM PTE LTD
4. THAILAND THAI FARMERS BK PUBLIC CO LTD
KRUNG THAI BANK PUBLIC CO LTD
GOVERNMENT SAVINGS BANK
BANK OF AYUDHYA PCL
ING BANK
BANK FOR AGRICULTURE & AGRI CO
BANGKOK BANK PCL
SIAM COMMERCIAL BANK LTD
BANKTHAI PUBLIC COMPANY LTD
UNITED OVERSEAS BANK LIMITED
THE UNION BANK OF BANGKOK
KRUNGTHAI CARD PUBLIC COMPANY
5. OMAN BK MUSCAT AL AHLI AL OMANI
BANK DHOFAR ALOMANI ALFRANSI
OMAN ARAB BANK, SAOC
HSBC BANK
BANK SOHAR (S.A.O.G.)
AHLI BANK (S.A.O.G)
HSBC BANK OMAN (SAOG)
NATIONAL BANK OF ABU DHABI
BANK OF BARODA
6. AUSTRIA WESTERN UNION INTERNATIONAL BA
7. BELGIUM BNP PARIBAS FORTIS
VISA BELGIUM
8. DENMARK FORENINGEN VISA DANMARK FMBA
NORDEA BANK
DANSKE BANK A/S
NETS DENMARK A/S
JYSKE BANK A/S
A/S ARBEJDERNES LANDSBANK
NYKREDIT BANK A/S
LUNAR BANK
SPAR NORD
SYDBANK A/S
9. GERMANY DZ BANK AG
ING BANK
ING-DIBA AG
SOLARISBANK AG
BNP PARIBAS
COMDIRECT BANK GMBH
SANTANDER
BAYERISCHE VEREINSBANK AG
DEUTSCHE KREDITBANK AG
CITIBANK
XCOM BANK AG
10. HUNGARY OTP BANK RT. (NATIONAL SAVINGS
TAKAREKBANK RT.
CIB BANK RT
ERSTE BANK HUNGARY RT
K&H BANK RT (KERESKEDELMI ES)
GE MONEY BANK
RAIFFEISEN BANK
KDB BANK EUROPE LTD
KDB BANK (HUNGARY) LTD
MKB BANK NYRT.
11. ITALY UNICREDIT S.P.A.
BANCA DI SASSARI SPA
FINECOBANK S.P.A.
BANCA INTESA SPA
BANCA CARIGE SPA
ICCREA - ISTITUTO CENTRALE DEL
DEUTSCHE BANK SPA
BCA MONTE DEI PASCHI DI SIENA
NEXI PAYMENTS S.P.A
BANCA SELLA S.P.A.
BANCA TRANSILVANIA S.A.
CASSA CENTRALE BANCA - CREDITO
CASSA CENTRALE BANCA - CREDITO COOPERATIVO ITALIANO S.P.A.
12. NORWAY DNB BANK ASA
SPAREBANK 1 KREDITTKORT AS
EIKA GRUPPEN AS
NORDEA BANK ABP
SBANKEN ASA
EVRY CARD SERVICES AS
SPAREBANKEN VEST
SPAREBANKEN SOR
STOREBRAND BANK ASA
DANSKE BANK A/S
13. POLAND POWSZECHNA KASA OSZCZEDNOSCI
ING BANK
BANK MILLENNIUM SPOLKA AKCYJNA
BANK ZACHODNI WBK S.A
MBANK S.A.
BIG BANK GDANSKI SA
BANK POLSKIEJ SPOLDZIELCZOSCI
GOSPODARCZY BANK WIELKOPOLSKI
NEST BANK S.A.
BANK POLSKA KASA OPIEKI SA
KRAJOWA SPOLDZIELCZA KASA
BANK POCZTOWY SA
ALLIANZ BANK POLSKA S.A.
BANK GOSPODARKI ZYWNOSCIOWEJ
ALLIANZ BANK POLSKA SA
TOYOTA BANK POLSKA S.A
CONOTOXIA
INVEST BANK S.A.
ALIOR BANK SA
VOLKSWAGEN BANK GMBH
14. SPAIN SERVIRED SC
CAIXABANK S.A.
VIACAJAS S.A
BBVA
SISTEMA 4B S A
BANCO SANTANDER SA
SANTANDER
15. SWEDEN NORDEA BANK ABP
SKANDIABANKEN
FORENINGSSPARBANKEN AB
SPARBANKEN SYD
MARGINALEN BANK BANKAKTIEBOLAG
KLARNA BANK AB
INTERGIRO INTERNATIONAL STOCKHOLM AB (PUBL)
16. UNITED KINGDOM LLOYDS BANK
BARCLAYS BANK
NATIONWIDE BUILDING SOCIETY
REVOLUT LIMITED
TSB BANK PLC
NATWEST
RBS PLC
THE CO-OPERATIVE BK PLC
G-T-P FINANCIAL SERVICES LTD
PAYRNET LTD
TESCO PERSONAL FINANCE PLC
LLOYDS BANK CORPORATE MARKETS PLC
TRANSFERWISE LIMITED
OPTIMAL PAYMENTS LIMITED
CUMBERLAND BUILDING SOCIETY
BANK OF CHINA
ICICI BANK LIMITED
C HOARE & CO
INVESTEC BANK (UK) LIMITED
BANK OF BARODA
WEATHERBYS BANK LIMITED
FAIRBAIRN PRIVATE BANK (IOM) L
CYNERGY BANK LIMITED
ALLIED TRUST BANK LIMITED
MODULR FS LTD
SG HAMBROS BANK & TRUST
TURKISH BANK (UK) LIMITED
NATIONAL BANK OF KUWAIT
THE BANK OF EAST ASIA LTD
ARBUTHNOT LATHAM BANK LTD
FIRSTRAND BANK LIMITED
HBL BANK UK LIMITED
PROJECT IMAGINE LTD
AHLI UNITED BANK (UK) PLC
MARQ MILLIONS LIMITED
ROYAL BANK OF CANADA (CHANNEL ISLANDS) LIMITED
EUROPE ARAB BANK PLC
OMNIO EMI LIMITED
CASHDASH UK LIMITED
N.M. ROTHSCHILD & SONS (C.I.)
You can transfer money overseas by using the WSFx SecuSmart REMIT App within T+1 day from the time of transfer. The time required to transfer money via this method is dependent on several factors, such as the time zone of the recipient's country or the bank of the recipient's country.
In terms of personal remittances, the VISA Debit Card option is a fast way to transfer funds, in that it allows remitters to transfer money during weekends, holidays, and after business hours, and the beneficiary will receive his/her funds within T+1 day.
No, the VISA Debit Card option does not incur any additional charges. Currently, the WSFx SecuSmart REMIT App is in a testing environment, and transactions done through the VISA Debit card option will cost Zero charges regardless of the amount or currency of the transaction.
The beneficiary account is credited based on the VISA Debit Card number provided by the user. It is the user's responsibility to enter the correct VISA Debit Card number and other appropriate information. Wall Street Finance Ltd (WSFx) will not be able to recover the funds credited to a wrong beneficiary account and is not responsible for any such errors made by the user. Thus, it is very important that the user inputs the correct VISA Debit Card number of the beneficiary while transferring funds overseas.
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 8976707222 for any queries or assistance. An app user can also raise a service ticket on the WSFx SecuSmart REMIT App itself.