Fast and cheap cross-border money transfer without hidden fees
Interesting.
It's exactly what we call "Hawala" in hindi. But "Hawala" is illegal in India then isn't Wise should also be illegal in India?
Hawala is illegal because of the cash nature of the transactions which cannot be traced by the govt and thus is mostly non-taxed.
TransferWise is basically digitised hawala you are right. However, this is legal because its all via banks and can be easily tracked for taxation.
Interesting.
It's exactly what we call "Hawala" in hindi. But "Hawala" is illegal in India then isn't Wise should also be illegal in India?
Hawala is illegal because of the cash nature of the transactions which cannot be traced by the govt and thus is mostly non-taxed.
TransferWise is basically digitised hawala you are right. However, this is legal because its all via banks and can be easily tracked for taxation.