Microfinance

Standard Chartered launches online remittance service for India

Standard Chartered Bank, India’s largest international bank, today announced the launch of its online remittance service, Transfer2Home , as part of its NRI services offering. The service will enable customers to transfer money to India from USA, UK, UAE, Singapore, Hong Kong and Bahrain.Transfer2Home website – http://transfer2home.in

Standard Chartered has tied up with TimesofMoney in order to service customers in United Kingdom, United Arab Emirates, Singapore, Hong Kong and Bahrain. The Bank has also entered into a strategic arrangement with BNY Mellon for providing Automated Clearing House (ACH) based remittance service from the United States. BNY Mellon is the global leader in asset management and securities servicing.

Commenting on the launch, Shyam Srinivasan, Country Head Consumer Banking, India said, “India is the top remittance receiver in the world and remittance through the online channel is growing at an incredible pace. Hence, it is imperative that we establish our presence in this sphere. Transfer2Home will be a key enabler for our NRI banking business and is a big step forward in further strengthening our NRI banking proposition”. Transfer2Home will enable customers to send money directly into accounts of the beneficiaries. This service also marks Standard Chartered Bank’s foray into the fast growing online remittance business Standard Chartered Bank in India.transfer2home online remittance

Speaking on the association with Standard Chartered Bank, Avijit Nanda, President, TimesofMoney Ltd said, “We are extremely happy to extend our services to Standard Chartered bank. With our expertise in the field of online money transfers, we hope to provide unmatched experience to their NRI customers. Along with our transparent and secure transaction system, we wish Standard Chartered Bank’s Transfer2Home services the very best to scale to new heights.

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