Standard Chartered launches online remittance facility

Standard Chartered Bank, India's largest international bank, 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.

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.
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.

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.

IAMTN: Avijit Nanda sits on the Advisory Board of IAMTN and is continually coming up with new ideas and initiatives. This is an example of a good tie up. Standard Chartered have been looking at remittances for a while and these deals show that there are serious about this space.