The Hindu Business Line : Federal Bank’s money transfer facility for NRIs in US

Kochi, Feb. 27 Federal Bank, on Wednesday, launched Fed-India remit service (FIRSE), the Web-enabled money transfer facility between the US and India, targeted at the NRI population. The facility is expected to shrink the time required for transferring money by NRIs from the US to India considerably.

The traditional means of money transfer, through issue of cheques and drafts, used to take close to a month and at a cost to the customer. The telegraphic transfer used to be fast but entailed a service charge of between $25-50 (Rs 1,000-2,000) per transaction. Now, a similar facility is being offered free to Federal Bank NRI customers in the US.

Mr M. Venugopalan, Chairman of Federal Bank, said it is possibly the first time that a private sector bank in the country is launching such service free for its NRI customers. A couple of new generation private banks, which are offering similar services, are charging a fee for the same. And the bank is the first among the old generation private sector banks to offer such a facility.

Federal Bank uses 128-bit encrypted technology offering 100 per cent security to both the remitter and recipient, a press release issued here said.

More Stories on : Financial Services | NRIs | Forex | Private Banks

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Federal Bank’s money transfer facility for NRIs in US

Rupee firmer by 11 paise

Gold peaks on weak US currency

Union Bank to use 3i Info tool

Manappuram Finance mulls interim

Max New York opens office in Kochi

SBT signs MoUs with credit raters

Union Bank may double recruitments

Bond prices up 15 paise

More banks tapping Nabard refinance window

Call rates close marginally higher

ING Vysya unveils new product