• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Archana Venkat

Chennai , Sept. 19

Want to transfer money without paper work? Walk to a Catholic Syrian Bank (CSB) ATM, swipe your VISA card and transfer money through VISA money transfer.

To be launched shortly, this facility will allow even non-customers transfer money within India for a fee, says Mr N.R. Achan, Chairman, CSB. The transfer will be complete in a day.

Under this scheme one can transfer money to any number of accounts through VISA transfer and none of them need to be CSB accounts. All you need is a VISA card - credit or debit. Mr Achan says the fee for this service will be similar to a Telegraphic Transfer (TT) fee.

VISA money transfer is relatively new to India. Few private banks such as ICICI Bank and HDFC Bank have been offering this facility to their customers over the last year. "Transactions can happen from the customer's bank account or debit card to any VISA card issued in India," says Mr B. Madhivanan, General Manager, ICICI Bank. Up to Rs 1,25,000 can be transferred a day and the transfer takes 2-3 days for completion. The fee charged is a percentage of the transaction amount plus service tax and is deducted from the customer account.

Customers seem to be exploring this facility. Mr Madhivanan says the number of customers using this facility has been increasing by 10 per cent every month since April 2005. "The average transaction size per customer has also moved from Rs 2,000 last year to Rs 4,500 this year," he says. Presently Internet banking customers seem comfortable using this facility, he says.

Given the ease of VISA money transfer, banks are confident that customers would increasingly use this facility in future.

More Stories on : Financial Services | Credit Cards & Debit Cards | Private Banks

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

Stories in this Section
CSB to launch VISA money transfer

Copyright © 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line