Standard Chartered Bank today announced the launch of its online remittance service, Transfer2Home, as part of its NRI services offering.
"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", said Shyam Srinivasan, the company's Country Head Consumer Banking, India.
"Transfer2Home will be a key enabler for our NRI banking business and is a big step forward in further strengthening our NRI banking proposition," he said in the company press release.
The service will enable customers to transfer money to India from the USA, UK, UAE, Singapore, Hong Kong and Bahrain.
Standard Chartered has tied-up with TimesofMoney, a leading payments service-provider that provides money transfer service to various financial institutions, to service customers in the 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, read the release.
BNY Mellon is the global leader in asset management and securities servicing.