International money transfers into SBI’s online banking linked accounts now possible from 200 countries and territories via Western Union
Indians working and living overseas and general consumers holding SBI accounts around the world will soon be able to send international cash transfers from Western Union directly into State Bank of India (SBI) online banking linked accounts following an agreement between SBI, India’s largest commercial bank, and The Western Union Company (NYSE: WU), a leader in global payment services.
This new arrangement allows consumers to send money from any one of the 370,000 global locations of Western Union straight into their SBI online account, thus complementing SBI’s existing online remittance facility, hugely popular with customers across US, UK, and the Middle East for whom the Bank has had online remittance channels for the last several years.
Western Union’s Account Based Money Transfer (ABMT) forms part of Western Union’s electronic channels strategy as the company seeks to offer a variety of ways to transfer money for existing customers and new customers.
ABMT with SBI is the first electronic service of its kind to be introduced in India and is expected to commence early next year. Receivers in India with SBI online banking accounts can login to their account, enter the Money Transfer Control Number (MTCN) and choose to receive the remittances directly into their SBI bank accounts
“Providing a new way of transacting means consumers receiving the money have access to their money 24/7 – whether that is through online banking and ATMs as well as bank branches during business hours,” said Kiran Shetty, Regional Vice President of Western Union India.
“It also means that receivers will no longer need to handle cash, present ID or fill in forms – all features are designed based on Western Union’s commitment to offer alternative money transfer options to give our consumers choice and convenience.
More From This Section
“Harnessing our relationship with SBI to establish ABMT also means it allows new consumers to consider Western Union’s, soon to be offered, convenient and fast international money transfer service, which provide money transfers to receivers with SBI accounts within minutes of sending1,” he said.”
"Allowing international money transfers to be directly deposited into an account with online banking is a value add to our consumers. We are pleased to be working with Western Union in this unique offering for SBI customers,” said a Senior Executive, State Bank of India.
SBI has 110 million account holders of which 4.16 million customers are registered for online banking. Western Union ABMT offered to SBI accountholders who are registered for internet banking complements the nationwide network of over 12,000 SBI branches currently offering the Western Union® Money TransferSM service. Western Union has more than 59,000 Agent locations in India.
Western Union ABMT is offered across 17 banks, ten in Europe & CIS, two in Middle East, two in Americas and three in Asia Pacific including Malaysia, Korean and soon, India.
1 Funds may be delayed or services unavailable based on certain transaction conditions, including amount sent, destination country, currency availability, regulatory issues, identification requirements, Agent location hours, differences in time zones, or selection of delayed options. Additional Restrictions may apply. See Send form for details.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Custom House branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, as well as send payments and purchase money orders. The Western Union, Vigo and Orlandi Valuta branded services are offered through a combined network of more than 420,000 agent locations in 200 countries and territories. In 2009, The Western Union Company completed 196 million consumer-to-consumer transactions worldwide, moving $71 billion of principal between consumers, and 415 million business payments. For more information, visit www.westernunion.com.
About State Bank of India
State Bank of India with a 200 year history is the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees. The Government of India is the largest shareholder with 59.73 % share holding. Recently SBI got the prestigious international award “Innovations in Banking Technology Award 2010” instituted by The Banker London. The Bank has also been conferred the Asian Banker Award “Strongest Bank in Asia Pacific Region” in a recently held function at Singapore. For more details visit www.statebankofindia.com
- Funds generally available in minutes subject to terms and conditions of service, including Agent location hours and differences in time zones. See Send Form for Restrictions.
- The Western Union, Vigo and Orlandi Valuta branded services are offered through a combined network of more than 420,000 agent locations in 200 countries and territories.