Federal Bank, UAE-based exchange ink pact

India's Federal Bank has signed a strategic new partnership with a leading UAE-based exchange house with an aim to help Indian expatriate workers to send money back home.

Under the new partnership, the bank will offer Federal Bank's 'Fed Flash' service, which that will allow Indian expatriate workers in the UAE to send money back home via their Federal Bank accounts in India through Al Ansari Exchange.

Al Ansari Exchange provides worldwide remittance and foreign exchange services. The move is part of the company's commitment to expand its current portfolio of financial services and transactions.

The 'Fed Flash' service is now available at all the 100 Al Ansari Exchange branches across the UAE. "The new 'Fed Flash' service highlights the strong ties that India has maintained with the UAE over the years. There is a strong Indian expatriate workforce in the UAE and these workers primary concern is how to send money to their families in a faster and more convenient way," Federal Bank MD & CEO Shyam Srinivasan said yesterday.

According to Federal Bank, 'Fed Flash' will allow Federal Bank customers to remit money real-time into to their accounts through any Al Ansari Exchange branch to any of the over 750 Federal Bank branches in India. The moment the account is credited, both the remitter as well as the beneficiary will receive SMS alerts on their mobile.

"Our strategic alliance with Federal Bank from India demonstrates our continued commitment to provide Indian expatriate workers in the UAE with key services that will allow quicker and more convenient way of sending their money back home through banking channels," said Rashed Ali Al Ansari, General Manager, Al Ansari Exchange.