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Kerala-based Federal Bank and US' Royal Exchange have entered into the first remittance arrangement for making speedier rupee remittances from America.
The MoU in this regard was signed by A Surendran, General Manager and Head of International Business, Federal Bank and George M Jacob, Director and K R Bijumon, Chief Operating Officer - Global Operations, Royal Exchange at a function here today.
The remittance facility is cheaper and faster compared to traditional inward remittance modes from US.
As per the arrangement, remitters from US who are registered users of Royal Exchange can get quick conversion of their funds into rupee and get instant credit to Federal Bank accounts.
NRIs, who are not customers of Federal Bank, too benefit from the tie up and they can get the funds transferred to Federal Bank instantly through Royal Exchange. The bank then will quick-relay the funds to the beneficiary's account in the other bank ensuring receipt within two hours' time.
Remittance can be made to any of the 1,100 plus Federal Bank branches direct.
The registered users of Royal Exchange can transfer money using online facility. New users can register for online facility by visiting the site www.Rupees2india.Us and transfer money.
SMS alert facility for remitter and beneficiary is a bonus feature apart from the instant credit to the account.
Federal Bank GM, Surendran said this was the latest of an array of customer friendly innovations introduced by the bank this year.
