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Money transfer firm Xpress Money has introduced the 'Direct Account Credit' service, which will allow customers to send money directly to any bank account in India. Until now, Xpress Money offered only cash remittance to India.
In the initial phase the service has been introduced in UK, Greece, Belgium, Ireland, Romania, Cyprus, Italy, Spain, Denmark, Sweden, France, Malta, Turkey, Germany, Netherlands, Gibraltar and Norway. It will be later rolled out in other markets that have a large Indian diaspora, said a press release issued by Xpress Money.
To avail oneself of this service, a customer can walk into any Xpress Money location in the mentioned countries and ask for the money to be sent to their beneficiary’s account through the ‘Direct Account Credit’ service. Once the transaction has been processed, the amount will be credited to the beneficiary’s account within 24 to 48 hours. The remitter also will receive an SMS confirmation, as soon as the money is credited to the selected account. Beneficiaries can choose to withdraw the remitted money from close to 150,000 ATMs in India, or from their designated bank branches in the country.
The press release quoted Sudhesh Giriyan, COO, Xpress Money, as saying: "India is the largest recipient of remittances in the world. India also has a robust and extensive banking network that facilitates the remittance receiving process. The direct account credit service is not only convenient but also encourages saving, as beneficiaries here can withdraw only the required amount while the rest can be saved in the account''.
