Money transfer operator Xpress Money today launched a new service to help consumers send money directly to any bank account in the country.
The company has tied up with Axis Bank to offer this service, it said in a release.
The company offers services in the UK, Greece, Belgium, Ireland, Romania, Cyprus, Italy, Spain, Denmark, Sweden, France, Malta, Turkey, Germany, Netherlands, Gibraltar and Norway.
"The Direct Account Credit service is not only convenient but also encourages saving, since beneficiaries here can withdraw only the required amount while the rest can be saved in the account," Xpress Money's Chief Operating Officer Sudhesh Giriyan said.
He added that all transactions under this service would be routed through the Axis Bank.
Once the transaction has been processed, the amount would be credited to beneficiaries' accounts within 24 to 48 hours.
Beneficiaries would be able to withdraw the remitted money from close to 1,50,000 ATMs in the country or from the designated bank branches.
Giriyan said that the product would soon be launched in the US, Canada and Australia.
