In order to facilitate instant transfer of money particularly for customers based in USA, Kerala-based private sector lender Federal Bank has partnered with Transfast Remittance LLC. The tie up is aimed at facilitating online inward remittance to India in INR.
Notably, Transfast a cross-border payments solutions provider, having network across 120 countries in the USA, Asia, Europe and Africa. Now Federal Bank’s customers based in US can send money instantly to their NRI account in India from their US bank account even by using Debit card/ Credit card.
Federal Bank’s chief general manager (Kerala Network), Varghese K I said that customers in USA can choose from two products— the first one is ‘Fastrack’, which enables credit within zero to twenty four hours at a transfer fee of just 4.99 Dollars. Customers have got another option as well for which no transfer will be levied which is ‘VALUE+’ wherein the credit will happen at higher exchange rate but with a delay of 3 to 5 business days.