Kerala-based Federal Bank has entered into a remittance arrangement with Royal Exchange USA Inc for speedier rupee remittances by NRIs in the US.
In a press note, Federal Bank said this would make remittance cheaper and faster than the traditional inward remittance modes.
The registered users of Royal Exchange could get quick conversion of their funds into rupees and get instant credit to Federal Bank accounts.
NRIs who are not customers of Federal Bank could get the funds transferred to Federal Bank instantly through Royal Exchange.
The bank would then quick-relay the funds to the beneficiary’s account in the other bank ensuring receipt in two hours.
The press note said registered users of Royal Exchange can transfer money online, while new users can register by visiting www.rupees2india.us .