Federal Bank has entered into a tie up with Transfast Remittance LLC for facilitating online inward remittance to India in rupees for NRI customers in the US.
Transfast is a leading omni-channel provider of cross-border payment solutions to consumers around the world.
With this tie-up, the US-based NRI customers can transfer money instantly to their NRI account in India from their US bank account even by using debit/credit card.
Customers can send money to India by creating an account on https://transfast.com/send-money-to-india or by downloading Transfast App in iOS/android mobiles.
K.I Varghese ,Chief General Manager & Head – Kerala Network, said that customers in the US can make use of this arrangement for fund transfer at lower cost and at a competitive exchange rate.
Customers can choose from two products. One is ‘Fastrack’ which enables credit within zero to 24 hours at a transfer fee of just $4.99. There is no transfer fee if the amount is $1,000 or more.
The other option is ‘Value+’ wherein the credit will happen at higher exchange rate with no transfer fee, but with a delay of 3 to 5 business days.