TimesofMoney, a subsidiary of Network International, has made the 24/7 digital remittance service, Remit2India, available for non-resident Indians (NRIs) in UAE.
The NRIs can use their locally issued credit card and bank transfers to transfer money to any bank in India through Remit2India.
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The new service also comes with 24/7 customer support and provides real-time transaction alerts for customers.
Network International CEO Bhairav Trivedi said while India remains the largest recipient of international remittances according to World Bank figures, touching $70bn in 2013 alone, it is interesting to note that the number one source country for outflows to India is the UAE.
"More than 20% of the total remittance to India last year, was from the UAE, and Non Resident Indians (NRIs) in this country are always on the lookout for speedy, secure and convenient means to remit money to their loved ones back home. We are delighted to launch this new service offering through Remit2India, which will enable NRIs to transfer money to a bank account in India, anytime and from anywhere," Trivedi added.
TimesofMoney CEO Avijit Nanda said they have added new ways of sending money to India from the region, where an NRI can use his local credit card or a bank transfer to send money home.
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By GlobalData"With our service, customers get simple, cost-effective and transparent methods of sending money home. With a strong NRI population of around 1.8 million in the UAE, remitting around US$14billion last year, we are confident of offering a superior product to meet this growing need of Indians in the UAE," Nanda added.
