Remit2India, a leading independent online money transfer service for Non-Resident Indians has added an instant remittance facility to their existing gamut of services.
The facility aims to aid instant money transfers for NRIs in Australia into India in under five minutes of processing time and is available to all banks under the IMPS network.
Of Australia's total population of 6.6 million people, 28% are immigrants with the number of Indian migrants having more than tripled in the last decade and forming a significant chunk of this immigrant population.
With an overwhelming percentage of this migrant population sending money back to their home countries on a regular basis, the speed, cost, convenience and security of cross-border money transfers or remittances is of growing significance.
Existing remittance services can take as long as three days to transfer money. To address this lag that typically inconveniences the consumer, TimesofMoney brings its global digital expertise into play to open up an instant money transfer service for the Australia-India corridor, for its flagship brand Remit2India.
The instant service is available on a 24x7 basis to ensure that consumers are not inconvenienced by difference in banking hours, public holidays etc.
"This is a significant milestone for Remit2India", said Mr. Avijit Nanda, CEO of TimesofMoney."
"As we expand our services to guarantee greater savings and convenience for the consumer, Indian immigrants in Australia can now safely and cost-effectively send money to their loved ones back home. Remit2India's breakthrough proposition is a huge improvement on existing options available to consumers in Australia. We are glad that with our choice of IndusInd Bank as a partner and their proven integration with NPCI's IMPS service, we collectively have a winner on our hands."
"Remit2India's instant transfer facility is an industry first for the Australia-India corridor which is propelled by the Immediate Payment Service (IMPS), a safe and time and cost-effective tool to transfer money instantly within banks across India through mobile, internet and atm.
This new instant transfer facility in conjunction with NPCI's IMPS service helps further strengthen our objective of making the lives of consumers more convenient" added Mr. A.P. Hota, Managing Director and CEO of the National Payments Corporation of India, on the occasion of the launch.
Mr. Ramesh Ganesan, Head - Transaction Banking Group, IndusInd Bank, the banking partner for Remit2India had this to say about the new facility, "Our ability to offer instant account credits in India will ensure Remit2India is one of the fastest delivery options using secure technology. We are excited with this tie up, as now Remit2India can assist NRIs in Australia to send money to India within minutes, at minimal cost and zero hassles."
An allied benefit of the instant service is the fact that consumers get locked-in exchange rates and don't have to rely on the vagaries of the market. Coupled with significantly low fees compared to that offered by other players, there is a significant saving that consumers can expect with this service.