South Indian Bank offers various ways of transferring the funds from the foreign locations to India including RTGS, NEFT, Online money transfer, SIB eazyRemit and others. The SIB easy Remit is basically an internet based remittance service that is launched in relation with Bank of New York. This feature provides a hassle free fund transfer in India and can be easily operated from the comforts office or home using the internet.
This feature allows the NRI’s to transfer the US Dollar funds in their local bank branch to the beneficiary account in South Indian Bank. This bank has large network of exchange houses that ensures that the any remittance made abroad reaches a beneficiary’s account quickly.
The remitter needs to have a valid bank account in any bank of the USA. The maximum amount per transfer is considered to be USD5000 with aggregate amount per month is USD 30,000.
There are many benefits of this scheme which are mentioned below.
(2) User friendly application for making the remittance from one’s home
(3) Remitter is well instructed during the logging from our website for accessing the site for making online remittance offered by Bank of New York.
(4) Remitter does the one-time registration by using the personal details and beneficiary details.
(5) The Identity Verification of the remitters is done for validation of their name, address, SSN (Social Security Number) and DOB.
The time frame for making the benefits includes the credit within four working days. The charges as applicable to the Remitter include US$7.00. The SIB uses the best available Exchange rate as applicable on the given day of credit to beneficiary. This scheme is regulated by ACH rules and is completely compliant as per the guidelines of US Federal Reserve.